The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-01
TO THE CONVENTION,

| was made In favor OF retaining the body q
the debt, byfixing the interest at two per CEN
| for five, three per cent for ton years, end foul
per cent thereafter and another In favor d
scaling the debt twenty-five per cent and fix
ing the interest at four per cent The propo
sition, however, which seemed to command
| the strongest support, and which, it Is to BE-
| hoped will be settled upon finally to-day, II
to accept the body Of the debt, with three pei
cent for ten years and four per cent there
after.
The creditors OF the State or their repre-
sentatives are now ready and willing to &C
cept this latter proposition, but they will re-
sent, as grave and cruel wrong, eitherof the
others. Two per cent interest for five years
would render their bonds very nearly worth
less for that period, and three per cent for the
following ten years would not render their
marketable worth, or value as investments,
equal to that OF United States OF some other
State bonds. Hence. for ten or fifteen years
their claims would really be idle capital on
their hands. The second proposition would
destroy twenty-five per cent OF the face OF
their claims and the reduced rate Of interest
would sink and fix their marketable value at
little more than sixty cents on the dollar.
For these bonds many OF the holders
paid from seventy to ninety cents
after the Inauguration OF Nichols, believing
that they were making safe investment,
and At the same time giving The credit and
character at our then but Ill established
government, strength and backbone OF
course the holders OF such bonds feel that
they are entitled to consideration in this set
Element, and that 1t is wrong, unjust and
impolitic to render their claims practically
valueless for ten years, or to deprive them OF
any portion of them.
The question for the Convention then to de-
termine Is, Is 1t wise, patriotic or just for the
people, for the purpose OF saving $4,000
OF interest per annum after the expiration
Of the next ten years. to array the whole
money power Of the country, the merchants,
capitalists and bankers here, In the East and
In the money centres OF Europe, against
the State Of Louisiana and Its CONNER
cial, agricultural and property interests2
For this miserable sum, which q generation
richer than we, and made prosperous and
rich by our sacrifices and the political agita-
tions we have gone through, is 1t sensible or
patriotic, or just to their constituencies for
delegates In this Convention to embroil u.s.
until the expiration Of ten years, In fresh
turmoils, and destroy much Of the good and
all the tranquility we hoped q constitutional
convenventlon would, and which we know 1t
can, afford us?
We trust our delegates will do no such
thing. The proposition the bondholders are
willing to accept will afford this generation
ali the substantial relief either Of the others
would, and, with few years Of good govern
ment In Louisiana with freedom from fierce
and unceasing agitation, with the command
OF capital which the preservation of our credit
will give, those who are to pay the taxes after
the next ten years can we'll afford to pay the
Increased interest The prososition We re-
commend offers the people what they need
and what they elected this Convention to at
ford them--prompt and large relief. The
other propositions promise US nothing but
agitation, discomfort, strife, and In the end
sore and bitter disappointment.
We are certain that many delegates who
strongly question the prudence or justice Of
forcing proposition which would excite vio-
their best judgment would indicate, fearing
that they will incur tie condemnation OF their
constituencies. But men who hope to benefit
the State and to deserve and obtain the ap-
prevail Of the cooler and maturer Judgment Of
the people must rise superior to any fear of q
temporary public clamor. One Of the great
est and most illustrious defenders Of the con-
stitution and liberties Of his country said with
truth: when leaders choose to make them
selves bidders Ut an auction Of popularity
their construction Of the State will be Of no
service. They will become flatterers instead
OF legislators instruments, not the guides
Of the people"
This ID peculiarly q case in which the mem
bers Of the Convention should be the guides,
and not the instruments Of popular opinion.
Views upon the settlement OF this debt, Of the
most exaggerated and dangerous nature, have
gained ground throughout the State, and IL
the Convention has not the courage to ignore
such views, based upon false and imperfect
information, the gravest calamities Will befall
our trade and industries. Members Of the
Convention should act rather upon the real
information they have obtained and the
broader Views Of public policy which they
have imbibed since they have met together
and investigated and considered the results
which will follow Reputation Or partial re
rudiation. than by the cutlery against the
State debt which they heard during the cleo
tion and before they or their constituencies
learned the traa situation.
We commend these words to the Conven-
tion. They are written Ia what we believe
to be the best interests OF Louisiana.
THE HULL MURDER.
IL probable that for many years to come the