The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-18

2 forehand that 1t Is repudiation. I tell you,
I gentlemen, that it means exactly the opposite.
mat report 10 based upon the law and the
constitution. Il that means reputation,
make max the most OF it. That is the only
get esn u nset the se agam aa s Gent
) put up their man Of straw Id order that they
may Van.antly knock him down, and Id order
spa ca sner Constituents that the man
people will understand this matter Thev
will have relief. They do not ask il at vnllr.
hands in the shape Of reputation, nor will
they recognize this measure as an act Of repu-
diatfon, Notwithstanding all your eloauence.
They will understand that the majority are.
+ attempting to relieve them through legal and
constitutional means and not through Tevolu-
tiq}Dnaary and Illegal means; [Applause.l
What is reputation? Is it to refuse to pay
g. debt that you know that you do not owe ? Is,
1t reputation not to pay a debt fastened upon
you illegally and in violation Of the eonstitu-
tlon ! trow not. Gentlemen, before you can
go before the people and succeed In making
them believe that the brand Of Republication
which you are attempting to place upon us
mere Is o brand that marks us as regulators,
you must convince then-and take 1t that 1t
ls Impossible for you to do so-that this debt.
and It matters not whether it originated BE-
fore or since the war. it matters not whether
IL was fastened upon us by ante bellum or
post bellum Legislatures, 1T matters not
whether the House was composed of Republic
cans or Democrats, We have not to take that
Into consideration must convince them
this debt is legal and constitutional.
we say that the debt is not legal; that it is
| not q debt at all, because contracted in VIOLA
ton OF the constitution Of the State. and 1t
matters not who passed the laws creating the
debt whether 1T was Republican or Democrat:
whether they were sitting here as a Legsla-
longed to what the gentleman called the.
white mans Legislature" or to the ablack
mans Legislature Az unconstitutional law
1s an unconstitutional 2! law. 1t matters not BY
whom 1T was passed, Or under what auspices
1t was passed, 1t Is still branded as an uncon-
stitut1onal law, and can create no yalid obi
CATION which can be enforced.
Bs ssapsss Eea5 zou avs p s
the side nearer to you yet. Il you push your
argument to its legitimate result you will
EEL sa t. what do yog propose TO do to relieve
the level OF the people to afford them relief.
You have stated here publicly, within the
hearing OF men whose pockets are filled with
bonds1 Is. have stated here within the hear
q men 81 the g ress-that ypu arc willing to
dueing the interest says one gentleman, to
per cent for awhile then per cent
a a0 sWn then 'nsn or per ce aant ter
awhile. and believe thers Is anything over
5 per cent. What Is that, gentlemen Do you
owe them the full amount OF the debit You
admit that you do. Why you meet VS. here
and brand us as regulators because we do.
amount Ii Tie lace ii the admission ds that
you owe not only the principal but ihe full
holders: I'VE will compromise with you
give you the principal Of the debt, and give
you 2 per cent for awhile, 8 per
cent for awhile and pei. cent for
You admit that the debt is just that we owe
it. and you come and say we will not give you
per cent, because It is too onerous. although
we are not willing TO- 20 with the majority
report, because that Is reputation, but we
cent less interest than we owe you. But,
gentlemen, suppose they decline to accept
TIE proposition =, what Do you propose
would. like to have answered, and
the people who viii L tell 9es thsf you heTs
come here under promise expressed and Inn
away and sacrificed them as tools Of the
bondholders, we are willing to conpro-
mise on just and equitable terms, and give
your debit but II they refuse, what will you
tp2l " WILL vyan come down to the face OF the
horse you will be bound to submit TO the dc
tation OF the bondholder. Do you suppose he
will accept your proposition when eI he, ne can GO
either you mean something or nothing;
either you mean to amuse the people; either
you mean that you are keeping the 81 promise
t9ths heart o. y91 mean m notang; That sort
the State have borne all this az long as they
can, and unless you give them that re-
lief which they. have Q right to exact at
your hands, they will take Il for
out granting them that relief the bondholder
will come out with less than 2, 8 or A per cent;
he will have to deduct something from bis IN
terest and something from his principal. We
fifty cents on the dollar. What right have
you to propose any ompromise when you get
up and tell the .bondholders that the faith Of
the State ID pledged for the payment OF the
been approved by the Legislature Of 1874 and
the constitutional amendments2
What right have you TO say to them: Eve
will give you SO much On the principal and per
cent interest, when you have told them that
they are legally, morally, and, might say,
religiously entitled to every dollar, principal
and INTEREST," II they decline to accept will
you sit down with your hands By your side
you go before your constituents Id saek-eloth
and ashes and tell them: "We made the fight
for you; we asked the bondholder to take so
per cent. but be would not do it, because we
amount p think II you 90 before your
constituents In that manner they will
not treat you with the indulgence you expect.
/ say why not treat this matter In an open
and manly manner, and tell them 1--WE will
give you So per cent OF the principal and per
get more get 1t, but with our consent never"
We say to them. "If you don't accept this
you must help yourselves. with whatever
poWer you possess; we will not help you.
We can then 60 before our con-
stituents and say: I'VE were willing
to pay 80 per cent Of the principal
and per cent interest. to the bondholder,''
but he turned upon his heel, spurned our
United States Court, and Intends to assert
his right through the judiciary, State and
national. We offered him peace and he re-
jected IT. Driven to the wall, we offered him
that, get what you can" That Is the puopo-
sition ] would make II you refuse the
majority report. But the gentlemen on
the other side, from their standpoint,