The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-06
THE STATE DEBT.
i'll Earnest Protest Against the
Adoption Of the Majority Re-
port of the State Debt
Committee.

in Northwestern Louisiana
Views Of the Shreveport
Times.
| Especial to the Democrat
SHHEvHYoHT, June 5.-The Tfnaee Of this
morning contains an article on rep 1diRbitJn
I n which 1T takes Issue with the majority re-.
anrt of the Committee On the P'ablfc Debt
Imposed to Reputation myself, andTegard-
inr the article In question good one, send
Y ycu the following liberal extracts.
(jcnmendng In 1887, the committee with
fadle pen strikes out millions upon millions
,,ffl.partisan Whether the bonds 1Wer 8 issued
nsder Democratic, Whig or Republican "a.
Sr1irIstration, makes no difference. The con
i sderaticn receivedhy the e,tate is wholly dis
rAcaried. The question whether or not the
Idsred. The committee simply fissert That
I'M bonds were not Issued In conformity tn
INV, and therefore recommend that they be
declared null and void
+ In 1857 the State issued S5OG, 900 OF bonds to
tbe New Orleans and Nashville Railroad
Not mile Of road was built; the state re-
Oefyed no consideration. yet, as oil the forms
OF law were observed, the bonds are declared
Z tobe valid and binding On the State. On the
other hand the committee reports as null and
void s., 7,2g4,7k OF consolidated bonds. for
which the State received in cash the sum Of
SeRF3,5D7 81.
VIZ doubt HI this report will meet with the
approval of the Convention. There are legal,
nitJral, political and practical reasons why no
Hpaft of thehonest public debt of the State
I Should be repudtatei. The constitution Of the
United States forhids VI State FROM passing
any law iIupatring the obligation Of a contract.
Should the t,tate repeeI the amendments 81
1 IS7A, and tile legislation pursuant thereto the
Ihnldholders would apply to the courts of the
United States for redress, and such courts
would, In all probability, order the collection
a0f the tas levied LII pgfpetuity by the amend
si1eIlts uf6t874
Moreover, the repndiatiDg OF an Indebted
aress Of $s,O0O,0OD might induce the ether
J States Of the Union to consent to an am end
Y fngnt III the constitution Of ths United States.
4 pruyiding that state night be sued La the
United4jtates Court i'd certain cases where
q Athe rights guaranteed by the constitution Of
) the United States are denied to creditors.
Morally, the act uf repudiating legal obli-
q gatioDg is odlous to the civilized world. The
hw compels the individual To pay his legal
e. debts. Nations go to war to enforce the
III certain sense and cannot be sued without
! her consent; hence her reputation, credit and
y iatr name imperRtfvely demand that she Of
] hsroHn volition should keen her engagements
i md discharge her debts. The fact tnat there
4 n lsnOppwer In law to compel o State to dis
ehsrge her obligations to individuals impera-
lively demands that the sovereign do Justice
I'd all. Having induced the creditors OF the
btAte to remit 40 per cent OF their claims, and
h&viDg entered intO asolemn compact to pay
theprtnctpal and interest Of the consolidated
Il bonds, can the State tlonorably repudiate her
0bIiRations? Such n gtaD would BE- q lasting
u Main upon the fair name Of Louisiana Fair
i name credit, influence, respect, confidence,
salI gone What D fearful price to pay for a
Il sdCubtfnl exemption from the pursuit Of
creditors
Again, what will become Of the Democratic
pArty In the State of Louisiana II the Con-
# velliion should fix upon 1t the stigma Of re-
& pudiatiOn? Il would. certainly lose the conf
i mel1, who have invested IN consols. and who
ftbe financially ruined by reputation.
i Hesdes these, is 1t not reasonable to suppose
nat thousands Of las-abiding men would
4 DESERT q party which displays such disregard
! ssllegal obligations and threatens to sink Che
J 6tste In the depths OF financial rain7 Such q
Mep might not only guin the Democratic
Rafty Oftthe State, but dt would cast oGtum en-
Me Democracy OF the ration, and would 60
AstJnlon ii the honesty of the great party
etferson and Of Jackson. II would make
many bitter enemies &C home aud abroad.
would destroy the influence Of our repre-
afaaves 10 the halls Of Congress. Louisi-
! g would. In some sort, become the lshmael
4 states; Isolated by this act, and lacking
y nee esynpathy and assistance OF her sisters,
Il Hf appeals for assistance would De dlsre- |
Efded. Qnaided and alone, she would be |
St tow work out her destiny; TO rebuild her |
Msttered levees; to repair her waste places,
snd 10 leave to future generations the hope OF
ssp1osperity thatshe has frightened from our
poraers.
WI great need is capital and immigration
ndevelen our resources. We need railroads,
ssg Mva and river improvements; manufactures
ll and RtellI gent labor. Capital demands secu-
NY The hope OF large profits will not per se
SMIraa wealth to our State for investment.
.6nolnlething more is needed than low taxation.
sHapltai must be assured that 1t will be-. pro-
Neled, ., It can present but Ittle defense
A82lnSt the sOVaraIun newer ar the State |