The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-08
THE CONSPIRACY AGAINST THE
STATES.

HOluefS OF Louisiana COnSOs aided and ar
Outraged by Republican leaders, were organ
1zlng scheme Ia New York to influence tn
people OF this State to defeat the ratification
OF the debt ordinance adopted by the Constl
tutional Convention. There is little doub
that the fact Is as stated by the DEMOCRAT
Our information was derived from reliable
source and seems to be entirely correct
This 10 certainly a very extraordinary cours
for the bondholders or any number 81 them Il
pursue.
Under the terms OF the ordinance, or pro
posed settlement, II 1t be accepted, interest Ii
to be paid on the full face OF the debt at tn
rate Of 2 per cent for five, per cent for ter
years and per cent thereafter. The State rat'
of taxation will be limited to six mills, three o
which will be appropriated to the payment o
the interest. On the other hand, Ii the ordi
nance shall be rejected, no provision whatever
will be made for the interest or principal Of
the debt, and the State rate OF taxation will
be limited to five mills In Short the defeat
Of the debt ordinance will amount virtually to
the absolute reputation Of the debt.
This, then, ID the question very naturally
suggested: WHAT'S the object OF the Northern
bondholders In moving to defeat the ordinancei
Their league with the Republicans, engin.
eered BY John Sherman, fully explains the
object. and Its exposure should starlle and
arouse the people.
A few days ago, In very plain talk In
Washington. Senator Hill, In blunt and point
ed language briefly stated the purpose Of tho
Republican party. He said the leaders Of that
party believed Ia force rather than freedom,
and that they were determined to establish q
government OF force, to disestablish the
States and concentrate oil power In the Fed
eral government. The New York Times and
Tribune. the Chicago Tribune, and other lead
ing Northern Republican journals, feebly
echoed by their coadiutor the Times, In this
city, have been scarcely less reserved In an
nounciDg these theories Of their party
The efforts OF Southern States, in the last
few years, to take advantage of their sove-
reignty to relieve themselves Of portion of
the fearful burden Of debt imposed upon them
BY the thievng carpet-bag governments to
which they were subjected after the war, and
force the holders Of their bonds to accept, in
some instances, q reduction of the face of
the bonds, and In Others as In the case OF
Louisiana, reduction Of the Interest, has
prompted dissatisfied bondholders to support
the revolutionary programme Of the Repub-
lican conspirators above outlined. Under the
eleventh amendment of the constitution of
the United States interpreted BY Chief JUS
tlce Marshall and by Daniel Webster Ia his
celebrated letter to the Barring Bros, and
under the theory of the government and the
constitution RS established by the fathers OF
the Republic and supported by the Democratic
party, the bondholders have no more power
to force State OF this Union to pay, than
they have to force the Kingdom of England, or
the Empire OF Germany, or any other SOW
ereignty. Hence the holders of State secar-
ties, who desire to gouge the people out 81
the last cent and to render the States tribu-
tary to the money lenders for generations to
come, have common interest with the Gen.
tralizationists or Republicans in striking
down the sovereignty Of the States
A number Of the holders Of Louisiana bonds
are dissatisfied with the settlement rendered
them by the Constitutional Convention; they
want the per cent interest and the main
tenance Of the five and half mill tax as d
sacred contract. The Convention, represent
Ing every parish and neighborhood Of this
took the claims of the bond
holders under consideration. These claims
and the ability Of the people, impoverished
by years OF war, rapine, civil disorder, labor
and unproptious seasons,
were ably, thoroughly and consclentiously
discussed. There were a few-a very
But vast majority Of the delegates,
while exhibiting a resolute purpose to protect
their people from further impoverishment
and ruin and their descendants from the
burdens Of excessive interest, displayed also
q determination to make fair settlement
with the bondhelders and to allow them all
to the very last cent-that the people could
pay. The DEMOCRAT held that the State
could pay three and four per cent interest,
and we advocated a settlement upon that
basis But the Convention, composed Of dele
gates from every parish, thought differently,
and they proposed the settlement embodied
the bondholders will acquiesce in 1t, the people
will ratfy.
The Convention has done what 1t believed
was consistent with the honor of the State
and just to the people and the public cred
itors. III the latter refuse to accept the set
tlement, and use their money and influence to
prevent its ratification, and they succeed In
their scheme, we believe they will never get
dollar, and the responsibility will be their
own.
1t Is very easy to threaten the State with
the Federal courts, and to talk OF enforcing
the five and half mills interest tax and the
per cent interest, through those tribunals
But the constitution Of the United States
stands In their way and the spirit and res
olution Of the people Of a free State are in
their way. The bondholders can accom-
plish nothing by any such process, except
By trampling under foot the constitution
and then enforcing BY arms their judg-
ment against eight hundred Thousand people
Their .,hnla sahaIna iS rauaIitionart nd