The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1879-08-29
TIE STATE DEBT.

collect annually the per cent interest
and pay 1t over, we had to regard the
debt as State obligation.
The question then came up for con-
sideration, can tho people longer pay
y,er cent interest tax ? and the solu-
ton of the question was an easy one.
Another question arose, Is some pOf-
ton of this debt fraudulent? We
failed to establish the fraud, though
believing It existed to the extent of two
millions of dollars.
This belief in fraud, as stated, and
knowing the poverty of the people and
the absolute necessity of relieving them
Of the burthen of taxation, brought
about tho adjustment which reduces
the bOndhOlders' claims some fifteen
millions.
In q body of one hundred and thirty
six delegates there is SO many discord-
ant views to reconcile that it is dif3cult
to arrive at the proper conclusion.
But with all the difficulties presented,
feel assured the Convention made the
best adjustment that could have been
effected.
1t is painful TO me to differ with
ellftOrs-they are generally better In
formed than other people, and they
have responsible duty to perform
they have to direct public opinion in
the proper channel, and therefore post
themselves thoroughly. Hence deeply
regret that you differ with the Conven i
ton on the debt question, and, as for
myself, believe me, that my vote was
given from honest convictions Of duty.
The Republican leaders, fear, will
induce the bondholders to reject our
adjustment and resort to the courts,
The object is to force a collision be-
tHryo TN E7<,<S1
States. For party purposes all State
rights and State lines are to be swept
away and one great overshadowing
central government established over
the union of independent sovercignties
created by Our Fathers. This is tho
great battle now to be fought between
the two great parties, and I confess to
grave doubts as to the result.
Now, Colonel, in conclusion, let me
assure you that on the debt question
voted the honest convictions of my
judgment, and believed was promot.
ing the best Interest Of all the people of
Louisiana. Very truly,
Col. Claiborne admits that the Con-
vention suspected that at least $2,O0O,-
600 Of the debt was fraudulent, but ex-
culpates that body for not so declaring
it, because they could not separate It.
Did tho Convention make any effort to
that end?
The Majority report did classify and
sift the various items of debt, and
struck balance that startled bond
holders, not so much on account of Its
bOldness as on account of its truth aud
conformity to public opinion for the
lust ten years. The Minority report
was written and urged In the interest
of the spoliation, on the flimsy plea
that it was dishonorable to repudiate
tho formal debt, as public faith, public
interest and public prosperity would be
endangered. To some extent that kind
Of pleading obtained possession of a
majority of the Convention. Right
went to tho wall.
No delegate could face his constitu-
cnts on that issue, and nm expctliency
settlement became necessary. And it
is claimed that as now submitted the
reduction of the interest is equivalent
to scale of tho principal AS much Ms
25 per cent, and the alternative held
out to the bondholders seems to Justify
the assumption. Grant that it does.
Was that the way to meet the question?
Is the practice OF deceit, or subterfuge,
excusable, morally or politicallys
An issue squarely made was entitled
to fair investigation and conclusive
answer. If the State owed 81, OOO, 600,
with per cent interest, the obligation
cannot be broken in any essential par
ticular without the consent of all par
ties interested. But il all, or any part
of the debt BIO fraudulent, it could have
been eliminated, without any Of the
dreadful consequences so eioquentiy
illuminated by Messrs. Se,nmes and
Caftrey and to much greater advantage
to the Convention for, as matters now
stand, the thinking public must con-
eiade that the lobby was moro power
ful than Right, more persuasive than
argument, and moro convincing than
facts.
The country demanded that the two