Daily Los Angeles herald., 1879-03-27
An Irre.istibie PuDiic Sentiment
FOrmiDg.

An Irresistibie PuDiic Sentiment
Formiog.
We notice that, while the jour
nails which favor the new Const.tu-
tion are elevating themselves OH
their hind-legs, and calling out
monopoly" and 'irailway'' at their
opponents, the unshackled press
we mean that portion of it which is
neither dominated by political am
bition, preconceived views nor a
squirting towards the Kearneyites
are throwing themselves into the
breach, In many cases with ability,
vigor and success. For so preten-
tIous an instrument as the new
Constitution 1t is proving wonder
fully leaky. All that is needed to
make it sinlz out of sight is that its
| opponents should explain its pro-
visions to their neighbors and work
incessantly until the day of elec-
tion. While we should be sorry to
seriously impugn the patriotism of
those who made it, our conviction
Of its bligh ting effects, should it be
adopted, remains undisturbed.
We have heard a great deal Of
the desire of the Railway to defeat
the new organic law. Should they
really do any downright work to-
wards thatend they must be moved
by the conviction that to ruin the
State of California would be to ruin
them. Who doubts but that, un-
der the commission system, the
Railway would secure two out Of
Its three members? The Amador
Dispatch puts this phase Of the
matter very suggestively:
The railroad managers were sharp
enough to prepare for the possibility
of the new Constitution being
adopted. If it should be carried,
all that the railroad companies
would have to do would be to buy
a couple of Railroad Commission
ers, or concentrate their forces and
elect them, and they can bid def
apce to all the other powers of the
| State, the Legislative, executive
and judicial combined. 1t will be
much easier and cheaper for them
to secure these two Commissioner
every two years than it would be to
capture a majority of the Legisla-
ture every two years, besides hav-
ing to take chances on a Governor.
We shouldn't think the railroad
would want better thing than the
adoption Of the new Constitution.
One Of the most prominent and
sagacions members of the Los An
geles bar informed us that, in his
opinions, 1t would cost $40 900. 900 to
adjudicate the new Constitution.
He gave that figure as the mini
mum. The Arsonaut states this
objection differently, thus:
The only class of our fellow citi-
zens interested in having the new
Constitution adopted is the law
yers. 1t will cost $4,000 a line to
interpret the curious thing, and
will give us at least q hundred new
volumes Of California reports.
The trainers of the clauses taxing
mortgages counted confidently
upon catching the votes OF the
farmers. The od captandum char
acter of this cool assumption, If the
farmers understand their real inter-
ests, is shown concluslvely by the
Napa Register, as follows:
The anticipated or assumed BEN
efits that will flow from the taxa
tion of mortgages, are by no means
sure to follow the adoption of the
new Constitution. In fact, the
looked for good will surely prove a
very vexatious and disastrous evil
to those who owe money and have
mortgages on their property. 1t is
easy to zee what the result of tax
ing notes and mortgages will be.
! Money lenders-both banks and in
dividuals-will raise the rate of In
terest high enough to cover the
tax; for capital is like cat; you
may drop 1t as artfully as
you can, and it will light on its
feet every time. "But," says some
borrower, 1--WE won't stand an in
creased rate of interest,"" Most
debtors will have to "stand it," for
they are not In position to do
otherwise. Take the state of affairs
in this county, for example. 1t is
the opinion of good judges that
from one-half to three.fOurths of
the ranches of the county are
mortgaged. We suppose the same
holds true of other counties. Sup
pose the Constitution is adopted,
and the loans now due on mort.
cages called for by banks and capi-
tadists, who will say that they must
have their money or new note
and mortgage at q higher rate OF
interest-what alternative has the
debtor? If he cannot pay the prin-
cipal, he must pay the higher rate
of interest or lose his ranch on FORE
closure. If there is a general move-
ment to Withstand the demand for
a higher rate of interest there will
be a general foreclosure and general
ruin of ranchers, merchants, labor.
ers, and everybody but capitalists,
who will then have all they now
have and o great deal more. The
prospect is not an inviting one, and
unfortunately 1t is the only view
consistent with truth and fact, in
case the new Constitution is
adopted.
That these clauses will really, in
some respects, act az boomerang
and discriminate in favor of the pri.