The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1879-02-08
Our State Debt.
SHALL WE REPUDIATE Or SCALE?

Two weeks ago the editor of the
Natchitoches Vindicator net Judge
W. F. Blackman, of Rapides, on
board the Bart Able, and proposed
to him the question, "What are
your views on the State debit To
this question the Judge replied at
length, as follows:
1t is my opinion that the people
of this State ought not, in justice to
themselves, or to their posterity, re- (
cognize the bonded debt as it now
stands. either as legal or just. Al
large portion of the debt was created 7
by irresponsible agents, and by
government which was thrust on US
BY the bayonet. The people of
Louisiana had no voice in the recon-
structiOn measures, nor, indeed, had
one third of the States of this Union;
and, while we accept as an accom-
y islled fact those measures, SO far
as the rights of suffrage and civil
privileges are concerned, yet, it is
not legally nor morally right that a
State government composed of for
eigners, such az ours was, should
bind Us by force to pay any Oblisa-
ton.
Most of our STATE debt has been
created since 1868, when large pOr'
ton OF our voting population was
DISTINGUISHED, and when the elections
we're conducted under the survilance
, of the Military authorities of the
Un'.ed States government. During
the years 1904, the tax paying
r people of this State gave notice Ia
the world, that the bonds issued by
> the government then in power,
= would not be paid when they came
into the rightful possession of their
State government. The scheme ot
y Kellogg To fund the debt was a
!, traud-and it is impossible for us t.
tell now what Indebtedness Of the
y State was funded. The good has
u been so mingled with the bad that
, we can not separate the two. Like
the rivers Roam aud SOan, SO clio.
g auently depicted by the Earl O
Chatham, in his description ct tn.
: coalition. although, one was clear ana
r, limpid, yet after confluence witt
n the other, turpid and muddy, thu
clear lost its identity in the dara
p waters of the muddy stream. Th'
d valid and legal debt Of the Stat
~ created before the war has lost 1t
identity with that created BY gu
y Carpet bag government, SD all
k. now tainted and muddy. Whit
this is 40. il is my opinion that w
can't afford to bring lasting dishono
,,r on our State credit by a Reputation
Of the whole. From what | lav
'iS seen in the newspapers the books q
Iis the Funding Board under kellogg
49,, haze been spirited away and no trac
of it's action left behind. You RI
IT. member Auditor Johnson Was N
in dicted for taking away these book
They Are not nav in existence, =
~ far as I can learn, therefore II 10 IN
nj possible for us To ascertain on whi
&c evidence the Kellogg Funding Boar
acted. This being the case, the goo
must share the fate If the bad.
IL is Il serious qurstioa for ia
III consider, and should not be light
IN. dealt with, for We not only bind on
rer selves, but our posterity for all tia
20 come. Should we attempt tn p'
IN the interest ON the bonded debt, q
,rn State will he bankrnl'ted. it we :
I'M fuse in toto, the State viii be al
honorrd. a happy comprom'
'Pe might he effected between the pc
Ter, ple of the State aud the bond h"l
i, ers, 40 as to satisfy both. The BON
ed debt might be scaled to six
pr cents on the dollar, to bear four J.
md cent interest, without much loss
the bond holder, and the burth
~: could DO bOruc hy the taspaye
'iu' without ruin.
md This, I think. would satisfy @
:, 3. people, and as we have the certain
" almost of holding possession OF
government for years tn come.
debt thus established would be ca
sidered sacred, and the inter-
punctually paid. Reputation OF
whole d. ut is advocated by son
indeed, by many of our people,
on the thinking masses will not IN