The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-16

L
| titution and sickness which their predeces-
arrs have found In new aud inh0spttable
| country, inferior In all comforts and sdvan-
tages To that which they left. This faDati-
CiEtn Inns not appeared to any serious extent
IN Louisiana, and, that our State may suffer
| little from II, | recommend the careful en-
| couragement Ut native labor by any further
| legislation that can more completely protect
4 IL. While no impedtment should be thrown
In the way 1T those who desire to leave their
homes for u supposed better condition In u
strange land. H. Ia humane aud wise on the
part " government and citizens TO Induce
them to remain here, where they are needed,
| by kind Just and considerate deaing at all
| times. II tn for the trainers Of our statutes,
our courts OF Justice and the officers Df tho
| law to give and preserve the proper tone OF
public sentiment on this important subject
Yet those who inast IN going away, In spite
of tho warnings Of nil who know ths character
| Of the climate and other disadvantages Of the
country they sock, may ~ well understand
that their places I'm this State will at once be
| filed by wise immigrants from other States
| Tho we'll founded belief that more than half of
the immense cotton crop OF 1879 was raised
by the hands Of white men III good evidence
that there will never DO any serious lack OF
laborers In the South even II an epidemic Of
| folly should carry away to tho Noruh tho en-
tire oolored race.
STATE DEBT.
After prolonged, anxious and mature DELHI
| upon Nh ordinance respecting tho CON
soidated bonds or tho State preBcrib-
Ing the. rate of interest to be- paid
thereon, limiting tho annual Tux 10 be levied
for payment of Rucn interest. fixing n limit to
tho rate Of State tax for this and all other
purposes. authorizing refnnding of said
bonds. and remitting tho interest coupons
falling cue on tho first Of january, 1880.
That ordinance WAS submitted. with the
now constitution. TO u separate vote and was
ratified by II large majority OF actual voters,
while more than 10000 citizens. who did not
vote upon II. Ravo IL their taolt appreciation
and acceptance.
1t il now part OF our State constitution.
having taken effect from tho date Of the pro
mitigation Of the vote.
The rate of interest Is fixed Mt per cent for
five years. = per cont for tiftoon years and
per cent thereafter To pay this interest u
tax not exceeding three mills on the dollar 10
authorized and required.
NJ IL is optional with the bondholders 10 re-
fund their consolidated bonds ut the rate of
seventy-iive Conts IN new bonds for each dol
lar In present bonds. bearing per cent inter
est from the date of refundiUR, the entire pro-
Ceeds VI q three mill tax would BIO required to
meet the interest II the whole amount OF con
solidated bonds should be thus refunded. Ii
all arc refunded the new bonds will amount
to about $90o0po0. which, ut per cent inter-
est, will require 100000 per annum.
At tho present market value Of Louisiana
consolidated bonds tless than fifty cents on
Inc uOllbT1. " purchaser by lHVhSLtHR ESUHD
may obtain $4,000 In conaols which he
can exchange tor $4,000 In new bonds
drawing $3.50 interest per annum, or fully
per cent interest on his Investment. IL
is therefore probable that many OF tho pres
ent holders or the consolidated bonds will
prefer to exchange them for new prr caut
bonds even II tho market price 1T ths former
should advance To more than fifty cents on
the dollar. since 1t cannot he positively
known what portion may be refunded before
h HIlt # lar tj.hyu iftsE
session Of May. 1882, the only ~ o course Ia o
Assess tho whole threo mills tax each year |
The interest tax having been brought within
rates which property can bear, IL should be-
fully collected and sy5lupuloualy applied, az |
ordered by the people of the State
The debt ordinance, much opposed In the |
Convention. and ratified by vote far from |
unanimous, must not be held as either con- |
trmng tho original invalidity 81 all the debts |
confused 10y funding In consolidated bonds |
nor rs affirming the moral obligation Of the |
people TO pay debts contracted without their |
assent, aud from much OF which they have de- |
rived but partial benefit and from great
part of IL no benefit whatsoever. The ordi- |
nance should rather be held az tile evidence
OF the sacrifice which the people OF Louisiana |
are willing TO make before suffering tunuoent |
creditors to incur loss or permitting any
plaus ible imputatun upon the fair fame and |
upright character OF LDuistaniuns. Although |
the settlement is nude without the express |
consent of the creditors, they will In time be |
convinced that II Is tho best the State can do |
aud the most advantageous arrangement that
could have been made acceptable u the repre-
sentnttves Of the people In State Convention
That IL may b. satisfactory to |
just and consderate bJndhnlders 1t must he |
carried out In good faith and In all respects rs
d tinaity
The adjustment has been the solution of the
most difficult financial problem Ia tho States
history. Ratification of the debt ordinance
had the immediate effect of largely increas-
ing the market value Of consolidated bonds
by punctual payment and 10y the staady In
crease OF the taxable property aud resources
OF the State this increase will CONTINUES.
The ordinances does not provide for the final
liquidation OF the debt. In the existing coudi-
ton Of the property and resources II the State
40 regular periodical provision for final pay
ment Of bonds is feasible.
Lit Is to be hoped that these bonds may In
Limabc owned chiefly at home, aud be held AZ
4 suitable Investment for all trust funds.
They offer the only chance for all time for In
vestment In the bonds OF the State Or Lou
siana, the creation OF new debts being strict
y forbidden.
In order To save future trouble the payment
and acceptance OF interest on State bonds
ought to be- made equivalent to al acceptance
anh approval Of the debt ordinance by the
holders so receiving interest.
Article / OF the debt ordinance renders
necessary an appropriation FOR preparing the
lew bonds which holders may demand In ex-
change for consolidated bonds.
DEBT or NEW ORLEANS.
By article 25i the constitution directs the
legislature 10 enact proper laws for the
liquidation Of the indebtedness OF New |
)tleans and for the application of
he city's assets to the satisfaction
hereof. 1t Is to be regretted that the
convention did not dispose OF matter Of such
,reat Importance The State debt, which
allied for measures OF relief, was attended to; ,
ut the cty's debt Is much larger and bears {
pon less taxable property, and therefore 1t !
lso demanded some appropriate action. The !
axable property OF New Orleans bears nearly
ve-eignIhs Of the State debt and like pro-
ortion OF State expenses and at the same
ime carries city debt still larger than the 1
tate debt and d city government more costly 4
han that OF the State. What was a duty re- {
pecting one debt was even mere duty re- t
pecttng the other. The convention thought 1
roper 10 devoive this duty upon the General Z
ssemby, and | recommend early obedience !
D its decree I
The municipal tax, limited to ten mills, will r
OF support properly the city governm-n Mt and a
~ Interest at present rates on the cry a