The Meridional. (Abbeville, La.) 1856-1906, 1884-03-08
The STATE DEBT ORDINANCE
AMENDMENT.

the Constitution has for its object ,
the saddliug upon the tax ridden
Of this State an additional
burden by depliving them OF the
benefit Of 8 % rate Of interest
Cor fifteen years. This rate OF in.
terest which is established by the
Constitution, it is proposed to in.
crease to four per centum and
will add some ninety thousand do-
lars to the amount expenses Of the
State. The reasons assigned for
this are very limsy as will be perl
ceived by a perusal Of the follow
ing -
Upon the representation to the
Legislature by a large majority or
the merchants and capitalists OF
this city, and Of the representa-
tives Of the bondholders them
selves, that the amendment to the
debt ordinance Of the constitution
would give full and complete sat-
isfaction ; and in view also OF the
reasonableness of the demand, the
Legislature of 1882 yielded to the
popular demand and adopted the
amendment by the required vote
of two.thirds OF both houses.
With this view O. the proposed
amendment now before the public
for consideration, we believe it to
be for the best interests Of the
7|State, that the question of its
:, bonded debt should be definitely
and finally adjusted in the manner
provided for in the amendment to
the debt ordinance. The finan'
Icial affairs of the State may be
said to be now in a most favorable
and satisfactory condition. The
lgovernment is conducted upon
l. leash basis ; the people are prompt
ly paying their taxes =; the various
sums in the treasury meet the de
mands made upon them, and alto
gether there is q prospect for
bright future for Louisiana,
Estate that has so long been or
presscd by ruinous taxation and
RECKLESS squandering Of its reve
nues. We would not see the cul
t. rent of this smoothly flown!
stream rippled by such an obstacl
as would be the rejection OF thI
amendment by the votes OF tn
people in April next. ~. {
i, . States.
H.. How plausible all this sounds
!: The poor innocent bondholders
t. How our hearts bleed for the
%childlike faith, who bought up Of
bonds - (millions of dollars
which were fraudulent, issued |
thieves to consummate scoundre
who gave the State nothing in e
change therefor-nothing, we I
peat, that is on earth or is to
found in heaven or helD at t
enormous price Of Is to 80 cents
the dollar, and now would have
appear they paid full price !
nocent bondholders 0, Ye G.
spare the mark! Does not eve
sane man know that these m
purchased these bonds at this e
traordinary depreciation, with
full and complete knowledge
the risk they we're running? D
they not buy these bonds preci
y as a man buys a lottery tick
as he buys cotton futures, or wi
an. cat mining stock ? Did they 4
purchase these bonds on a ventu
for speculation and nothing els
est 1t is plainly evident that they d
And yet when men gamble in ]
teries, cotton futures and stocl
Full we never hear of any remuneI
ton proposed for the innocent q
unfortunate losers.
But the State of Louisiana,
would appear is a huge infrma
-, where all financial cripples are
he comforted and cared for.
was not enough, that this ST.
At should fund oil these fraudult
avbonds, and place fair rate Of
terest upon, them but we are n
asked to take thousands of d