Year: 1879

Satisfied that the State debt ordinance
is as neatly just and equitable as any on
which it was possible for the convention
to agree, equally satisfied that it is i'll the
main part aS favorable to the creul-
tors OF the State as the available re-


sources OF til" people will warrant at
the present time, we advise its ratltlct;-
ton by the voters OF Louisiana, TeServ


ing always our objection to the crpuTjc
feature OF a compromise i'll which one oil
the parties was not Represented. Inc
proposition, however, cannot be mOul-
tied now. All that is left for the people
to do is to reject the ordinance OF latlfy
it. II rejected and the constitution Is
adopted the maximum rate OF State tax
for all purposes will be five mills on the
dollar, out Of which not more than two
mills would be available for application
to the State debt With the proceeds OF
this two mills tax must the Legislature
make such ariHu gementS with tie state 5
creditors as may be possible, on elSt ali
amendment to the constitution must tc
proposed by the Legislature and adopted
| by the people, comprising sollie new plan
of settlement. Two thirds OF all lnem-
| bers elected to each house may propose
such IN amendment next winter, 10 be
| yutp.! OH ut the next election for Repre-
sentatives, which will take place on
! Tuesday next following the third Mon
day in April 1884. There is no reason
| to suppose that a minority OF both
| houses can agree upon plan OF adjust
ment on the basis Of a two mills tax
| that could compare in merit and justice


with that finally, and after great trouble.
adopted by the Convention. It is even
| less reasonable to expect that tWo-t thirds
| ST. al, ,,1
| mcnt more favorable To creditors than
| the ordinance proposed by the Conven-
ton. Rejection will open the door for
Il great deal OF Improbable discussion
and throw the whole matter back into


the arena of political strife. Rejection
| will renew with increased bitterness
the abuse poured upon our impoverished


people and reopen the flood gates OF
accusation for failing to do that which is
merely impossible. Rejection will throw
Louisiana securities into ii state Of un-


certainty and tiuctuation which will


greatly iDjure the b0nc ,tlc holders and
benefit none but spectators who thrive


most in condition OF doubt, change and


instability. Rejection will leave open a


question Of which the people already


weary, and whose further discussion can


benefit none but political agitatoIs and


the traders who make public trouble a
source OF gain.


AS for the consols, it is not easy to i'm
agine how they can expect any other
settlement 50 favorable if the debt o!d-


nance is defeated. In that event their
case will be worse than it was before


the Convention met. No ADLER Or fairel


body need ever be looked for i'll Louis
lana, whether as Il Convention OF a Leg


islature. If the proposed adjustment


fails before the people, the representa-


tiyes who will be elected by the samc


ballot cannot be expected to entertain


more favorable views than those indica-


ted in the rejected ordinance. For this


and other reasons we are fully satisfied


that the ordinance contains the most ia


vorable offer that can ever be expected