New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-07-03
For the
State and City Liabilities.

The assembling Of the Convention and the negotiation
OF are loan for the city renders everything connected
with the fiscal affairs of the city and State Of interest
therefore propose to make succinct comparison the
present liabilities of the State with what it some
years since
1t alone by referring to e facts of the past that
can understand the which produce the results that
are constantly developing themselves and thus be enabled
to apply remedy to the evils that may press upon
For the past years has been very much the fashion
speak Of Louisiana State weighed down with its
heavy Indebtedness and Of the of its population
being on the brisk of bankruptcy this croakng
has so often been poured into the the public that it
has gained extensive credenceyet the facts show that
while almost every State in the Union has been increasing
in some form or other its liabilities the State of Louisi
ana has been rapidly reducing its Indebtedness In 1914
the debt proper of the State consisting of liabilities
tracted for stocks property purchased donations and
moneys on aeposite also for Clinton and Port Hudson
railroad the Mexican Gulf Railroad the Nashville Rail-
road and the Draining Company amounted to S+0i0 515
AT the same time the liabilities of the
State for Property Banks and for
Second and Third municipalities l9909920
Making the entire liabilities of the State in 1874 1875
By reference to the report of the Auditor of Public
counts the debt proper of the State the LIST January
From this should be deducted the Bonds
of the Clinton and Port Hudson Rail
Charity Hospital Bonds provided for by
sale of Staehouse Square. 125.OO0-3l2 COO
Debt Proper of the State sSS3 600
By reference to the Report the in
cdental liabilities of the State being
on account of the Citizens and Consol-
dated Bank and the Second and Third
municipalities. etc, 50 26l 1888
Bonds redeemed since on account of the
Union Bank. Observation-Disclosures 137OOoo
On account OF Citizens Bank 252622-l 622 go
Incidental Liabilities. s76ss71l
Total. Ss,52l711
Showing reduction of its debt proper in the last eight
years of s3157,515. and of its incidental liabilities sl2-
200, making reduction of its total liabilities in eight
of Sl52s724 The direct debt the State is so
small being only SsS5000, that it scarce be called
debt and its incidental liabilities being account of the
Citizens and Consolidated Banks, and the Second and
Third municipalities, might with much propriety be con-
dered settled obligation far State is con-
cerned for each of these corporations is amply able to
meet its liabilities But should the State have
sumo any portion Of this debt her ability meet the OBJ
legation is so ample that it could not ebarass her in the
least The Assessment Roll of the State is
and with such basis the whole of the liabilities could be
met without materially increasing the burthens on the
people Louisiana may therefore, for all practical pur
poses be regarded State free from debt the nav
ment of the direct and incidental debt of the State has
not been the only form in which the liabilities of its cit
zens has been qudatcd for if the reduction of the La
blities of the State have been marked decided the
dninuton Of the banking capital has been still more
striking.
In 1887 the capital of Banks in the city of New Orleans
IN active operation was. Observation-Disclosures. $50 T6g 455
In 1872 the Banking capital per
Report of Board of Currency in
active operation. was ........... S1O,S36620
But the Bank Of Louisiana holds Of
her stock purchased OF the State,
which should be deducted ..... neutrality-suspicious.
s27,122 ss5
Showing reduction Of Banking capital since 1887 ia
be ST. S35, and leaving only capital of in
lcive operation.
While this large and rapid reduction debts of the
state and OF its citizens has been going on new debt
has been contracted in any form except that the debt of
5he city has increased about S45o0G00
From this review it will he that since 1874 the liza
hilities of the State have been reduced 81 124
That since 1871 the banking capital of the
city has been reduced. 27.122s35
......... s42551 559 |
Showing the liabilities of the State and its citizens are
less than they at the respective periods
named above
The payment OF this large Indebtedness strikingly illus
rates the energy of population and the productive
apacity of the State Nothing but the great resources
the state and city together with the untiring energy
the people could have withtood this great and rand
aducton OF Indebtedness without stagnation of its
rade and prostration Of its domestic industry Though
he payment of this large Indebtedness has pressed heay
on the State and stayed its onward march vet there
re few communities that show as solvent Il condi
ion. Since the glorious the railroad tax the
roakings of the cynical and selfish will only be uttered
feed their morbid sensibties for the people have
reused to a sense of their interests. and will no
niger need the grumblngs of those who have one
bought for the public, but thousand for their own
eltsh agsrand2cment Let the merchants and mechan.
take heed passing events and let our citizens for
ct their little caousies and with purpose and one
lind unite to work out the great destiny of our State
nd city, and soon will proudly assume shat position
ons sister States and cities to which our natural
dvantages enttle US. MACON