The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1872-01-31
Auditor Graham upon the State
Debt.

Debt.
- -e. t9r
In his Annual Reports. for 1871, inst
to the General Assembly,
the Auditor makes fthe following oh
serv"siops touching y" 81 the g debt Of t"s
State;
"By reference to Statement E of this
report, it will be seen that the total
debt for which the State stands actual
~ or contingcntly liable is Forty. one
millions severn .huhlrcd and thirty
three thousand, seven hundred and
ffty-two dollars and seventeen cents
s4i,7&,752i7) When rthe constitus
tienal amendment fnrhidding any in
crease of the pubic debt beyond S25,-
DOC, 900 was adopted, the general! i'm
preston, not unnaturally was. That all
the obligations Of the State had not
reached. that s,im, when in fact they
were then oyer $4,000, 900. - ~ r.,i'
To some sHfh mi misconceptions must
| tc attributed the fact, that during the
/. last session Of the, General Assembly a
number of laws We're enacted which
would have increased this Indebted.
ness over $4,000, 600; and hut, for the
decision Of the Supreme Court in the
case nf the State Of Louisiana ex rel.
salomon g. simrson,. versus james
Graham. Auditor, there. wonl' have
been claimed for these n Mace with
the rest of the debt. Under these ,cir-
c,n,staeces. I;sl,l,segnrntly ,consiaera5
it nv dntS, tn, respond to, the many de-
Hartls ,ea.ls' on, me for q full and cor
I, rect statement Of, tile States liabilities
and :his dnty was perfovmed under the
CONNECTIONS that the best way. OF sub,
servi z the credit of the State was T.
:, lmiect all false OF nystif, ing statement:
, l.nl, tn tell the truth about 1t. TIN
state,aeat 80 prepared was s"bmi'te'
70 the Supreme CURT on the trial "
$ the case ahu.ye, teferred no., audo tina
, tribunal, in its the deere
a senslere.l, used the following Language
The soiutiun Of this question de
, penIs upon two facts: Did the Stat
e debt exceed, S2j .O00, 900 ut the date j"
II ,llat act, (act No. &,,x 1871, relief q
= j. O. Nixom.) aud. did the said nc
e create IL debit Tie seridences IN III
: record leaues no doubt that the debt 70
= the State exceeded that sum on or bcfO'
;, March !, 1871 iir goat .-a'ge .'.!i
. The Conrt further declared. that I'll
H. tnta,; debt, December 81 1870, ws
g S25.O2I,7:'4l al, - and that there Is y
Il room to doubt that the debt o the Sta
j. la,uely .,erceedcd the Limitations cf' tt
Is Constitution the LIST of March 1871
10 Recognizing the remaining bonds
l. the State, to lie issneh in favor ct II
1t Mississippi and Mexican Gulf 1Sh
Dr. Canal Company, the North sL"uisia'
g., and Texas Railroad Company, and
nS New OFltitS, h"'i'O """
IF. Railroad Company the Court m"'e"v
"a declared the ,te,al.amonnt Ut bonnd'
r., debt to ,he S26, 100000. In, regard
), the res, If the obligations of tue Stat
r. being mainly s,fhsidirs to railroads al
The aid given to property bnuks, a.
:, Court empl'a'ically rejected. tbe' pie
-, then and since, set MP. that tile
l,o should not lie computed in cstims'fl
4, the pnt,lic debt. i "A ipafty bOunt,,i
u court remarked in. relation, TO- the Ia
i, mentioned class OF obligations, :
- either. an express or an, implied s:c'
!, tract, invirtue whereof he may I
come liable to the payment of none
:. is debtor, although his liabaHyibe. ca
> fingent' Aud the experience at
y" State in'respect t" its pecnniary &C
~" ncction with railroad and other corp
ati.lus is a sufficient illustrations at
ks folly of expecting that they will 'e'
To- relinquish advantageous grants,
'st (except b, rare inseances) fulfill tn
NJ obligations to it." .tia ..r.u rfT'. i
tut --.-~-,.-~r@~- !, r!