New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-02-25
Total indebtedness. /.
$23,484,595

1865 to 1872 Observation-Disclosures. 2295 795
Total Indebtedness. So, 484 sos
Besides this sum, there are certain
bonds upon which the State is contingently
liable as indorser, and there are appropri-
atoms that have never been settled on ac-
count of the litigation they are now under
going, which may subject the State to
other contingent debts to the extent of
SIS, 157. All these liabilities are merely
Endorsements. OF these contingent debts,
the bonds issued to the State banks,
amounting to S4,SO3, 6S3, will be paid by
the banks, as they have continuously paid
the interest upon the same. Other bonds
that have been issued, or which are liable
to be issued, are only to be paid by the
State in the event the principal fails to
take them up, in which event the State is
secured by mortgage and otherwise.
Louisiana lent her Endorsement as a mat
ter of public policy, and if she was asked
to do it again we have no hesitancy III
saving that she would consent as freely as
she did consent.
But to the actual debt. We have shown
that the State is bona fide debtor only to
the extent of $23, 4S4, 595. Let us account
for this sum as citizens interested in know
ing who is responsible for its existence
against ourselves:
Amount due absolutely up to i86l...... $8, 83. 900
Bonds issued to pay for rebuilding
the Penitentiary that was ru. soo o.o
Bonds issued led TO rebuild the ievees
that were destroyed or dilapi-
dated by the war. .......... .3,oO0,0O
Bonds issued to P. J. Kennedy for
relief in repairing the levees.-. l34,O 900
Bonds issued to take up the float
ing debt that WAS created prior
Bonds issued to Chattanooga rail
Leaving to be accounted for in order to
make up the sum of $40, 1856, 800;
s1,917,SOO to be charged to the Repub-
lican party. If the State had let the
Penitentiary remain in ruins; if she had
allowed the levees to continue unrepaired;
if she had refused to assist in opening
railway communication with Mobile, and
ultimately to Texas; or, if she had repu-
dated the legitimate debts that existed
against her, she might not have been in
numbered with these liabilities, but she
would have been in far worse condition.
No Just or reasonable man will hold the
Republicans responsible for the ruin that
resulted from the war, nor for the money
that was expended in repairing these
ruins Any party that succeeded to the
government in 1868 would have had to
meet these expenditures, and the existence
of the debt would not have been to its dis
credit, but rather to the discredit OF the
rebellion that produced the necessity for
such an outlay.
AS to the contingent debt, that is not
only matter of litigation, but it is also a
matter of great uncertainty. Many OF
those enterprises in whose behalf it exists
are failing to comply with their charters,
which relieves the State from becoming
responsible on their bonds, while others
are paying the interest and providing for
the principal OF the Indebtedness, which
relieves the State from any responsibility
whatever. Others, again, are asking to be
allowed to make arrangements that will
release the State; as, for instance, the Mex
lean Gulf Ship Canal Company and the
Baton Rouge and Vicksburg railroad.
The Supreme Court will probably over
throw some, and some will never apply
for that assistance which the Legislature
granted.
1t will thus be seen that the report which
the Democrats submitted to Congress is
false in fact and false in its suggestions
1t is pretended by its authors that this
wicked and scandalous document was
written in our interest, as if any man or
community could be benefited by having
his position DETAINED by falsehoods that