The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1873-07-19
AUDITOR OLINTON's ADMIRABLE
FINANCIAL SCHEME.

the Pockets of the People in a Single
Day--Louisiana's Friend.
In spite Of the factious opposition
of State Treasurer Dubuclet, backed
by the brokers of New Orleans and
the Herald and Picayune, the admira-
BILE scheme of the State Auditor fol
the financial redemption of Louisiana
has succeeded thus far as we'll as the
most sanguine friends of the measure
could wish. On the 18th instant the
first purchase of State warrants was
made at public auction, and $143,236
in those securities were bought in at
584 and 60 cents on the dollar, max
ing clear profit for the State of a
fraction less than $59, 600. Treasurer
Dubuclet applied to the courts for a
writ of injunction to prevent the pur-
chase of warrants from being consum-
mated, but the application was re-
fused, which is pretty clear indica-
ton that Auditor Clinton will have
the support of the judiciary in the
prosecution of his plan for bringing
Louisiana up out of the slough of
bankruptcy and retrieving the disas-
tiers incurred by extravaganza and
corruption in the administration of
her government in the past.
The only reason advanced by the
Treasurer and his supporters for their
violent resistance of the Auditors
scheme is, that it is not in strict ac-
cordance with the letter of the law.
Admitting this, for the Auditor him
self does not deny it, yet is not the
extraordinary condition of the finan-
cial affairs of the State complete
warrant for the use of extraordinary
means to improve that condition, of
course provided there be 20 dishon-
esty or injustice in the method7 In
short, will not the end sought to be
attained justify the means employed I
The Auditor reasons cogently when
he says, that although the revenue
laws may not contemplate such pro-
cceding as he has inaugurated, neither
do they contemplate such a crisis in
the States finances as now exists, else
some remedy similar to that he pro-
poses to apply would be provided for
and directed.
The cry that original holders of
warrants will suffer from the applica-
ton Of the Auditors scheme, inasmuch
as the Treasurer will not be able to
cash their claims, is bugbear created
by the brokers and Spectators, and
need frighten no one. What chance
have original holders had heretofore of
procuring money for their warrants
from the State treasury During the
time of settlement by Tax Collectors
the Office of the Treasurer has always
been thronged with brokers who pos
sessed the favor of that official, and
every cent of cash paid in on the gen.
eral fund tax found it's way into the
pockets of the spectators, with per-
haps the exception Of a small moiety
to compensate for the trouble and ur-
banity of our very honest and upright
guardian of the public money, who is
now so fearful the Auditor may exceed
the powers given him by the laws
and secure to the State the heavy
discount on it's own warrants that has
to the enrichment of a
ring of spectators. Whenever the
holder of warrant, who was not a
of this ring, presented his
paper at the counter of the Treasurer,
10 was invariably met with the re-
Spouse, Ono money on hand" and !
consequently, if in need of money, he |
vas compelled to dispose of the war
ant to broker for whatever it would |
'ring. The State has not the means |
o redeem its outstanding obligations
It face value, so even if a few origi-
lal holders of warrants could succeed
n obtaining par for them, the great
lumber would be debarred by the
exhaustion of the treasury
rom realizing more than the ruinous
ates fixed by the pleasure of the bro
,ers. The Auditors plan will place
II holders of State warrants upon an
quail footing, as every one is free to
ttend his auctions and bid for the
lOney offered in exchange for war