The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1873-09-03
A Very Slight Distinction.


we can see little difference between the
act implied by the verb repudiate and
the conduct of several Of the Southern
States with regard to their funded debts.
They do not pay; they will not pay; in
most cases they cannot, and for some
years they have not paid. We consid-
er it of the slightest possible conse-
Qnence whether or not the people of
North Carolina intended the adoption
of a recent amendment to their consti-
tuition as declaration of bankruptcy.
1t is sufficient to know that North Car
DINA has not paid the interest on it's
debt for years-probably cannot pay it,
and certainly makes no effort to pay it.
The last report of the Auditor of
North Carolina contains no statement
of the Indebtedness of the State, and
makes no reference to the subject. Tho
amount, however, is stated in Poor's
Railway Manual at 29,90O,0 bear
ing interest at six per cent. TO pay
the interest, $l,794 600 would have to
be collected annually. The value of the
property of the State, as assessed for
taxation is Sl23, 100000. The amount
of the taxes collected in the year 1872
for the general expenses Of the State
Government was 100000, which does
not include penny for interest on the
debt, and falls 100000 short of meet
ing the disbursements for educational
and general purposes. The current
quotations for North Carolina bonds
are u per cent, for the ante war bonds,
aud IA to II for those issued since re-
construction. This is about the value
of the bonds of Honduras, and consid-
erably below that of the stocks of Spain,
two notorious bankrupts, in whose pa
per English stock gamblers have large
ly invested.
South Carolina is in a more disgrace
ful condition than her neighbor on the
DOrth Her income is altogether insult
ticient to maintain the splendor of car
pet-bag government, let alone the vul
gar practice of paying debts. Her Off
Gals refuse to give Information as to
her finances. Mr.. Fl. V. Poor has ap-
piled in vain, and so have we. The
> debt of the State is in the neighbor-
hood of S2O,000,000, exclusive, as in
the case of North Carolina, of past due
coupons.
Alabama pays interest on a part of
her debt, having disbursed S245,7G2
. for that purpose in the fiscal year 1872.
The debt of the State, direct and con-
tingent, exceeds $3O,O00,000. Upon
D nearly all the railroad bonds Endorsed
1 by the State default has been made by
D the companies, and the State has made
e defaultin return. The receipts of the
D State in 1872 were 81 100000, and the
!. payments $I,l76,0OD. There were, on
the 30th of September, 1872, outstand-
= ing warrants against the treasury to
: the amount of Sl97 500, and State GER
|. tifcates of indebtedness to the nominal
= value of 1896, 900. There was also due
J, the School Fund the sum of S3l7 200
u The receipts from State taxes during
Il the year were 1857 1913 80. The finan'
u ces of the State are greatly deranged
II and if not going from bad to worse
g are certainly growing no better.
J. Louisiana has been more merciless
a ly taxed and robbed than any othe
e Southern State, South Carolina no
e. excepted. The receipts into the STATE
Treasury for the year 1872 amounted
to the very respectable sum of 50, 3l2;;
\ 03l, and the expenditures to 81, ~ 429
S: The debt of the State is not less thai
II $25, 1000, 900, including over S2,O0O,0O
IS ofoutstanding warrants and certificate
l. of Indebtedness. The aggregate as
+ sesscd value of property for 1872 wa
, 1928, 100000. and the taxes levie'
III thereon S4,6S2, 662, or more than 2 pc
'e cent. This heavy taxation is drivin
5 capital from the State. Lonisian
= bonds are quoted at AZ to SIS for 81
OF and eight per cents. The State ha
IS recently made default in the paymen
Ell OF interest, and the bondholders ar
es not encouraging.
y The funded debt of Arkansas is SO,
d. e95, 800, and the State pays no interes
10 on any of its bonds. For the two year
ended September 30. 1872, the geners
revenue OF the State reached an aggre
gate of 81, 70l ,044, of which only S4OG
Ill was in current money, the remainde
=. consisting of Auditors and Treasurer
We warrants and State scrip. The Aud
G, tor, in his estimate of the receipts an
10 expenditures of the State Governmer
a for the two years 1873 and 1874, il
TO cludes nothing for the payment of ii
IS terest on the State debt. The Stat
scrip at the date of the Auditors la
ne report stood at so per cent. discoun
e. which is about the value of the Louis
ana State warrants, as determined
the last auction sale.
4 8 renards the States we have mel