New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-06-05
WHAT TIE STATE OWES.


There have been politicians among US
who, assuming that much of our public
debt has been incurred without consid
Grafton, have rushed to the conclusion
that all taxes should be withheld, and
thus all obligations repudiated. The
REPUBLICAN has maintained that some OF
this debt must be justly due, and that
wholesale denial of the debt, good and.
bad, would be injustice to ourselves as
well as to others. The Republican State
administration has taught the proper
course to be pursued. 1t is to sift the good
from the bad debt. 1t is to scrutinize every
State obligation and to determine whether
any item composing such debt can be
legally avoided on the ground of fraudu-
lent contract or failure Of consideration.
In this Louisiana will copy North Carroll
MIA and Georgia, and will by judgment OF
the courts, and not by discomfort of the
debtors, annul such outstanding obliga-
ton as may not be legally binding upon
her. The effect of such an investigation
is obviously to improve the values
of all accredited debt Georgia
SKIES are now selling at eighty
two. The debt Of Louisiana assessed
upon her taxable values is not serious
incumbrance. Suppose it as an obliga-
ton of eight per cent upon taxable values
of $500, 100000 payable in indefinite
installments, does that justify the quota
tionof Louisiana six per cent bonds at
forty to fifty cents on the dollar" 1t is
not what Louisiana owes, but what she
might be made to owe by corrupt legisla-
ton that has impaired her credit. Garry
out the purpose of Governor Kellogg
execute the Republican law against
bribery, and the public debt and con-
sequent taxation will be arrested. This
gives the capitalist confidence, and all
future increase Of wealth or population
goes to the credit of our securities. 1t is
impossible to say how much or how far
the ostensible debt Of the State will be
scaled by investigation. The scrutiny
will be possibly more valuable as
restriction on appropriations in future
than for any money it will recover into
the public Golfers. 1t serves to show, how
ever, that this Republican administration
will not be an accomplish in an increase
of debt which goes to the benefit OF
brokers and lobbyists and Kickapoos,
while the whole responsibilities are
thrown upon the Republican party. There
is to be a clear understanding on this
subject hereafter, and the taxpayers of
Louisiana will know who to kick or curse
about any increase.
The men appointed on this commission
show purpose Of fair inquiry. There
are upon the commission some men, both
white and colored, Of the most sterling in
tegrity. There is fair number of gen.
tlenen not belonging to the Republican
party. Whatever Moses Greenwood and
l. N. Marks will put their name to must
command the public confidence. Here
then is an inquiry into the validity and
consideration of the whole debt of Lou
isiana. There will be lawyers and experts
placed at the service of the public. The
Committee of Two Hundred can come
forward and institute an inquest into any
obnoxious items Of debt. 1t will be much
better than an indiscriminate refusal to
pay one item of just debt because another
item may seem suspicious.
At least the Republican party must be
held innocent of any purpose to defend or
conceal any engagement founded in fraud
1t will screen no one, whether of its own
or Of another party. Let the disconnected
taxpayer then come forward and scrutinize
the debt for which he is held responsible.
Republican majority has thrown open
the books of the treasury and the journals
of the Legislature. 1t spreads wide the
| portals of the courts, and invites any or
all that may be aggrieved to demand and
conduct full and thorough examination.
Having limited the State debt, having
enacted the first penalties against corrupt
legislation or official action, having now
opened to scrutiny the public obligations
of the State, and committed this investi-
cation to the parties most interested in a
thorough investigation, the Republican
party has performed its duty. 1t is to be
hoped we will bear no more of resistance
to taxation or reputation of a whole debt
because percentage of the debt may have
been corruptly or illegally contracted