The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-09-09
THE PUBLIC DEBT OF LOUISIANA.
70 the Editor Of the \. o. Bulletin:

| 70 the Editor of the n Q. Bulletin:
! 1t is generally understood tnat the public
| debt of this State largely exceeds the limits
prescribed by the Constitution. Can it, will
| it ever be paid. Since the war we believe the
current expenses have been equal or more
! than equal to the revenues althou gh the taxes
have been during that time quite as heavy as
could be borne. In truth, the industry of the
st tie is now being slowly and surely crushed
ont by the weight Of the public burden. 1t
cannot be increased, and will barely, if at ALL
meet the current expenses Of the Government
/ From whence. then, will come the means OF
paying this enormous debt: In the next
| place, do the papers purporting to be the obi
cations Of the State in reality constitute a
debt. We think not. We think there is
neither any legal nor moral obligation on the
part OF the people OF the State to pay the
greater portion of said so-called debt, because
ii was not legally contracted it was not hon
.stly contracted, and the State never received
amy consideration for those obligations.
The officials who contracted those ObliSa.
lions in the name of the State We're agents.
they 'ere acting in a tiducilry capacity, and
it i. one OF the first principles of law and JUS
tee that those who deal with agents us agents
+, should first look to their authority to bind
their principals. A considerable portion of
the public debt was contracted without any
Authority and even in defiance of authority
and is therefore not obligatory on the State.
! 1t is equally principle of law and Justice
that when !, party colludes with an agent and
brides him to betray his trust and to defraud
his principal. in contracts that the agent is
authorized to make, all such contracts will be
set aside and annulled by the courts as fraudt-
lent and against Justice and equity, and that
not only against consplrators III fraud, but
! no, -l,,1.,
that the Obligations We're fraudulent in their
origin. These principles apply with greater
force to ,lblic obligations than to private
ones | is IA fact known to the whole world
| that the public debt contracted traudu-
lentlv. No one can claim to be an innocent
holder without notice of the fraud.
! The public debt is not the legitimate off
spring of the necessities of the State. 1t was
conceived III sin and born in iniq1lity. 1t
wa. begotten between IL ring OF dishonest
spectators and equally corrupt and dis.
honest Legislature. who received brides from
said spectators for creating this debt in their
favor \ Legislature. composed CHIEFLY OF
pesulatOr> and adventurers, who cared nothing
tor the welfare OF the country. its people,
and VIII" daily committed perjury of their Off
elal oa,hs, and daily entered into cOnspiracies
and combinations to plumber the people of
! the State. by creating those obligations which
constitute the State debt.
! Thi. corrupt. perjured, thievish 1eoisla.
ture totally unworthy the name Of Legis-
lature who daily sat to receive brides and
enter into conspiracies to betray, swindle and
defraul the State they affected to represent;
a mere set of thieves, who met and sat, or
rather stood, amidst the ieers and scorn and
.nerited contempt of all decent and honest
men: Legislature who never passed a single
measure tor the public good but whose whole
time devoted t" peculatlOn and to the
creation of so called public obligations, that
they might receive share OF them, are the
ptiacip,i' .tJeats who created this public debt,
and such was the manner Of its creation
Of which is patent on the face OF the acts
themselves and are OF public notoriety to the
whole country.
4. Would the courts of this country hesitate
! for moment to annul all contracts made III
that way by the agent OF bank, or agent Of
any private corporations or individual? Most
assurcdly not. Would any man of honor feel
bound to fulfill the contracts of his dishonest
agent. VIII" had been seduced and corrupted
in q similar manner? Can any casuist or
moral philosopher be found who will admit
that there is any moral obligation whatever to
pay debt. contracted:
If not, tnen why should the impoverished
people OF TINS State be taxed to pay this debt
Why should they he taxed that ring OF VII
iains may i;,tten ON the spoils, like butchers
.lo. on the oifal of a slaughter house?
IT the Attorney General wishes to honestly
discharge his duty. why does he not institute
legal proceedings to enjoin the Auditor and
other officials from issuing bonds of the State
or any Other evidences OF debt originating Ia
trand and peculation' Why does he not take
steps to have those already wronsf,llly issued
Cancelled. AZ being tainted with fraud ard
originating in viainy: But if no State
agents are now to be found who are willing or
able to protect the people from outrage, i is
hoped That all these scoundrels and their vii
iainou, contracts will in turn be brought be-
fore the high tribunal of the people, and their
>windling Obligations solemnly declared null
and void, and the villainous preparation OF
these public swind!e. be consigned to then
"w1 original infamy and 1nsisnitictnce.
YANKEE.