The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-01-16

mana. Nnen this Is done we shall lC
longer see State warrants hawked about
the streets and hear no more of combi-
nations to obtain preferences at the
treasury. 1t will do away with temptu-
ton to speculate on the credit of the
State and relieve us OF host of evils
which have been equally annoying to
the ofhcers OF the government and dis
credltable to the State. | am quite per-
suaded that the recognition of these
principles by statute will produce most
salutary results. They are certain.
clear and just in themselves, and will
| be perpetual admOnitiOn to economy
| which can not we'll be disregarded. I
commend them most earnestly to your
cOnSlderate action.
PUBLIC DEBT.
From the report of the committee of
prominent citizens appointed by me to
| examine and classify the debt of the
State Ia copy of which herewith trans
| mlt), and from the statement of the Au-
dltOr OF Public Accounts, it appears
that the contingent debt OF the State is
as follows:
Balance of subscription Of the State in
1853, torailrOads Observation-Disclosures. $2l08O0O
Bonds which may be issued to the
Mississippi and Mexican Gulf Ship
Canal Company, under act No 116,
1869. :-...-;-......-. 10000
New Orleans, Mobile and Texas
Railroad Company, under section
pondl one bict OF act No: &C. Of 1869 2o75,ooo
same company under section sew
I en- Of act No. 81 OF 1870 ;........ 2,25o,ooO
BONDS winch may be issued to the
New Orleans, Baton Rouge and
Nickaburg Railroad Company, act
No. l43 OF 1863 number of miles
500 at S12,500 per mile. ..... G,25Oo00
Bonds which may be issued to estab.
Hsh charity hospital at shreve-
port under act No. 149 of 1863 1O0OO0
Obligations to subscribe 1000 shares of
stock of Mississippi Valley Naviga-
alton Company of the South and
west act No. 81, of 1870. 100000
4otal- $13, ,0O9 600
. Contingent liabilities under acts
passed by the Legislature subsequent
~ TO the adoption OF the amendment of
the constitution limiting the State debt:
Act l06, passed in 1870 printcd with
the laws Of 1S7l entitled An act
to incorporate the Arkansas and
Delta Railroad Company and
granting aid to the same. $375,ooO
Act 28, 1871, granting aid to tho South
eastern Railroad Company 375.ooo
ACT 29, 1871, creating the Mississippi
River Navigation Company and
granting the aid of the State there
To-: ,..,............. 26o,OOo
Act No. 81, 1871, to build a State house,
ana providing for the issue of
bonds therefor r---..-..--.......... 100000
Act 10, 1871, to incorporate the
Alexandria and Fulton Railroad
company, and to grant State aid
thereto 1,S75,OO0
Act H. 1871. to promote the interest of
commerce by establishing the Lou
isiana Warehouse Company, aud
guaranteeing the bonds thereof 100000
Act 106, approved October 25, 1871
Relative to the New Orleans and
Northeastern Railroad Company,
and to facilitate and aid the CON
st1uctien OF said railroad, etc.. 1,212,5OO
the actor the issue Of bonds to
the Levee Company ny..--.-..-..... 100000
Total -...-.................. $s,os7, 800
Total contingent liabilities . s21 ,O9o 500
In some cases these laws are void,
but their. existence upon the statute
book is calculated to reflect discredit
upon the State. !, therefore, earnestly
recommend that all laws or parts of laws
extending the credit of the State to any
OF these corporations or involving any
contingent liability, on the part Of the
State, be Immediately repealed. This
can be done by one sweeping act, which |
trust you viii Immediately " pass. |
Anact was passed i'm 1885 to loan the |
bonds of the State to the Citizens Bank |
to the amount of 100000 The third |
section of this act provided That for
the guarantee of the bonds to be emit |
ted by the State in favor of the Citi- |
zen's Bank, and of the interest thereof, |
and for which the State pledges its faith, |
ali the securities granted by the act of |
Incorporation of said bank, and espe- |
cially by the third and fourth sections
of said act, to the holders of it's bonds |
are hereby transferred to the State, and |
the holders of the bonds which may be |
issued in virtue of this act, etc. The |
hank has paid the interest on the bonds, |
and has redeemed the greater mart of |
them, leaving $4,297 1888 SO still out
tits believed that the plin- 1
cipal and interest of these bonds are |
fully secured, and that the State will |
not be called upon to pay either.
The bonds loaned the Consolid dated 4
Association by the StAe many years /
since have been cancelled except $63f
a447, which may be reckOned in the same /
Bank, and for which the State can in /
40 probable contingency be liable.
Thus the debt of the Stats for which /
The State can, in any probable cOntin-
gency, be liable is as follows:
interest bearing obligations of tho
state outstanding Jan. J., 1874. $22 42T, 800 90 L
Outstanding general fund warrants
general fund warrants GD'-e' -.
(newl, January l, 1874. 1876 40 +
Certificates of Indebtedness toldt:. 1S1,7S5 u
Total funded and unfunded !.
debt of the State. ...-..-....$ .$24 2s3, 1856 90
, Il is this debt with which we have to
leal. -. y. =. z[..
fThm e. .1,nn v-xE4rA ,r~sf3 |
n your deliberations the highest eyer
hat Justice may be done as far as Dos
Iible to both debtor and creditor, and at
he same time the State be relieved as
ar as practicable of an incubus which
threatens to destroy the prosperity Of
he commonwealth. It is the weight of
! heavy debt and consequent heavy tax
ItiOn, together with the exhaustive ex-
,enditures Of the State government
hat have done so much to impair our
,redit, to retard tho development of our
commerce and to deter capital and la-
,Or from seeking in the inexhaustible
oil, the benefcent climate and the
Ibundant natural advantages of our
Itate, a most profitable field of en-
,lOyment.
PROPOSED FUNDING.
It is idle now to dwell upon the origin
i this debt, or to review the misfertunes
II profigagy of expenditure by which
was incurred. The pFobIena Is before
IS for solution, and it must be dealt
With. I'm my Judgment, it can be best
olved by the passage of q well digested
unding bill, accompanied by appro-
'riate constitutional amendments, The
aain features of the bill should be the
onyersiOn of the whole bonded and