, 1874-10-30


not in potvor during those ycara.
But, IT thoY worc, nnd sto1o tho peoplo'a
money, thoy arc not to DO dofonded. 1t ia not
qucatlon Of party. II is tho caeo OF tho peo-
ple against Thiuycs.
Tho Now Orleans Ticoy,tno has rocontly
shown, BY tho Auditors boohs, that tho Lcgiala-
lures ot thoBo years oxpontod onls $89D0 III
exceas Of receipts, instead OF s14,000.000 aH
charged BY Kellogg. Truo. ho replied, they mp
proprated. mid not oxpondcd. This was aiso
rofused by tho Ptcayunc with actual figures.
Gov. KolIogg, through, crimnality or ignor-
rance, lns issued tho following bonds which aro
a total loss to tho State. viz.
First-" On or about March II, 1873, s125. 900
Of second mortgage bonds wore indoracd by tho
0nverpor fKe,!oggl On tho 10 mileB Of traok lai3
beyond Doua!dsyilo; but, as tho final limit OF
tno, Janua1y. 1878. for tho completion Of tho
whole road had expired nearly two months pro-
ylouay, and tho Inv itaolf provided that 'Nono
Of tho said aceond-mortgago bonds for or upon
that portion Of said main line OF railroad, not
constructed within tho ttmo i'mItod shall bo
guaranteed by tho State Of LouiHiana 1t Ia nlan
Ifcst TINT said bonds should mt havo boen i'll
durBod." Extract of report OF Railroad Commit
toe, adopted by Now Orl"anH Chamber Of Com
mrrco, June l, 1874; Htgned O. Y. Il. Dailey,
Chairman H. o. Saxas. j. O.. Morris, l.. H.
Joedpha. Whcn ho indorBed those bonds. lio
knew, or ought to havo known, tlat tho coil.
that 1t did not belong to the Company until they
walo paid. Tho rand ia now under soisuro mud
sala on nret-tnortGago bouda.
Sccond-Undor Act No. 10S, approved Sept. Q,
1913, cutitlod "Au:A Act to Incorporate tlio North
Louisiana & Toxas Railroad Company, 1.-THE Gov
oruor (Wa1moth) lasued to that Company. dur
ipg thS your 18c0, SIC bonds, md, in Tho Year
ISIS, Kellogg issuod SIS o. 81 ,ooo each, benring
por cent fntoteAt,--the State having second
mortgage on the road.
Tho tWelftli section Of tho act provides "That
sud Railroad Company shall, on or before tue
maturity Of ann Ut tho interest coupons OIL ANY Of
said bonds, deposit tho amount thereof in tho
State Treasury for tho payment thoroof; and. 1n
event OF tho faiIltlo to mako such deposit, TINT
no further isBlo OF bonds shah be made, and tho
State ellall havo tho right to fofocoso tho mort
gago therein given to Bocnro tho payment of tho
bonds and iutorost issued to said soad, acsordiAs
to tho provisions Of ths act"
Tho rreasnror's books show that tho only do"
post tho Company ever made to meet tho lntor-
est on tho stnto bonds "as s1o,1e0, during tho
Ycn1a 1868 and 10.
Dy ACT l05 approved June 20 49, #. # Tss 2ss au
milo. subsequently, by Act No. o.. approved
April TO- 1872 1t was dit ooted that, In lieu Ut tho
SECOND mortgage to tho State, tho Company
might give lta stock at par for the amount Of
bonds iaaucd or to be issuod; and, in con"idera-
Company shall bo reEieced from al liability for
tho aforesaid uouds Of tho State
Tho foregoing statements aro copied from q
Committee Of Auditors and Examiners appoint
cd to investigate the State debt. Soc pages
aud 0.
It will be eeen that the Company bad default
cd In providing tho interest previous to tho iaauo
OF $5G7. 900 by Kellogg alao, that tho contlacs
had boen changed from one OF security to q
a&f,e1r tnffrtthatnu fhH fCt1Atj.
tutional limits OF stato indebtedness Ind been
previously reached. It ia clear that the Issue
was illegal, and should not havo boen made.
IN future artico, will give your leadors q
history OF that pet scbeme Of lannder. tho Fund
lng pll, by which 1t ia attemptad to eon.un,mate
and and fasten upon tho people of tho State all Of
tho ataals, without any redress Whatever.
Dy Warmoth, Kologg & Co.. tho State debt
has been increased to e53. .62l .64567, contingent
aud ai taoe Auditors and Exan,lrers' report.
It is e25:ooo,ooo], with absolutely nothing to
show for 1t.
Gov, kellogg cannot dony hts completely and
copartuarallp, although tho drn has sinco
auafreled over q division OF the spolls. Ho
0as part Of The Walmoth Government, mud BY
rms noninat.,a for Governor, and c.aina h.s
election, BY That party. Warmoth has since
nbaploned it. Whom they canao iuto power, the
Htata debt waa not busdonso1ne pronertY was
in demand at adsa ncing plices.i thePcoplo were
both hopefa! end cheerful. Nov, tue state Ia
tations dosostsu, leyees down, and tue people
Gov. Kellogg csnnot dodge tue responsibility,
nor eau he separate bimeelf from lis patty, o,
bis Administration from that Of his predecessor.
They ara both part aud pavcol at tue same gred'
.prong that has ruined once happy aud pros,
SS''''' >tN'' cninlEs' II. WALKER.