New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-07

ject to the action of the courts. The col
lections on account of the interest fund
have been sufficient to pay that amount
also, in case it shall ultimately be
decided that the bonds enjoined are legiti
mate Indebtedness of the State. A rigid
inspection and supervisor OF the business
of tax collectors has been main tanned, and
they have been required to make their set
Elements in person with the proper officers
instead of through brokers, as in many in
stances heretofore.
WHAT HAS BEEN DONE.
1t is well known tina: in practice warrants
could not be paid as issued, and were moi
paid to the original holders. but were sold
on the street at their market value" and
collected in full by middle men as money
came into the treasury. The Auditor
taking advantage OF this state of affairs
for the benefit of the State. iuaugurated a
syste m by which the funds received were
distributed in d more equitable and salts
factory manner. and at the ssne time saw
ing of over $500 900 was realized to the State
" hich would otherwise have been paid to
spectators, without benefit to- the original
holders of the warrants. These warrants
were Cancelled and are now in the treasury,
the volume of outstanding warrants being
OF course reduced by pre- cisely that amount
BY this means and by a scrupulous care in
the issuance Of warrants, and by combining
the issue during the latter portion of the
year to expenses of officers and ether neces
sary expenses of the State. We will be able
to begin the new year with $l93,0UO out
standing warrants Of 1873. instead Of over
$500, 00Ne
WHAT SROCID BE DONE.
In this connection | desire To call your
attention to several matters which appear
to me to be of most vital Importance:
l. The absolute necessity OF hereafter
combining your appropriations rigidly with
in the revenues. This is the first principle
of our financial redemption, and unless it is
adopted instantly, in principle and practice.
and adhered to. We may cherish small
hopes of permanent Improvements an our
condition.
3 1t is believed to be o wholesome legal
principle, that the revenues OF each year
must take care of the expenditures of that
year and no other. / believe this to be
sound policy and am satisfied it would be OF
great benefit to the State. tending to re-
lieve confusion, to restore ORDER and to
check improvidence in the future, it this
principle were positively recognized by
statute.
3. 1t should be specified among tie duties
of the Auditor of Public Accounts that hs
shall in no case issue . warrant unless the
funds are then in the treasury 10 paj the
same on demand. When this is done we
shall no longer see State warrants hawked
about the streets and hear no more of com.
binations to obtain preferences at the treas
ury. 1t will do away with temptation to
speculate on the credit of the State and re
lieve us of host of evils which havs been
equally annoying to the officers os the gov
ernment and discreditable TO the State. [
am quite persuaded that the recognition OF
these principles by statute will produce
most salutary results. They are certa n, clear
and just in themselves, and will he per-
petual admOniti0n to economy which can
no. well be disregarded. l commend them
most earnestly to your corsiderate action.
PUBL1c DEBT.
From She report of committee OF
prominent citizens appointed by me to
examine and classify the debt Of the State
Ia copy of which herewith transmit. and
from the statement of the Auditor of Pub
lie Accounts, it appears that the contingent
debt OF the State is as follows:
Balance of subscription CT the State in
Bonds which may be issued TO the Missis.
eippi and Mexican Gulf Ship Canal
Company. under act No, lie. OF 1863. !2e 0o1
Bonds hch may be issued to the New
Orleans, Mobile and TIE Railroad
COMPANY, under section one Ofact No.
e. Of 1863. SIS. go
Bonds which NAV be issued to the same
No 81. Of 1870. ........................ 275cooc
Bonds which may be issu. d to the New
Orleans Baton Rouge and Vici-sburS
Railroad Company. act No. IL: of 1853.
number Of miles 500, at Sol2,500 per
Nle.s .s...s..'s.....s.- ........... ei3oJ ~
Bonds which may be issued to estsbi sh
q charity hospital at Shreveport. un.
der act No. 9of 1862. ..ct9J
Obligations to s. bscribe 900 shares o"
stock Of Mississippi Valley Navigation
No. OF 1870. ........''..-. 10000