New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-28

both contracting parties. Nevertheless, our
utmost resources are insufficient for the
prompt and complete fulfillment of all it's
terms, and to that extent its obligations are
Impossible OF performance at this time. He
expresses the opinion that were the recon-
mendatlOns of his inaugural message car
rled INTO effect much would be accomplished
toward raising the credit of the State and
meeting the immediate demands of the
treasury. The State credit is PROSTATE. and
until 1T is established on a sound basis
SaplSai VIII surely shun the State The re-
lle1, ne says, lies in the restoration of conf
oence between the State and its creditors,
anu sucn settlement of the public indebt-
edness as will insure respect for our good
1aith. IL Is certainly in our power, if we
now enact just and efficient system of
taxation, and prudently husband our re-
sources, to pay henceforward four per CEN
tum per annum on the entire debt intended
to be assumed by the funding act. 1t ia
belleved that an understanding can
be had with creditors by which
we might guarantee with certainty
the regular and punctual payment in
semi i-annual installments and at conye-
nlent places, OF two-thirds of the accruing
interest for the present, giving proper GER
tificates for the deferred interest, and pro-
viding for the payment of full interest, to-
gether with the arrearages on interest ac-
count as soon as our steadily increasing re-
sources shall permit. 1t is believed that
fair and deliberate conference between the
State and her creditors will result SUBJ
stantlally in the settlement now proposed.
A settlement providing for the payment
OF such reduced interest tor the time being
as may correspond with our reduced means,
and 1or such greater interest hereafter as
will steadily increase with our increasing
population and resources, so that the whole
debt as heretofore assumed, together with
the full interest as now agreed, will be dis
charged ultimately and just as quickly
as the best ability of the State will
permit 1t would bind us to do now
what we are able to do, and it would post
pone so much OF our undertakings as we
are unable to perform. To do less on our
part is reputation; to do more is to plunge
the commonwealth into the abyss Of bank
ruptcy.
The Governor recommends the appoint
ment OF two commissioners on behalf of the
State, representing its best financial skill
and experience, to be charged with the re.
adjustment Of the public Indebtedness by
conference with such agent as may be
deputed by the creditors to meet them.
He (the Governor) says:
lit is not improbable that an additional
arrangement might be made for further Sc
curing the debt and relieving ourselves. In
view of we'll settled principles of public law,
it Is demonstrably true that the United
States, by interposing between us and our
creditors. and dividing and destroying the
original entity of the commonwealth, be-
came liable for at least so much of her debt
as is due to nonresident creditors. When
the present financial panic shall pass away,
it may be reasonably expected that the
common government, which received wealth
and power from the munitcence of Virginia
in the paste will at least aid us with the
meagre justice of loan of it's bonds, to be
used in securing and extinguishing the pub
lie debt"
AS german to the general object of the
message, the Governor transmits a commu-
ncatiOn from the attorneys of Barring
Brothers Il Co., asking repayment of the
amount advanced by that house for the
State on account OF interest on the debt,
which sum is now larger than the State can
at once pay, and constitutes a debt of
honor, which is commended to favorable
action.
Probabilities.
WAR DEPARTMENT
Office Chief Signal officer
Washington. March 81 1874, 4:35 p NJ.
For the Southern States. northwesterly and
sOuthwesterly winds rising barometer, increased
cIOudlness and rain IN the Gulf States
River and Marine News.
SOUTHWEST Pass March p, 6 P. M.-Barometer
80. Wind eastsOutheast. light Arrved-Ship L.
L. Stargess, Linnkin, master from Liverpool
No departures steamship vandalia is on the bar
bound out
PAss-A L'ourKE, March 27. P. M-wnd east
light. Weather fair. sailed-SchOoner
rexana. The steamship Vanguard is still on the
bar, bound out.
vICKsBuRG, March 27-Up-Paragon, at p NJ:
Henry Ames, at p. NJ. D0wn-ExpOrter, at 6 P.
u. Weather clear and warm River rising slowly.
MEMPHIS March 27-The river fell one inch
Weather cloudy and quite cold. Arrived-Ban-
mock City, from White river. Departed-Capitol
City, for st. Louis
CINGINSATI, March 27.-River twenty four feet
and falling. Weather cloudy and cool,
PITTsBURG, March 27.-River 81 * feet six inches
and stationary. Weather cloudy and cool.
LOUISVILLE, March 27.-River falling ten feet six
inches in canal eight feet six inches In the chute.
v Gather cloudy with indications of rain. Down
Thompson Dean, from Cincinnati to New Orleans
CAIRO, March 27.-Arrived-City of Quincy,
from ST. Louis, l A. NJ; Pauline Carroll from New
Jrleans 2. NJ; st. Geneveve, from st. Louis l
:. NJ kllgOur, from Cincinnati, 3 p NJ. Departed
Jity OF Quincy, for New Orleans, 2 P. M; Carroll
or St. Louis, P. N; st. Genevieve for Vicks.
'urg, P. NJ. River has risen eleven inches. Light
ain; weather cool.
ST. LOUIS, March 27.-Arrived-Utah from New
)reans, City of Vicksblrg. No departures. River
S rising Rain, hail and sleet to-day; Gle airing and
reezing tonight.
NKw YORK, March 27.-The following is the conn
arative cotton statement for the week ending
iarch 21:
'ecepts of cotton for the week at all
chitea states ports. s...................... ,G25
ecelpts same tlme last year.. TAT
Otal receipts of cotton since Septem-
l., j, 2