The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1874-01-09

confiscation.
He proposed the funding Of the whole
debt at GO cents on the dollar in new 2
per cent. consOls, guaranteed by q con-
stitutfonal amendment and apprOpria-
ton for interests to be made perpetual,
the debt to be limited at the point to
which it would be reduced by this con-
solidation, say $15, OOO, 900. He argues
that these consols would be worth par,
whilst the present bonds are only worth
on the market fifty cents on the dollar,
has been submitted to and approved by
the New Orleans Chamber Of Commerce
and large bondholders. :
He regrets that the large appr0pria.
tions made for railroads had resulted in
q failure to build a road to Texas, and
said the $4,000, 900 bonds issued to the
Mobile and Texas railroad by the act
of 1871 without consolidation would
probably not be paid. Any one who
would come forward and give solid
guarantees to build the road should
have every assistance from.the State.
Failing in all other plans he recon-
mended that the State buy the road
under second mortgage bonds and
build it itself.
The message recommends the revision
x0Q$z1k OI u AdIk0 AuAAOOA "a AoWS, SsAO
saws that if the members forming the
opposing body do not come in and take
the seats which have been kept open
for them, they must take all the res
possibility of the results of their con-
duct.
Mr.. Kellogg's statement, that the
interest on the bonded State debt cam
not be paid without practical confisca-
ton, is u sorry comment upon Repub-
lican rule in Louisiana. The Republic
can party has administered the finances
of this State since 1868. At that time
the State debt was Insignificant. The
Increase in debt and depreciation in
value of property have been so great
that even with the present rate Of tax
ation-higher than any State in the
Union-we cannot pay our interest,
without practical confiscation. Such
is the result of Radical rule In Louisi-
ana!
Now, neither Mr.. Kellogg nor his
supporters can claim that they have
any better State officers, or legislature,
than had Gov. Warmoth. Tho truth
is, both are worse. What, then, is
promised to the Taxpayers by the KEEL
togg government?
1t seems that the only promise given
is one to go from bad to worse.
To fund the debt, with n more irre-
sponsible set of men in power than
that which put the State in bankrupt
cy, is to swap the devil for the witch.
What boots it to the taxpayer, how
much he owes, if his money goes to
enrich the corrupt, and he is already
placed where he cannot pay interest
itself? To fund the State debt-to
ssscale' it's no relief to the property
holder who sees government in power
as reckless and extravagant as that
which has robbed him. His credit is
gone; his bonds are deprecated; no
one has faith in his State obligations.
Will any ordinary debtor, who can
fight off his obligation, when that obli-
CATION is in part unjust, consent to
secure his creditor by u Judgment?
This is what Mr.. Kellogg proposes to
the people of Louisiana.
What Louisiana justly owes, she
ought to pay, even to the last farthing.
There is no reason why any compro-
mise should be asked of her just credi-
tors; but the spectators who have bet
their money ON misrule in Louisiana
must be required to abide the result of
the chances they took. There ought
never to be any acknowledgement of
this debt, and this is tho debt Mr.. Kel-
logg would especially have recognized.
So it is: under Republican rule we
go steadily downward. One admins
trstion involves the State in debt, and
the next, under the pretense of clearing
away the debt, invokes the rascality of
a worse set of cormorants, ostensibly to
get the State out of debt.
We must look to tho character of
the men who assume to be representa-
tiyes--the guardians Of the honor,
credit and lives of the people. Now,