The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1874-02-06
FATAI. DEFECTS OF THE FUNDING
BILL.
ITrom the n. o. picayunc.

| IE'rom the n. q. picayunc.
The more thoughtful of our people
begin to appreciate the force of the
objections wc made to the funding bill
which Mr.. Kellogg has hasteneti to
promulg:,te as a law. They begin to
comprehend how they have been i'm
posed on by the trainers of that i'm
practicable, deceptive and damaging
| act. Kellogs and Clinton have taken
advantage of their credulity, and their
eNtScmc sensihility and anxiety to
effect 4 reduction of taxes, by inducing
| their acceptance of q measure which
brings on the State all the i'll rcpute of
repudiatiou without affording any
promise of any advantage from u real
lesseniug of the burdens of the people.
1t is the peculiarity Of this bill, that it
is the first act of the Legislature of any
of the States of this Union which de-
clares n Reputation of its aulid debts to
the extent of forty per cent, without
obtaining or asking the consent OF the
holders of the evidences Of that debt.
| When invalid debts, so determined
by Il board (>lnd not by Il judicial tri-
bunaD, are declared absolutely void
this bill embodied, though in more
Objectionable form and on less tenable
grounds, the idea OF Reputation as
| first declared and acted on by the State
of Mississippi. In that State the bonds
issued to the Planters and Union
Banks were affirmed to be in direct
violation of the constitution, and were
therefore rcpuGliated. Our Legislature
goes further, and proposes to declare
invalid all bonds which are deemed
(not by the courts, but by q political
body not known to the constitution,)
illegal and invalid, whether on consti-
tutional or any other grounds. Nor
does its stop hero. 1t proceeds next to
declare valid, indisputable, constitu-
tional bonds, reduced by forty per cent.
of their face value, without the consent
of the holders thereof. Mississippi re-
pudiatcd unconstitutional bonds; Louis
lana repudiatcs forty per cent. Of her
valid bonds.
And to this ignominious proposition,
calculated TO reflect so much discredit
upon the State, our people, even in
GLIDING the commercial class, are OK
pectcd to give their cheerful assent and
approval, because il rests upon pledge
of II great reduction OF the present
oppressive taxation.
| There is profound deceit in this prom.
Use and pledge.
Tho reduction which the people de
| 'Ait''AN - >iA''t W stipli'S W tliS IN
| pGuScs of the State administration fa1
exceeding those of any other State o
the Union, of like population and re
sources. These expenses are absolutely
irigh,iul in their enormity and oppres
SiveneSS. 1t is in this appropriation q
| the money of the people TO cnricl
| oficchUttor$, SpOifsmcn, jobbors and
| rings, that the great wrong and evil O
| the present government consist. And
set il is nut proposed in this funding
| bill to reduce the tax applicable to this
| branch OF the appropriation of the
| states revenues. D'hc general fund
lax is 10 be the Same rs under the old
law Even Mr.. Clinton has no change
40 propose in that. lie retains the four
mills which Hrr to continue to ill the
pockets of his brother officials, and to
enrich the swarm of adventures who
have devastated this State. our saving
is to be ut the expense O! our creditors.
We arc quite as willing TO clip their
obligations rs Ari"nuS Ward was to
send all his WifC's relations to the war.
tSut VIC can 't-GNcn to relieve this inn
poNGriShcu rcOplc-COnscnt to any re-
uuction of Our immense salaries and
cnoiuihcnts. We wont ccOnomizc for
the benefit OF II set of bondhoicicrs-
generally foreigners and nOn-rcsidcntS
people who have had the folly TO in
vest their money in our securities ~
IhCScarG the main ideas of Mr. Kcl-
logS'S funding bill. No wonder sich a
bill should excite the unboundcd dis
gust Of capitaliSts-Of all who respect
good faith, honor and equity in their
transactions.
n funding bill, ,cmbodying the scaling
or reduction Of the debt of the State
with Il view to the IMPAIRED and
Strengthened resources and means of
the people, should rest upon an oblipa-
ton to reduce our expenses as one of
its first conditions. What honest man
would dare to face his creditors with q
petition for time, renewal or rcduc-
ton of his debt, without some pledge
of Il more thrifty and economical
management in the future: What
sensible creditor will consent to make
such compromise and reduction when
he receives no such pledge or assurance?
THE CHOLERA EPIDEMIC IN EUROPE
IN 1873.