The Opelousas courier. [volume] (Opelousas, La.) 1852-1910, 1874-02-14
Fatal Defects of the Fund lng
Bill. h
IN. o. Picayune, Jan. 3l.1

The more thoughtful Of our people begin t.
appreciate the force of the objections we mad
to the funding bill which Mr.. Kellogg ha
hastened to promulgate as a law. They besil
to comprehend how they have been imposed
on by the trainers of that impracticable de
ceptlye and damaging act. Kellogg and Gin
ton have taken advantage of their credulity
and their extreme sensibility and anxiety t.
effect reduction of taxes, by inducing thei
acceptance OF a measure which brings on tn.
State all the i'll rcpute of reputation virhout
atOrding any promise Of any adyantane from
a real essenlng Of the burdens of the peoulp
1t is the popularity Of this bill that it is thu
flrst act OF the Legislature OF any of the States
" VI this tnl"h Whlch declares reputation oi
lts fat'@ dctts 10 the extent Of forty per cent
without obtaining or asking the consent of the
hoiuers OF the evidences OF that debt
Hlen Invalid debts, so determined hv a
! board land not by a judicial trbuuall. are de-
ciared absolutely void this bill embodied
though IN more objectionable form and on
less tenabie grounds. the idea of Reputation
as hrst declared aud acted on by the State OF
Alsslsslppi. In that State the bonds issued
TO the Planters and Union Banks were affirm
| ca to be III direct violation of the constitt,-
tion. and were therefore repudiated. Our
Legislature goes further, and proposes to de-
clare invalid all bonds which are deemed tnot
by the courts, but by political body not
known to the constitution. illegal and invalid.
whether on constitutional or any ot her grounds.
Nor does 1t stop here. 1t proceeds next to de-
clare wand, indlsputable, constitutional bonds,
Eeuuceu ny forty per cent. of their face value
Without the consent Of the holders thereof,
Mlssisslnpl repudiated unconstitutional bonds :
louisiana repudlates forty per cent. of her
valid bonds.
And TO this ignomnious proposition, calcu-
lated 10 reflect So much discredit u,,on the
state, our people, even including the COM
niefcial class. are expected to give their cheer
tui assent and approval, because it rests upon
a pledge OF great reduction of the present
oppressive taxation
There is profound deceit in this promise and
pledge.
The reduction which the people demand is
that which applies to the expenses of the
stare administration. far exceeding those of
any other State OF the Union. of like poDula-
ton and resources. These expenses are ab-
solutely tllghtful i'll their enormitv- and op-
presslveness. 1t is in this appropriation OF
the money of the people to enrich otficeiol-
ders. spolismen jobbers and rings that the
great wrong and evil of the present govern
ment consist. And yet it is not proposed in
TINS 1undlng bill to reduce the tax applicable
TO this branch OF the appropriation OF the
States revenues The general fund tax is to
oe the same as under the old law. Even Mr..
CHnton has no chance to propose in that He
retains the four mills which are to continue to
I'LL the pockets Of his brother officials. and to
enrich the swarm OF adventurers who have
the expense Of our creditors We are quite as
willing to clip their obligations as Artenus
" ard was to send all his wife's relations 10
the war. but We can't-eyen to relieve this
impoverished people-consent to any reduc-
ton OF our immense salaries and einoluments
We won't economize for the benefit of q set of
bond Enthusiastically foreigners and non
residents, people who have had the folly TO
invest their money III our securities = These
are the main ideas of Mr.. Kclloggs funding
bill. No wonder such bill should excite the
unbounded disgust of capitalists-of all who
respect good faith, honor and equity in their
transactions.
A funding bill, embodying the scaling or
reduction Of the debt Of tile State, wiz,
view to the impaired and Strengthened re-
sources and means Of the people, should rest
upon al obligation to reduce our expenses
as ons of its first conditions. What honest
man would dare to face his creditors with a
petition for time, a.renewal OR reduction of
ais debt without some pledge of more thrifty
and economical management in the future
What sensible creditor will consent to make !
such compromise and reduction when he re-
,sives no such pledge or assurance.