New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-08-27
ORIGIN OF THE STATE DEBT CREATED
SINCE THE WAR.

SINCE THE WAR.
It will be both interesting and instruct
i've to learn the progress of the public debt
of the State from the close Of the war to
reconstruction, in order to see the condi-
ton of the public debt when the State
came under the control of the Republican
party.
The exact amount Of bonds issued by
the State up to the war, and which were
outstanding at the close of the war, was
$500, 900. All those bonds bore six per
cent interest, except one batch (the Char
ity Hospital bonds) of $780, which bore
five per cent interest. In this estimate is
not included the bonds issued IN aid OF
the property banks.
At the close Of the war the State owed
no floating debt; the floating debt exist
ing at the commencement of the war had
been extinguished, and the debt created
during the war was repudiated. So when
the Legislature convened on October 4,
1864, the State owed no debt except the
S3,99O,0OO of .bonds issued before the
war. and the unpaid coupons on them.
The Legislature which convened Oc-
tober 4, 1864, and adjourned April 4,
1865, found the State owing no floating
debt. This Legislature was Republican.
During this session of the Legislature
general and special appropriations were
made to the amount Of S9S2,Sl0. The
Auditors report to December, 1865,
shows that S619, 954 "a had been COL
lected and paid on the above appropria-
tons to that time, leaving s362.S55 76
floating debt due to December, 1865.
In 1865 Legislature was elected almost
unanimously Democratic, and composed
mostly of the old leading Democrats and
property holders of the State, such as J.
N. Lapeyre, D. F. Kenner, A. VOORHEES,,
j. 3. Eustis, ". B. Egan and John Nc
Emery. This Legislature held an extra
session in December, 1865, at which they
made appropriations to the amount Of
S1,177,546 II. This Legislature, at its
session in 1866, made appropriations,
general and special, to the amount Of
SIS, 300 299 IS, and at its session Of 1867
made appropriations, general and special,
to the amount CT S10,651, COS 80, running
up the entire amount Of the appropria-
tons made by this Legislature to S17,-
129, 454 50.
The amount, as shown by the Auditors
report, collected and paid into the State
treasury, from December 81, 1865, to De-
cember 81, 1866, exclusive of amounts
received from the issue Of certificates and
bonds, was 81, 1876, 73l, and from Deem
Der 81, 1866, to December 81, 1867, was
1852, 951, making amount Of taxes ac-
tually collected and paid in during this
of s3,379,6S2. This left a
deficit of collections under appropria-
tons of S13,749,772 81. During this
time there was no increase in the rate Of
taxation to meet this large excess of ap-
over the revenue, the rate of
taxation being quarter of one per cent,
Or two and half mills on the dollar.
When the Republican Legislature of
1868 came into the control Of the State
government, it had this debt of s13, 49,
~ 50, and the floating debt of 1865, of
s362,S55, to provide for. This is the
condition in which the State debt existed
u June, 1868.
It will be apparent from this statement,
Which is believed to be accurate, that the
Legislature Of 1866 and 1867, which was
Ilmost unanimously Democratic, took
.harge of the State government with a
loating debt of only 1852, S55, and an
nte-war bonded debt Of So, 100000, and
Turing one term of the Legislature in
reased the debt Of the State in appropri-
tons over collections to the amount of
;13, 749,772 So, leaving subsequent Legis-
atures to provide for the payment of this
ebt. This may fairly be set down as the
Of our present State debt.
We have carefully prepared statement
4 detail of the progress of the public
e5t, which we intend to publish at en-
arly day. This statement will give |
ates, amounts and specifications, and
IN not be controverted. It will be found
, fully confirm our preceding remarks
70 would ack in oil can1or who ORC ra