, 1874-02-20
THE PELICAN State,

boon known to DO, tho full extont and comploto-
ness Of tho ruin have not boon known un-
til now. III. qayarro first shows that
the public debt Of the State amounts
to 4G0,o00,0o0 In round numbers, which
is divided up Oh follows: Debt Of tho City OF
Now Orleans, $4,000. 900; dobt Of tho State rs
declared by tho Supreme Court, $4,000, 600;
debt Of the rural parishes, s5,0o0,000. The in-
diyidual indebtedness, in which IL included
what thc people Of Louisiana owo private credi-
tors in tho United Statoa ind Europe, amounts
to about s40,00o,o0o, which, of course, III to DO
deducted from tho menus Of paying tho public
indebtedness. The other liabilities Of tho State
ARC 912, 72s 900 Of current taxos and 312, 100000
Of buck taxes making total indebtedness Of
512i, 728, 600. Assuming that the number Of re-
sponsib1o taxpayers is 100000 ont Of the whole
population Of 100000, Which is a largo eatimnto,
AZ more than ono-haK tho population consists
OF blacks, tho responsibility Of each ono Of
them for this indebtedness is at,2l7.
Mr. Gayarro uext considers tho ability Of the
State to meet this enormous indebtedness. The
value Of lho sugar crop this year will
bo about S1s,o00,o00, which will not meet
tho advances mado on tho crop. The cotton
crop will DO about $4,000 balcs, which at ruling
pricoa cannot bring moro than s2a,o0o,0oO aud
with regard TO this crop AIr. Gayarre says:
"I venture to assert TINT two-tAirds at loast of
the cotton turner's will mood advances, without
which the next crop could not bo mado." Tho
rioo crop is estimated at a500,0o0 and other
$40, 600 az tho result Of productive labor
in Louisiana, Of which nothing remains to
bo carried to tho account Of accumulated
capital, tho whole being required to sup-
port tho iullabitantp. As to the condition Of tho
people. A1r. Gayarre aflrms that tho 141, GOO Ia
borcrs Of the stato WHO produces this $4,000
600, averaging $500 per head, out of which they
must support their familioH and pay their
private dobta aud thoir sharo Of the
public liabilities, arc III rcality slaves Of distant
capital, owning nothing themselves. The ur-
ban population, especially Of Now Orleans, tho
people who, the other day, were parading the
Htreota with ali the ponp md show Of Mard
Glas, according to Arr. Gayarre, hayo not been
ablo to mcot their current expenses. With New
Orleans in such d condition that two-thirds of
its revoAuo would not 10 accepted as q gift On
condition Of paying tho taxes; with IN indebted
noss of S124, 900 hanging over tho people
with entro assets of only $3.50 ooo 600 replosent-
ing tho market-yeluo Of all the property in tho
State, it is little wonder A1r. Gayarro saya 1t
almost unBcttles tho brain to think OF auoh
things.'
Tho sum and substance Of these statistics Ia
that Louisiana is bankrupt. As Alr. Gayarro
says:
Mint the bonds Of the State and her certificates
OF indebtedness worth, II half Of this exhibit IA true
Who would give for them 10 cents on tho dollar?
general impression prevails that inany wero fraud
lontly issued. II true, to tho spoclatIng holders OF
those obligations who got them for song may DO
properly applied the lcgul dictum, careat emptor.
Why should we continue to die by inches tn efforts
to pay Interest those bonds Of tan doubtful
origin, when the oilcerG Of the StAte, Without whose
uruous labors tho atato could not proong hos acky
llfo aud provide ways and meun8 to extinBuish her
honest debts pail In warrauta, which, to haye
bread, they Obliged to pledge, ut valuation Of Is
cents the dollar, aud ut rate Of interest OF per
cent month nsan who, knowing hi.nsef to bo In
solvent conceals his situation from the public for the
purpose OF ssutng moro irreleeablo oblIgutions III
Bwlndlcr throughout al ciyzel natiory. Under wlut
construction Of tho common law Of ctlca can State
CHIN tho beueht Of clcrgy whou acting fconiously7
Add to this the political opprosBions, tho
usurpatiops and corruptionu Of otfce-holdors
and the picture Of misery IL complete. Mr. Gay
arro aolemnly wa,rs the people Of tho State
tlat tho only way OF escape IL to como to gen.
oral mud honest liquidation forthwith, and begin
dc 1aoro careor Of pationt labor aud untram-
melou industry. But to effect this there must
COMO political as wall as financial relief. For at
tho present time thoro is no Government III
1oniaana with which tho capitalists of other
sta.os can hold any relations whatsoever, US
they know TINT the poorls will repudiate, upon
the first opportunity. anything that tho Kellogg
usurpation may do.
u1,, Ill IT,