New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-01-06

1 uDpdIAAcAcU uIuLcCdleS Inc SLat0 govern
ment has had to encounter since the frs
day of its Inauguration, may be pardoned
for referring with pride to these tinancia
re'nlts obtained undc such adverse sircun
stances.
PUBLIC DEBT AND TAXATION.
The total bonded and floating debt Of the
State when the present administration came
into office was exclusive OF amount due
Fiscal Agent, $4,000. eince paid). e23
7 s33. 407 90 Auditors report. December 81,
1871. 1t was increased the first year OF
this administration by the issue Of bonds
authorized by acts passed by previous Leg
slatures, viz: Bonds issued to the New
! Orleans, Mobile and Texas railroad on q
section Of twelve miles Of completed rail
road TACT No 81 Of le70), el25. 900; bonds is
sued to the North Louisiana and Texas
I Railroad Company TACT No. los Of 1861,
| $576, 000-e70l 900: total, e24,s3a 4o7 80.
! The issue Of the last named bonds vas zen.
I dered obligatory upon me by decision Of
| the Supreme Court Of the State.
The bonded and floating debt has teen
I deerea sed under the present admins estion
/ as follows:
Reduction in beaded debit
By redemption si past dun
oOnds. Vo3,VS W
By exchange OF $S42, 220 new
bonds for d, 4O3 700 bonds.
at sky cents on the dOllay.. t6l. $50 %
Reduction of floating debt
By retirement Of cid outstanA.
ing warrants, being by pay.
ments from back taxes. 49,. ~. go 90
BY exchange. under funding
bill, of $l82.724 80 old war.
sants for sos, 634 Sc Of con.
solidated bonds. .......... 93,O69 SO
Total reduction Of debt under
the present administration. 81 ,o0:; 500 90
The rate Of taxation in the city of New Or
leans in 1872, when the present State gov.
eminent came into Office, was
State. including schools (mills). .......2lla
City lmillsl .s..".............. 80
AotSi. ...s.......s..... "
The rate of taxation for the present year
a. reduced by measures passed by the
last Legislature is
State including schools (mills). .......i4l9
Making q reduction of taxation, city and
State, effected under CHS administration. Of
twelve mills.
As the ratio Of parish taxation is by law
limited to the rate Of State taxation, and
the Fate of State taxation is row limited by
constitutional amendment to fourteen and
half mills. including schools. it follows that
in no parish Of the State. outside OF the par
ish of Orleans, can . heavier tax shan
twenty nine mills be levied in any one year.
In previous Seals the State and parish
taxes in some parishes Of the State reached
80 hi gh as seventy mills.
THE FUNDING Bill AND CONSTITUTIONAL,
AhENDhENrs.
The act adopted BY the last Legislature
providi ng for the funding Of the State debt.
and the constitutional amendments con-
nectsd Herewith which have since been
ratified by the people, form most import
ant feature in the financial history of the
State. When the present State govern. |
ment came into Office, the public debt con-
tracsed by previous Democratic and Re
publican Legislatures was coniessedly out /
Of all proportion 90 the resources Of the !
State, and the incoming administration had |
to face the alternative Of population. or
with the creditors Of the State.
that the indiscriminate repudia-
ton of the obligations OF the State, whether
Justly or unjustly incurred, would be dis
honest to our creditors and eventually dis
astrous TO the State. We sought first to test
through the courts the validity of such
bonds az vere popularly believed to have
been issued without adequate considers-
lion. and then 70 effect such IN adjustment
If the remaining valid bonds Is would be as |
lair as possible to our creditors, and afford
hat relief which was absolutely neces-
'sry 70 tho taxpayers of the State.
L will not be forgotten how carefully
ZACH step which led to tho passage Of tho
unding bill was considered; how che advice
II che Chamber Of Commerce and leading
business men was asked and obtained: and,
inally, how the State, anxious to pay its
ust creditors to the utmost limit Of ;ts ca /
oacity, Fixed the rate Of funding at point
experienced financiers, who had examined
lto our resources, deemed the State able J
o pay. In connection with the funding
ill. ! recommended 20 the Legislature the
|dOptiOn Of constitutional amendments
Uniting the State debt to 415, O0O, 900; lin.
ting the rate Of taxation for State purposes
0 twelve and half mills. exclusive OF
chOols: confining the revenues of each year
0 tho expenses Of that gear, and prohibit
ng tho issue Of treasury warrants in excess I
I revenue. These amendments were
dopted by the Legislature. and were sub
,itted TO she people az the recent election.
is q eource OF sincere qualification 20
10 to know. that though in the blind preju-
ice OF partisan warfare, the scops and
urpose OF these amendments were grossly
and strong efforts we're .
'ade to defeat them, the people formally
pprosed the financial policy of my admin
tration. and ratified each Of. tho amend
tents submitted 70 them, . vote ,
uch larger than chat cast for either =
the party tickets placed in tt field. be-
eve the effect Of these anne, dments on
10 financial future Of the State can not be
hetwisA than most beneficial. The source =.
ON which the greater part Of our burden. ,
mo State debt has spruns, namely. the
sue Of ~arrants year by scar IN excess Of
venue. Is thereby forever cut of: the debt
ID taxation are so limited and defined that
hen peace Il once more restored to us CAPT
can find investment here without fear Of
'pressive taxat;ons and even our creditors, E
think, will eventually find In the greater
curity Of theis new obligations, 'and the ]
eater certainty of the prompt payment Of :,
ar Observation-Disclosures o1 ;c+..,> ,I;l-o 1