The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-05


exclusive OF schools; combining the revenues or
each year to the expenses OF that year, and pro-
htbiting the Issue OF Treasury warrants In excess
OF the revenues. These amendments were
adopted by the Legislature, and were submitted
to t3e people at tue recent election. 1t Is source
OF sincere graurcasion to me to know-,hough
In the blind prejudice OF partisan warfare the
scope and purpose OF these amer dmeats were
grossly misrepresented and strong enorts were
made TO defeat them-tne people formally ap-
proved the financial policy OF my administrator,
and ratified eacn OF the amendments submitted TO
them by vote much larger than that cast for
either OF the party tickets placed In the neid.
believe the enect OF these Amendments on the
financial
FUTURE OF THE STATE
cannot be otherwise than most beneficial. as the
source from which the greater part OF our burden
some State debt has sprung-namely, the issue OF
warrants year By year 10 excess OF revenue-.s
thereby forever cut on The debt and ,axaron
are 30 limited and defined tina. when peace Is
once more restored TO US capital can ind invest
ment here without fear OF oppressive taxation;
and even our creditors, think. Will eventually
Ind, in the greater security OF their new obnga-
tons and the great certainty OF prompt payment
or their interest-princIpal and interest alike
being secured under solemn guarantee OF the
constitution OF the Stationary compensations for
the apparent loss the face value OF their bonds.
Previous 70 the ratification OF the funding law
by the people . number OF the creditors OF the
State availed themselves OF Its provisions and now
that the binding force OF the Jaw IS placed beyond
question presume that most of the other cred
itors Will come forward to fund their bonds
diniculr and responsible duty will thus be thrown
on
THE FUNDING BOARD.
As at present constituted that Board consists OF
the Governor Lieutenant Governor, Secretary OF
State, Treasurer, Auditor, Speaker and Fiscal
Agent. Its operations thus far have been Tor the
most part guarded and conservative and marked
by disposition rather 10 discourage than encour-
age any large amount OF funding until the status
OF she law should be finally settled. Now
that the number OF bonds presented for funding IS
likely to be Increased, I think . change in the
composition OF the Board Is desirable. II seems
to me right, for many reasons, that the Funding
Board should not be composed OF state onncers,
and suggest that In matter which afrects SO
largely the interests Of the business community,
that the annually elected Presidents OF the Cnam.
Der OF Commerce, Cotton Exchange and Mer-
chants Exchange, OF New Orleans, &c oDlcto, to.
gether with two citizens OF known standing. to be
selected BY them, might very properly be consti-
tuted the Board. earnestly commend this
subject to your early conside ration as one OF great
recommend that the funding OF the debt and obli-
cations OF the State be regulated by law in such
manner as will enable the officers Of the STATE and
al taxpayers and creditors OF the State 10 resist
the funding OF any illegal evidences Of debt by ad
ducing evidence TO establish their invalid charac-
ter.
Next In urgency to the condition Of the State
finances, the embarrassed and crippled condition
OF che city OF New Orleans demands your alton
ton. The debt OF the city, built up during series
OF years Of maadministraton OF the city affairs,
aided BY unwtse legislative enactments. Is now SO
great that the annual tax required to keep up the
interest payments has become
AN ALMOST NsUFrERABLE BURDEN
upon The property OF q large class Of worthy ana
law abiding citizens, who endeavor to pay their
taxes when due, and an excuse to other citisens
generally, OF greater means and less respect Tor
law to refuse the payment OF any taxes at all
The expenses OF the city for q considerable period
have annually exceeded its revenue and the
volume Of Its noating and bonded debt
has thus increased year BY year with
accelerating rapidty. With q view OF
checking this alarming tendency submitted to
the last legislature. 4 constitutional Amendments,
approved by The chamber OF Commerce and the
then City Council, prohibiting any lurther increase
OF the city debt IN any form or under any pretext
and providing under severe penalties that aItef
January /, 1875 no warrant or certificate OF debt
should be issued by any officer Of the city except
against cash actually in the Treasury. This amend.
ment was passed by the Legislator and though
opposed at the late election on the same unreas0n.
ing principles ~ the other salutary measures Of
this administration, was ratified BY the people. and
now forms part OF the constitution OF the State.
RECOMMENDS A NUMBER OF MEASURES.
He recommends large number OF measures,
and adds:I cannot too persIstently urge upon
you, gentlemen OF the Legislature, the great i'm.
portance Of at once carrying into effect the re-
forms and reductions OF the puolic expenditures
which have Indicated aud others which will
doubtless suggest themselves to you. Having
scaled down our state deot to point which viii
enable us, by economy, thrift and good manage.
ment, to meet our interest promptly and greatly
appreciate our bonds, We owe 1t to our creditors
and to ourselves SO to administer our affairs a. to
secure to holders OF our bonds the promised en-
hancement OF the State credit and to our tax
payers and people generally that relief from op-
presslve burdens which Will increase the pros
perity OF the State and bring emigration and
capital once more within our borders. l assure
you that any well considered measures you may
pass, having in view the further reduction OF State
and city expenditures ana the further reduction
OF taxation. will promptly receive Executive ap.
prevail
IN CONCLUSION
Governor Kellogg says:-You cannot be unaware
that throughout large portion of the State con-
dition of anarchy and violence has more or less
prevailed for some time past; that the laws have
been dlsregarded blood has been she'd and the
constituted authorities have been displaced BY
force. In the interest of the whole people let me
beg OF you to take immediate measures to secure
the enforcement OF That obedience to law, without
which no civilized community can prosper. No
amount OF misgovernmcnt, no oppressive taxa
tion no usurpation Of ONCE, II such there be- can
satisfactorily explain to the people OF other COM
munities the fact that there Is less security for
human lie in Louisiana than In almost
any other state Of the Union; that grave crimes
are committed and 60 unpublished Of justice, the
criminals often having the sympathy OF the com.
munity that assassination for political reasons Is