New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-10-31

Sssn made ssod ADD che sscmi iss =
|,a.i there amount, At par, to....... s,ess444 OK
Debt still remsinipg ..,....s... ss. aO- oss 81
stopping here We have q reductt Of
oept Sh, e5j.oO o.
But the hist Dry does not stop hero. This
bounty debt 10 not due till April Z, 1876
The balance, ~ We hAse seen, 10 d 207 ,d57
To meet this, there IL in the Treasury. Z
There !: siso prc:eeds Of t.. Of Two n
for 1875, in process Of ool'sctlon...,., 100000
ID for sinking fund which will amount,
Aprl 1871, TO-; ..;.....;..:,:; 1885, ot
w sua Gatsa & State. tx .sooSs
sinking fund, ~hich 10 nov about
eiehteen per cent but counting only fH1
amount .. I,l5o oot
Total means to pay debt already
provided. .................e7 81. $50, 900
Let us state the result of the account in.
GLIDING these last items:
Dsbt not already paid or balanced BY
Interest on loan to April :, la77...!.. $40 1881 Is
Means siresSy provided as shown - ''''''' ~
above TO pay this balance ,..,.... 7+5OroOO 90
~ Ameunt # debt now usp1oyided
e, 80 ..s..''........:....;...... e605 887 f6
1t TINS appears that Republican manage
ment fohnd'a debt Of $20, 900, j 55 ia. and
left it. after three fiscal years, COOS, 1897 l6.
DEN tCRArs REspoNsIBLB FOR THE Def.
Cheney.
Now as to taxes more especially. As l
have eaid already, the exit of the Democracy
at the end of 1871, revealed q vast deficien-
cy in the sinking funds. There was, more
over, deficiency 10 the Treasury Of about
5000, 600. The whole deficiency was shout
ST., 900 900. Governor Dix so stated ii to
the Legislature in his annual message of
1873. TIE first duty of the Republican State
officers in January, 1872, and of the Legis-
lature which came in with them, was to
make good this enormous deficiency, and to
this work they addressed themselves. To
lay new taxes then, required high courage
The bard times Of 1873 were already casting
shadows before. War taxes had been op.
pressve, the people were naturally restive
and to vote fresh and additional lavies was
likely to overthrow any party. The duty
was hs more reLulsive because others had
done the wrong. and left to their successors
the, odium Of making it good, 1t may lot
9Ave bAen foreseen then that IN two years
after 9fd ths' Same purty which had plum
dered the Treasury ~otid'" hS1kihg
curses on those who 'replenished 1T, and
claiming credit themselves because Of the
expiration and cessation of the extra
prCtigacy and breach of trust. 1t can not
be denied hOwever-the Legislative pro-
ceedings show it-that Republicans shrauk
from adding to the burdens of taxation,
and cast about for some other expedient.
They did, however, at last, brave the dan
ger of popular disfavor, and they laid
deficiency tax in addition to the regular
tax; for this act the party suffered, as had
been foreseen, in the ensuing elections.
The necessity for extra taxation was
created in the way i have shown you; the
fruits of it are found in the figures already
stated, and when the need had been
answered the taxation ceased This is the
whole story. The expiration and ce ssation
Of takes, when they had made good Demo-
cratic sguandering and plumber, is the re-
duction now paraded by our adversaries.
With creating the necessity for the extra
taxes the Democrats had everything to do;
with the abatement of taxes they had
nothing at all to do. Governor Tilden had
absolutely nothing to do with it, any more
than had the Sultan of Turkey. To show
you this still more clearly, II possible, let
me read an extract from a speech made by
Governor Dig in this hall on the sixteenth
OF October, 1874. year and six days ago
tonight. Mr.. Tilden did not become Gov.
ernor until more than two months after this
speech was made.
GOVERNOR TILDEN A pLAGIARIsT.
1t is amusing, at least, to compare it with
the addresses Governor Tilden has SO re-
cently delivered about the State. Mr..
Webster said something about somebody's
having "stolen his thunder See if you
don't think 1t looks litils as if Governor
Dix last year copied from the speeches
Governor Tlden has Just been making.
Before reading the words OF Governor
Dix, uttered lsst year, remark that his
statement did not take into account the
premium on United States and State stocks
bel for the sinking. fund; had it done so
the exhibit would have been still more
favorable in results. Governor Dix said
And in the first place let me say to you
briefly what we have done in the way Of
financial reform. Two years and halt ago
when we came into power we found de-
ticiency Of $4,000, 900 in the treasury. We
have made it up. We found the sinking
funds, which were pledged BY the constitsr
been purioinsd and applied to the o Current ra
expelses Of she goSsrnmeat. A year ago 1
stated to the Legislature in myrannual mes
sage that there we're $li,00O,O0 to be re-
placed. They have already been restored
and the sinking iands 5sre now complete.
During the same period the aggregate indebt-
edness Of the State had been reduced more
than u, 900 600. If we are continued In power
uheh tAAo SPHINX Vi iotf tn0 UOuuty 0eDt.
amounting TO s$2l ,000, 900, will be paid OF
without any increase of taxation. The
general fund is virtually extipguished BY a
sinking fund which now equals the whole
amount; and it will be paid of q soon az
the boRds fall due-all in the course of the
next four years. When the bounty and
general fund debts are liquidated there will
remain only the canal debt, amounting nov
to between $1,000 900 and &l0,000000. In
1877 it will probably be reduced below
$4,000, 900, and this will constitute the
whole amount of the indebtedness Of the
State. One Of the most important cense-
quences Of the reduction and liquidation of
these debts VIII be to relieve the people Of
the State from the annual payment Of
n, 0o0,0 900 OF ytsKeA think no fair man
viii deny that these results are moot credit
table e. tho mansGeuent of our finances
under Reppblioan administration r.
Wiz anything ever moro disinkenaous,
Nas evef eleot3uneering quibblo hore I'M
handso11e than the preSsnse thet "lAst
yeat, 6t "the present year, o. aby other
Nhft 4 sfask1 0evernor Din fos6nnsad3
and be eeqooietes did, befcte Qsvesnor
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