New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-06-11

Bonds loaned property banks ...... 1868 30
bonded dc % proper. 2Iob, 500 VI
| Contingent debt repwrt ID by tho Au
SatOf...s... ............... W,oS" '"
csntin geht deIt n.t 'spartea by the
AuoltoS ....................... SSso Jp I"
Total ....... $3.50. 1855 ~
Ada ilIst bOnds anS UUnds u.ssi E. y.3, 49, 81
l
Total. ............... $50 59.. .3ss IS
~This 10 the amount Of the debt as it
| stood at the commencement OF the current
| calendar year. How much it has been in.
creased since that time does not appear.
! "The annual interest charge ia more than
s3,500O00. larger sum than ought to be re.
State government"
1t tlsse assertions had simpfy affected
! Che present S S,ats administration. weuld
have passed ihem by nnans wered, leaving
to the future to demonstrate their falsity.
But the representations made in tAis ar
tiefe, if believed. would iriarou.ly affect
the whole State. and especially the la.g.
class of property holders who now. for the
| first time in many wears, see a prospect OF
returning prosperity. therefore ask you
| to give this authoritative and easily verified
statement of the present condition OF the
State finances The same publicity that has
been given 20 the grossly erroneous asser-
| tions contained in tho article from which
have made the foregoing extract.
7 Permit ms. to say. in the first place. that
no legislative committee. or any ether CON
mittee, has discovered that the sotal Of our
dent ''reaches the snug SUM of S50. .597 ,;95. ="
No legislative committee has reported
upon the amount cf tho State debt since !
have been in Office
In 1873 / appointed . committee Of old
I and prominens Conservative citizens to ex.
anime into and report upon the amount and
condition Of the State debt. actual and con-
tim Thair Shnwa1 Ahs Aahp <,f
the State to be:
Bondsoutsts sndins. ..................As5 ~ u: 800
Auditors warrants ana certificate. Of
N0ebtsdAess.. ................- 1850 $50
1Otar.see.ee.sse.. Sz& 233 800
This did not include loan Of bonds of
the State to the amsunt of 81, 1913 $50 made
to the property banks years before the war.
upon which the State never has been called
upon 20 pay the interest lfOr which alone it
is responsibleh and being amply secured by
ths property pledged is never likely to be
50 called upon. The sepert OF this CON-
mitte0 was made in 1873 and represents
"Louisiaha's oad' as it was fond by the
present administration.
II agrees substantially with the reports Of
the State AuditSy and Treasurer for that
year. The committee. however. found that
there Tas ~has shev called . ''cantiugent
debt ct t2i. $50 800 still standing on the
statute books. This contingent debt" was
tasej upon macy old acts OF successive
Legislatures covering many years. which
provided that certain liabilities, such as in
dorssMent by the State Of second mortgage
bonds ON railroads when built. ete.. might
accrue on the performance Of certain cOndi-
eiOns. None OF cheese conditions had been
complied with, and there was very little
probability of any o. these old claims being
revived: but to place she matter beyond
i Af,f r e1
contingent liabilities was gepealed by sec
zion twelve Of the funding bill, approved
January "A, 1874, and today there is not a
dollar Of this contingent debt" in actual
" possible existence.
I The figures given in she Chicago Times 10
representing the present debt OF Louisiana,
appear to DO taken trom . report prepared
mouth. a gentleman without official stand
ing, but afflicted with an incnrable mania
on the subject of reputation. He prepared
q most lugubriOus analysis of tho cOndi-
ton and origin of phe State debt for the use
of the co.'s mittee Of citizens appointed by
me in 1873. This committee did not accept
1t aud ~ has ever since been striving to
get in into print at Che pubic expense and
has at last succeeded; the joint committee
Of the Legislaiur appointed at the regular
session hast winter to examine into the ac-
counts Of the Auditor and Treasurer hav.
ing very nnwisely. as ! think. permitted
il TO be added rs an appendix TO o second
edition Ot their report. Issued since the
adjourn ment - .he Legislature. am
assured by the chairman and other men,
bers of the committee, that there was no
nteGtiOn TO make this presen tment cf Mr..
Weymouth part of the res yeste of their
that 1t has not the vsmotfst connection
with the existing State debt, but is simply
what IL pYOis sees to be, - report mot be
fore pubi he'd, prepared by J. NJ. Wey-
mouth for the use Of the committee of ex.
aminess appointed by hi. Exceilency. Gov
srner Kellogg. in 1873" More than
$2!. .O0O000 OF the contingent liabilities of
tho State therein referred to. II they had
any actual existence in iS73, wien that re
port was prepared (which is more than
douStful). have since been buried forever
under q sweeping repeating act Ot the Legs
iature and . constitutional ameEdment
soernaly ratified b. the people.
There is but one other item in your cum
nary Of the supposed debt Of Louisiana
which calls tor notice. and that in the item:
Contingent debt not sepeEted by auditor.
S., ,G9:S 500.
In reference e. that item there is only
this 10 be eaid, that 1t has no existence.
II you can name one respectable citizen OF
this State wh~ has discovered $4,000, 600. or
any other amount of contingent debt not
heretofore known to every we'll informed
citizen, sou will confer favor.
The Times having stated so prominently
what the debt OF Louisiana 10 not. will you
now permit me 20 state what il really is. In
January. 1874. the bonded and floating debt
wss tae- Aulitor's report, Jsnuaryi,
IH14I.. SzSbU w ~
I. a, b.eo decreased by resemptioA
Of seventy two past due bonds. 0So W
fsl6 nfSfn
WAR ante. ceYtibcates Of in-ebt
edress and payment OF amount
due y sca Agent. ................ I.c.!,s6~ IL
By n Achange .f So 259 $50 OF cOnsoi.
Gated bSnds 5os $S s3s, 800 OF cd
3, exchange oi e:27 a2i 80 cf con
solidated bond. for S7i2. 1868 SO Of
old ~srrsuts aud certificates OF
Indebtedness. ...................... SoS Ss' -
Total reduction. 81 !5?, ,.9l D.
Leaving the actual bonded and floating
debt of .he State. ~ tho present time,
$2l ,.79 $50 %. not including the loan to the
prop+rty oAuks already explained. While
the nuhlic deb, has thus been diminished
over 1855, 900 under my administra
tiop. and IN the face Ot the greatest OBJ
etacies, taxation, both State and parish. has
been reduced fully One-third within the
same period. The funding bill adopted in
1874 is in succe.etul operation. 1t has been
generally accepted by our creditors at
home. aud l have just received from the
eouucil OF foreign bondholders, under date |
pf MAY 20, 1875, a formal notification that |
" hile they sill condemn the bill. they are |
prepared to accept its provisions, beng sat |
sfed that .'tbe principle of this bill has
hoan a6oofed hy all sections of citizens,