The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1875-01-15

- fDbLlC DEBT AND
The total bonded and floating debt o
the State when the present ~administra
tionsame into Office was, exclusive O
amount due Fiscal Agent ($15O,OOO)
since paid, $23, 1884 O so [Auditor's re
port December 81, 1921. 1t was in
creaed the first year Of this administra
tionby the issue of bonds authorized b.
acts passed by previous Legislatures
viz Bonds issued to the New Orleans
Mobile and Texas Railroad on q section
of taelyea miles OF completed railroad
(actEo. 81 of 1870, 1885,, 1000; bonds is
Railroad Company (act No. 109 of 1869)
S5ND00-$7O1,OO total, S24, 6SS4,4 07 90
Tlleissue of the last named bonds was
rendered obligatory upon me by q de.
cisioa of the Supreme Court of the
State.
The bonded and floating debt has beer
decreased under the present administra.
tionas follows:
Reduction i'm bonded debt
BY Exemption of past due bonds. &c., 600 OK
BY exchange of S842 ,220 new bonds
fgf 81 ,403 700 bonds, at go cents on
Resnction Of floating debt T"
BY fetirement of old outstanding
%Narrants, being by payments
nom back taxes ---.--. 100000 OF
BY exchange, under funding bill of
MS2,72t 80 old warrants for $780,
p 90 OF consolidated bonds.-..- 1909 81
TotM reduction of debt under the
resent administration -...-.... 81 DOC, 500 9s
Tllafate Of taxation in the city OF New Orleans
Id 1872, when the present State Government
Gatic into office, was
stats including schools, fmillsl .------..-- -21a
CITY anjllst
H,taI XII
The ate Of taxation for the present year as re-
@lced by measures passed by the last Legis-
Mture is
STAT including schools tmillsl ...--..-.14
qotal 800
making q reduction OF taxation, city
andState, effected, under the admins
trafOn, of twelve mills.
A 1.-THE rate of parish taxation is by
laWimited to the rate of State taxa
ton and the rate of State taxation is
nor limited by constitutional amend
meUt to fourteen and a half mills, in
PARISH of the State, outside of the parish
tWAty nine mills be levied i'm any one
yea In previous years the State and
DarAia taxes i'm some parishes of the.
Stab reached as high as seventy mills.
TIM FUNDING BILL AND CONSTITUTION
AL AMENDMENTS.
Tie act adopted by the last Legisla-
ture providing for the funding of the
Staae debt, and the constitutional
anaandments connected Herewith which
haA since been ratified by the people.
f0nm Al most important feature in the
financial history of the State. When
tile present State Government came
i'm office, the public debt contracted
bY Brevi0us Democratic and Republican
LEGISLATURES vas cOnfessedly out of all
p~rd8Ortion to the resources of the State.
an6tEie incoming administration had to
faE&tae alternative of reputation or
c0labROmise with the creditors of the
St Believing that the indiscriminate
repaiiation of the State, whether Justly
Of Miustiy incurred, would be dishonest
to ar creditors and eventually disas-
trxaH To the State, we sought first to test
thrAagh the courts the validity of such
bugds as were popularity believed to have
bee issued without adequate consid-
eYaS0D, and then to effect such an adj
iuaaant of the remaining valid bonds
as s0uad be as fair as possible to our
cEeSitors, and afford the relief which
VS. absolutely necessary to the tax
pasers of the State. III will notbe for
g0en how carefully each step which
ledt o the passage OF the funding bill
va considered how the advice Of the
Cl nber of Commerce and leading
bu men was asked and obtained;
an finally, how the State, anxious t0
pa It's Just creditors to tile utm0stlimi6
OF capacity, fixed the rate Of finding
af point ten per cent. higher than the
iii which experienced financiers, who
hs# examined into cur resources,
dagned the State able to pay. In con-
nation with the funding bill, Irec0m-
ded to the Legislature the adop-
tiH of constitutional amendments limit
in he State debt to $15, 0,000 limit
I'M he rate OF taxation for State pHr-
p Ia twelve and q half mills, excIu-
60f ssllO0ls; cOnHnilg the revenues
OF aeh year 10 the expenses of that
ya and prohibiting the issue of Treas
RE warrants in excess of revenue.
Y Ne amendments were adopted by the
j tslature, and were submitted to the
= He at the recent election. It il d
Ice of sincere qualification to me to-
", that though III the blind Dreiudice
D bartisan wapfaRa, the scope and Dur-
OF these amendments were grossly
repreaAnted, and strong efforts were
le To defeat them, the people for
Id lY aDpr0vedtBae financial DOlicyOfmy
q ADMINISTRATION. and ratified each Of the
aIendments submitted to them, by d
voc much larger talan thatcast for either
O he party tickets placed III the field.
RIieVe the effect tot these amendments
0liffie financial future of the State can
\ he otherwise than most beneficial.
fh source from which the greater Dapt
bar bnrdens0me State debt has
sana. nameIY-the issue Of warrants
hv year In excess of revenue, is
Eh sebY forever cut OF. The debt and
baati0n arc 40 limited and defined that
II Ii peace Is once more restored til lis
tai ca1 fifad investment here with
fear Oft oppressive taxation ; and
u orr creditors, / think, will even
IN And iii the greater security Of
l. new obligations and the greater
ainty of the prompt payment Of
II inteTeEt--principal and interest
q being secured under the solemn
rantee Of the constitution 0f tIe
te-many c0nlpensations for the an
ant loss on the face value Dc theirI
eds.
III extent I'd which the debt of the
Ia. previous to the passage &c these
@snaRaents, was annually increased
The excess of warrants over receipts
a0Wn by the following of1ciaI state
taken from the b0nka Af tlle State
sfIt0r. j
aaT, Receipts Expenditures. Excess.
.75a,sTg "a " .saSIa s2 as ST5n.6d2 s0
1,4ST,sI8 g 2sa69ySs8s 80 a8ass14 73
1.aaG.5T6 % 3,4g3. Y3aa &9 1,aeTIB2 III 4;