The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-01-12

that when peace is once more restored tou s
capital can find investment here without
lear OF oppressive taxation, and even our
creditors, think, will eventually
md in the greater security OF
their new obligations and the greater
certainty of the promised payment of
their interest, principal and interest alike
being secured under the solemn guarantee
OF the constitution of the state. many COM
pensstions for the apparent loss on the face
value of their bonds. Previous to the rat;fi-
cation OF the funding law nv the people a
number of the creditors of the state awaited
themselves OF its provisions, and, now
that the binding force of the
most of the other creditors will come
forward to fund their bonds A difficult and
responsible duty will thus be thrown upon
the funding board. AS at present consti-
tuted that board consists OF the governor,
Lieutenant governor, secretary Of state.
treasurer, auditor, speaker and fiscal agent.
Its operations thus far have been for the
most part guarded and conservative
and marked by disposition rather to dis
courage than encourage any large amount
OF Inndlng until the status of the law should
be finally settled. Now that the number of
bonds presented for funding is likely to
be increased 1 think q change in
the composition of the board is
desirable. 1t seems TO me right tor many
reasons that
THE FUNDING BOARD
should not be composed of state officers. and
suggest that in matter which effects so
largely the interests OF the business COM
munity the annually elected presidents
of the Chamber of Commerce, the cot
ton exchange and the merchants exchange
Of New Orleans, ex-officio, together with
two citizens of known standing, to be Sc
lected by them might very properly be con-
stltuted the board. / earnestly commend
this subject to your early consideration as
one of great importance to the credit of
the state. i further recommend that the
funding OF the debtsand the obligations
OF the state be regulated by law, in
such a manner ss will enable
the officers of the state and all
tax payers and creditors of the state 10 re-
sist the funding Of any illegal evidences of
the debt by adducing evidence to establish
their invalid character. Next in urgency
to the condition of the state finances the
embarrassed and crippled position OF the
city of New Orleans demands your atten-
ton. The debt of the city, built up during
a series OF years of INSTRUMENTATION
of city affairs, aided by unwise legislative
enactments, is now so great that the annual
tax required to keep up the interest pay
ments has become an almost insufferable
burden upon the property of large class of
worthy and law abiding citizens, who
due, and permits other citizens, generally
of greater means, and lest respect for law, to
refuse the payment of any tax at ali. The
expenses OF the city for considerable period
have annually exceeded its revenue, and
the volume of its floating and bonded debt
with accelerating rapidity. With a
view Of checking this alarming ten
dency, / submitted to the last
legislative and constitutional amendment,
approved by the Chamber of Commerce and
the then City Council, prohibiting a further
increase of the city debt in any form or
under any pretext, and providing, under
severe penalties, that after the lst of Janu-
airy, 1875, no warrant or certificate of debt
should be issued by any officer Of the
city except against cash actually
was passed by the legislature; and though
opposed at the late election on the same
unreaSOning principles as the other saluta-
tory measures OF this administration, was
ratified by the people and now part of the
constitution OF the state" He recommends
A'LARGE NUMBER OF MEASURES
and adds: II can not too peristently
urge upon you, gentlemen of the
legislature, the great importance of at once
carrying into effect the reforms and redue-
tons of public expenditure which have
indicated, and others, wh.sh viii doubtless
suggest themselves to you. Having scaled
down our state debt to point which will
enable us by economy, thrift and good
Management to meet our interest promptly
and greatly TO appreciate our bonds, we owe
ii 10 OH creditors and to ourselves so to adj
minister our affairs as to secure TO the hold
ers of our bonds the promished enhance
ment of the state credit and TO our tax pay
ers and the people generally that relief from
oppressive burdens which will increase
the prosperity of the state and bring
emigration and capital once more within our
borders. assure you that any well cOnsid-
cred measures YOU may pass having in view
the further reduction OF the state and city
expenditures and the further reduction Of
taxation Will promptly receive the execu-
tive approval" In conclusion Gov.
Kellogg says: You can not be
unaware that throughout a large por-
ton of the state a condition of
anarchy and violence has more or less pre-
vailed for some time pest, that laws have
been disregarded, blood been shed, and the
constituted authorities have been displaced
by force. In the interest of our whole peo-
pie, let me beg of you to take immediate
measures TO secure the enforcement OF
that obedience to law without which
no civilized communities can prosper.
No amount OF misgOvernment, no oppres-
sive taxation, no usurpaiion Of Office, if
such there be, can satisfactorily explain to
the people OF other communities the facts
that there is less security for human life in
Louisiana than in almost any other state of
the union, that grave crimes are committed
and go unpublished of justice, the
criminals often having the SYM
patby of the community, that assassination
for political sentiments -prscticed and ap-
plauded, and that in the whole of the north
west of Louisiana there is scarcely a town
where pesceable, industrious citizen from
another state can openly proclaim himself a
republican and he permitted to pursue his
avocation without annoyance or molesta-
ton. SO long as this lawlessness is known
to prevail our railroads remain unfinished
and capital will seek other places of invest
ment.
THE GREAT NEED
of Louisiana is peace. The rates of taxation
complained of are infinitively less injurious