Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-06-11
LOUISIANA FINANCES.
A Lengthy Letter from Governor KEEL
IOgg Explanatory of the Present
Financial Condition eff
Louisiana.
The Funding Bill OF 1874 Generally
Accepted ny Gne Creditors OF the
state-S2I 2z9, $50 % the
Debt OF the State.

NEW ORLEANS, June 10.-GovernOr
Kellogg has written to the Chicago
Times lengthy letter in response to an
editorial in that paper, in which the debt
of the State is set down at $50, ,597, 1874.
He says: "The Times having stated so
prominently what the debt of Louisiana
is not, will you now permit me to state
what it really is? In January, 1874, the
bonded and floating debt was $24, ,S32,-
407 80. 1t has been decreased by re-
demption of Ofseventy-two past-due bonds,
.$72 600; by retirement of outstanding
warrants, certificates of Indebtedness,
and payment Of the amount due the fis-
cal agent, 81, ,022, $50 II; by exchange
of So, ,259, $50 of consolidated bonds for
S., 432 800 of old bonds, S2,172, ,920;
by exchange of $427, 421, ,36 Of cOnsoli-
dated bonds for S7l2, 1858 SO of old war
rants and certificates of Indebtedness,
S2S4, ,947 SO; total reduction, So, 552, 727 IS,
leaving the actual debt of the State to-
day $21, $50 25." He adds: "The
Times says, deliberately and ex-
plicItly, that $50, 597, ,395 As is the amount
OF the debt of the State Of Louisiana as
it stood at the commencement Of the
current calendar year. l say, de-
liberately and explicitly, and with
the records of the State auditor,
the State treasurer and the fiscal agent
to bear me out in my assertion that the
State debt, including every outstanding
bond except the old Property bank
bonds referred to, and all outstanding
warrants of whatever kind or nature, is
at the present time but S2l, ,279, $50 25,
and that it will continue to be reduced
until it reaches the limit of SIS .0CO, 900.
The Times says our annual interest
charge is more than 50, SOC, coo. l state
that our annual interest is $1,050, 600,
and this is limited by the constitution.
The funding bill adopted in 1874 is in
full operation. 1t has been generally ac-
cepted by our creditors at home, and
have just received from the council of
foreign bondhOlders, under date of May
20, 1875, formal notification that they
are prepared to accept its provisions,
being satisfied that the principle of this
bill has been adopted by all sections OF
citizens, and now forms part of the con-
stitution Of the State. We have funded
already six million dollars of Obliga-
tions, and have more than half mill
lion dollars in the treasury to the credit
OF the interest fund. Misrepresentation
OF the condition of affairs ia Louisiana
appears to have become chronic with q
large portion Of the press, but such glar-
ing misstatements as these have quoted
may indeed injure the credit OF the State
abroad, may retard the returning pros
perity Of the people, and may afford the
politicians of other States material for
campaign use. They can have no other
results, for even the most bitter oppo-
nents Of the Republican party here
know and will admit the utter falsity of
the assertions made. The figures
given in the Chicago Times as repre-
senting the present debt OF Louisiana,
appear to be taken from q report pre-
pared more than two years ago, by
Mr.. WEYMOUTH, q gentleman without
official standing, but afflicted with an
inCurable mania on the subject of re-
pudistion. He prepared most lugubri-
Gus analysis Of the condition and origin
OF the State debt for the use of the COM
mittee of citizens appointed by me in
1873. This committee did not accept it,
and he has ever since been striving to
get into print at the public expense, and
has at last succeeded; the Joint COM
mittee OF the Legislature, appointed at
the regular session last winter, to exam
inc into the accounts of the auditor and
treasurer, having very unwisely, as /
think, permitted it to be added as an ap-
pendix to second edition Of their re-
port, issued since the adjournment Of the