Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-06-25
The State Debt Of Louisiana.

A Chicago newspaper of the 9th inst.
contained grossly false statements in regard
to the State debt of Louisiana. 1t stated
in substance that a legislative commit
tee has discovered, from an examination
of the State Auditors accounts, that the
State debt reaches the sum of 0,j01 ,391,
and adds
This is the amount OF the debt as it stood
at the commencement OF the current Salcn-
dar year. How much it has been increased
since that docs not appear The annual IN
tercst charge is more than t3,5O0,0O0, larger
sum than ought to be required to cover all
the expenses of the State Government
Gov. Kellogg has addressed letter to
the journal in question, in which he shows
that the statements of the article are false
in general and particular. He shows; l,
That no legislative committee has re-
ported upon the State debt since he has
been in Office. 2, That in 1878 he APP
pointed q committee, consisting of "old
and prominent citizens, " which reported
that the State debt was then $24 2S3, $50.
3. That the committee found still on the
statute books what was called "contin-
gent debt" amounting to $21 ,090, 500. A.
That the committee found that this contin
gent debt "was based upon many old acts
of successive Legislatures, covering many
biities, such as the Endorsement by
the State of second mortgage bonds on
railroads when built, etc, might accrue on
certain cOhditiOns." 3. That none of the
conditions had been complied with. Gov
Kellogg then shows that all the acts ere.
ating these contingent liabilities were re-
pealed by the funding bill approved Jan.
"a, 1874, and adds: And to-day there il
not dollar of this contingent debt in act
ual or possible existence"
Having brushed away the falsehoods
Gov. Kellogg proceeds to state what the
debt of Louisiana actually is to-day. He
says
Having stated so prominently what the debt OF
Louisiana i not, will you now permit me TO state
what il really sy In January, So, the bonded and
floating debt was (see Auditors report, Jan /.
Ii has been decreased by redemption
Of seventy Two Eqst due bonds, 1000 %
BY retirement Of old outstanding war
rants certificates of indebtedness
and payment Of amount due fiscal
BY Exchange Of s. sa5G $50 OF consoh. '''O' ~
dated bonds FOR S5,l82,9OO or old
BY Exchange Of si27 lsi 30 Of conso '"'~' "
| dated bonds for S1l2.AS,s3 Of old
warrants and certificates OF indobt-
edness '..''.'.s....'..'.....'.., SSlVli b3
Total reduction. ...,................ $}559, ,T27 65
Leaving the actual bonded aud floating debt OF
the State at the present time, SCI 270,GSl not
including the loan to the property banks already
explained.
In response to the innuendo Of the Times
that the State debt has gone on increasing
not only during the present year of his
administration, Gov. Kellogg shows that
! il has not increased at all, but, on the
other hand, that it has been reduced by
$3,5j2, 1876.
! In conclusion he says;
While the public debt has thus been diminished
over $500 900 under my administration aud in the
face OF the greatest obstacles, taxation, both State
aud parish has been reduced fully one third with
| IN the same period The funding bill adopted in
| 1874 is in successful operation IL has been gem
| orally accepted by our creditors at home, and |
have just received from the council Of foreign bond
holders under date Of May 20, 1879, formal notii-
/ cation that, while they stll condemn the bill they
prepared 10 accept it, provisions, being sAtis-
hed that the principle of this bill has been adopt
| ed by all sections Of ctizens. and now forms pnrt
Of the Constitution Of the STATE We have funded
/ already over S6000,Oo0 Of obligations, and have
more than S5OOOOO in the Treasury to the credit
| OF the interest fund.
The present Louisiana Government has
| suffered enough, and, il seems TO us, Is en-
! titled 10 exemption from further falstica-
tion.-Inter-O OceaR, June Is.
tB- Never, in the history of the world,
has party been more faithful in carrying
out the will Of the people than the Repub-
| lican party II has been true TO every
| promise; II has kept sacred every pledge
/ il has carried the nation through period
! nf srrauf nafil IA has heep tho rappupfza1