The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-10-21
RESULTS OF GRANTISM IN LOUISE
ANA.

A report on the State debt and taxation OF
Louisiana, just published by the Central
Council of the Property Holders Union, con-
tains some curious details relating to the va
rlous fraudulent pretenses under which mil
lions of Indictment have been fastened upon
the tax payers of that State by their irrespon-
sible rulers. Reviewing the different items
of what purports to be the State debt, the re-
port specifies each act which authorized the
issue of bonds or other evidences of debt
and the results astounding. Itshows that the
different Legislatures have voted, mainly
to private Individuals bonds which aggregate
in principal and interest for the whole time
| they have to run, more than the entire value
OF the taxable property If Louisiana. The
most of this reckless extravaganza has been
the work of the Legislatures which have been
in power since 1868. The report says that if
city and parish bonds donated in like manner
be added, the aggregate will be nearly double
the value of the taxable property in the
State.
The total debt authorized by legislation,
according to this report, reaches SIS, 52S, $50;
but dsducting 100000, the estimated
amount of miscellaneous debts of all sorts
regarding which no satisfactory information
can be had, and various bonds of different
classes which were authorized but never
issued, there still remain liabilities to the
amount of $50, 312. $50, exclusive of interest,"
which were actually incurred and remain I'M
paid.
The most interesting feature of this report
is found in the comments upon the DISPOSE
ton of the various bonds. Thus, from 1865
to 1870, the amount of So, 134, 900 was issued
in bonds for l4vee purposes, and there are yet
no sufficient levees; while State debt of
$2l 600, 900 has been created in favor of
nifh hot ho
company will build the levees. When the
levees were made by each land proprietor in
front of his own property, they were more
effectual protection against overflow than they
are now.
This report gives a new fact in relation to
the Vicksburg, Shreveport and Texas Railroad
swindle, which was fully exposed long ago in
the Sun, and in which John t. Ludeling, the
present Chief ustice Of the Supreme Court of
Louisiana, bore the most prominent part. 1t
says that in 1872 the legislature passed an
act to exchange bonds OF the State for stock |
Of the company, when the company was al
ready in debt more than twice the amount of |
its assets and that Gov. Warmoth at first re-
fused to sign the bill; but after q sudden
visit from Ludeling the act was promulg tied
late in the summer of 1872, but appeared on
its face to have been approved on April 10,
thus antedating suit that had. been brought
by the Attorney-General against the company
for interest on the bonds. BJth Warmoth and
Kellogg issued to Ludeling and his associates
hundreds of thousands OF dollars in bonds,
Kellogg giving them S576, 900 in 1873, long
after the suit was commenced in the United
State courts, charging those frauds which the
supreme Court afterwad decided wereJ un-
proven.
In the space of three years from 1869 the
Legislature made donations to the New Or
cans, Mobile and CHAT 4nooga Railroad Com
oany amounting to 81 600, 900, in bonds bear.
ng eight per cent interest and running for
orty years, thus binding the taxpayers to
Jay altogether, in principal and interest, the
um Of SIG, $780, 0O the company having
greed to build road to Houston, Texas.
10 road has been built further than Donald
onville, eighty-tw miles above New Orleans,
nd that has been sold under a first mort
age, the State having received neither value
Tor security for its advances.
These are but few examples of the whole
ale robbery of the property holders of Lou
siana which has been carried on in legislative
odies where ignorant negroes, fresh from
he sugar and cotton fields, competed with
apacious carpet-baggers in the open sale of
heir votes to the swarms of adventures who
7ere engaged in all kinds of plots to rob the
overnment. And when the people of Louisi-
ma twice lawfully emancipated themselves
.om the rule of such robbers by fairly elect
lg men of their own choice Grant stepped
,rward to interfere by illegally using the
nited States army to MAINTAIN the plumber
IS in power.-N 7. San, Oct 18TH