New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-02-24

| moderate assistance IS the acceptance
the act of Congress has imposed upon tn
State: further than that your committee be
lieve we should not 20.
Further vour committee find the Louisi
ana State University, as they believe, hope
lesslv involved in debt-sinking deeper AM
deeper therein year by year-and alread.
responsible for load of indebtedness
which it is entirely impossible for the Stat
to discharge
Your committee are of the opinion tina
the time has arrived when, however disa
greeable the necessity. duty requires ina
the affairs of the State University be wOunt
up, and the indebtedness of the institution
discharged with the property Thereon.
Among the provisions Of the SUBSTITUTE
| bill submitted to your consideration Will d
| found such as are intended to effect thai
| PURPOSE and effect it in such manner as u
PRESERVE to the cauie Of education and tn
Agricultural and Mechanical College tn
library and educational apparatus OF thu
| older institution.
| Your committee append to this report 6
statement of the assets and liabilities Of thu
| State University, upon which they Wlil re
mark, that many OF the credits of the instl
tuition are nearly worthless; others vii
greatly shrink from their apparent value
when an attempt is made to realize thereon
and that the real estate, though undOubt-
| edly once worth tha amount credi ted there
| FROM, ia valued at a sum much greater than
could possibly be obtained therefor.
In fact, your committee do mot nope or
! believe that the properly ana circuits %
| the University will produce any appre-
| ciable surplus over and above the amount
! of it's cash liabilities, or that should a set
| Element and liquidation of its affairs be
long delayed, anything will remain.
For these reasons We earnestly recon-
mend the passage Of the substitute for Sen
ate bill No. 80, herewith submitted.
O. H. BREWSTER,
Chairman;
GEORGE Y. KESO.
We, the undersigned members OF the
Committee on Public Education, would
most respectfully recommend that this sub
stitute be indefinitely postponed.
J.HENRI BURCH,
FS. GOODE,
S. B. STAMPS,
E. l.. WEBER.
Statement of liabilities and assets of the
Louisiana State University, October 4,
1875:
LIABILITIES.
Balance due on general accounts $5l,O 3o W
Balance due to professors. 4l,4O2 20
Ralance dine to EMPLOYEES l6548 81
Balance due to cadets. 1879 50
Total. .sllO,964 33
Note at Metropolitan Loan and
Savings Bank. ............... 4OO w
Note at Mechanics and Traders
Insurance Company .. $50 90
Note at Louisiana National Bank 1850 90
Cash loan from John Klein & Co. so 90
Cash loan from w. G. Black. 80. $50 90
Total. sis, S64 33
ASSETS.
Balance of cash on hand ...... SIS II
Balance que from j. & o. Arbour Az
Balance due from Deaf and
Dumb Asylum. .......... 90 Is
Balance due from j. Mulcahy... 6 %
State warrant No 1858, date Sep
TENDER 4, 1874, for One-half of
annuity-interest on security
bonds, 1874 Observation-Disclosures. 4,0SO W
State warrant No. 63O date Jan
uary %, 1875, for back interest
on seminary fund. ............ 200 90
Balance due from cadets of for
mer sessions, as per accOmpa-
nying abstract. .............. 500 20
Balance of annuiJy-interest on
seminary bonds tor 1874 for
which no warrant has been
issued. 1850 90
on seminary
bonds for 1875 for which no
warrant has been issued. $500 S.l60 90
Interest on city con .Olidated
bond, seminary fund, for 1874
and 1875, for which no war
rant has been issued. .... I20 90
Interest on Vicksburg. Shreve-
port and Texas railroad bond.
seminary fund, for 1874 and
1919, no warrant yet issued. l20 90
and tuition of bene-
tcary cadets. first quarter.
lS13-Expense incurred and
clam approved by State Au-
ditor, but no appropriation
made by the Legislature, and
no warrant issued. ...... II $50 90
Total. Observation-Disclosures. $37 ia SO
Liabilities. Observation-Disclosures. 1855 SO
Balance of liabilities over
assets. .................. s75,749 ~ |
E. & o. Z. ID. +. BOYD,
Superintendent.
Balances due from cadets of former sessions
mostly worthless.