The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-01-04

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any general interest are here extracted. The
message opens with the following jublate:
STATE OF LOUISIANA,
Executive Department., \
New Orleans, January 8, 1875.
Gentlemen of the General Assembly of the State
In compliance with The requirement Of tie
Constitution of the S ate, which provides
that the Governor shall give TO the General
Assembly such Information and recommend
to their consideration such measures as NAV
be deemed expedient, I transmit to you this,
my fourth annual message.
l congratulate you that, with the exception
of two or three parishes, which have been re-
Gently disturbed by local causes, peace and
good order prevail within our limits. Provi-
drnce has rewarded the industry of the
!aborer with abundant crops. The imports OF
our chief city have not materially decreased,
and our exports thus far show q considerable
increase. Our agricultural resources have
been enlarged and developed. We have suf-
fer'd from the financial stringency and de-
preston of trade, from which no State in the
union has been exempt; but with a continu-
ance Of tranquility and public order, such Is
| trust will hereafter prevail, We may hope
fully anticipate an early revival of prosperity
in al branches of trade, commerce and agrI-
cultural industry.
l am the more encouraged to look forward
with sanguine expectation to the immediate
future. because We are now on the threshold
of the full fl ltion of those financial reforms
which, at the last election, by the unques-
toned vote of majority of the people, were
engrafted on the Constitution of the State.
The benefits already derived from these re-
forms in their hitherto partial operation have
been so manifest that we are justified in ex-
pecting greater beneficial results now that
their full influence is about to be made appa-
rent. l am constrained to think that the mag
nitude and importance of these amendments
are even yet imperfeetly understood by many
of our citizens, and that they are still moro
imperfectly appreciated abroad, where ex-
aegerated statements Of the financial embar-
easements OF the State are yet circulated and
believed. By the operation of these amend
ments the debt of the Sta.e is reduced, with
the active concurrence, ii not with the vOlun-
tary consent, of our creditors. to point adj
miLtedly within the power of the State to
meet, principal and interest, at maturity.
During the whole term OF forty years over
which the new bonds run the debt can not Do
increased beyond the point to which it has
thus been limited. The appalling load of
contingent debt, over S21 200, 600 in amount,
never actually incurred, but standing on the
uncertainty, has been buried beyond
resurrection. The interest appropriation
on our new debt is made perpetual
until the extinguishment of the debt itself
shall have been accomplished. Both prin-
cipal and interest are guaranteed by the Con-
stitution. No power can hereafter tampeI
with the credit of the State. The rate Of tax
alton is limited. The Legislature is restricted
in its expenditures to the revenues which that
rate Of taxation will yield, and the revenues Of
each year are to be devoted exclusively 10 the
expenses of that year. All appropriations In
excess of revenue are rendered absolutely null
and void. Hsnceforth there can nevermoEs
be floating debt in Louisiana. The issue of
treasury warrants in excess of revenue has
been the financial bane Of the State. In tho
four years OF my predecessors administration
warrants were issued in excess of revenue to
the amount of over 81, $50 600. The Legisls-
ture Of 1866-67 appropriated S13, OOO, 900 over
receipts.
No small proportion of the existing debt
has been made up from these sources. In
future under the full operation Of the fund
ing law and the constitutional amendments
the appropriations must be kept strictly
within the limits of the revenue; all other
wise made will be void. The actual amount
of the debt of the State will be hereafter Q
fixed quantity, which can at any moment be
stated and proven. In addition
to these State reforms, the City Council of
New Orleans have been prohibited, also by
constitutional amendment, from issuing
further bonds or any evidence OF indebted
ness except against cash actually in the
treasury.
These are some of the features of the finan.
cial policy of my administration which with
the new year 90 into full force From this
time onward no Legislature can increase the
debt OF the State or suspend the payment Of
the interest. No future city government of
New Orleans can add one dollar to the debt
which the property holders OF the city are
now compelled to bear. These restriction of
I am confident, will go far toward
restoring the State to the financial position it
ought to hold. When they are regarded in
connection with the reduction OF taxa
ton already effected, the further re-
duction which, with your aid, hope to see
made, the enhanced value of property which
must result from these measures and from
the equalization of taxes, and in connection
which since the war we have been passing,
and ont of which l believe the recently
adopted adjustment of past political difficult
ties, if properly appreciated, will enable as
harmonlously and successfully to emerge,
they hold out to u.s. venture to think, the
prospect of future more prosperous, moro
peaceful, more thoroughly in accord with
the great principles OF Christianity, civiliza-
ton and human progress than the State has
ever yet enjoyed.
THE STATE DEBT.
With regard to the State debt, he says that
in 1873 it was 1924, 093 407 80.
The following tabular statements show tho
condition OF the bonded and floating debt,
not including the bonds loaned to the Ci.i-
zens' Bank under act of 1886, which are
abundantly secured, and have never been
ciassed as any portion of the State debt, and
the reductions effected each year down to the
present time:
CONDITION OF STATE DEBT JANUARY I, 1873.
Bono cd Debt
Eight per ceat bonds outstanding So 100000 90
Seven and three tenths per cent binds
outstanding Observation-Disclosures. 10000 90
Sewn cent bonds outstanding. ...-. 50a COO co
Six per cent bonds outstand ny. -. L. Ot2 800 90
Five per cent bonds outstanding. . 3d. 200 90
Total bonded debt. 81 ,soI, 500 90
Floating Debt
a~nfiu tnht az