New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-04

have been recently disturbed by local
causes, peace and good order prevail within
our limits. Providence has rewarded the
industry of tho laborer with abundant
crops. Tho imports of our chief city have
not materially decreased, and our exports
thus far show considerable increase. Our
agricultural resources have been enlarged
and developed. We have suffered from the
financial stringency and depression Of
trade, from which no State in the Union
has been exempt; but with a continuance
of tranquility and public order. such as
trust will hereafter prevail, we may hope
fully anticipate an early revival of pros
perity in all branches of trade, commerce
and agricultural industry.
am the more encouraged to look forward
with sanguine expectation to the immediate
future, because we are now on the thresh
old of the full fruition of those financial re-
forms which. At the last election, by the
unquestioned vote of majority of the
people, were engrafted on the constitution
of the State The benefits already derived
from these reforms in their hitherto partial
operation have been 60 manifest that We
are justified in expecting greater beneficial
results now that their full influence is about
to be made apparent. l am constrained
to think that the magnitude and inpor
tance of these amendments are even yet
imperfectly understood by many Of our
citizens, and that they are still more imper-
fectly appreciated abroad, where OK
aggerated statements of the financial en-
barrassments of the State are yet circu'
lated aud believed. By the operation of
these amendments the debt of the State is
reduced, with the active concurrence, if not
with the voluntary consent, of our creditors,
to a point admittedly 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 be increased beyond the
point to which it has thus been limited. The
appalling load Of contingent debt, over
$2l, OOO, 900 in amount, never actually in
CURED, but standing on the statute
books constant source of danger
and uncertainty, has been buried
beyond resurrection. The interest appro-
priation 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
constitution. No power can hereafter tam
per with the credit of the State. The rate
of taxation is limited. The Legislature is
restricted in it's expenditures to the revenues
which that rate Of taxation will yield, and
the revenues Of each year are to be devoted
exclusively to the expenses of that year.
All appropriations in excess Of revenue are
rendered absolutely null and void. Hence
forth there can nevermOre be floating debt
in Louisiana. The issue of treasury warrants
in excess of revenue has been the financial
bane of the State. In the four years Of my
predecessors administration warrants we're
issued In excess Of revenue to the amount
of over 81, 25O, 900. The Legislature of 1866
81 appropriated $4,000 900 over receipts.
No small proportion of the existing debt has
been made up from these sources. In future
under the full operation of the funding 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 a
fixed quantity, which can 1T any moment
be automatically stated and proven. In
addition to these State reforms, the City
Council of New Orleans have been prohib-
tied, also by constitutional amendment,
from issuing further bonds or any evidence
of Indebtedness except against cash actu-
ally in tho treasury.
These are some of the features of the
financial policy Of my administration which
with the new year 60 into full force. From
this time onward no Legislature can increase
the debt of the State or suspend the pay
ment of the interest. No future city govern
ment of New Orleans can add one dollarT
the debt which the property hE
ers of the city are now comp =
to bear. These restrictions Of
selves, I am confident, will 80,
toward restoring the State to ths a
position it ought to hold. WIZ o+;on
in connection with fur,har :.
of taxation already effected
reduction which, with your ss.tr wh;ch
made, the enhanced value< pe.'y ~ e.om 8.
must result from these ss connection aua a
the equalization Of u hutton through 81
WIN 'no s..a' We been passing,
sna oa stno CO ' ~h;. eve the recently
adopted adjustm s past will enable -
,ulties, if PROP sssfnl:v to emerge, An
- na,m ,a s"rs, venture to think, the .
.ney no'u hturs more prosperous, more !
Prospeo' - thoroughly in accord with ~
.dciples of Christianity. civil
inc Human progress than the State