The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-02-06

i
Less 20 per cent uncollsotible, slsi Ts5 10
Lees. says PER cent FOR collection se'ef' w
1 ros.;,i. ,n.,;,,ts - sTss oga Al
| Interest on so.aDBy SEQ now funded 65l sss NY
Interest oH s3. 600 600 to DO 1unaeus| AsoevV w
| SIT. 4e5 90
This statement shows that the inter
est-tax collected for 1877 will not pay
the interest, due In full, on the funded
and fundable debt OF the State by some
thing over thirty nine thousand dollars
Besides this, we should add that the
back interest due on the $4,000, 900 to be
funded amounts to something like
$Gso,Doo.
The deficit Of $780, 6s tn the interest
fund is o. matter of very little, IL any
consequence. That sum would, II ne
cessary, ibe made up very promptly on
the street by parties Interested In state
/ securities. The latter sum, at nfst
glance. has an unpleasant aspect. bue
| we have no idea that the holders OF the
bonds on which this large amount OF
back interest is due, and which 1t seems
there will be no funds to pay, will depre-
oiate their own securities by forcing the
| State to default, when there Ia certainty
i of an Improvement in the affairs OF the
Estate and tho appreciation OF its prop
| erty In the next twelve months, which
will insure fall and prompt payments
Indeed, we have reason to believe that
the holders Of the bonds, on which THIS
back interest Is due, have farerably dls-
eussed q purpose to make no demand
| for this interest this year.
Thus we think the financial condition
| ia not likely to become embarrassing.
The statement above given, however,
shows how hollow was the boast of kel-
logg that his financial policy had been
o great success and relieved the State OF
q load of debt. His whole scheme con-
sisted In placing oil claims against the
State honest claims and spurious
claims growing out of the corrupt and
protligate schemes Of his party-upon
an equal footing. and then repu!iating
| forty per cent of the whole sum.
Whatever credit Is due for this scheme
Ia certainly duo TO Mr.. Kellogg. We
have no desire to rob him Of the glory
OF having ranked honest debts and dis
honest debts, legal claims and corrupt
claims, as of equal force, and OF then
adopting scaling process by which the
holders of fraudulent claims we're So
cured sixty per cent. OF their spoil,
and the honest creditors of the State
were swindled out OF forty per cent. Of
their just claims.
But IL we concede Mr.. Kellogg the
credit of having relieved the State OF
some millions of debt by this extraor-
binary process, we must charge upon
his administration and his party the
responsibility for the fearful deprecia-
ton of the value OF the property Of
the State shown in the above state
menD since he usurped authority.
In 1879, the property Of this State
was worth fully s2so,ooo,ooo. The
figures given above show that the
value of that property in 1876 had
been reduced to the sum Of $174, e00,-
600. Thus it will be seen that, under
the imbecile, corrupt and illegal gov
eminent of Kellogg, the property of
the State lost in value the enor-
nous sum Of $1o6,ooo,ooo. We think
there is nothing In modern times to
equal this general and rapid deprecia-
ton OF property under what has been
claimed to be civil administration of
government.
We very readily set this fact against
Kellogg's claim that he reduced the
State debt and the rate Of taxation and
the country may strike the balance and
decide whether he has most robbed or
benefited the people of Louisiana,
II any curious Investigator shall
choose to weigh the merits and de-
merits Of the Kellogg usarpation, 1t
may aid him in making up his estimate
to note the fact that, notwithstanding
Kellogg's boast that he reduced the
State debt and lowered the rate Of tax
alton, he and his fellow robbers and
aocomplices so beggared the people.
and SO destroyed the value of all prop
erty in the State, that the people are
less able to pay the reduced tax than
they were to pay the higher tax of the
preceding administration, while the
assessed value OF the property has been
so much reduced that the interest tax
collectible Is not sufficient to pay the
reduced interest on the reduced debt.
Under these circumstances, had the
Packard usurpation followed the Kel-
logg usurpation, the condition Of the
State would have been infinitely worse.
Packard never could have enforced the
laws or collected the taxes; there would
have been no interest fund at all; the
bonds would have rapidly deprecated
and finally repudiated themselves.