The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-31
THE STATE CREDIT.
sPEECa Or GEN. L. sEwELL BKFOnn
Tmn MEETING At Tmn STOCK
ExCmANCE.

John I. Day was called to the chair. He state
that The committee selected to canvass anon
the banking institutions and capitalists here i
raise sufilcient amount to save the State,
credit had failed to secure the sum desired
sce2rding to their report.
Wm: a \, Bell , ,Esa; then made statemen
spoke Of the short time allotted 70 1t to perfern
such nercyiean task. II further time. hat
essn sTfhnsd o o. longer notge had besl
amount could and would Be raised. but tn uud AZ
the circumstances It was impossible.
The N. report was received and the COMMITTEES
A motion was then made that the meeting nd
iourn, which was duly seconded. Gen, Leonard
seweli then arose. and asked that the motion
that the body would hear him on State finances
s2te o va fakss apd It was decided that Gen
Addressing those present he said:
!, NJ. hesidsnt and gertlanen..At the present
az aS Ss ae Ssca u DSsr s s
1s. 4 wss Proposed that 5he gse debt should
the saving TO the State up to this time would
s amonnt to upwards Of Z. goo 900; but uniortu.
tor prevailed and y scaling aSs debt e a. A Az,
burdened with debt Of iii. 600 Instead ee u
Ss Sp0n se e9 ss a Ss
Est Certainly By the great financial capacity
mittees going hat In hand from bank TO bank
In a vain endeavor to borrow money 10 pay the
January Jsl, coupons. whilst 4 drags the State
Funding Board has been In power we have had
nothing but difficulty every time the interest on
conso.s became due.
highest bidder: &c IA removed from tho handn
Of willing and capable banker to be intrnsted
20 another, who soon grows weary OF the task
shoulder the responsibility he was 60 eager sp
70 undertake. and calls upon the Fund
HIS sh,r Board to repay the large AMOUNT
ton which appears to take BY surprise
the bulls and bears. and more particularly the
financial manaEers Of the funded debt. while
unpaid warrants In the hands OF the poorer
district attorneys and eysry other cisss Of State
. those gentlemen and those q Tie stecf Ex
change that the State credit Is not degraded by
m fSs Of M general creditors
cares for the sick and tho dying now lying In
our charitable s hospital1 IApDlause.1. These
sources. while our State leaves the moneys due
o thst great charity unpaid.
see how sensitive we are regarding the COM
who the shoe plnches. Not pulse beats in
.ympathy for the poor and destitute sick In the
Jharity Hospital; not o thought is bestowed
compelled to yet what they can for their war.
ANTS or starve tApplause1 SO that the coming
Tue coupons are paid, you consider the State
provided for. throw up their hats and sing hal.
elyjsh. what do you care for the groans or the
ics and ne Dying: 30 that the wealthy creditor
laims are almost trodden out OF existence. .0i
Gentlemen. do not lose sight Of this fact. that
he State credit cannot be saved with borrowed
ppo1sy and me me- money only to pay interest on
Well. gentlemen. to return to the financial
managers OF the State debt. At the last moment
hey meet In conclave to discuss the position
,roposttions, committee ts deputed to cali |
lpon capitalists and again to borrow money to |
'ay interest. But capitalists are not SO easily |
ogether; the Louisiana National Bank hints |
hat 1t might be induced to re.gecept the fiscal |
gency upon other conditions than those pro- |
'unding Board take thereupon2
With calm cnmplacency they fold their arms |
nth sense OF having fully performed all their |
) be done and this Is called finaneial H MANAGE.
lentl The result sthat State Consols fall imme- |
lately to 6s or under.
at the opening Of the meeting with
rev with friend. Gen. Sewell, as they went
VI, said that he was glad that the gentlemen
az avaed "a ms rt 81 ths
notion for adjournment had come from them.
nd now the. could avail themselves quietly OF
ot doing so.'r
otton Exchanges c cali meetin n.y. not otto 70 lend
y money to save the credit OF the State. as 1t
called: not to grapple with the bad financial
Sssn not to devise
uire into the cause and prevent the deprecia-
on Of State consols;, Verify II needs not a
ouncil q solons t? tell US the cause Of depre-.
alls due. the treasury Golfers are found empty,
nd It rests with this or that capitalist to stave
4 the hour Of bankruptcy. Thus. while We
,g new floating debt Of incalculable dlmen-
Ions This borrowing system is lame resort.
'hich must end IN direful defeat and the utter
There, is only one honorable method to be
e % hs the reduce the
ways be borne In mind that there is an un-
ertainty In collecting revenues. The expendi-
are can be accurately calculated not 50 the
,vied as to exceed the expenditure by at least
!. per cent, TO provide against delinouents and
Sos Snd It the
n aggregate revenue Is raised adequate to the
Expenditure. but that the portion levied upon
sch citizen is suitable to his ability to pay.
tents. 90 that taxes should be fairly and equal
: levied In city and country.
Taxation under civilized administration Is
to the benefits received by the
from the State; therefore, to tax one
ortion OF the citizens for benefits conferred on
ONE other portion Is clearly unfair and con.
rary to all principles Of good government.
The population OF the whole State Is some-
hing below 900 900; about 200 900 may be con-
,dered the population. of New Orleans. and
bout 10000 may be estimated to populate the
owns and agricultural districts. The assess
aent OF New Orleans reaches Sill 600 600, and I
be remainder Of the State is only assessed |
{ s7b.o0ooo0. These figures at once point
D where the evil exists. and how the burden OF |
axaiion Is laid upon the city to an almost over
extent, while the country parishes are |
q many cases almost exempt from taxation |
nd RECEIVING benefits for which the city has TO
ay. 1t may not be generally known. although |
fsct that the richest of the country parishes |
re not taxed more than 50 per capita while /
lew Orleans has to bear the heavy rate OF 50 so |
er capita. The manifest unfairness OF this |
speaks for itself and accounts /
pr the fearful depression that has fallen upon |
II city properly. which is sold every day at |
ur public auction marts for two;,tbirds
( ;, the amount it stands assessed at
7hile country property of all kinds |
J. not assessed at one-Quarter of what 1t |
7ill bring In the market. might quote as an |
xample. sale of q plantation That witnessed I
few days ago. which was purchased by Mr.