The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1878-12-25
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/ IGEi GIaI ALEXANDRIA,, La vr3.
/ .GAi tfHIj TIT Dec. Is, 1873. :
/ Mr.. Editor The recent New Or
leans papers inform US Of the refusal
Fof the Fiscal Agent Of the State to adj
vance the amount Of money Asnffieient
to pay tho interest on the, bonded debt
of the State. There is deficiency of
tour hundred and ten thousand dollars
required. Under an Act of the Legis-
failure, approved the 2Stirt of Jnne,
1878, the Board of Liquidation are au-
(thorized to take, from any fund in the
Treasury of the State, an amount suf
ficients to pay the interest, and if not
sufficient, to borrow the same. The
interest on the State debt is, seven per
cent. per annum, gay, now, on twelve
millions Of dollars. This amounts to
eight hundred and forty thousand dol
lars per annum. Then the Board is
authorized to borrow money from the
Fiscal Agent, at per cent, to pay any
deficiency on interest. We pay at the
rates of twelve per cent. interest on a
portion of the debt, as we pay the in
tercst ON the bonds and borrow the
money on interest to do it. This will
certainly bankrupt any State in the
Union, much less poor Louisiana, fiat
has Tor ten years been robbed and
plundcred by Radical misrule. The
legislation of the Democratic Lcgisla-
ture was rs mncIt, if not more, in the
interest of the bnndhuldcrs than their
predecessors. do not charge that. the
law was not enacted in good faith,
and under the idea that the States
credit must be procured at all hazards,
| but inevitable ruin must fullow such
legislation. How long this law will
remain unrepealed is left to the body
that convcnes in New Orleans on the
first Monday of January next. +.
| Attic last session of the Legislature,
90 expensive to the State, because there
were two sessions, an act passed the
Senate taxing the bonds of the State
as any other property. This act failed
| in the House, although the same body
passed an act taxing the salaries Of
! Constitutional officers as any other
property, forced them to pay it, while
they were deprived of their pay.
wonder if the members of the Legisla.
ture considered themselves Constitu
tional officers and paid the tax on theil
own salaries Z
The question is: What will the next
Legislature do9 Will it fail to tax
bonds as money at interest, because il
taxes every citizen in the State on his
capital at INTEREST," viii itrepeal the
ill-advised legislation Of the last two
years, and not authorize the Board oil
Liquidation to compound interest on
US, in order punctually to meet the de-
mands of the bondholders Well, We
will see. If am not very much mis-
taken in the temper of the people, un.
less some relief is given from the high
rate Of taxation, they will demand q
reduction of interest to 81 per cent
tper annum, or repudiate it altogether
u It is shame on any State govern
mept to have it's executive and Judicial
officers, from the Chief Justice of tht
Supreme Court down, forced to d.
without their salaries from March las
to the present time. The Democratic
ring leaders around the Treasury car
lnot expect the people Of tIe State tx
remain always firm in their allegianc,
to party whose financial record, fo
the last two years, is but the slightes
i, Improvement on it's predecessors
They will wait while, perhaps, il
patience, but, if no relief comes, nev
organizations will spring INTO existence
from necessity, that will force tn
needed reforms.
There is another question of impor
lance, which our Legislators shoul'
look into, and that is the collection o
, taxes on movable property and tn
, poll tax. As the law stands now
!, about four-fftlls of these taxes remain
uncollected, and it is almost impossible
for the Tax Collector to do it.. 1t i
right that all alike should bear thei
just proportion of the expenses Of th,
government, and not let the bnrde
fall alone on merchants, professions
men and land owners.
II is notintended to pass refectio
on the individual members of the las
, Legislature, for there we're true ant
patriotic men in that body. The rec
ord of our Senator, Texada, Smart, o
Vernon, aud others, show that the
}, we're in sympathy with the best inter
ests ofthe people. Texada, we know
/ voted to tax bonds as any other spe
cies of property, and, no donbt, wi
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