The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1878-01-23

| Tue report or the Board or LlQnlda-
tors, which has been duly made
BY it you will see that the total pres
ent debt of the State, represented by
outstanding consols and fundable
certificates issued at par in lieu Of
fractional parts of bonds, is $ll,279,-
1906; amount of outstanding old
bonds, Japuary |, 1878, 1858 800;
sixty percent. of which is $780,, ESQ;
amount Of general fund warrants out
standing, according to Kellogg's
statement of May 81, 1876, $lsS,.
720 80; sixty per cent. of which is
$ll3,232.55; making a total of con-
solidated interest bearing debt, when
funding shall have been completed,
of $l1, 7s5,3932l.
Which does not include unpaid in
terest coupons due January, 1874,
and prior, and outstanding interest
warrants, amounting, in all, to about
100000. Nor does it include the
bonds commonly known as the Prop
erty Bank Bonds, which the Board
of Liquidation, as will be seen BY
| their report. have decided to he not
properly fundable.
There are a certain number of in
tercst coupons, matured in past
years, which are unpaid. The
amount thereof am not able, for the
reasons above given, to state with
precision.
These coupons were not paid, ow-
ing to the insufficient collection of
'evenue for those years, and are ne,
cessarily claim against the uncol-
lectea interest tax for such years,
which, as it is collected, is applied to
their extinction.
Could they be constitntionally
funded into consols, and thus re-
tired, it would be. a measure of wis
dom; but this, it seems, under the
Constitution, is impossible, and they
must therefoee be provided for in
some other way.
The assessment for the wear will
be between Tl7G.000,0o0 and $780,,
GO0,OON. The interest on the con>olii.
aled bonds is to he paid from a levy
Of five and one half mills on that
amount.
In consequence Of the abstraction
of the books from the Auditors Of
fec, it becomes Impossible to learn
the amount OF what is known as the
floating debt, and the frst step to he
taken on the subject is to ascertain
its amount, character and classified
ton.
l would suggest the appointment
of a commission composed of State
officers, or to he selected from your
own body. before whom the holders
of any claim Of that nature should he
directed within reasonable time to
present for examination such claim.
under penalty of being barred. =
That the commission be directed to
take the description of the claims to
be presented, and to classify them
with reference to the constitutional
provision, limiting the expenditures
to the revenues.
No power to audit need or should
be conferred, but the duty of report.
ing should be confined to the next
General Assembly. Pending the re-
port of this committee, some dispo
sition for the legal as against the
illegal claims should be enacted tc
prevent the Improper absorption BY
illegal to the prejudice of lega
claims of the revenue collected il
the meanwhile for the years fol
which said floating debt is said to be
in existence.
The successful administration o
public affairs being so materially
dependent on a just assessment anC
wise mode of collection of the reye
nue., as wei! as upon the enforce
ment of strict economy, the laws
leading to this end should he care
fully reviewed. | am satisfied tina
: the State has not availed herse f O
t all the instrumentalilies of taxation
: which lie within her reach, nor ha
! the system for the enforcement o
u revenue collection been as adequate
ly provided for as should be. Their
0 are objects Of taxation not include,
{ under present laws; this should b
remedied. There ought to be n
e more privileged property than ther
: ought to be privileged classes. l
one of our sister States a-system g
8 taxation upon the sale of alcohol
Il and malt liquors has been inaugars