The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-02
THE LEVEE BONDS.
10 the Editor Of the Democrat:

# there is one thing which, more than any
other has foreiby impressed itself upon me In
Debt question. 1t has been the extraordinarily |
vague and Indefinite. but. radically sweeping,
q t e. made M the funded des
in every instance with the most pertinacious
avoidance Of eli reference to specific facts and |
d real ignorance Of the essential bottom
facts Of the case: or Of q certain uncom
fod table % ha a FEN rGm Il sab
grasp and analyZe those facts. but felt he had
failed to do So, or whether. Of 9 perhaps un-
fixed and biased opinions. to shake OF the tram
mels OF solid statistical argument and disport
with unfettered wrongs 10 the wide aud empty
yective. | pretend not to decide. Certain It Is.
however, that there has been vastly too much
for IL any one viii peruse the various speeches
of the debate with q special eye to this eharac
ese a. W % q
and every one OF those on the majority side OF
direct attention, Tor there IL another marked
CHARACTERISTIC Of all these gentlemen, not SO
bnt yst most n1maey End
mentioned. mean their unexceptional dread
and loathing OF the term reputation, In what
Of debt admitted to Be- Justly owed. Alas / fear
that they have not stopped to consider with
Mt faulty hey have fpa the
noxious term. ii overlooking the irrefutable
conclusion that there is not one whit more
admits to be honest than there is III refusing
to discharge an obligation which one does not
absolutely hnoao to be dishonest. And Therefore
maintain that the man who. In question like
the present, allows himself to be so swayed by
his prejudces as to refuse to thoroughly and
sesaanR aops sho s q wSe2 X aos
seem favorable to his preconceived views. or
who permits himself to be imposed upon, and
Hnd hyYf HnF Sf Nth yBH
may chance to chime In with his own peculiar
Ideas. Or who IL fine: says or does anything
Il
mined the absolute specific truth of his words.
and thee justice Of his action, UGH
into the belief that his course is right and In
fair faith. can and will have, with 81! candid
men, j. bqt one o., name Tor himself and but one
But are any Of these gentlemen Justly subject
to this imputation? i is Q serious question ;
J For our present purposes Il will suffice to
consider simple class Of the bonds from
which The present funded debt Of the /, State " ~
by the majority reportl. and the action and
attitude of the gentlemen with reference to
bonds fss. ooo, in AID, originally issued by the
State. and beg particular attention to the fol-
lowing facts and figures
LEvEE EXPENSES OF THE STATE SINCE THE WAR.
Total cost of the construction and
repair of lsveea since the war.
Of Of Board Of State Engineers
for 1876 page 5shk................ s1o972.441 A.
!. Add cost Of levees con structed and
repaired since May II, 1877.
during the incumbency OF the
Nichols government. See n.
u Democrat, June 8. 1879...-<-- 454.455 81
Gross cost Of levee work since the
war Sll ,426 .896 ~
Deduct claim of the Louisiana
Levee Company for work as
serted to have been done. but
not yet paid for. t5ee records
in Attorney Generals Office and
coursD. Observation-Disclosures 17os 81 SO
Net actual expenditure for levee
work since the war: 80. go. ss.ns,5a4 81
Add interest paid on levee bonds
from 1868 to 1878 inclusive. (5ee
Auditors report to the Conven-
reinstatement, collection Of
taxes. pages IA. Is and 1e)....... 1.so7.s72 VI
Total expenditure for levees since
Now the question arises where did the money
come from to supply this amount. which was
thus actually expended for these levees. ant
, what is more, not at overwhelmingly exorbitan
rates. as is frequently charged. but at tolerabIy
fair average prices. as shall presently show
Let us see:
LEvEE REVENUES SINCE THE wAR.
State notes appropriated for levee
III purposes In 1866 (see Senate
OF s ana the Au a. 7o ooo
i
pie for levees from 1868 to first
quarter of 1879 both inclusive,
lsee AUDITORS statement to the
Convention. D. 81 ......-..-... 1896, a4s 81
Total receipts for levees from d.
rect taxation and appropriation
Of State notes -.....-.......e.. 5000. o4s S
Il A summary Of the two tabulattons above is
\. therefore as follows.
Total expenditures for leveeS since
the war. to the hrst quarter Of
1879. Inclusive 81 ,525,957 6:
Total paid In by the people during
the sane period .......-.-....... 6.666.o4 81
Deficiency made up out OF the pro-
csedS OF the sales of the three
issues of levee bonds. -.....e.... 81 $50. 900 Il
II Nov what are the facts with reference to these
issues Of bonds. The original issues are as fol-
lows:
First issue. levee per cent bonds
act No. IS of 1865. $1,000, Gao OF
| Second issue. leYee per cent bonds.
act No. Iii. e.ss7 ........... 4ooo. 600 0C
Third issue. O. per cent bonds.
4 act No. 80 RrNee ~ ...... 300o.o00 90
Total. 80, ..,.....r,.... $8,000.e 600 %
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