The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-16
THE CONTRACT.
Louisiana Sugar BOWL
NEW ORLEANS Feb % IL


j. Y. Gilmore. ESQ:
Dear Sir-Our late epidemic, and other later
and unavoidable causes, have prevented me
from complying earlier with my promise to
drop you something Of interest on the subject
of our State debt / extract the following
from the official and published proceedings
of the Real Estate and Tax payers Union Of
which body am thu president. now borrow
from the proceedings Of December 3, 1877:
"The possibilities OF the State towards
meeting her obligations were now discussed,
together with the relationship subsisting be-
tween the Fiscal Agent and the State. Upon
this point the chair myself stated that he
had that day called upon Mr.. Kennedy, the
Fiscal Agent with the view Of being Informed
upon that very matter. To questions asked
by himself Mr.. Kennedy had replied as fol-
lows. That the State owed past July inter-
est for the three years of 1874, 1875 and 1876;
that he. as Fiscal Agent, had bound himself
10 meet the States interest on her debt for
one year, the same ending with January,
1878; that he was under obligation for four
years, II he go long continued to be tho Fiscal
Agent to advance the expenses of tho Legis-
lature; but that after January, 1873, he was
no longer bound for the interest on State
consols unless the money was on deposit with
him for this purpose: and finally, that while
he was elected for four years, and expected to
remain the Fiscal Agent for that period, yet
making complete settlement with the
State"
Accordingly, at q subsequent meeting. a
committee was. appointed by me to wait ON
the Auditor, and ascertain the amounts Of
such deficits on the States interest account.
The committee, composed Of Messrs. Timony
Maroney, S. H. Davis and James Desban,
handed In the following written report at our
meeting of January H. 1879
The committee appointed to ascertain facts
relative to the State debt, report that they
had ascertained the following facts:
Amount State debt to Jan. /, 1878 ST., 274, 100
Amount Of interest at per cent. 7s9,1S7
or which interest there is unpaid
For 1874, over. .....................,S 6S,000
For 1875, over. .......- .............. $1,000
For 1876, over .......... ............. III 900
For 1917, over. ACKNOWLEDGEMENTS 21S,000
1t seems that the ability OF the State to
meet the interest on the State debt Is con-
stantIy diminishing, and must soon cease
We desire to call the attention OF tho council
q. 9. the Central Executive Council Of the
Real Estate and Taxpayers Unonl to one or
two more facts in this connection.
The total revenue of the State Is nearly ST.
GOO, 900. or this immense annual drain upon
the annual productions OF the State the city
OF New Orleans contributes about the follow
ing:
In direct tax. over ..........-. 81 900
In indirect tax, such as licenses. - 100000
Total. ......--...-.-.-... .Sl'ooo,uoO
or about three-tlfths of the revenue OF the
State, etc.
Now, am not among those who desire the
country to be assessed any higher; indeed,
believe the best interests OF the whole State
would be best subserved by q very much
lower assessment throughout the whole State.
If this be not promptly done we shall all
Look for Incorporation and for prosperity In
vain.
The whole object Of the past legislation of
our State has concentrated its powers In one
chief direction-how to secure fraudulent and
Illegal debts-the booty Of our past plumber
ers and their abettors, and how to force from
us, through confscating laws, high assess
ment and high taxation, the interest money
on our so-caled debt corrupt and honest
massed together, with the view Of defeating
detection and OF preventing discrimination.
The Governor. in his message Just pub
nshed, states that there are still outstanding
interest coupons, to-wit:
Find IS7s ........-.-...... ..--.. SS7,166 SO
Fund 1876 '-'-'''-'---' , s1to9e ~ ~ |
And e., =, ..........-... l27,901 90
Anu Inc Governor adds: This increase of
olis.oncs results from the carrying on OF the
-euuns PROCESS. In an editorial the Demo- |
shAt Oh January II, 1873, completes this deficit
showing the deficit for 1878, thus: "Fund
ior 1878 tdeticiu SAIL, a29 So"
well You ask very naturally. what i 70 ~
oone u Inc premises7 To this INQUIRY vii