The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-02
THE NEW ORLEANS DEMOCRAT, SUNDAY, MARCH 2, 1879

043 4s. Net debt, after deducting productive
stocks, ETC.. s6,219172 IA"
In the case of Massachusetts: "The aggre-
gate sinking funds amount to s10,S67,06 49,;
leaving the funded debt to be provided for
81, $40, 736 81"
In the case of Maine: 1.-THE sinking funds
aggregate "$1, 255, TAG 81, which reduces Its
debt to So, Ss2, e53 o."
New York State has sinking fund aggre..
eating s15.594, 901 05, and net Indebtedness OF
only SCI 1873 a.
The annual tax on one OF the State OF Me-
vada's several rich mines will OF itself retire
her debt of 100000.
In the case of Oregon: "Her bonds are be-
ing rapidly paid off by the sinking funds, or
otherwise being absorbed by the State school
fund"
with respect to Ohio 1.-THE irreducible debt
of the State, constituted of school and trust
to s3,967, 424 IA. The balance of the sinking
fund.- on the fifteenth Of November. 1873,
amounted to S45,475 30. The annual income
OF said funds from taxes Is about S1,400,00O,
and from other regular sources about
800. 00O."
"As sinking fund, the State" of Pennsyl-
vania, "hoIds stocks and bonds of various
kinds to the amount OF $l1 O54, 32l g. and
this deducted would reduce her debt to S14,-
TAO Oh.
"The sinking fund.-" FOR vermo ont, amounts
to SOL ,S51, leaving net indebtedness $195, 649
In California 1.-THE bonded debt has been
absorbed gradually by the school and uni
versity funds
are paying 6 per cent interest, and other
assets to the amount of 81, 072, 405 ca, leaving
the net Indebtedness of the State at $685.
594 &c."
nominal amount, as far as the public is con-
eerned. the outstanding issues having been
taken up and held by the State as school
fund. The balance, held by the public, will
be paid on presentation.
"The State of Illinois receives from the
Illinois Central Railroad Company, in con-
sderation Of the land grant conveyed thereto,
and In lieu of all other taxes, per cent of
their gross earnings from operations. This
charter tax in ten years amounts to S4,374,-
$751;" 80 that this source alone would retire
this debt in four years.
Regarding Iowa, sit Is probable, however,
that the war and defense bonds (aggregating
$500, 000) have been absorbed In non-nego-
table permanent school fund bonds," thus
leaving the net debt only S243 056 49,
The aggregate debts, therefore, of the elev
en- reconstructed or late Confederate States,
namely: Alabama, Arkansas, Florida, Geor
gia, Louisiana, Mississippi, North Carolina,
South Carolina, Tennessee, Texas and Old
Virginia, according to the standard authority
above quoted reaches the stupendous total
of $192, 1876, 814 10, while all the other States
have combined Indebtedness OF only $685.
$40, 240 05; that is to say, when the large work
from which | have extracted the above val
liable facts issued from the press, the eleven
States just named owed $t26, ,574 IA more
than the great and prosperous States of Cali
fornia, Connecticut, Delaware, Indiana, Illi-
Massachusetts,, Maine, Michigan, Minnesota,
Missouri, New Hampshire, New Jersey, Me-
braska, New York, Nevada, Oregon, Ohio,
Pennsylvania, Rhode Island, Vermont West
Virginia and Wisconsin.
Eleven robbed and pillaged and down
trodden States owing S126, 136, STA "a more than
the twenty-six other prosperous and happy
States OF our present UniOn
"The debt OF Alabama" proceeds my au-
thority, may be divided into three classes ::
the old bank debt, the educational fund debt
and the internal improvement debt The two
former were contracted previous and the last
subsequent to the war. The interest on the
two classes first named has been regularly
paid tup to October 1, 1884, but upon the last,
nothing 1t Is believed, has been paid"
Another and excellent authority estimates
for the coming year 1880, that the combined
assessment for the eleven Southern States
above given will only aggregate about $685.
DOC, 900, while the combined assessment for all
the other States Of our Union, twenty-six in
number, will reach some $24, $50 OO0, 600.
Now these facts show that the twenty-six
States above referred to, owed In 1875 some
S6s, 000, 900, and In 1880 will present an assess
sessment will be some 400 times more than the
sum OF their Indebtedness at the date named.
On the other hand the combined debts Of the
eleven late Confederate States reached the
dizzy total OF some S192, 100000 with a COM
bined assessment for 1880 not exceeding some
50, 600, 100000; illustrating that the assess
ment of these eleven States for 1880 Is less
than twenty times their combined public
debts. In one word, the rest OF the States of
our Union have S4OO for every dollar OF State
debt they owe, while the eleven reconstructed
States, have less than $40 for every dollar OF
State debt which Is charged against them.
These facts, startling as they are important,
junction, and 1 communicate them without
comment.
Remember, these figures relate only to
State debts proper, and not to municipal or
other public debts not here considered.
Very respectfully,
c. Fl. TEBAULT, M. ID.