The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-29
STATE WARRANTS.
PROVIDENCE, La.

PROVIDENCE. La. May 81, 1879.
To tho Editor OF tho Democrat:
Being directly Interested In the question
Of State warrants, OF course | am alive to
everything said or done In the Convention
concerning them. In view OF the several sug-
gestions to provide for the FLOATING debt" Of
the State, have given them much reflection,
and while SEQ difficulties In all OF them, |
have come to the conclusion that the ordln-
ance offered Id the Convention by Mr.. Elan,
of Catahoula, and approved and recommended
by your correspondent. "Fair Play" In re-
cent issue Of the DEMOCRAT, s the best and
most practical In the present financial condl-
tlon Of the State that I can think OF just
now. The proposition Is, as you probably re-
member, tina. the State fund the amount by
issuing her coupon bonds Oh forty years time
at per cent per annumn interest, payable
semi-annually TO cover the amount due Of the
iloating debt: and then set aside all back
taxes, or delinquent tax sales for the redemp-
tion of said bonds: or to create sinking
fund for that purpose This plan, hope, will
tie adopted by tho Convention, and beg with
due respect to urge it upon their COnsidera-
ton.
AS to any relief expected from the back
taxes, or from the sales Of delinquent tax
lands, II there be such expectation assure
1t is generally admitted that the delinquent
tax list amounts to ten or eleven million dol
lars. Now, Of that sum, ] seriously doubt II
a sale Of all the lands delinquent would real
I've two million dollars, possibly not half OF
that sum. But whatever the amount and
whenever collected, which would necessarily
require much time, let the same be carried to
the credit of the floating debt fund Of the
State. 1t is we'll understood In the country
parishes that most of the delinquent tax
lands will never sell at tax sales for any price
and will be forfeited to the State. Coming
years may add to their value and it may then
become matter OF interest for the State to
consider the feasibility Of homestead Or
| for the lands, In order to encourage Inn
migration into the State But for any
/ immediate purpose ! cannot see that
the delinquent. tax on lands can, with
able. And the proposition to pay the
floating debt of the State exclusively and
only, out OF the delinquent back taxes, Is II
not unjust, q cruel mistake in regard to the
aud meritorious In their demands as any
other class; and l, for one, OF thelunfortu
mates, solemnly protest against any sucf
action on the part Of the Convention, ant
should consider it little short OF q Reputation
OF my claim. Let the coupon bonds be issuet
In sums of S.. $40, $40, $50, 500, $500, 500
and upwards, and the floating debt, so-called
would then be In a condition OF some pros
pective value Of least to the holders Of tn
bonds.
n AS to sitting the character Of the fioatinI
debts, suppose the warrants Of the cOnstit.l
tional officers, especially the judges, woul
not require much investigation to ESTABLISH
their legality: and as little time and expens
should be consumed In the process as possibl
with the rights of all concerned.
/ thank you, Mr.. Editor, for the folOwin
paragraph, and respectfully commend 1t
the notice of the Convention: !,
ut Is a reproach upon the State that 81
should appear to possess assets Of S11 ,0O
Y and yet her floating debt Of $30OO00O /
/, hawked about the streets at from fifteen
y forty cents On the dollar"
WARRANT CREDITOR.