The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-04
LETTERS FROM THE PEOPLE.
rrhe DEMOCRAT Id responsible for none q
the views expressed In the commune ations
under this head; but no communicate VIII
he printed except from responsible partieeI
THE STATE DEBT SUBSEQUENT TO
RECONSTRUCTION.

To the Editor Of the Democrat:
Tn vour issues of the seventh ana twenty
eighth ultimo 7 presented an official exniple
showing the amount ol ouI 800 1871,
State debt, and statement, aiso oii'o.a. =
character. covering the post peiiuin looon
str,1ction debt of our State. LII the piseon'
contribution / will pass IN review oul otaeo
dobt subseauent to reconstructlon- fol ~
facts which follow ! am indeDtea 10 inc saille
authority from whom quoted In my artlcle
of the twenty-eighth ultimo, VIZ: ). u. A.
Fellows. for the Attorney General, 10 cause
M 869. State OF Louisiana W. Charles CIln-
ton and Antoine Dubuclet,' etc
"THE NORTH LOUISIANA AND TEXAS RAIL-
ROAD.
aUnder act No. 1O8, approved September
Oh 1864. incorporating the North Louisiana
and Texas Railroad Company, IT was pro.
yided (section III that whenever live miles OF
, the road, and each and every other hve mlles,
should be completed and In running order
from the Mississippi river, westward, the
Governor should issue $4,000 per mile Of bonds
Of the State OF Louisiana, the road being
mortQaRed with the rank of second mortgage
fOr the full payment OF the bonds and interest
at per cent and payable iorgy Years ~ ,n alsl
gage the road with a first mortgage, 70 the
extes,t OF $4,000 per mile; afterwards lact
M. 1O5, approved June n, 1871 Increased W
$4,000. The company was 70 pay tne inter-
eat. and in default the mortgage could De
forecIosed. There aeas no clause IN the oct. as
In al other second mortgage railroad bond
acts. Ju achich the State guaranteed The pay
npe9i of principal or interest OF these bonds
The only provision for their payment was
the right In the State to foreclose the mort
gage Should the company fail to deposit the
money In the State treasury suincienc 10 pday
the interest on the bonds. In other words,
4 l. 3D.. FRA StIt ont
the state was simply Zig - usSn ~ sp aa 4
ann dlstIlDuSe ene lnseieoS go - = Z
DoH sr ~ +braa Auditora, ranorts show that
da ny th na. s. sae o bonds we're issued Tor
unueI Ills aee soso ~ ,,;Irnad. Auditor Ora
ulnety.one miies "a aito. 21;ntnn for 1879
nam. Ior lsaus anu nua ahsntn While the re.
- I ,T,tar Graham in 1871 places II
port q AuaspI u ,inhiI III II tbs State
among tne co ~ ,laatad Santnmhar 81
by acI NO. ", ploanuisauedd 1n,Ip <. at No
1874 taet No, 70 Was t NJ az and as an.
W. august . and a7 EYE hi dase - nnn,oned
p.ove4o wv 20 was athprized ID
ANn n aoaA, Ihe ,n4npaa y .ha oennnd mort.
6uDstlIulS sCoch InSe Nv q u+ ~ yesyn iasnina
gage ana 70 rs sann e,.e s,oiiar honds
me aaaltonal soov P ha rnad no shnmid there.
1oT each p0I1ion on cne .J a aahnio ~ a. Ioe
alter O. DULL 70 o Inc efteao nsnrod 90
lnese " " ,;a,, II ,,art navn,ant
Que py ne state ahu elveih, y ~
loI ni,1vn SnsloG ~ ottn ~ and there be
any guarar'tee In law Of the second mortgage
bonds by the State then this debt 81 pei
cent bonds amounts az an aosolute aeps -
$t,126,000. III the act No w l5 uncOnsIltu-
tional and the bonds involyed.say q ssoo,
OO0, then this deb IL only Q contingent one o.
$4,000. II the State is, however. the trns
tee, the party to receive ana distribute tne IL
liability Of the State under this head is moth
ing except To faithfully perform Inc trust.
.sTttE INV ORLEANS, MOBILE AND CHATTA
NooaA RAILROAD COMPANY sEcoNI
1FoRTy,AaE
.u1na.r.at Nc Or =, february - 1890 fri,
.,I Wv ~ ~ , "a eUthnryad :" ;aa,,
L loasu $1,000 hands e,r,,ora ntaaS ~, ~,
Ttstn 1,y T-nnfaispa u ths axtant N III mn
~ ria vnatWardiv from New Orleans. hi
pei lily, ap. .. i, .ha = s,,r+ !, Woo re- -,
Lu a LA a.,ta.nsf ~ o1oaaIinr q 1ar mani ith,
a ~ ~ ha Ho Tor liEe sum ~ $ia So
as. M ~ s,,ditnr5 ,iinton a,ivea M iwit n
IT. t,tarsst ~ term and classes them wifi
nseIest " sel " III ~ s+eta rSItnr n ~
lily, .1 T., ho Iaa9 ranort Classes than M hnnd
nan ~ as h e.apta 10 eou1inrnnt,w ii.ha
~ Wa+h rnnnrt the honda iss,led as $3.50 doc
erhar. IL n , ether method provided far thu
-,.x,,,.nnI ~ tbssa aithar al III nrincinaI N
Rayeto II tha, IN Sacnnd mnrt1ara IN IN,
!. road with the right OF foreclosure In the Stat
and the obligation of the company to pay
This Is purely contingent debt, and II |
debit the payment Is not fully PROVIDED 10
under article Ill Of the constitution.
s'THE STATE PENITENTIARY.
- 4 .avtat tara hu mt Nh Xxx Annrayya,
Ie tsna aas ny ~ ~ ~
Tary ,n,ada ,,,ndar the military Unvarnmant
LAY s ue unde H. 1lie Hnay SnT nharla.
Iana. M lance va. Seooo fnr tha vea 1a1
ssnon X ma9 a gopoy 80 ardnr ybat
aa IN NJ eno ynltahl II In same ac ~
isa,o - bnDds f.aarinD mar cant in,erest ans
,ssnniur fortv yeara fo the ammnt ri s5ntl
aun LIN, ~ fnr the nupnnsa If mt
tip. he the Whole penitentiary IN aomnletas re-
nasE ana rn,ttinr in a oomplete set. q
R1AA, M L... VII a. 81. III q $500 - 4.
- a1naad SaIln t0ll cash The honda were il
S,ed Novemnsr + 1859 The nrov,sion 70
fhair navmeut WA, hv an increasa in the rat,
" To- ~ he yann,3J fund nm amount CIV
oaadng hv % eer cent the annual interes
N said holds, and Al soon as the same il eol
inataa IA IN ths and III tha YEAR advertise M
tba sale ~ ~ thn bonas To tha state to the OK
tapt ~ said fu,td and until Ali the bonds shal
no retirsI
arha,,uh the tax bas been levied and col
,aotad ma ~ fonr vasrs have aiansad tn,
nr,aa,,nt ~ III hnnds II stiIl rennrtad III mi
a Observation-Disclosures ~ Sson mn y c1lcmIoi;n,
'pcvoyuooi