The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-01-08

3
secure the January coupon would have been
~ the expense OF the coupons OF former years.
sueh q proceeding ON the part Of the board
would have been utterly uniustifiable. The
legality OF borrowing money to pay the Jan
uary coupons OF 1879 was considered by the
board, and the conclusion was reached that If
had no such power. The funding law providee
the method OF and the means for the pavrent
OF the bonds issued under It. There ia no ex-
listing legal power or authority q, any
one to substitute q method and means Of paw
ment OF these coupons and bonds, other than
that provided In the act OF 1874. The Board
OF Liquidation is not q committee OF ways and
means for the State, but has only certain
special duties allotted to it. desire to say.
however, that the payment OF interest for
money advanced upon bond already bearing
interest, as was done under the act No. 2s OF
1878. should not be repeated. am greatly de-
sirous Of the prompt payment by the State OF
her obligations, but do not believe that the
borrowing OF money ON interest for the pur-
pose Of taking up special coupons of interest
Is proper method OF reaching that result.
Il
that such system introduces speeulative
element In the consideration Of our state Sc
curitles. l think " preferable for oil parties
that they should rest exclusively upon what
the State Is able to do from It's own resources.
We should, then. no longer see the violent
fluctuations which the belief az TO what a
particular Individual or bank would do or not
do has already given rise It has been said
that 1t was the duty Of the Board of Liauda-
tors to remove the Fiscal Agent and select
another willing to advance sum adequate to
cover the January 1870 coupons. Apart
from the fact that such course, as already
stated, would have uncovered other coupons.
there was no authority In the board so to do.
AS mentioned heretofore, the scope OF the
duties OF the Fiscal Agent is defined in the
funding act and laws passed In connection
herewith. By the terms Of the act Of 1877.
the power to remove is given to the board
solely "for cause" which necessarily means
for legal cause that is. for the failure, on It's
part, to perform some duty incumbent ON II
by law, and no legal obligation being imposed
upon the Fiscal Agent TO advance the money
required to pay the January coupons, 1t is OBJ
vious that the Fiscal Agents unwillingness
to do that which 1t was not legally bound to
do could not have afforded the legal cause for
the removal contemplated.
The fact that the money Is not In the treas
ury to pay promptly all Of the January con
Dons OF 1879, imposes upon you the necessity
OF adopting immediate legislation for the
equitable distribution Of the funds now on
hand and to accumulate; and the occurrences
OF the deficiency points to the necessity, and
imposes the obligation, Of taking such steps
as will secure the full and just enforcement
Of the provisions Of the funding act providing
the means for the payment Of the consolidated
debt have already stated that, In my opin-
ion, the failure to promptly pay the interest
ON the consols resulted this year from the
epidemic, and in some respects, from the ILL.,
considered provisions Of the funding act itself.
believe also, that II Is attributable greatly
to the insufflcieaey OF the laws regarding the
assessment OF property and collection OF
taxes. The latter cause Of trouble Is under
our control, and weshall fail In our duty II ne
do not apply proper remedy. The State
has two fixed periods for the payment Of the
interest upon her consolidated dabt--the first
Of July and the first OF January. It is OBJ
vious that the law should be framed with
reference to having as much money on hand
as possible at each Of these periods. Hence.
instead OF deferriDg the settlement OF the tar
collectors ten days beyond the tenth OF Jarsu-
airy, those Of July and January should be
advanced, the latter to December, and that OF
July to June. again call your attention, as
did that OF the previous General Assembly.
to the necessity Of proper legislation ON
this subject BY postponing the collection
OF taxation to tho close OF the year, not
only the interest fund, but all other
funds suffer. The general fund Is thereby
embarrassed and the expenses of the State
largely increased, for, II we consider the price
which the State is compelled to pay for work
and articles absolutely needed when the pay
ment is made In cash, and the price OF the
same when the payments are to be made In
deprecated warrants, the difference IL sur
prising. This difference represents an addI-
tional amount which the people have to pay
by increased taxation, and which, therefore,
under the mistaken guise Of llberaIity, ae-
tually renders the burdens OF government.
more onerous.
| have spoken of laws Tor enforcing the
payment OF taxes, and have urged proper
Legislation on the subject. I again 80 advise
as matter OF justice and right Year after
year the same individuals pay their taxes,
whilst others, equally and, In fact. in many
instances more able TO do 30, shelter them
selves behind the looseness Of the remedies Of
the law, and thus avoid their plain obIiga-
tions. There are large numbers Of men, OF
large means and property, who, during the
years 1877 and 1878, as matter Of calculation
have deliberately abgtAired from having their
just proportion Of the burdens Of the govern
ment. They should be forced from their un-
patriotic position and be compelled TO do what
better citizens are doing voluntarily. 1t ID
true that the same remedies which strike
these unwilling citizens will sometimes
operate harshly upon those who. disposed TO
perform their duty, are yet unable to do go:
but, as matters stand, the same iaxity OF