New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-01-23

ethan those of any State in the Union. Inc
"publc debt il limited by constitutional
amendment to $15,O00,00O, and n sufficient
tax to meet the principal and interest If
"lcvied by the constitution, and the iunus
"raiscd 10y this tax cannot be diverted from
" this purpose. They have appreciated IN
value since the establishment of the Nichols
" government over 20 per cent on the dollar
being now quoted at 50, against 81 when
packard was Governor. | think when the so
"lidity Of these bonds is understood by North
"ern capitalists, and they see that the people
OF Louisiana have 10 disposition to tamper
4" with the finances Of the State, that these
bonds will command premium" so thought
some unhappy Northern men, who bought
about that time. They, too, believed the oit-
repeated tale that Louisiana had been embaI-
rqs,cd only because the people were not
reconciled to their State Government.
There has been not the slightest dis
"po,ition to repudiate in Louisiana
mot the slightest" said an eminent
Democrat "but the people are slow to pay
taxes, because the Kellogg government Is
"mcrc usurDation." On this ground, many
persons ardently sought a Conservative
triumph. Not long after the establishment OF
Nichols it was announced with flourish OF
trumpets that more money had already been
COLLECTED in that year than during the whole
preceding year by the Packard government.
Bonds did rise rapidly. Some Northern people
believed that the people would try to pay Their
honest debts, under a government of their
"chocc."
Only G33t was bid for the new Louisiana
bonds on the 18th, the date of latest mail
quotations In short, the bonds are already
worth no more than "when Packard was
"GoyernOr." The public debt has not IN
creased meanwhile, and the yearly CONNER
clal reports speak III most glowing
terms of the enlargement of business.
But the Democrats are laboring to get
IN extra session of the Legislature
for the purpose of rcpudlatinG the debt.
The State has dcfanlted on its January
interest. The latest report is that the Gov
ernor has in hand about $500, 900 with which
10 meet interest amounting to $4,000, ami
q committee of substantial citizens has waited
unon HIM 10 recommend that the funds In
hand be paid pro rata to cOupon-hOideIs
giving them about 70 cents on the dollar of
their claims. with State due-bills for the rest
there are three paSt-due coupons on unfundcd
debt those of July, 1874, 1879, and 1876
already unpaid 10y the courtesy of creditors,
who have thus kindly loaned the State
$3.50, 600 more in vain endeavor to help it
in funding and to encourage it in honesty.
The history would be incomplete without
mention of the fact that by an act OF Janu-
airy 21, 1874. the State scaled its debt at
80 cents on the dollar, or arbitrarily repu
dated half Of it, Consent OF holders Of old
bonds was obtained after a fashion, partly by
threats of repudiating the whole II " com
promise" should not be accepted, and
partly by most pTOfuse assurances OF determl-
nation to meet the reduced obligations
promptly. These new bonds were voted
to the New-Oreans and Pacific Railroad
IN 1873, in violation, it was claimed,
of the constitutional provision restricting
the new debt to $15,OOO,OOO. On that ground
the Governor refused to sign the bonds, and
the Supreme Court finally sustained his re-
fusal by declining to issue mandamus.
Finally, it remains TO be said that. SO low Is
the assessment of property the aggregate tax
able valuation is only Sl74,633, 6S2, and the
State tax of 14l2 mills on the dollar yields
less than the annual expenditures of the State.
In 1877, the aggregate receipts were 80, GO6,-
3j1, and the expenses S2,7l9,412.
II il about time for some Southern Senator
to "rise in his place. and, with all the I'M
pressivcness of ire-eating times, to "repel
1.-THE base insinuation" that the people of q
reconciled, restored. and self-governlng South
mean to cheat anybody. Otherwise it may
appear to some unhappy persons who have
bought bonds of Louisiana, % that the State
which repudiated half its debt in 1874 is
not unlikely to repudiate the whole in
1879: (2) that refusal to pay taxes when
Packard was Governor was due more largely
to indisposition 10 pay debts than TO other OBJ
lection to his government and (;0 that the
bright and shining virtue of a strictly Demo
cratic OF Conservative Government in a South
ern State is that it does not force the people
70 nav taxes when their humor happens to
lean toward reputation. And toward repudi-
alton their humor generally leans.
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kKEY To CURRENT HISTORY
soFa unIa