The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-27


This Increase Of deficiency results from the
carrying on Of the funding process.
From this plain and simple statement OF
facts 1t will be seen that the statement Of Mr.
Steele Is untrue, and that In fact there are
several hundred thousand dollars OF accrued
interest during Kellogg's administration re-
naming unpaid. The property Of the State
has deprecated So much in value and the
people have become SO impoverished by bad
government and exorbitant taxation that
even q five and a half mill interest tax, a tax
greater than most of the States exact for all
purposes, is insufficient TO meet the interest
on our mass of debt, fraudulent and valid
The property Of the State could not do 1t
under Kellogg, it cannot do IL under Nichols,
and 1t never will do 1t under anybody else.
Secondly: We quote the correspondent of
the Times, Judge Steele says 1t 10 an error to
place the bulk OF the present debt to the &C.
count OF Republican rule In the State. On
the contrary, a large proportion Of II dates
from period anterior TO the war and from
war times" We scarcely think Judge Steele
could have made 50 silly a statement as this.
We have before US the Report Of the Com
mittee of Examiners appointed to Ascertain
the Condition of the State Debt" made to
Kellogg in 1873, and signed by number Of
Republicans. That report shows that the
actual ante war debt was just 1885, 00
and hence represents but $2,325600 OF the
present funded debt. Even IL the bonds
of the property banks be included the sum
total Of the ante war debt will not much
exceed five millions. The people we're swim
died out of considerable portion even of
that, while for the balance OF the present
debt. we believe that 1t would puzzle any
man to point out two millions Of it for which
the people of Louisiana have received a dol
lar OF benefit. Almost the whole Of 1t was
created for the purposes of fraud, robbery
and Individual speculation. Fully one mill
lion OF 1t represents the bonds OF which the
sacred free school fund was robbed by act
No. 81 of 1872, which the present Supreme
Court has denounced as shameful act OF
spoliation and plumber, and which were sold
by Warmoth and his pals
Such Is In great part the sacred debt"
which Louisiana owes; which Is weighing
down property, trade and industry, and which
we are told we must pay, dollar for dollar, or
be forever disgraced as community of re-
pudiators and public robbers. We hear
nothing about the disgraceful manner In
| which this debt was created: we hear no
general denunciation of the bad faith, wick
edness and rascality OF the men who issued
these bonds for the plain and simple
purpose Of robbery, and who still
revel in the plumber. Nay, some Of them
now belong to the great, honorable and sane
titled army Of debt payers, who are so zeal
GUS for the honor of Louisiana and the
preservation Of the public credit OF the
State that they are ready to stone and
cruelty as a villainous repudiator and
enemy Of the State any man who init
mates that there ought to be an investigation
OF the debt and a reduction OF the enormous
| rate Of interest 1t bears. Aye, more: Some
of the very men who were instrumental LIZ
creating this debt, who reaped the benefit O.
| the plumber, who rolled and rioted Ii
the bonds OF railroads and canals which
were never built, snd bayous which
were never improved until the taxpayers helc
their breath with horror, and the whole coun
try looked on appalled, at the audactty OF the
swindlers and thieves, have actually beer
elected delegates to the constitutional con
vention. When the question of the readiust
ment of the debt comes up they will be th'
most eloquent defenders Of the honor OF Lou
isiana, and the bondholders here and in th'
East will hail them as statesmen and patri
OTIS who deserve all honor and glory. While
the representatives Of the people they have
robbed and ruined who may venture to stane
for an investigation Of the frauds, and |
measure OF justice and relief to the tax
payers, will be execrated as regulators wht