St. Landry democrat. (Opelousas, La.) 1878-1894, 1886-12-18
The Plucked Financial Bird.
Picayune.

Picayune
The Fiscal Agency of the State has
been passed around among the banks of
this city for the last six months without
finding a taker. During all The years
in which there were fat pickings on
this financial bird it was kept within
the confines of the ring. When there
were hundreds of thousands of dollars
of public money lying idle for months,
aud even years, the State National
Bank was good enough depository,
and no other bank was allowed to par
ticipate in the frnits of the bondhold-
er's litigation. Even the act of the
Legislature requiring the investment of
the interest fund which has accumu-
lated in the United States bonds was
ignored There was found some one to
come forward and enjoin the State off
Gals from carrying out the act. and,
Judging 10y the circumstances, it can
scarcely be inferred that the Governor
and Treasurer shed any tears when
Yes. those were days of very fat pick
ing for the Fiscal Agent. and the
powers" were very careful not to
have too many at the feast The other
bankers were allowed to stand around
the door and Whit the odors. and hear
the tinkling of glasses around the fes-
tive board, but got no turkey.
Not until the carcass had been
stripped was the outside banking world
invited to participate. The well pol |
ished bones were at last passed around, !
and, strange as it may seem, surprise |
was expressed that they We're not !
seized. Tine will set all things |
even.
The Fiscal Agent has now an average
deposit line of State money varying |
from $125,O00 to 100000. The July |
coupons on the consolidated bonds
absorb $4,000 which is not returned |
until January or February, and the
January coupons like amount. which
is gotten back in the course of three OF
four months. Apart from the tying up
Of so large sum for several months
there is the risk of tax collections.
which in case of disaster or depression
her obligation formerly imposed of
paying the constitutional warrants for
he first quarter of each year and de-
raging all the expenses of the Legis-
atnre increased the outlay. The in
crest on the bonded debt can be ar
anged. but beyond that there is no
present prospect. and warrant holders
will have to take their chances and
yait till taxes are collected.
Had 4 wise and economical policy
'een adopted in the management of
tate finances surplus Of quarter of
million dollars conld have been ac-
TO the credit of the interest {
und, and that would have made the
'ay easy for a perfectly satisfactory
arrangement giving stability to the
redit of the State.
But every dollar has been disposed of r,
$ soon as it came in sight, and appro-
riations for the past two years have
lrgeiy exceeded the revenues. Those
no keep we'll posted inform MS that
lere was deficit in 1885 of $4,000 TO e
10000, and there will be one for 1885 L
some 100000 II
There has been. in other words, an II
formulation Of floating debt instead
any progress toward surplus.
lille other States are getting in more
Oney than is required for current
spenses. Louisiana is no nearer safe
isis than she was several years ago.
18th eleven millions of dollars of back
xes due in 1870, though collections
i've been going on. and tho tax gather
3 have been strengthened BY the
cast iron " law, yet the floating debt
en- existing. aggregating about
100000 to s1,75O,OOO, has not been
reduced. The Baby Bonds
We fallen due, and even the c0upous
We not been all paid.
Democratic rule in Louisiana cannot !
said to have accomplished what was
pected of it in rehabilitating the
ances of the State.
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