The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-09-29
L0UISIANA'S BOND STEAL
A REPORT TO THE GOVERNOR ON
THE ILLEGAL ISSUES.

The Act Under Which the Securities
Originated and How They Were
Divided $457, 400 Worth of Consti-
tutional Bonds Never Turned over
by Ex-Treasurer Burke.
NEW ORLEANS, La, Sept. $50. B.
Steele. auditor, and W. H. Piper, assistant
auditor of the state of Louisiana, have
made report to the governor on the sub
ject of illegally issued bonds stolen from
the treasurer's office during the incumbency
Of E. A. Burke as state treasurer From
the report, which is long one, the follow
ing is aiken:
Under act No. 12l of 1850 the governor
caused to be engraved and printed constitu-
uonal bonds, as follows: 5000 bonds Of So
each, 5000 of 800 each, 5000 of $500 each,
2,5OO OF $1,000 each; total, S7,500,O00.
THOSE THAT WERE SIGNED.
OF this issue bonds OF the following de-
nominations, numbers etc. were signed by
5. d. McEnery, lieutenant governor and
acting governor, and E. A. Burke, state
treasurer, with the seal of the state affixed
to each of said bonds, and by the governor
were delivered to the auditor. and by him
to the state treasurer: 500 of $1,000
each, Nos. l to 500, inclusive, series A;
$5O0,000. Three hundred OF $500 each, Nos.
TO 800 inclusive. series b; S150,0O0. Two
hundred of 500 EACH Nos | to 200 inclu-
slve, series G.; $4,000. Two hundred OF S5
each, Nos. to 200 inclusive, series D; 81, 900.
Total $67l, 900.
THOSE EXCHANGED.
In exchange for the consolidated bonds
surrendered constitutional bonds of the fol-
lowing denominations, numbers and series
l..
by the books in the treasurer's office to-
wit: 1917 of s! 900 each, Nos ] to 1877. series
A, $197 900; of $1,000, No. 200, series A,
$1,000; 30 of $500 each, Nos. l to 30, series
b, $4,000; 81 of 800 each, Nos. to 81,
series c, $3,700; 1S0 of S. each. Nos. to
$50, series d, $500: total, $2l7, 900. leaving
IN the hands of ex-Treasurer Burke con-
stitutional bonds amounting to$457, 400.
NOT TURNED OVER.
These bonds were not mentioned by the
last legislative committee, and were not
turned over by ex-Treasurer Burke to his
successor. Coupons cut from fourteen Of
the bonds, which should be in the treas
urer's office, were paid in January last by
one OF the fiscal agency banks, showing that
the bonds are on the market. Besides the
above bonds Of the agricultural and
mechanical college and seminary amount
ing to $21S, 400 have disappeared. the num-
bers of which have been given heretofore.
The coupons of these missing bonds have
also been paid.
OTHERS THAT ARE MISSING.
There have also disappeared $25, 900 con-
solldated bonds which we're exchanged for
constitutional fours, and coupons cut FROM
these have also been paid. During Treasurer
Burke's term of office he retained the
coupons paid as vouchers, but no record
of them was kept. All the coupons
he held when he surrendered his office
were destroyed by the legislative COM
mittee, consequently it is impossible to tell
whether or not there were any fraudulently
issued coupons included in the treasurer's
statement but such fraudulent coupons
might readily escape detection from the
fact that large number of coupons are not
presented for payment at maturity.
AN ILLUSTRATION.
To illustrate coupons to the amount of
$40, 900 for the years 1885, 1886 and 1887
have been paid since January last. II we
add to the credit given the ex-tressurer by
the committee Of 1888 the payments made
since that time for the account of the inter
est tax fund for 1887 and previous, it In
dicates an over-payment about equal to the
interest of S303, 800 of the illegally outstand-
ing consolidated bonds.
ERRONEOUS DEBT STATEMENTS.
The various debt statements back to 1880,
as shown by various reports, legislative
and executive documents. and the report of
special committee of 1882 on the state
debt, show that $27s,40 A and NJ and
bonds have not been deducted from the
state debt. which should have been done in
January, $780, The state bonded debt is:
Consolidated bonds legally outstanding,
$11, ,541 300; constitutional bonds, $l17, 500;
total per cent. bonded debts. 81, ,759, 500.
Bonds 90 liquidate indeb -edness to fiscal
agent issued under act No. 73 of 1880,
amounting to $167, 900, have been paid and
Cancelled. The object of this report is to
give the exact status of the per cent.
bonded debt, and not an absolutely correct
statement of the amount of interest paid on
illegally outstanding bonds.