The Opelousas courier., 1896-02-29
Gov. Fosters Opening Speech.
N. O. States, Feb. q.

Saturday night, in Shreveport, the
Democratic campaign was formally
! opened, and q great demonstration of
the people was addressed by Gov. Fos-
ter, Senator Blanchard and some of the
other candidates on the Democratic
tikcet. The Governors opening ad-
| dress is a mastery review of his admin
istrati0n as well as Of the political his
tory of the State since the downfall of
negro and carpet bag despotism and the
Inauguration Of Democratic rule.
The speech of Gov. Foster ought to
be read by every intelligent nan in the
State who desires to vote in the APP
preaching election intelligeneN. 1t is
presented fully in the States of to-day /;
but we wish especially to direct the at
tention of the business men to that por-
ton of it which refers to the tina noes
of the State and which we herewith re-
produce:
Finding a surplus in the treasury which had
been accumulated through an honest and eco
nomical administration of my Democratic pre-.
decessor, which surplus has steadily increased
under this administration, through the Board
OF Liquidation a portion OF this surplus was
devoted to the purchase and retirement OF
Understanding State bonds aud the purchase
and retirement of outstanding warrants of the
State for the years 1885 and 1886 and past due
| coupons and baby bonds. All these obliga-
tons were issued by the authority of the State,
and many of them were in the hands OF innO-
cent third parties. The following figures will
show the details of these various transactions
| Four per cent interest bearing bonds retired,
$7I2, 600, at a cost of $3.50, 73l 81, saving thereby
in the purchase $21 1858 AZ. and an annual inter
est of S28,480. By a compromise with the credi-
tors the floating debt OF the State, comprising
| auditors warrants and coupons, were settled
| and retired at the rate of sixty cents on the
dollar for warrants and 1915 cents for coupons.
Under This agreement warrants or 1885 and
1886 were retired to the amount Of $315, 555. Is, at
a cost OF 1s9.sssIs past due coupons to the
This comprises all Of the outstanding war
rants and coupons presented. There are yet
outstanding coupons amounting to $138, 908. so,
| which are provided for by setting aside $685.
authorizing the Board of Liquidation to pur.
| chase baby bonds exclusive OF interes'. There
have been retired OF these bonds 1865 ,135. 70, at
a c0stof $50, $50. SO, saving by this transaction
$214,S<5.71. 1t will, therefore. be seen that the
total Indebtedness of the State has been re-
duced $l,s77 1893. 70 at a cost Of 81 ,254, 1885, saw
nuul interest $28, 249. After the current de-
mands for the year 1895 have been met, it can
be safely stated that there will still remain in
the treasury of the State a surplus of 100000.
The Governor continuing, shows that
this remarkable progress in the extin-
guishment OF the vast Radical debt
piled upon the shoulders Of the people
Ny uCUduCuoty anu p!uuucIluR VI IH0
party that is now seeking to regain con-
troll Of the State was made, not at the
the cost or neglect of other demands of
enlightened government; but that, on
the contrary, larger appropriations have
been made for the public schools, and
charitable institutions and the levees
than eve before in the same period of
time in the history of the State. y
What a noble contrast does this fnan-
cial hist0H of a clean Democratic aGs,
ministfaRion present to the history Of
those of WarmOth and Kellogg, the
leading spirits of Capt. Pharr's cam
paign.
Authoritative figures show that under
Warmoth's administration the expendi-
lures for the expenses of the State
amounted in four years and five
months to the enormous sum of
$40, 1894, SIS. 25, and to this must be
added a bonded debt, for which the
State got not n dollar Of benefit,
amounting to $25. 100000. By an act of
unblushing reputation Kellogg re-
funded this debt into consoIs bearing
seven per cent interest, a rate of inter-
est that would have tempted all the
capital Of the earth to invest at a pre-
MUM in these consols ii there had been
anywhere in the remotest region of the
globe a particle of faith in the honesty
and reliability Of the Radical govern
ment. But SO rotten was the Republic
a regime, that when Kellogg was
crushed, the last remnant of negro and
carpet bag rule exterminated and a
Democratic government inaugurated,
Notwithstanding this extraordinary rate
OF interest Louisiana cOnsOls were sell
from 80 cents to 36t cents on the dol
lar.
Under Democratic rule the credit of
the State began sIJwly but steadily to
rise. The Demo ratio State constitu-
tionai convention of 1879 wisely recog-
nized the body ff the debt as it bad
been bequeathed to the people by it's
infamous creators, but reduced the rate
of interest to four per cent, which it is
now. And SO wisely has the
government been administered by Gov.
and his Democratic predecessors
Louisiana consOls are to-day sell
at par in all the commercial CEN
Lers OF the country, the interest has
been pnnctually paid, and q large part
Df the debt has been cancelled and a
Further surplus of 100000 remains ID
The State Treasury.
In the history OF States NO such fnan-
,ial results based on such d situation as
hat found by the Democratic party has
been achieved. lie there were M
,ther word to be said i1 favor Of the re-
election OF Governor Foster and the
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