New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1907-09-21


the bonds. In round figures tb
amount of interest that the Stat
pays on this debt is $445, 900 an
nuaIly. The Legislature may re
duce the appropriations for tn
support of the insane, the ole Con
federate veterans, the normal an,
industrial schools. for farm expert
ments and even for the genera
cause of education, bnt it canno
touch this nearly half million dol
lars. This stands sacred, beyond
the power of the Legislature, for i
is dedicated to the bondholders.
The debt will mature in abouI
seven Years, as Mr.. Wilkinson has
correctly stated. But is it wise tc
do nothing in regard to the matte,
until we come face to face with the
demands Of the bondbolders for
the money which the State owes
tbemf Do not business sagacity
aud business prudence suggest that
we prepare a plan sufficiently in
advance of the maturity of these
obligations to enable us to meet
the situation without embarrassment
when it arrivesf The "Do. Moth.
ing policy, suggested by Mr.
Wilkinson would leave the admin
istration to be elected iu 1912, to a
very large extent, at the mercy of
the bondholders and the State
would be compelled to make terms
with them as best it might.
Now while the Governor to be
elected next year cannot pay off all
of this debt during bis ad,niuistra
tion be can at least make a brave
start in that direction; and what is
more, he can inaugurate settled
policy by means of which the entire
debt can be wiped out within a
comparatively short while. He
can do that and in doing so he
need not increase the burdens upon
the people to the extent of single
dollar. The State is rapidly deve-
loping in population and wealth
Lands that decade ago were un-
reclaimed, nopproductive and
are today being reclaimed
and are becoming the most produc.
tive and the most valuable lands
in the United States. Great
industries are growing up on every
hand and all Of this wonderful
development is being reflected up
Oh the tax rolls.
When the assessment was about
Dne-half what it is today Governor
Foster retired a million dollars of
his interest-beal ing debt aud
saved to the people of the State
FAC, 900 a year in interest, aud he
lid it without increasing the tax
rate. With rapidly increasing rev.
snues why should not the next
Governor do as weIIl The next
Legislature can, aud ought to,
propose and submit ~ the people
or ratification at amendment to
he Constitution requiring he set
Ing aside every year of fixed
of the States income as
sinking fund for the retirement
Il the State debt. The people
'ught not to be required to dig and |
'elve year in and year out for gen.
ratlons for the benefit of bond .
'olders; for to continue such a /
'ollcy In a time of profound peace |
nd amid abundance of prosperity
an economic blunder aud crime ,
gaiust the taxpayer. 4
To Mr.. Wilkinson this tax of a 8
alf million dollars every year to I
aiten the bondholders may appear {
trivial matter, but to the toiling
axpayer whose small earnings are
arely sufficient to obtain for his
amlly the necessities of life, the
respect of continuation of a pol
~ which exacts from him as a tri-
ute to the bondholder one fourth
I every dollar that he pays to the
tate iu taxes, is not cheerful
ne.
The time has arrived when the
uestion must be settled whether
'e government Of Louisiana shall
. administered in the interest Of