The Caucasian. (Shreveport, La.) 1900-192?, 1913-06-26
Governor Hall and the State Debt.

Governor Hall and the State Debt.
1t is not expected that the news
paper which may be jaundIced with
prejudice and is politically I'M
friendly towards the State admin
istration shall permit any escape OF
lis ungenerous criticism OF the
Governor.
II is conceded that the Governor
is fallible and that he has not met
every anticipation of his friends and
the voters who are responsible for
his election, but he is entitled at
least to the credit of having directed
his efforts towards the maintenance
of the States credit, instead of being
misrepresented.
1t is not deniable that he did APP
peal to the fiscal agents of the State
to help him in providing the ways
and means necessary to meet the
eleven filIion dollars obligation OF
the State due January 1, 1914, and
1T is equally a fact that the fiscal
agents have held conference at
which several plans were consid-
cred, and il is also Of record that the
Governor was led to anticipate sub
stantial aid and comfort from the
State banks, but it is reported au-
thoritativeIy that this has been de-
MED him.
1t is not surprising, therefore,
that, as announced, the Governor
has declared that when he called for
help the fiscal agents have respond
ed with advice which, seemingly,
has aroused the Indignation of the
New Orleans bankers who attended
the Baton Rouge conference on
Thursday.
Why this indignation?
Is the Governor guilty Of a mis-
statement?
The fiscal agents are fully aware
that if the States obligation, aggre-
eating about eleven million dollars,
is not liquidated that the credit of
the State will be impaired. II so
affected, will not the fiscal agency
have to bear its part of this failure
to pay this debt when due? !
1t would seem that there is only
one means or avenue offered for re-
lief, which is suggested through a
Constitutional Convention limited to
the adjustment of this debt, but such
convention should not be consid-
cred unless its functions be general
and unlimited. o
And, if called, would the relief de-
sired be at hand in time through the
proceedings of this convention?
This query may be pertinent:
Why is it that the fiscal agency, at
one of their conferences, suggested
possible aid and comfort to the
State, in connection with this obli-
CATION Of eleven million dollars, and
why has this anticipation of help
been recalled?
1t is not expected that bond buy
ers shall, at this time, take per
cent bonds of the State, except att
their own rating, but this declina-
tion is simply one of the features of
the trade, charged, at this date, to
the financial stress of the market,
which may not be disputed success
fully, but these bonds are worth
their face value and should be
taken as good, substantial collateral
by the banks of the State as we'll as
by many of the people who would
invest their idle means in safe Sc
curities.
II would seem the best policy, in
stead of criticising the Governor and
in calling for Constitutional Con-
vention, that the per cent bonds
OF the State be held strong and de-
sirable and be taken by the banks |
of the State, (which would settle the |
credit of the State. which with. its
unlimited; advantages and resources
should be held upwards and beyond |
the, reach Of repfoach.
Estray Notice.