Kellogg's Funding Scheme

The New Orleans Picaijune 'says of the iniquitous funding scheme of Kellogg and hia Legislature : "There is no provisión in it for the limitation of the enormous cost of the administratiou of the government. There is no proposal to the creditors of the State of any sacrifico on our part. There are no practical guarantees and securities that the State will be kept any better than it has been. There is uo lixed and aetermmed rate of taxation by which the people may be induoed to indulge in the hope of iinproving and increasing the value of their property and their capaoity for production, and of holding out to their creditors the prospect of eventual payment of our taxes. Creditor and debtor aio alike crushed between the upper and nether millstone of political corruption and avarice, The people are to be impoverished and our creditors defrauded, in order to enrich political rings, office-hoiders and their alhed jobbers and speoulators. This is what tho funding scheine of Mr. Kellogg means-a schemo i'ounded m hypocnsy, fraud and defiance of right and law. It is a scheme which cannot be I put into operation under any system of law known to civilized races. It must prove a lamentable and disgraceful failure, only bringing dishonor on the State, without any relief to the people. What the people demand is reduced taxation : what their creditors ask is any assuranco of an honest purpose to pay when we are able. No such reduction is seoured, no such assurance is giveu in the act which was passed by the howling assemblage called tho House of Ropresentatives of Louisiana. Before they perpétrate a fraurï on, or ask tho indulgenoo of the creditors of the State, let them first correct their own frauds, repair their own wrong-doings, and come into court with a remóte npproach at least to clean hands. Let thein reduco the costs of administering government to one-third of the present rate. Let theui apply what is over and above the expenses of an econornical and just administration of the government to tho I mout jiro tanto of our honest and legal debts ; and when this is done as a condition precedent let proposals be made to our creditors, and wo have no doubt that thoy will quickiy accept any fair and equitable basis of eompromise and settlcment thereof.