Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1861-11-20
s,a,g Io,leI and Relief

The assembled Wit and wisdoH''
n om the pc,Ils. now IN session al 'h"'''"'
viii he called upon to devise some p'"" 10Y
The rcllel o. lie state from her emb"r'"sS-
inc leb,s. Al good mch Ike to be fee
iron, that Lllcons nightmare, and 'he s'aie
| ,l,,t vonll not wllhlly close her eyes TO
,hc responsible duiies dcyOlylng on her, will
nroecel at the shortest notice to render her.
svlr free aud Snincumbered' Tic plan
proposed by Comptroller JohGs. last sum
mer, has not received The attention it de-
served from the press of the State. 1t was
an important document and contained same
of the trucst elements OF popularity as a
puLlic measure, simplicity and eomprehen-
slyeness. In addition to what Mr.. Johns
,..,usvs, utHrr rfInes urscryc attention
from our legislature now In scsa'on. There
are, wc believe, abort sl,700,000, with IN
tcrrst accruing, of the Eailroad bonds, in
tho Treasury, making nearly two millions
of dollars, of both principal Nnl interest,
These bonds have hcCn deposited in the
Treasury for the School fund, wlI'ch h0s
been borrowed from the STATE, hy tho Rail-
road companies. 70 make these bonds
available the legislature should repeal the
Act, setting apart the ten million indCnni-
ty fand received from the United States for
the sale OF territory and set apart to COM
mon schools, which would throw this vast
| fund back n. once into tic Treasury, where,
By subsequent legislation 1t mag he made
to meet the public c.igcncies of the State,
Thi, could be at once effected by the pres
eni legislature, in providing for the sale Of
the bonds of the Railroad companies and
directing tho use TO which the nvnils should
be applcd aftcr the bonds shall have been
sold. Thi. may produce howl OF rnge ana
orposition from the interested parties, but
IL will not affect the validity of the sales,
nor injurc the credit of the transaction,
whenever it becomes un .fnit dcconPh. We
bc,ieyc these bonds to be the best securities
in the world, the State having prior lien
on the Road beds for the payment of both
principal and interest; the bonds drawing
six per cent. interest on the principal of six
thousand dollars per mile.
As matters now stand, the Indebtedness
of the Railroad companies to the State, is
regularly increasing as extension of time
and re-e4tcnsion are demanded OF every
session of the Legislature, md the whole
drifting into an inextrioable vortex of leg
islotion, controlled by Rsilroad corpora-
ticns, those soul-less bodies whose aim per-
haps is never to pay their debts, but finally
under sufficient influences in thelegislature
seek to cancel both principal and interest,
and leave the Road beds, rolling stock and
franchises in the hands of the plcthoric
companies. 81.
As question of policy, this can be OBJ
iecicd to only by those who would demn-
gnsue 1t on the subject Of common schools,
or " ho are afraid to lcgislate for the state,
lest oiIense be given to broken, bankrupt,
or swindling corporations which hold the
property of the State in their possession,
and refuse to pay even the interest as it ac-
crucs and whose honrse cry of extension,
will soon be extension ad fnfaitum. They
owe the debt juslly-borrotccd rnoney-and
unless they expect to shuttle its responsible
ity by future-and mny bc--corrupt and
pnrtinl legislation, 1t ought not to be object
cd as to whom eventually they become pay
masters. 1fthey intend pny, what matters
it them, if these bonds are offered in the
markets Of London, Havre, or Paris, with
all the securities necessary to render them
perhaps the most salcable paper that could
be offered The State needs money and
money must be Obtained, and it seems to us
il would be better to turn wholesome pen
ny over the dilatory corporations, and es-
pecially when there is no constitution i'm
pcdiment to effect it, than to burden the
people with additional taxes, while 80 much
capital is lying dormant and worse than
idle, in the hands Of Railroad corporations.