Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1871-10-28
speech of Hon. John w. Lane.

bruises,
speech of Hon. John w. Lane.
he House considering the following bill,
"An Act to authorize the Issuance 81 state
Bonds Tor tie redemption OF State War
rants when Ihrieis no money In the Treas
ury 10 pay ihs same, the Hon, JuiiN W
Lane of Dallas, said,
Ma. SPEAKER, The measure now before
the House authorizes the Governor q H.
low certain per cent, as comm s'ion TO his
agents for negotiating sale OF the Bonds
OF the State. While | do not claim TO he
familiar with financial transactions, or
nj all yefscd In the art ocncgOia,iug State
Bonds, ye: cannot but consider this prop
osilion as simply device for the purpose
Of giving nn agent OF the State large
amount OF money for no adequate eonsid'
Grafton. No reasonable mind can he M
duccd TO believe that two per cent, or i've
per cent, or ten per cent, commissions TO
an agent will increase the value of our
State Bonds in the monetary markets OF
the country. But the most disingenu1us
mind can readily perceive that the agent
would have large margin that lie might
ulNluti ptlh"lSi WIN wv l"' N"''''i ~ "'''
some ring. II II IL intended as Spots 10
be divided among the harpies VINO ucsiIe
TO fatten upon the mlsiertuncs OF our sauly
oppressed and tax-ridden people, II should
find no favor in this body. Ia MY humble
judgement il is time that those who claim
to be the representatives. Of the people, and
whose duty IT is 10 guard the interests Of the
State, should wake up aud give to every
question, which has for its object the IN
crease OF the debt OF the state, the closSt
scrutiny. And, instead OF increasing NE
expenditures OF the government, anu con-
sCqucut increase Of burdens upon the tax
payers of the Stale, thtre should be re-
trcEchmcnt in every department. Not
only rctrenchment, aud the looping Oh and
repeal of appropriations already made, but
n reform in conducting the monetary af-
fairs OF the state. ! know of no hclter
time 10 begin than now, anu OF no meas
ure we are likely to consider, more nppro'
pirate for such beginning than the one
no" before us.
Let us look at this proposition in bus
mess way, and consider 1t practically
Suppose an individual whose property and
resources were ample to make goo his in
debicdncss, desired to ptnce his notes or pa
per upon the market, would he think for
moment of employing an agent unknown
to the business world and prepare to give
him two or three times the amount of com
missions that would be necessary to com.
mand the services of the most reliable and
Skillfui tinnnciers in the country? We
know full well the agent heretofore en-
ployed by the Governor to negotiate the
Frontier Bonds, and we know too well what
II sad failure has resulted from that tlnan-
cal folly. We are authorized to Judge OF
the future by the past, and surely we should
profit by experience. Will those who IA
vor this proposition contend that two.and
onc-halt per cent commissions will aid
one particle to the value of our Bonds, or
that the Governor will not be entirely abe
to secure the services of some able banker
in New York, for one per cent commissions,
or even half that amount? Tho Difficult in
negotiating the Bonds of Texas, does not
resul. from the fact that only small per
cent has been allowed for commission On
sales, but the corodiug cankcr that has, in
few months, destroyed the credit of our
State, and made our Bonds mockery, is
to be found in the reckless and extrava-
CANT legislation of our own body. 1t is a
sad truth, and one am paipel to utter
nevertheless it is n truth--and the sooner
we acknowledge it, and probe our own
errors to the bottom, and provide the prop
CT correction, the sooner will our State
credit be revived, md the better it will be
for our constituents and for ourselves.
MIR. Speaker, if we will repeal such
portions Of the election and registration
laws as annually cost the State, and peo-
pie of the counties, outside of the State ex-
penditures, two hundred and fl fly to three
hundred thousand dollars; if we will mod |
iry the Printing Law which has already
drained from the Treasury over one hun
dred thousand dollars; and repeal the mil |
itia and Police laws, and disband the il
noraut armed sol,liery, for whose organ
izstion, equipment aud support we have
already appropriated, for two years service
100000 if we will reduce the 100000,
appropriated for the common School sys-
TEN, to one-half that amount; and prohib.
it the collection of one per cont tax re-
quired by the Governor and school Super
intendant for the building ofschool houses;
five will reduce the number of supernu-
merary clerks and hdngerS-on provided for
in vario1s departments, especially in the
Supreme Court, the Attorney Generals
office, and the War Department, aud devise
means by which the expenditures Of every
branch of the Government may be admin
istered honestly and economically, then
Sir, there will be no necessity TO hawk the
Bonds Of the State among capitalists, beg
ging purchasers, and paying incompetent
agents extraordinary commissions to eff
feet their sale.