Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1871-02-11

600 aud, as the poll Tax anu on0'
fourth Of tho other tAsos are, by
the constitution, set apart for school
Durnos6s, these items, amounting
together TO s2sS, $50, must be de-
? Quoted. Assuming this estimate 10
be correct, further provision for the
support Of the State government
will D. required, as tho current or'
penses Of tho government, and ap'
, propriations Tor tho maintalpenee
and Improvement Of the machinery
of the Penitentiary, aud for other
absolutely necessary purposes, musi
reach the sum OF nine hundred
thousand dollars. There 10 no
doubt that under good system OF
assessment and collection of taSfs,
tho ratio of taxation provided by
our present law will he sufficient TO
supply all the Just wants OF the
government, but somo time must
pass before this can be effected,
hence the necessi,y--which l hope
will be ,emporary-of increased
taxation.
Under the act approved August
B, 1870, providing for the issuance
and sale Of $3.50, 900 OF the bonds OF
the State, for frontier defense, |
have had the bonds properly en-
graved, printed and signed, but
have not yet effected sale OF any
part of them. Nooffer satisfactory,
In view Of tho financial condition Of
our State, has hccn made. Tho o.
nancial condition Of Texas should
be considered ms good as that Of any
other State, and her bonds should
not be put upon tho market at
heavy discount. Beyond tho debt
for frontier defense, now accumula-
ting; wo owe but very little, and
this is more than balancefby just
claims which we have against the
United States, aecruing before the
war. Tho only debts Of any i'm
portanco, for which the State is
properly liable, arc those due for
military services previous to the re-
bellion (and not excluded under
section "a of article IL, general pro-
visions Of the Constitution) and for
money and supplies furnished the
Penitentiary since the war. There
is also small amount due for GER
tificatcs issued in payment Of min
ute companies called out by Govern
or Hamilton in 1865, and some 9th
er small unauditod claims. The
Auditoral Board, created by the
provisional act of November 8, re-
ported the total debt, principal and
interest, on the first of December,
1867, al s332 ,436 II. This, howev-
er, includes the sum Of SoS, ,466 ol,
audited and unaudited "non-inter-
est notes." which are by said action
of the Constitution, declared void.
Deduct this latter sum, and it will
leave s242, ,969 &c as the total debt
on the first of December, 1867,
which, with interest added to date,
and the amount unaudited (about
s69, 9,OOO,) as above mentioned, due
from the Penitentiary, presents the
total Indebtedness ofthe State. The
exact amount cannot be ascertsined
from data within my possession,
but it certainly does not exceed, at
this time, s390,000, principal and
interest, of which, only that part
due from tho PcnitentiaIy, may
properly be considered specie. 1t
will be perceived that l havo not
included in this estimate OF indebt-
edness the bonds issued to the Com
mon School and University funds,
under the provisional act OF No
vember 12, 1856, amounting 10
S216.641 08 and interest. can
perceive no good reason why these
bonds issued to replace five per
cent. United States indemnity bonds
taking and disposed Of during the
rebellion by the authorities then in
possession of the State, should now
be charge upon the people. 1t it
is necessary that the School and
University fund should be increased
in a sum equivalent to those bonds,
it had bettcr be dono in plain terms:
but there is no such necessity, and
it is our experience in the past that
the accumulation of these special
funds tends to invite spoliation.
The School and University funds
are now, believe, quite as large as
they can safely remain, and the
taxes that would 60 to pay interest
ON bonds added toswell those funds,
might as we'll be expended directly
in support of schools or universi-
ties. I, therefore, recommend that
the bonds issued to the School and
University funds under said pro-
visicnal act of 1866, bo cancelled.
Out Of the said sum of s332, 1876
II. found due by the Auditorial
|, Board; the sum of s125, ,100is cover
cd by six per cent. bonds issued to
, individuals under the same proyis-
ioual act of November 9, 1865.
These bonds have passed, to large
extent. into the hands of persons
living out of tho State, and as tho
interest has ceased to be paid since
, 1867. the credit Of the State has
= been insured among those whose
acquaintance with the real imam
cial condition oftbe State is limited
A part of these bonds may have
, been issued on "non-interest notes,
!. and consequently be liable to the
6 objection created by the above men
: toned thirty-fourth, section of arti
|, Gle IL of the Constitution. What
: portion of them Gf any, isvoid M
: der that section, should be speedily
: ascertained, and provision made fol
: the payment Of all overdue Interest
|. on such Of them 90 are unanecte'
: thereby. To this purpose, 4 re
commend the establishment OF ar
Auditorial Board, to be comPose'
: Of the Comptroller, Treasurer anc
= ATTORNEY General, with power Y
examine all Indebtedness rePorte'
!, 6n Iy the Board organized nnde
: the provisional act Of 1850, and tha
= authority be given, for funding a