The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1873-07-24

N1f '1aaIre the 3aaIcal Il|.l.l|
menl ioi Tie la. i've years. the credit d
Texas ought to be- q this Time equal g
that Of any State il tie Union We donoi
intend 70 60 into figures 70 prove this but
70 deal simply in gcneralities. which ought
to be conclusive to every unprejudiced
mind. After the war was ever. the debt
incurred BY It being set aside as Illegal and
improper, the State may be said to have
been out Of debt and in the best financial
condition. The administration Of Gov.
Throckmorton, elected by the real people
Of Texm under the johnson reconstruc-
ton, was eminenfly economical and pru-
dent. The Legislature, which met during
his permitted term Of Office, was guilty Of
no extravagance, committed no waste Of
the public means, and contracted no
debt for the future to liquidate. The re-
port OF Governor Throckmorton, when he
was elected by Federal baYonets from the
position, which he had held by the free voice
Of the people, showed a most gratifying
financial condition Of affairs, as any one can
see, who win take the trouble to read it. No
debt was contracted under the military gov
eminent, which succeeded, and it was not
until the Radical carpet-baggers and scala
wags got possession Of the State, under the
ubiquitous second reconstruction, that there
were any financial difficulties whatever The
Twelfth Legislature was made up Of reck-
less Northern carpet-baggers, dirty Southern
scalawags, and poor ignorant negroes, who
were made the mere tools of the Others, and
all together commenced a system Of extray-
agance, appropriation and pillage, pre-
yiously unknown, which, of course, soon
involved the State in debt and deprecated
its credit, while at the same time the people
were burthened with taxes, which, when
paid, went into the hands Of the
increased bands of officials who thought
of nothing else but enriching them
selves at Che public expense Fortunately
for Texas, the unbridled reign of thus
mongrel set was not Of very long eontinu-
ance the election of the Thirteenth Legis-
lature proving a check to further improper
Legislation, though the Radical Governor,
judges and other officers still retained their
positions, but shorn greatly of their power.
Thus the condition of our State is infinitely
better than that of any other reconstructed
Southern State, she having suffered less
both during and since the war. After all,
the debt incurred by the Radicals amounts
to little, when we take into consideration
the size and immense resources of Texas.
The taxes already imposed, with the in
creased value Of taxable property by the
building of railroads and the large immi-
grafton consequent thereto, viii soon pay
off all the floating debt, and her warrants
will be equal to cash in hand. Even if the
courts decide that the international bonds
must be paid, the amount of debt thereby
created is a mere trife against such new,
vigorous and growing State as Texas.
Her seven per cent specie bonds
should be at par the world over, and
eagerly sought after by capitalists; for the
payment Of interest and principal, when due,
is as certain as any earthly event can be-
Texas's credit should be beyond question,
and we are astonished to hear it said that
her bonds can find no purchaser. If this
be so, it is owing to gross misrepresenta-
tions OF her present financial condition and
resources, or to an utter Ignorance of them
on the part of moneyed men. A little ex-
animation and modicum of common sense
would show capitalists that no better and
no safer investment could be made than in
Texas securities. The Texan who is en-
deavoring to create.a different impression
abroad is unworthy the great and noble
State he lives in, and if any railroad corpo-
ration, with foreign stockholders, is en-
gagged in this dirty work of depreciation, it
should be dOubly damned in the estimation
of all honest, patriotic minds