The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-07-02

OF money afleinS from tneui. hAs AS.ei---
without dollar, and undoubtedly looks
upon the prospect for relief as very gloomy.
State Financial Moody, also left New York
on the nineteenth instant, and is now on
his way 70 Texas without having effected
one thing for which he was appointed. He
has neither been able to sell bonds or bor-
row money upon them
While we must acknowledge, that
there has always been a serious
doubt in our mind about immediate success
in securing money, under. the plan of the
Governor, still our interest has all the time
been SO deeply identified with success
that we have hoped against the result.
But while we have hoped that the Cover
nor would succeed in his scheme, we cannot
say that before his policy became law it
received our Endorsement. 1t Will be re-
membered that the Governor, in his finan-
cial message to the Legislature, presented
his strongest claims in favor of forcing the
holders Of State warrants given for service
prior to January IS, 1874, to fund their
claims in bonds payable at some indefinite
tlme-twenty or thirty years, it is to be
supposed-or next, to retire the same class
of State paper until provision could be
made for their redemption in money. The
first bill presented to the Legislature was
one covering the first proposition, which
met with such universal disfavor that
it soon died the death which it
Justly deserved. 1t was severity which
large majority of the members of the Legis-
lature could not be led to practice upon in
nocent people. Then, the bill for retiring
State warrants, to await redemption from
the sale of bonds, was introduced in the
Senate, where it passed in ashort time; but
when 1t reached the House, that body did
not meet it with favor, and it was evident
that the session would have passed away
without action upon it, had it not been for
the course of the Governor. During the
pendeney of this bill, and that of the mon
ster which was introduced prior to it, the
STATESMAN was unceasing in its war upon
them both. 1t opposed them because there
was discrimination against certain credi-
tors in favor of others, and it recognized the
, fact that such proposition was highly de-
trimental to the honor, credit and financial
character of the State. A majority of the
5 members of the House looked upon the
' proposition in the same light, and under
such a condition of affairs the Governor be-
. came alarmed that his pet action against
certain warrant-holders would not be put
= into the shape Of law; consequently he held
Z interviews with the members opposed to
the bill, and represented to them that if
they would only pass it he YoulR have
money here in very short tIne--to some
he said thirty or forty days-to. commence
, redeeming the warrants to be retired under
e its provisions. In this manner he secured
i the passage of the bill, those voting for it,
in many instances, assertingits injustice, but
claiming that they submitted in con-
sequence of the promises of the Governor.
Upon the passage of the bill, Col Delaney,
! of Colorado county, addressed the Governor
/ a letter in order to allow him the privilege
! of making the following public promise
'EXECUTlEE OFfICE,
!, ',AUsTIN, March 8, 1874. {
'HOn W. S. Delaney:
t'Sir-Your note received. have to say
in reply, that in six weeks I will have the
81. O00, 900 of bonds required to be sold fol
a payment of the floating debt (the same al
b iuded to in your note as having been sus
pended), engraved, executed, and on the
market In New York, in the hands of com
petent agent. / have advices from New Yorl
TO the effect that money is now, and will be
until, say August, very abundant there, ane
J. that / can either sell the bonds at a gooC
!, figure Immediately, or if prefer more tim'
: to do it, can get money advanced on then
by paying reasonable per cent. interest
Nv intention is In one or the other o
the two modes, to have the money in th'
Treasury, in Austin, to pay the floating
Z debt of Texas as fast as the warrants ar
I presented at the counter, within one hun
y dred days from the date of this writing,
can. do this without making any sacrifice
and mean to do it. / advise every persol
who holds a Just claim for money agains
a Texas, that it is worth every dollar 1t call
of for, and if he viii only hold it one hundre,
q DAYS that he will get his money.
ssThe Legislature have made ample pre-
visions for the payment of the public debt
1t only remains for the Executive to act am
carry out the law. Twill do it promptly
and the debt win be paid within the mex
De hundred days. mean chat I say.
e ''Very respectfully,
Ss Pc 'R1cHARD CoKE.n
" " These hundred days expired on the nine
g teenth inst, and upon the same day, as W
have already stated, State Financial Mood
Z. left New York victim to utter failure
= How this came to DO so We cannot tell
though there is every reason to believe
was done through the worst kind Of mar
ss agement. Had some leading financial ma
IN IN Of New York city been entrusted with tn
sale Of bonds, it IS possible the Governor
premise raight have been made good. Diff
= culties were in the way, and it required
man Of weight in the right quarter to carr
the negotiation through to a success. Col
~ w. ]. Hutchins Of Houston, to whom tn
Il. fnancial agency was first offered, refused I
lns take It for private reasons, but said tina
the very bin which authorized the sale Q
I. bonds also contained festure-that Of leg
nd islating against certain State creditors
~ which would prove clog to the sal
= :. Of the bonds. This was the view "
had Always taken Of the case, and il va
the main reason Why we opposed the Go,
grnors scheme. After it became law
however Il was ont Of our power to d
ANYTHING further, and consequently we di
nothing mofo than encourage the public
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