The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-07-23
THE INTERNATIONAL RAILROAD
COMPANY AND THE FINANCES OF
THE STATE.

ures. Sixty days ago he would have
hypothetical them at sixty cents on the
dollar, on twelve months time at seven per
cent per annum; but that time las passed
away, and now they will not, under any
circumstances, be hypothecated. II not sold,
Executive This statement can be relied
upon, as We have it directly from the Gov
ernor. He further says that he does not
intend, by any act of his, to compromise
the credit Of the State, or take any steps
which may place the State at the mercy Of
Wall street. or any of the moneYed cor
porations OF companies of the United States
or of Europe He knows that the resources
of the State are ample to meet any and all
just liabilities, and that there cannot be
any grounds whatever why the capitalists
should hesitate to buy the bonds. These
are, in brief, his views upon the situation,
without entering into the facts and reasons
which lead hmm to the conclusions arrived
at. There can be no doubt, that if the Leg
islature shall enact such laws as will enable
the tax collectors to gather in the back
taxes now due, and the prompt collection Of
State dues in the future, there will be
pIAced annually in the treasury the means to
meet the interest which may accrue from
time to time upon the bonds and liabilities
of the State. When the wealth and re-
sources OF the State are fully considered, it
will be seen that Texas, more than any
other State in the Union, is. in solvent
condition. With territory larger than
France and more than four times as large as
New York or Pennsylvania, she has a soil
whose fertility is equal to the blue grass
region of Kentucky or the fertile prairies of
Illinois. Her population, which, but few
years ago, only amounted to eight hundred
thousand, now reaches about one million
and a half Of souls. And still the
stream flows in, bringing as permanent set
tiers and citizens many Of the best families
of the old States. So that Texas is assured
-s si,s ,ery greatest prosperity and an as
tonishing increase in her population within
the few years which lie just before us.
With population, wealth viii be added, and
the means for developing the vast and
varied resources of the Stste--her fertile
soil, from which untold millions of dollars
can be dug; her rich mines Of silver, iron,
copper, coal, lead and gold; her quarries
Of slate and granite; her cattle and horses,
which roam by thousands over the green
prairies covered with the mesquit grass, one
Of the most nutritious known, to man.
And when it is known that the public
debt of the State is far less than
most of the States Of the Union, it will be
seen that there is really no reason why
Texas should not command confidence
Of the capitalists of the world for any
amount which she may desire to borrow,
| But her credit is said 70 have been tar
nished by the action Of the Legislature il
the case of the international Railroad sub
sidy. We do not propose to enter into
discussion Of the merits of the case, eithe
pro or con, but simply to rehearse a few o
the more prominent facts in connection viii
that case Of recent date: We have here
tofore given our opinions, and see no reason
to change them. During the session OF tn,
Legislature there was an earnest desire man
Tested OF having the case finally settled
The Governor, we knew, from conversation
which We have had with him, was in favor o
settlement at once, and in fulI with tn
company, and urged upon the members 0
the Legislature, not by message. but in con
versahons, the necessity Of compromising
tho case; and stated that hewould approx
bin which, as inality. gave the cOmpan
$S, O0O, 600. Such bill was introduce
. with the appreciation Of tho company; ant
would have passed had it not been that tn
Legislature was about to adjourn and, ther
was not time to pass it through bot
Houses. The company then endorse
the bill with its provisions. which wa
passods giving them $500 900,
The supreme Court should decide III
smt instituted BY the company again,
, She late Comptroller Of Public Accounts q
: the State, which was decided BY the Dil
trict Court for Travis county. at the Jim
term, A. d. 1873, upon its merits. 3.
The case having been brought before ID
! supreme Court, that body decided tia
: mondamss did not lie against the Comptro
: Ter and reversed the decision Of the di
. trict court. The international Compan
: then applied to the Governor to sign II
{ bonds under the act passed by the Twelft