The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1874-09-05
COLONEL MOODY.

The financial agent of the state pub
lished, recently, in the New York Trib-
une,. a lengthy letter Oh the issue be-
tween the state of Texas and the Inter-
national railroad company in reply to
editorials in that paper OH the "Credit
of Texas" and Unsuccessful Efforts to
Negotiate a new State Loan" AS our
readers are familiar with the points in
the case, it is not necessary that we
should give more than the concluding
portion of the colonel's able letter
Such | believe to be a fair statement
of facts. If not, i beg to be corrected
by others, for l have no intention to do
the least injustice. Now, then, | sub
nit ittOcapitalists everywhere, is there
in all this the least appearance of bad
faith on the part of the state of Texas ?
Did not the legislature do all it could
have done honorably, under the cir
cumstances Would the legislature of
any other state in this union have gone
so far rs to pass III act framed to meet
and to CRAFTY the wishes Of a private
corporation, and conditioned on the
decision of Il question then pending in
the supreme court of their state Yet
there are bankers and capitalists In the
city ofNew York who have been i'm
pressed with the belief that Texas has
wronged the International railroad
company; has acted in bad faith to-
ward this company, and charge it as
the only cloud hanging over the credit
of the state. Who is responsible FOR
this misrepresentation, this dislrust of
Texas? Are the friends of the Inter
national railroad company? If not, Is
il not O duty they W to the state OF
Texas and to themselves to disclaim it
ana thus place the matter at rest :?
Would any honorable man have Texas
tabooed and classed as Il ~repudiating
state simply because the International
railroad company have been delayed in
getting bonds of the state, officerof
the state withholding his signature, no
doubt acting under the conscientious
discharge of the duties of his Office?
Would any honorable man have the
Legislature ofTeXas to override its con-
stitution and its members to disregard
their Oaths of office? Is this to be a
condition precedent to the credit of the
state? If so, is it not better for all con-
cerned that she should have no credit,
and the sooner the better.
Texas has always met her interest.
To-day it is accruing Oh only SS5I,-
237 %, which is the amount of her
total bonded debt, exclusive of SILL
0OS u held and owned by her OWL
school fund. She has an area Of l75,-
sol, 900 acres of land, of which Sl,OOO,-
900 acres are unappropriated, reserved
and owned by the state. With Il taxa
bic property in 1850 of S5l 100000, to-
day it is over $500, 900 900. With n
population Of 212,O00 in 1850, to-day it
is probably 100000. Raising before
the war about 100000 bales Of cotton,
she will probably export over 100000
bales the coming season. She has a
seaport ranking in the value of its ex-
ports, the eighth in the United States.
Che owes less, and isaGvancing in ma
terial wealth and population more rap
idly than ANY state in the union. All
this, aud set she is but in the infancy
of her progress, for her railroad con-
nections have been made only in II
past few months.