The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-03-05
STATE FINANCES ASSUMING A MORE
ENCOURAGING ASPECT.

Il IS evident now that the Legislal lure
does not intend to pass compulsory fdnd-
ing bin, ard that certain State warrants are
not to be indefinitely retired in consequence
Of their dates. The treasury has been open
to a voluntary funding plan for about year,
and It has been shown du+ng that time tliat
our people are unable to invest in bonds
with warrants ranging from fifty to seventy
cents, and but little probability Of their
being cashed. Only very limited NUM-
Der Of bonds have ever been taken.
The dissatisfaction of the people Of
Texas, and the poor financial ability-ior
rather, VIC might say, the ability OF the
past administration 70 put everything into
the most improper state-has led capitalists
ia the great money circles TO feel that in
vcstments in Texas securities were for the
time unsafe.
With money being outrageously squan-
dercd, bonds stolen, financial agents selected
from among the widest and most dissolute
adventures, with Texas promises being dis
counted at the rate Of forty or fifty per cent,
the present administration had to COM
mence its work under the most inauspicious
circumstances. In the multiplicity OF
plans, at first there was confusion and un-
certainty, but now, we are happy to say,
that everything ahead looks fair. The
joint committee Of the two houses of the
Legislature have matured plan which bids
fair to give almost immediate relief. It is
now settled, we think beyond doubt, that
the Legislature will pass bill authorizing
the Governor to sell million OF more Of
bonds at the earliest possible moment, and
that no discrimination viii be made in the
payment Of warrants in consequence Of
dates. With this belief growing upon the
mind of the public, warrants are rapidly
advancing in value, and so they viii as long
as it appears that this plan is not
to be interfered with. We have con
tended from the first that any discrimi-
nation in regard TO warrants, or those who
hold them, viii prove injurious to the
financial character of the State. With fears
Of such position disseminated, all is NOV
ing along smoothly.
While the Legislature is in earnest trying
to perfect the best plan to place the State
financially in healthy state, the Governor
Is performing q most necessary part. He
has already settled matters with Williams &
Guion so as to make them feel secure in the
early payment of the money due them, and
now he is in almost daily consultation with
leading financial men, arranging for the early
procuring of money on the sale of bonds as
now being provided for by the Legislature.
Already he has received assurances from
New York that Texas bonds will now bring
a fair price, and he feels confident that
thirty days will not pass after the passage
Of the bill before money to relieve the
floating debt viii be finding its way
out Of the treasury in sufficient quantities to
meet all demands. Let us all work to Sc
cure such an end This is the true policy
and the only true one. Place money in the
treasury to redeem the pledges of the State.
Lot no question be raised whether the war
rants Of one man are entitled to more con-
sideration than those of another, but let all
creditors Of the State be treated alike. If
warrants are to be retired, retire all If
they are to be paid, prepare to
pay all, and let the first presented
at the treasury, regardless of date,
be duly honorcd with money over the coun-
ter. The present administration have had
difficulties before them which seemed almost
insumountable, but confidence is being re
stored, and easy times are just ahead.