The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-02-12

pang which has added so largely to the
Of Texas, my grant IT reasona-
extension Of time.
TuE STATE INDEBTEDNEss-C CON-
FIDENCE BEING RESTORED.
The new administration has been in active
force but three weeks. Before that every
shing was dark, and the minds of the people |
were kept full of doubt. No one felt safety |
b making calculations resting upon the un-
certainties of the future. For four years
Texas had been passing through state Of
,haos; and whether there was 10 be light |
iedding a benign influence upon the commu-
nifty, was I question remaining hidden within
the womb of time But the change has come.
Texas has been retrieved from the hands of
her despoilers Davis has gone to theshades
of private life, followed by the SCOTS and con
tempt of the world, while Coke, with pure
hands, has once more consecrated the govern
ment of Texas to the cause of right and JUS
tice. The people feel these powerful influences
working amid them, and they stand ready at
all times to put their shoulders to the wheel in
assisting their chosen and trusty leaders and
representatives in pushing forward the great
work of reform.
Willie the people are full of hope, money
ever sensitive-also begins to display its conf
dence. This can be regarded as the most per-
feet evidence of good arising from the present
administration. Two weeks since State war
rants were begging upon the streets at from
sixty five TO seventy cents on the dollar, Dur
ing the last two days they have been sold as
high as eighty cents, and bankers claim that
even under the unfavorable condition of the
State Treasury, they will soon reach higher,
valuation. Such confidence is truly crafty
ing. 1t comes, too, entirely voluntary, without
any bidding for it on the part of the govern
ment. No financial bin has been passed by
the Legislature, nor any particular one agreed
upon. The number of outstanding warrants
are little short of five hundred thousand dol
lars, and it is well known that enough money
has already been collected by revenue officers,
and is now due the State, to cover all the out
standing warrants 1t is well known that no
rings are at present controlling the settlement
of accounts at the Comptrollers Office, or the
paying out of money at the Treasury. There
will be no inducements, as formerly, for with
holding settlements, and consequently under a
rigid enforcement of rules at the Comptrollers
Office, the money viii now begin to reach the
Treasury at the time required. Such are some
of the reasons why warrants arc so rapidly
improving in value. t.
No financial bill has been passed, and still it
is believed, after the most mature deliberation
on the part of the Legislature, that one of a
reasonable, just and feasible character will be
adopted. What it will be no one as yet can
tell A sale of bonds is proposed by manyi
isfunding bill is being discussed; the receiving
of warrants for State dues at the Treasury is
looked upon by many as direct means to-
wards relief; but there is as yet no unanimity
of action. A great many desire TO see two or
more propositions for relief combined. We
claim to be no financier, but have the welfare
of the State deeply at heart, and desire to see
it. in all respects, stand pre-eminent in its
| manifold greatness, and knowing that nothing
will add more to this greatness than an honor
able position in financial circles, we shall at
least make our suggestions, and, if they are
correct beg they may have a calm and
thoughtful consideration.
The promises of a State to pay rest alone
upon honor A State has even the power to
repudiate, and there is no relief. But when a
State dsregards the claims of its creditors it is
henceforward placed in the position Of dis
honest man-in the same position as an indi
vidual who commits a lasting injury upon hi;
best friends to secure momentary benefit tc
himself. The honor of the State of Texas
has been confided to worthy men, and we be
lieve they will guard it, even if in doing Sc
they deny it some momentary relief. Texas
obligations should be as good as those Of any
other State, or of any individual. 1thas beer
the fault of her officers that they have no
been as good as they should be. Her revenur
officers are behind in their payments over {
half million of dollars. The State officer
have not held them to strict accountability
and hence the revenue has not reached tn
point intended.
In days gone by State warrants were goo
at the treasury for dues to the State Takin
a reasonable view of the case, and under
standing that the bondsmen of many of th
revenue officers are not responsible, might
not be well, for the one purpose of inducing
settlement, to again receive warrants in settle
ment of such dues? 1t may be objected tina
it would lead revenue officers to trade in wal
rants but it is well demonstrated that this car
not be preYented-and of late it has been cal
ried on with great profit while under such
ruling, henceforward the margin between th
market and face value of warrants would
so small as to amount tonothing, except in III
handling of very large sums. There is n
doubt that under such a ruling warrant
would at once appreciate in value to only on
or two cents below par, and in tn
next sixty days hundreds Of thousand
Of dollars would be paid into the treai
ury, which otherwise would never reach i
With warrants so highly appreciated
, home, what would be the result in the ever
l bonds were offered in Wall street, or in th
c European markets. With home credit good
/ outside credit would be restored, and instea
: Of bonds begging at seyentyfive cents, the
? would at once sell at the most hatterin
figures. The fact that bonds are worth s
little, and the doubt about their appreciation
gives rise to the plan Of funding the Stat
debt. We have the highest regard for Il
motives Of those advocating the funding plaI
but they should, in our Judgment, resort I
many other expedicnts before ostablishin
; such one Suppose warrants remain az 10
? figures, as they have done Tor months, an
that the funding bin becomes law; the q
Of the State in such an instance would comp.
+ is needy creditors at home to take its bond
c AZ par, while il is wen known that capitals
; seeking investment in Staie securities. wit
e millions Of dollars At their command. win d
o touch them at seventy-ive Or eighty cents Q
: The dollar
! Tho funding bin might prove an inmediai