The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-07-02
GOVERNOR COKE AND HIS FINAN-
CIAL POLICY.

CIAL POLICY.
THE state Gazette with its accustomed
zeal for defending men of place and power
and with its usual love Of sensational arti-
Gle says:
ssThe Galveston Nears and STATESMAN have
made the return Of Treasurer Dorm and
failure Of Mr.. Moody, the financial agent
Of the State, to negotiate the bonds, the
occasion for an abusive assault upon the ad-
ministration OF Governor Coke. Nothing
less could be expected from presses Of this
character, and It was in anticipation OF
these assaults that we presented hopeful
view Of this question in late number of
the Gasette.p
Now the readers Of the STATESMAN
know that the above is not true; and twill
take more ingenuity than the Gazette has to
torture a plain article condemning the Gov
crnor's financial policy into an abusive one.
While We have dissented from the Governor
in his plans for relieving the State from her
financial pressure and dilemma, we have
not so far forgotten what is due to our
selves and the great party which elected
him as to take advantage of his failure,
to abuse him. But the cheek of
the Gasette in the last sentence, only
creates smiles Of derision from those who
are acquainted with the political career of
that paper @ Nothing less could be ex-
pected from presses of this character. "
What does the Gazette meant Now, when
that paper makes the test of character the
criterion Of wisdom, then we viii be able
and ready to show what the character of
the Gazette is by some of our contem-
poraries. who assert their opinions based
upon facts. But if that paper will discuss
Its propositions upon ultenor facts and the
merits of the case, leaving out such silly
and contemplate assertions as "presses of
this character, " then we will either refuse
to enter into a discussion with that paper at
all, or, if we do so, will rely upon the facts
which are Immediately connected with the
case.
Now we think that it can be shown that
the Governor.made very great blunder in
the positions assumed by him; and that it
will not be in the power of the Gazette to
shield him from the just condemnation of
financial men, and logical conclusions based
upon facts. In the very ouset, he desired
to be relieved from the outstanding in
dsbtedness Of the State by an act which
contained within its provisions a provision
which rendered it practically dead letter
upon the statute book. That it may be seen
that we do Governor Coke no injustice, we
here insert the following paragraph from
his message Of the tenth of February:
sqf we cannot raise money to meet our
liabilities, and pay the current expenses of
the government, then / say use the money
coming into the treasury to pay the latter,
and make the best arrangement we can for
the former; and for this purpose ] recon-
mend that your honorable bodies provide
by law for retiring the entire floating debt
OF Texas in existence up to the thirteenth
day Of January, 1874, into bonds. / mean
by the floating debt all claims for money
against the State, whether in the shape OF
warrants or other claims, which might be
matured into warrants upon the treasury.
This was the pet scheme of his Excel
lcncy, and yet when adopted and acted
upon was the gravest violation of vested
rights, and to certain extent the most un-
Just population of ''warrants or other
claims which might be matured into war
rants upon the treasury which could have
been accomplished, the full force and effect
Of which win shortly be seen and felt ell
over the State, unless by some fortunate
chance occurrence some one viii be able to
come to tho Governors relief in this his
hour Of great distress and place the money
IN the State treasury. We sincerely hope
that he may get the money, but it is almost
hoping against hope. Mr.. Dorm, the treas
urer, and AIr. Moody, the financial agent,
have both returned without money. The
Legislature without proper self-reliance,
and acting upon what they supposed to be
the superior wisdom Of the Governor
and against the better Judgment Of
many Of them, but upon the assn
RANGES Of his Excellency that that was
an that was necessary to enable him
10 sell o. hypothccate the bonds, did as
they were advised and counseled, and
passed the act called for so explicitly by
him. Let US here pause and determine who
were the parties who held warrants and
other claims upon the Treasury. They
we've tive principal classes: the poor clerks
ana employees Of the State who, in their
poverty and distress, availed themselves Of
fheir oducation ard discharged the public
duties 81 the State, relying upon her col
rcney ana good faith FOR The money; also
TIE various officers who had received such
Narranz and claims as good paper, which
lhoy believed could be made available in
their settlements as public officials. These
constituted one q the principal classes Of
creditors The other class was composed Of
bankers and moneyed men, who had
Bought up such claims aid warrants
s discount What vas the eject
oron lho flst class. upon the passage
Of the ectl u emeuated % nothing lss.
Ihe ioz 81 q large per cent. % thoss
hc.s'' re-e com elIs1 8 hare mouey,
and g ..--' ,rl vas Reputation. Ilwa'
.'-- ~ caps, !. Disseminated
-. .,....s,n.h j. Warrants issued
.,'se ,loaid nel 1c.,y, ana es
s.1.N,o'1. Indicated se.. - g
..,r. ee3 sIlsr ~ '''as