The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-01-02
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DALLAS, December 40, is1L
~ the Editor ~ the iullns ileIaldi
Your editorial OF Wednesday morn
Inc on ",hc lpglslaturo's dulyp m to
the point aud well taken, but thcrc Ia
one other very important question
which doubtless will demand lcglsla-
ton the coming session, and should TOO
well cared for hy the press Of Texas,
before any action is tkon. The I'M
portant question IL, "The Southern
DEBIT which involves over 100000
dollars, and Texas being interested In
this Indebtedness to about the amount
of two and u half millions, the legisla-
ture should be well advised before the
agent of those foreign bond holders
makes his propositions for engulllng
the state into legal responsibility Of
indebtedness, under tlevery erroneous
plea of aflordiDg the state an opporlu-
nifty to revive her credit and pay her
debts. IL any one is responsible for
that debt or the depreciation Of the
states credit, OH tlist score, it is the
government of the United States, and
to congress these accredited agents
should appeal. This question, us you
will perceive below, is being agitated
with some success in different southern
states. The agent says: r
me asent o. .iie associa.iot' IKE i"s upun
,si nit reco n 1o liz lenislature lie
funding of the debt on these terms ut
five per cent. SO viii the new govern.
or oil oouta Oatoiina' ne eovg ;i, , v,
The ,91 1nndtjppG, ollie old renndIated bonds
issued for the Planters bank. Georgia,
being easily able to pay what she owes
ilHrseii, uccilhes " iia "3 t,,;, s 81" "'
after some DELAYS, amreed TO recom-
mend 10 the leSiSiaiure Iieii uoous W
assSinpie iieie VI" 80 ,u,s sa o ster;i,sc
bonds emnJar the Man Of the assocja.
tinn He nrred il on fine legislature
With yreat aarnestness and Mr.. r.. M.
n Tnnter tha treasurer. also presses
| II for ado,,t;nn. Kemner and Hunter
oon,Jjnod can carry this financial
| m aosure thro,,oh tha General assembly,
and thew are sononine of success with
~ in crwert;no The whoIe debt into
go. ,er aant sssyl;n,, honds
ic"i psi ee"'
Georgia, having pretty good kho"l-
edge of what these capitalists paid in
ooSh for tba bonds took the nrorer
o,''N I.oe,,,oi t,,4,,
view OF tiie ii.''ei, ai'" "'o''"e' :" ="
anything, ana IT Is To DE hoped lhat
Texas will do likewise. l hope you
,,;,, fir,l roo,o T., vorr we'll circuloted
paper W give ''ie ue'"i.'o VI V,'o i'o''''
scheme for funding the oid southern
bonds, as giving below its legal aspects,
y,all 40 your ventilation of the sub-
-. Ill, .o,, ,,;,,, , ,ot
ject, "hetiief YOU "Sieo WIN ''ie '''V'
From the New York Herald'l
RICHMOND, Va, December 5, 1874.
p,ba stotement 7 teleqranbed to the
uaraid q fsw weeks ogo tn the effect
tiot the foreign bondholders of the
southern states Ind PROMISED. through
ON sncradited agent To fnnd HE entire
JaLts nf those states ut n red Ger, rate
Of interast within fine conacitv of each
to nav has created widtsnread selisa-
lion: NJ not only among the bondholders,
hnt among officials legislators and the
nannia aenarallv The scheme in
p eJIpS o7,or ah6 ooD ooo Of deht and
u III - ;s adnnitted to he faosihle. and
viii ofiard thn snntbern states nm on
,'ort1n;t,, to revive tit,,ir. credit ms well
p re =, ,aT tbair dohts tho modus on
,'n " i'J ~" oa,,orouy n,isundnrstood
and """ os soon nv the nress comments
,v;daiv n,isoo,1str,ied Iegislotion is
~ 10 ho had vhici, viii comneI each state
w w no,,,,,i,, ria;jIv With the Terms of
t ~ 1 nnrln3ct enJ which will enforce n
VIC ~ aa"i TJ' ODD n,vn,ant Of tho
intarast on tho nav bdnds us II ralIs'
due.
THE MACHINERY
nrovided for the collecting of the tax
IN nav the interpst and raising a pro.
ner sinking fund for the new bonds is
n nrovision that every wear the auditor
of tho state shall lew n tax on the as
sessed nronertv of the state and collect
IL through the proper officers. This
rately and distinctly from all other
sf:,te taxes. and the money raised 10y
il is to he kent apart and sacredly ap-
nropriated to the payment of the in
terest and the raising of n sinking fund.
The law. which is understood to have
been prepared by Won Knapp, of Ber-
lin. and Judah p. BENJAMIN, of Lon
don the highest foreign authorities on
American law, also provides that, ia
case the auditor refuses or neglects TO
levy and collect this tax rs provided
and required by it, then any hondhold-
er NAV apply to any court, state or fed
eraI having general common law jur-
isdiction. for an order requiring him to
do SO and authorizing the officers o
such court to enforce the order. Thus
and here IL Is where the
s.,,,rI,,xs,oN px,srs
''i'-,i = '''''''''-
There will be no suit against state,
but the court operates directly on an
officer OF the state, as was done 10y the
supreme court of the United states in
the case of the Tennessee and Arkai.
80, ko,,l- 1,atau xrhara fha trpaGIIrprs nf