The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1876-06-27
FINANCIAL REFLECTIONS.

|
+. and IN addition TO this gigantic sun
she hblds State, county, city railroad
and other corporation bonds, the oegrc
gated intcrrsl upon Which forces month
~ from the pockets of the people o
the Uuitcd States Slj,O0OO0O Of golo
interest 4.lL ..|.
Intelligent men in rejecting upon
these facts will readily arrive ut The
cuusc Of the present financial distress
Che great depression of prop
clty and the difficulty eSper
enptd rbyu the lOborihg classc'
in our land in bcttcring their condition
or of even obtaining an adequate return
for thcir toll Men have in the last ten
years engaged in business or invested III
property, as they thought wisely and
well; they have, with a cautious Judg-
meni, administered their affairs, but
from some strange, mysterious ana,
to thcm,0 unaccountable influence
failure after failure has logged and shad
owed their footsteps, until they begin to-
lose confidence in their own good ludg'
mcnt, and to look upon themselves ms
incompetent to engage IN the struggle
lof life. These men have not lost MS
they are prone to think they have,
their business agacity; their spec
ulations trades and business have been
characterized by n torethoueht and
wisdom that deserved, but failed to
command success aud the reason isand
has been that the industries and bust
ness Of the whole nation has
been silently but surely drawn
down and frighthlly discounted by n
Withdrawal of values equalling nearly
one and onc-hnli billions Of dollars in
one brief decade, by the constant drain
of millions in gold to pay European in
tcrest and by unparalleled corruption,
enormous thievcry and reckless cXtrav
agnncc IN the administration Of the at-
fairs of the Federal Government To
pay this European interest an onerous
tariff law sopping the very life blood of
the people, is kept upon the statute
hooks The Government needs gold in
large quantities, and is determined to
obtain il IN some manner, and her tariff
forces il into her treasury indirectly
from the pockets Of the people, The
result Of this financial policy conceived
and executed by the Republican party,
has manifested itself in the stoppage Of
looms and iron mills; in the cessation of
railway building, in a general paralysis
of trade, and a widespread bankruptcy
that renders every enterprise in which
men can engage doubtful, il not dan
gcrous That this policy will still be
puraucd until there be II forced resump-
ton in 1879 j. Indicated by the utter.
ances of the. dominant party at Cincin-
natl,
In view OF these facts, and Of the con-
tngency of Republican success in
November it behoovcs us to reflect
upon the best course for this State and
its people TO pursue. To reflective men
two thoughts occur, One is TO exercise
more rigid economy in all expcndi-
lures, in living in dress, in luXurics.
The other is to stop, If possible, the
lrightiul drain Of money from Texas for
the necessities or conyeniences of life.
Hundreds Of thousands of dollars 20
North for agricultural machinery that
should be made in Texas. We have
cedar brakes that afford exhaustless ma
terial for pals, buckets, etc, yet we
ship into our borders, and pay for
| with hard earned money, immense year.
| ~ shipments Of this household material
Our brooms, our soaps our salt, our
hams and bacon, our lard, our cheese
our leather our canned fruits, are all
shipped into Texas and the proceeds o
crops OF cotton or wheat obtained by
hard, honest labor, is thus absorbed and
pocleted by strangers, In addition to
this we pay yearly III the transporta
ton OF these articles n large sum which
goes to pay oil the interest ON railway
bonds and railway material, UIl.u .
| AS an instance in point the Central
Railway has bonded debt over il
trunk line and branches of $50, 600 PEI
mile the interest upon which must b,
paid out of our cattle, cotton, hides and
wheat. II we manufactured at home
tanned our own leather, made our own
salt, cured our own meat canned oul
own fruits, this great drain would meas
urably cease,
1t Is no wonder when we reflect upon
these facts that our finest farms and
best farmers produce so little over Il
bare support, the profits, the excess
is consumed in buying the very articles
we should ourselves manufacture 1t is
certainly time that Texas farmers and
producers should cease toiling, that
Others should be enriched, and should
demand this state supply them with the
necessories of life, We had hoped that
the Grange movement would have had
an eye single to this question of manu-.
factories,0nd by its power and organized
cooperation, erected in our midst the
desired establishments; but US yet, but
feeble efforts have been made in that
direction, and its agencies are looking
niill Ia tha Mouth Ia, ay,,,