The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1876-10-19
OUR FINANCIAL GOVERNOR.

Governor Coke came upon the political
boards at time when opposition to Davis
was the theme that would win. The Texas
long horn steer or the Spanish mule that
would have horned or killed Davis would
aither of them have been fit subjects for I'M
mortality in the eyes of u jority of the
people OF this State. Coke was the nomi-
nee for Governor, for which he worked per-
sonally with a vim, hanging about the body
OF the Austin convention like an Algerian
ieech \until he dropped into the guber-
Material chair from natural repletOn.
His first official act was to draw a
line OF demarkation between creditors
OF the State government, prior to
the commencement OF his gubernatorial
term, and those who came after this. 1t
was this plan, entered into with desire to
Cypress, which first commenced to pave the
way in his administration for one of the
greatest of financial failures, one, too, which
in egotisn and vanity has been termed
success. Texas credit, Governor Coke has
all the time boosted, is number one, and
taking advantage Of the States good name
he has from year to year sold bonds at low
rates to redeem its pledges. While Boosting
Of the States standing he seems to utterly
forget that credit is one of the most dan
gerous of things to trifle with. 1t learns
one to be careless and forgetful of
responsibility, and Governor Coke, acting
for the State, has figured in just this ca
pacty. Whenever revenues, as has all the
time been the CASE fell short of expenses,
the facile plan of disposing of bonds on
Wall street was resorted to, addiag each
time as he did so burdens upon the people
from which they will not recover within
generation. Being chief among the dema-
gogues, and seeing that the people were OPP
posed to the further sale of bonds, he lately
turned his eager eyes upon the sacred school
fund, and behold it has been swallowed up
at his will, and has gone glimmering to
meet demands for the current ex.
-penses his administration. Sew
en- hundred thousand dollars was
obtained by the last named method, and
this, over and above the usual revenues,
has failed in the short space of three
months to keep the States credit at par.
The fact is, the plan pursued by Governor
Coke hiss been an evil one, robbing Peter to
pay Paul, and when he had hoped that the
school fund would preserve credit intact
until his successor would be called upon to
bear the burden, he himself crowned his
personal judgment with weakness, and his
administration with failure. Coke be-
heved that this vast sum would throw
around his policy the glamour of success,
and, seating himself more composedly than
ever In his gubernstorial chair, calculated,
although elected United States Senator,
that he could enjoy peIquisites of Office un-
I'll February. But the seven hundred
thousand dollars are squandered, and Slate
warrants are now sold as lev as eighty
cents aud declining, while original hold
ers can never get one cent upon them.
State bonds have gone down, too,
and now Governor Coke begins to
intimate that he will be ready to give up
the State government in November, this
probably being the last moment that he
can conduct it without calling the Legisla.
ture to assemble and help in keeping it in
motion. Such is the condition, and to this
has 1t been tending since Coke became the
Nero in State financial circles. The STATES
MAN predicted this sequel years ago, and
Coke essaYed to stop its existence in conse-
qusnce, but the tide has turned, and all
powerful truth sees one going down
while the other is approved. We knew
that financial ruin awaited Texas with
Coke at the helm, and this is leading
reason why the STATESMAN helped to steer
him out Of Texas into Washington, where
our financial Governor will do no more than
ill the seat for time occupied by Senator
Hamilton