The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-09-27
THE STATE AND NATIONAL DEBT HOW
TO PLACE IT.


Considered with reference TO its
amount and resources Of the state which |
are pledged for it payment, and the
state debt Of 'leXas is mere bngotclIc,
q ridioulously small Allan for rich md
country, covering al area
twice IN large AZ many of the Leading
empires Of Europe, The debt Of the
United States bears about the same 70
lation TO the whole country ~ does the
debt Of Texas, 10 the state II has been
well said that the reason that IL bears
hard upon the people is, that but II com
paratiyely small amount of the bonds
are held at home, that the large sum OF
interest paid annually, is principally
paid TO foreigners, This is true, and in
strong contrast with The public policy OF
England, whose debt u.s. instead Of being
a curse, great public blessing and an
indissoluable bond between the people
and the government Our bonds are
made 10 large that but few ofthe people
in ordinary circumstances can reach
even one of them, The consequence is
that the debt becomes odious, because
only the rich hold it, and only to them
is paid the interest, The annual drain
TO meet the interest on bonds held
abroad is largely responsible for the
present great scarcity Of money, and the
consequent hard times, Now to correct
this let the bonds be issued in sums of
from ten to fifty dollars. Encourage
the people to place their money in them
instead of the savings banks, Thus we
have u security undoubted and perfectt
ly safe, which is an immense boon to
the struggling poor, who have been 80
often swamped by the breaking of say>
ings banks. Added to this, we have
the tax-paying, misunderstanding bone
and sinew of the land bound by the
strongest possible ties to the governs
memt, and directly and powerfully in
terested in its perpetuity, in maintains
ing internal peace and quiet and in
repelling foreign INVASION and in guard
ing it from all threatened danger, from
whatever source it may come,
While this is true of the national
debt, and it is 30 plain that no intelli~
gent thinking man will dispute it, why
should it not be equally true of Texas
Why not the state recall her bonds al
ready out, reissue them and put them
in such denominations that her farms
ers, mechanics, merchants, and all other
classes of her people, can take hold of
them, invest their means securely
within her own state lines, where they
can overlook them, and by maintaining
peace and order, by lNboring for the
general prosperity, in caring for the
economical handling of her resources
they are not only providing for her
general good but are protecting in the
best possible way their own private inN
vestment inner funds,
Not one single dollar of the state $
indebtedness should over be negotiated
in New York or Europe. There is not
only no necessity for it, but there
is every reason that it should be held
| here, and for the above reasons and nu-
merous Others which might be urged
If we had now all the state bonds in,
we could place them and four times as
much more, here at home in the hands
OF our own people, to whom would be
paid couple of millions of interest an.
nually to the manifest advantage OF
every business interest OF the state.
We commend these lily digested
thoughts to our law makers and states
men generally, with the added remark
that there is just enough in the sugges-
ton to entitle it to the respectable cons
sideration with which every matter af-
fecting the interests and well>being OF
this people is entitled to- Texas can
take care of her own debt, and as long
as she refuses to doit, she is standing
in the light of her own best good.