The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-03-15

hlhlt OF lehhhi lho NVh'''''' '''I"
which is yearly receiving prosperous
addition of two hundred thousand
working farmers to her population oil
two millions which hyearly building
railroads, colleges and universities
whose people aro the richest and most
prosperous on the earth, owing IN entire
debt of all kinds less than many cities
of an hundred thousand inhabitants
amountingall told to 80 ,O7O,2Ol % fund
ed, and but 100000 unlundod ut the
close of the fiscal year 1877 and asN
sessing$S3, Ia 600 on real property and
STA, i51 1895 personal property and
vet the News and Judge Ireland iorgetN
ting their petty chickering's for moo
ment unite in common hatred TO Gov
ernor Coke and howl over burden
which no one feels but them. They
endeayor to create the impression at
home that the state il burdened TO the
point of bankruptcy by debt, in order
to win cheap notoriety and away from
home to deter II possible capital and
population from coming into the state,
But Tor the shingency of the times
accustomed not by the wasteiulness OF
the state government under either Da@
Wis, Coke or Hubbard, but by reason OF
the faulty financial policy of the naN
tional goverrment--we should now
never hear single word Of complaint
about the rate OF taxation or u groan
from the people, The time, however,
is fast approaching when something
must be done, somo terrible calamity
must threaten the people or both men
and papers will sink out of sight, The
terrible danger must be averted at
whatever cost of truth, reason OF
shame Nothing arouses the masses
move sensibly or eilectuOIly than the
subject Of taxation. II is easier to raise
Juror there than anywhere else.
Hence, the letter Of Judge Ireland and
the comments of the NcmS in its issue
of the 18th.
In the sale of the state bonds to cover
the deficiency between receipts and
current expenditures, the burdens of
maintaining the state government We're
distributed among the whole people,
whereas, had the bonds not been sold,
the burden would have rested upon the
shoulders ola few mon who were hon-
estly and efficiently serving the state,
They would have been compelled to
receive at its face value the paper Of the
state, and would have been compelled
to sell it in the market, at from forty
to sixty cents, What sort of service
could this sort OF pay secure And
yet, that is just what the NaoS means,
when it attacks the policy pursued by
Governor Coke when he sold the bonds
OF the state, to meet deficiencies.
The Ne,oS makes a good point on
Judge Ireland when it twits him with
the fact that at the time the transaction
was being had, he was silent. The paper
doubtless remembers how bitter and
singing was the rebuke administered
by the people to it when they re>nomi-
mated and reelected Coke governor,
and to make the matter worse,
if possible, had the assurance
to elect him United States senator over
its vehement protest 1t is only angry
now that Judge Ireland did not stand
forth and share the odium with it.
That is a phase of the case, however, in
which the people are but little inter,
ested, and more especially as the NepS
never suggested competent remedy, or
at least one to which the people would
listen, Competent "cr post facto en-.
lightenment" hasn't yet illustrated the
dark labyrinths of the ruinous rate of
interest paid upon the funded indebts
edness of the state. Our information is
that the paper of Texas, owing to its
limited amount, stands we'll in the mar
kets OF the world, that those having
money to invest at five and six per
cent eagerly invest in Texas securities.
Notwithstanding the NsrS and Foster,
Ludlow " Co, combined to besmirch our
credit and drive our securities out of
Wall street When the Ne,eS insists
that our indebtedness should be placed
at home, it simply means that the ems
ployes OF tho state are to be compelled
themselves to carry the difference be,
tween the market value and par of the
paper in which they are paid
The policy of issuing state bonds and
placing them among our own people is
a good one, and we trust yet to see it
adopted by the state. The interest in
that case would be paid to our own
people, and not to the operators in
Wall street.
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