The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1879-03-27
0orrespondence TReeardIng state



Hon. stephen II. Dardcn.! Comptroller:
sIR-My attention being called TO a
special telegram from New York bear
ing date Of the nineteenth, and pub
lished in the Galveston Negs of the
twentieth inst. as follows: ''The
comptroller of Texas writes to a party
hare that there is small deficit in the
State treasury but nothing to cause an
noyance.n The.language Of these tele-
grams admits of and will bear the con-
struction that there is deficiency in
: the treasury. There being no such de-
felt I must presume that you did not
intend to convey such Information, you
may have stated that there was small
deficiency IN the State revenue. II
agreed would be pleased to have q
copy Of the letter written by you
which called forth this special tele-
gram. Very respectfully yours,
F. r. LUBBOCK,
State Treasurer.
CoBrPTRoLLER's OFFICE,
STATE OF TEXAS,
Austin, March 81, 1879.
Hon. r. r. Lubbock, State Treasurer:
Dear Sir-Your communication Of
: this date calling my attention to tele-
gram from New York published in the
Galveston NescS of the twentieth in
slant, and asking for q copy of the
letter Of the Controller alluded to Ie-
ceived. very cheerfully herewith
hand you copy of the letter to be
used by you in such manner as you
deem proper.
Vevy respectfully,
STEPHEN II. DARDEN,
\ Comptroller.
AUSTIN. TEXAS, March 10, 1873.
Mr. James B. Colgate, New York:
Dear Sir-Your favor Of third in
slant to hand, and contents noted.
also note the newspaper paragraph at
tached, which states that the debt of
Texas il now SO, 600, 600, increased to
that amount since 1873, from 81, 750, =
600. Neither statement Is correct.
The bonded indebtedness of the State
on the thirty-frst of August last, and
there has been no increase since that
date, was, as per report (see page 29),
50, 066, 763.05, the most Of which was
contracted prior to January l, 1874,
and existed IN the shape of bonds or
outstanding claims, which have had to
be adjusted and paid since the date
above named.
II IL true that small deficiency has
accrued, which car, be met without any
serious Inconvenience or detrIment to
the credit of the State. Since 1874 we
have been and still will be able TO
meet all interest and principal that has
t.nn.. Vs.awr Hox1x,ao A.1a
beg to call your attention to the
necessity thai existed at the COM
-nencement Of the Democratic admins
traticn in 1874 for the issuance and
sale Of bOhds to meet the indebted
ness OF the State which existed at
that time, you will also remember the
great difficulty experienced by Mr..
Moody, the agent Of the State, in
placing some of those bonds and the
low price obtained for them. Compare
that state of things with prices which
our bonds bring on the market now,
due to the rapid development of our
resources and the proper administra-
ton Of the government, now in the
hands Of the taxpayers. To itemIze
the resources would be too tedious in
communication of this kind, and l
viii only say that the resources of the
State are ample and the people are not
only able, but willing to meet all of
their obligations. / therefore unhesi-
tatingly say to you, be not the least
uneasy and hold your bonds for
there Is no doubt of the ability and
6sposition OF the people of the State
70 pay the last cent, interest and prIn-
cipal, as they become due. / will add
that ~ State holds foI-the special
funds and accounts Nearly two millions
Of the Indebtedness, and there is only
. little more than $4,000. 900 of the
poude IN che hands OF other parties.
We are selling lands belonging to
the common school fund, university
fund and asylumns' fund and invest
ing the proceeds in our own State
bonds, all Of which will at no distant be
required for that purpose. The counties
have school funds in hand and are
ANXIOUS to invest them in State bonds,
II, therefore you desire to part with
your bonds Il would advise you to do
SOY think /. can aid you by referring
those who wish to purchase to you.
As to Republication, there is none of any
party who would dare advance or ad-
Vocate such policy.
There are grumblers and fault fiud-
ess, some with one object IN view and
some With another, some for partisan
purposes and others for their own ad-
Vencement. but their declarations
should not give you any uneasiness.
Copy Of report sent to you. Respect
fully yours, STEPH. II. DARDEN,
Comptroller.