San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1879-03-01
r,,. State Finance
,s.u Au,orio Freie Preset


They who remember the iulmina ting
speeches of ex governor Coke about
the hesviuess Of taxes under the repuO'
licau governor Davis, and the sao,e'
ouept proud financial reports OF the
same orator, and his promises OF a
brilliant future, will read the recent
report of Governor Roberts about the
financial status of the State with con-
siderable very natural asst enlistment.
and if they express their real seo y;
| meuts-a grea. deal Of excusable IN
disnation. What do we discover 10
this report? And what do we dis'0ve,
in the reports Of the comptroller anu
treasurer? ooo
The State debt amounts to S,6S'
79l already, although an item OF $751;
OOs is put down as doubtful. What is
meant BY doubtful? 1t means nothing
more or less than il has to be paid
sooner or later. At all events there Is
an admitted State debt Of upward OF
N,OOO,OOO, of which S,O34,lO9 mas
been funded. There is no SINK
ing fund for the liquidation OF this
amount, not q cent Of it, and there
has not even been any preparation
made to pay the interest. Where
is the money to come from to pay back
the capitalP Of the $l25, 100 in 8 per
cent, due January l, 1877, issued un-
der the law of November 9, 1866. when
the democrats were in power, S,OO
have never been redeemed, and to COW
er the balance $l2O,lOO new bonds
were issued in 1876; that is, they close
up one hole and open another Of about
the same size.
The amount Of annual interest due
on the State debt is &68,63O. The
greater portion of this sum is payable
on the lst of January and LIST Of July
Of each year; the small amounts on
the 1st Of March and LIST Of September.
Where is the money to come frou?
The income Of the State from all
sources for the year 1878 was $l,748,-
752 81, less s367,573 81 belonging to
the school fund; the balance has been
used up IN current expenses. That is
not all. We learn that the income is
not sufficient to cover expenses, and as
things stand now there is an annual
deficit of from sl5O,OOO to 100000.
Now,.the taxes that we pay at pres
ent are high enough, being higher than
they ever were before. Everything
that can be called property is taxed.
Even the tools with which the labor
ing man earns his bread are taxed.
The crops which the farmer tolls to
gain from the soil are taxed, and be-
sides there is an unjust occupation tax.
But all this is not sufficient to cover
the expenses of the State, and the on
ly remedy the governor can fad is in
an increase of taxation. There is
then q debt Of upwards Of five mil
lions, no sinking fund, an annual de-
felt of 100000, and increased taxes.
This is the realization of the glorious
future Gov. Coke predicted in 1874,
these are the results of his great fuan-
cial ability; that is the blessing we re-
ceive from four years democratic ad-
ministration. When will the people
of Texas open their eyes to the dan.
gers that surround them? Will they
not finally ask themselves where this
debt comes from, and why, notwith-
standing the high taxes, they do not
suffice to meet the necessities of the
State? 1t is high time..for the scales
to fall from their eyes. Four more
years of this kind of management and
the State is hopelessly bankrupt.