The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1881-03-31
MUNICIPAL DEBTS AND MUNICIPAL
WEALTH-FOOD FOR AUSTIN
IANS.


IASs.
a complete summary of census
figures shows that 800 towns and
cities in the United States have Il
total bonded indebtedness of S664,-
346,913, ami that IL ,S50,772 men, wo-
men and children inhabiting these
places owe the comfortable. sum of
$5S.53 each, drawing interest, rs
one of the penalties of living in
them. The worst of it is that Il large
proportion of this debt, as i'll the
case of the city of Houston, has been
improvidcntly or fraudulently con-
tracted. Even where purposes were
laudable and management honest, il
has oftentimes been found that
money was spent on works that were
unnecessary, or which failed to pro
duce the expected results. The safe
rule is that which John Randolph
called "the philosophers stone"
which ia "pay as you CO." inaugur-
ated in Texas by our Governor Coke
when the state owed something
more than half it did at the end of
his administration. A large public
expenditure of money raised by tax
alton can i'll be afforded ex-
cept to meet the emergencies of war
or pestilence or famine, or to pro-
tect the commercial life of a city
when in peril, In such instances it is
folly not to comply fully with re-
quirements. When debts have al
ready been incurred, it is unjust not
to satisfy them enby taxation. but
then the energy of states and muni-
cipalities should be exercised both
in the interest of economy in admin
istration, 80 that debts may be hqiu-
dated without resort to onerous
taxation, and for the furtherance of
schemes having in them provision
for increase in population and prop
erty valuation and production. By
such means the payment of public
debts may be made lighter, and
easier to carry. Some of our Texas
cities have become burdened with
debt that criples their energies, while
others do not carry enough debt TO
make them ambitious. Austin, for
instance, owes less than 100000, a
per capita debt upon its population
of about nine dollars, with a great
many years in which to pay it, and
a constitutional provision prevent.
ing this debt from being enlarged
The city is thus insured means fol
making and preserving good streets
and bridges, and an excellent fire
department, and its growth must be
substantial, but by no means bril-.
liant in its advancement. Had the
municipality the power TO loan
100000 of its credit in the encour
agement of manufactures, the city
would sooner attain prominence il
wealth and influence by such means
than it ever can under its present
condition. But. what would secure
these things when advanced by th'
public purse could easily enough b,
secured by private concentration o
capital. Were the people Of Austin
rs devoted to its welfare as thos'
of France are devoted to hers
they would not long hesitate in re
moving every obstacle in the way o
advancement. Had Houston loan
cd its credit to the extent of So, 600,
COO to the establishment of indus
tries, instead of opening its purse
strings to set of thieves, 1t coult
to-day have been a place of 10000 in
stead of 10000 inhabitants. Austil
has an assessment roll, showing $5,
100000 of property. This coult
soon be made $l0,0O0,0OO by
every inhabitant, according t.
ability, loaning money t'
the establishment of enterprise
fraught with great advantage
to the city. Should the trusts
in time, revert to the lend
ers, they would already have
been greatly benefited, besides be
sides being placed in possession o
most valuable property. Is there
no one in Austin great enough tt
form a syndicate among our owl
citizens, composed of rich and poor
who will inaugurate a system tina
will make the people ofTexas proud
in more respects than now, OF theil
capital city.