The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1881-12-29

those moving in 1t, and on that yer
day every dollar of capital was sub
scribed necessary to secure til
establishment of n large wooden mil
here, on the banks of the Colorado
1t is gratifying to be able to max
this announcement, and now w
may prepare for brighter future
We have one narrow gauge railway
and will have more: we are goins
to have one WOODEN mill, and we will
have more. Austin is to be congrat
ulated, Excellent men have taker
hold of this mill enterprise, and il
will nc pushed 10 an early oonclu.
sion. The New York gentleman
may rest assured that Austin will
yet command the attention Of the
manufacturing world.
THE unanimous action of the
finance committee yesterday In ia
vor of the Sherman three per cent.
funding bill, indicates that il will
pass the senate without much Oppo-
sition. There will be some Demo-
cratic criticism of the measure. but
the Democrats will be careful not to
antagonize the principle of the bill.
1t is very evident, also, that the house
is largely il, favor Of a three per
cent. bond, and whether the Sher-
man bill shall finally pass or not
there is no doubt of the ultimate en-
actment of law embodying its
main features.--W WaShingtOn Star.
There should be criticism. The
Randall bill, which was vetoed by
President Hayes at the instigation
of Secretary Sherman, was passed
by a Democratic congress, and had
this bill been allowed to become a
law, all the relief now proposed in
Senator Sherman's bill would have
been secured long ago, and acts of
questionable prOpriety, legally con-
sidered, in controlling the finan-
ces of the government by
Secretary Window, would have been
avoided. This Sherman bill pro-
vides for refunding in three per cent.
bonds, while the Randall bill. a
Democratic measure, provided, over
a year ago, for refunding at the same
rate, assurances being had that
bondholders would readily acceed
to the proposition. That the traus-
action at three per cent. could be
made was then denied by Secretary
Sherman, and the result was, that
after both houses of congress had
passed the bill President Hayes
vetoed it, on the statement made by
the secretary of the treasury, that
bonds could not be placed at less
than four per cent. When Mr..
Window became secretary of the
navy he found no difficulty IN plac-
ing his individual notes at three and
half per cent, even without any
law authorizing him to reduce in
terest, and with the money secured
by placing this doubtful paper at
three and half per cent. he called
in vast amount of ma
tured bonds-the very securities
that it was intended the Randall
bill should regularly and legally
provide for. The facts in the case
are, simply, that MIR. Sherman did
not propose for Democratic meas
ure to give relief to the country,
preferring rather that high interest
be paid under the old law than that
low interest should be paid under
one made by Democrats. Mr.. Hayes
and his friends had stolen the presi-
dcncy, and they then robbed the
people of any relief from taxation
under a measure to be credited to a
Democratic congress. Hence it was
that he and his man Friday defeated
the Randall bill. Then his sue
cessor demonstrated that money
could be obtained at less than
four per cent, and having
secured all he needed on irregular
paper ut three and half per cent,
Senator Sherman proposes TO show
that Window, his successor, could
have made the transaction at three
per cent. Thus it is that Senator
Sherman now virtually contesses
himself charlatan and impostor by
bringing in bill providing, as the
Democratic bill vetoed by Hayes
provided. for refunding at three
per cent. The admission that the
Democratic position of last year
was right and the Republican posi-
tion dishonest is not an agreeable
admission for Republicans to make,
but the alternative is still more dis
agreeable, for it consists in a noto-
rious waste of the public money for
the evident purpose of avoiding
that admission. Mr.. Window at
tempted to dodge both horns of his
dilemma by piece of palpable usur-
patton. II was necessary for him to
pretend to sustain Hayes against
congress, and this he undertook to
do by making the public creditors
present of one-haIf of one per cent.
more than congress had considered
the proper rate. If he had contin-
ned" the bonds at the rate at which
congress had considered they ought
to be refunded, his action, entirely
without color of authority though
it was, might have commended
itself to congress for ratification as
an honest attempt to save the pub
lie money. But Window not only
undertook to do of his own motion
what congress could not do without
the assent of the president, but he
set up his own Judgment of the
rate of interest which the United
States could pay against the iudg-
ment of congress. Very certain it is
that the course of Mr.. Sherman
should be criticised. His acts have
been dishonest, of a nature not par
taking ofstatesmanship, but of the
lowest practices to which the parti-
san resorts. -.