The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-09-30
THAT CASH BALANCE .

n lew days ago We had an editorial under
tho above heading. We treated Of the sub
Jet just rs though the legislature hsd been
negligent Of its du,y-that is, that it had
failed to make provision for the redemption
Of state bonds. We knew at the time tina,
such provision had been made, for We
watched closely tho action of the last l-gisa,
ture, and besides, we had II copy of the gem
eral and special acts Of the seventeenth egis>
lsture laying before US. We had an obiec,
in writing the article wa did, basing
it upon the premise shat the
legislature ought to have done that
which we know il had done. People are so
hard TO plesss. A great many people in the
state short time since were blaming the
governor and the treasurer because they did
not use the surplus cash 10 the treasury for
the redemption Of outstanding bends Then
when it came 70 be known that under an act
Of the last legislature the treasurer, with the
consent of the governor and the comptroller,
hsd gone upon this market and was buying
up bon dS as he could find them for sale, the
charge WAS msae that the governor was
paving too much for bonds. II Il
true that as high as 81 81 = has
been paid for bonds, those due in 1904, bu.
how can it DO helped? They ara worth .h at
much in the market, and can the state OF
Texas buy her own paper for any less price
lhsn anybody else can buy III While il
may coat us something, still it is to the
credit, the glory ofTexas, that her paper
largely beyond par. Some of the pspers
in the state say that this fact is not due to
any fnsncia policy that Governor Roberts
conceived or wrought, but that it is the
nasural sequence OF policy, inaugurated
before he became governor. 1t ia easy
enough to assert thing, and q good
writer or speaker may, by specious srgu
mont, make out almost any sort OF caso
We have nothing to say about any faan O
cisl or other sort Of policies conceived or
put partially into execution before Cover
nor Roberts became governor. We know,
however, tina! since he has been governor his
policy has been pay as you go;' we know
that we have had most economical ad>
intimidation Of the state government under
his rule for three years past; we know
that money has piled up in the state treasury
to something like two million dollars; We
know that outstanding claims, deficiencies rs
they wers called. have been paid off
and that numerous bonds have been
bought up and interest stoppei We know
that sinking fund mas been created and
laid aside, fund provided for by law, but
nevor before even started, and we know thai
now the bonds OF the state outstanding are
being bought up as rapidly as they can be
gs item hold Of. The men who invested
their money in Texas bonds did it for the
sake Of profit and gain. They know that
tho Investment 10 "A good and safe one, and
they do not therefore want to part with those
bonds and they will not do so except Al
large advance above their face value, OF in
other words, except at a handsome premium.
Wa ask the people Of this state, view,
ing the matter from business and
commercial ana financial standpoint, il it is
not better to use tho surplus money of the
state in the purchase of its outstanding
bonds, even At an advance of so per cent
than 20 let this surplus money lie idle, and
tho bonds continue to draw interest! If
there is $1,000 900 surplus money in tho
treasury, which will buy up and retire
III, 000 900 of the bonds of the state, saving
the pc plo say $50,0 900 or 500, 900 OF interest
every year. and decreasing the state debt to
that amour! to our advantage abroad, is it
not better to SO expend 1t than Tor it to lay in
strong vaults TO rust aad profit the state not
cent? This ia simply n plain
bushes proposition, aud why should
tho governor or the state
treasurer DO blamed for paying the premium
COR state bonds that they are worth ON the
market If she policy that Governor Roberts
has carr Cd into effect, Of economy, OF pay.
ing S you have accumulated money in the
treasury, ia it not natural sequence that
Texas securities should 90 up? And having
gone up or down, or remaining statu quo is
il not tho duty of the governor, looking to
the future and the welfare of tho state, to
buy vita whstever surplus funds no has,
these curitios, no matter what they are
held at, rather than that those surplus funds
should no idle and worthless to the people.
Dollars are dollars, and If ono dollar and
fifty cents, utterly useless for any oth,r
purpose, will save to the people in twenty
tbrro years two dollars and thirly.cigtt
cents, why not save ~ We say to the gov
ernoy and tho treasurer in this matter, We
done good and faithful servants
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