The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-10-06
Tint Cash RnInnre.

Below we publish communication from
Hon. 7. +, Nash, in regard TO the action of
the late legislature in regard to the invest
ment of surplus funds in the treasury:
DUCK CREEK, Texas, October $, ISL.
To the Editor of the Herald:
In the WEEKLY HERALD Of the 18th ulti-
mo, notice an article on the subject of the
cash balance of 81 10000 in the state treas
ury, in which you vindicate the governor
from complaints made by other papers, and
attach the blame 20 the legislature, in the
following language: "The legislature is to
blame, not for act of commission in the
matter but for its act of omission, for its
lack of foresight and iorethought in not pro-
vidjng, by suitable enactment, for the use
Of this money in the purchase of state bonds
and the stoppage of interest thereby" Be
heving the HERALD does not designedly
give undue credit TO the governor and re-
fleet upon the wisdom of the legislature,
please allow me to represent the other side
of the question" in the columns of your pa
per.
BY reference to page 81, general laws,
seventeenth legislature, it will be seen that
the legislature did in substance, the very
thing you suggest ms proper 10 have been
done in the premises
Section one Of the act is in the following
language; THAT the treasurer be and is
hereby authorized aud empowered, with tho
advice and consent of the governor and
comptroller, to use such surplus moneys be-
longing to the general fund as may ut any
time be in the treasury in excess of all cur
rent appropriations against the same, and
the further sum of scvcnty-tive thousand
dollars for the purchase and retirement Of
the outstanding bonds of the state, upon
such terms as may he deemed advantageous
tn the state.
From this It will he seen that the mattor
is now exclusively in the discretion of the
treasurer, governor and comptroller, the
legislature having enabled thom tn use this
vast surplusage in the oStingusl mcnt o
the public debt upon such
terms as may 10 deemed al
vautagcnuS TO tho state The truth /,
the holders Of Texas state bonds will moi
sell them only Vt an cNorbitant premium
yet ifthosc oiicsrs deem II conducive to thI
public good, they are authorized to purchas,
them at high premium with the surplus
in the treasury,
There is q solution TO this problem, tn,
practicability Of which is patent, va think
to every intelligent man. When the gov
srnor calls an extra session thin authoriI
the legislature 10 reduce the rate oftuXa
ton, and allow the money TO circulate
among the people where Il belongs,
minority Of tho legislature believed this TN
true policy, but majority thought differ
emily, and hence the rate oftaxation wa
fixed At iour.tcnthS Of one per cent. Tn
surplus Is SO rapidly accommodating that il |
now quite evident that further reduC
ton is practice Die, ipasmuch as the SUI
plus cannot be proiitably used in th
aud ~,
\ reduction In the tax rate will produce
corresponding diminution In the sch oo
fund, this however can he obyiatcd by al
amendment to the constitution separation
the school tax from that iurgcncral revenue
and pcScrihiuga maximum and minimum
rate for school purposes. This amendment
cannot bc submitted by an extra session, bu
only one year will clapsc before the 18th les
stature will meet IN regular session, an
10y that time no doubt, public sentimcu
would endorse such an amendment TO Oh
constitution.
When We consider that the legislature NJ
propriatcd the accommodating revenues !
liberal amounts for the engagements an
improvement Of the pcnitentiarics, the j
matte asylum, the deaf and dumb, and I'll
blind institutes, and then authorize
the surplus used IN the purchase
state bonds, no blame can pfopcrl
attach to the seventeenth legislator
except that 1t might have made u create
reduction in tho rate Of taxation. When
was considered that the school fund d
pended IN o great measure upon the amour
Of the general revenue, and that Il Just al
enlightened public sentiment, demand,
that our public school interests he foster,
It was thought that different policy fro
that pursued might prove hurtful TO q
country. Very respectfully,
II T. NAsn.