The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-04-13

Departments-A Peep al "thN' ms" '"
nnce.r-Jhe Investment In. Texas honds
nj Ixo-Ths Condition OF the Treasury
Ta.ation 10 he Reduced-Do Justice TO
The Mercantile Intsrssts-A. Clear, Con-
else. Exhaustive Resume OF our Bonded
Indebtedses--Ou Funds en- Hand, etc.
No, !.
Correspondence Of the Herald.
AusrrS, April 10th, lSs2.--Tho Capital
City is alive once more with the
assembled wisdom from the several sections
of the state, and "all that that implies"
And vet with all these legal lights, there is
no gas for the city and the stars of Heaven
alone have to help out the poor legislator as
after tea he wends his route Through way.
that are dark to tricks that arevan." Austin
is too poor, Fam advised to pay for gas; so
the members must do the best they can
under the circumstances, The hotels and
boarding houses are all full, and hackmen
and saloonists rejoice at the
PROSPECTIVE SIXTY DAYS HARVEST,
Fer, it is generally assumed that a thirty
days session will not suffice to finish up
the needed legislation, though the great
warmth Of tho weather felt yesterday and
to-day may speed the work. The mercury
this afternoon, as .on yesterday, marked
80 degrees.
The senatorial chamber fitted up is the
hall Just above the Palace saloon on the
avenue and.on.the same street with Millett's
opera-house. The house Of rep 'esentatives
is comfortably furnished in this said opera
house, the halls both having been amply
provided with desks, chairs, Competing,
railing, etc. The governor acted wisely in
the selections he made and promptly and
efficiently with the business in hand.
THE DEPARTMENTS
are in the courthouse and the sheril's
quarters The governor having his head
quarters in the former; and the secretary of
state, the insurance commissioner, the
school commissioner and tho attorney
general, etc, being in the latter.
The department reports came from the
printers hands to-day, and Secretary Of
State Bowman has favored me with copies
thereof, which | will digest, condcnse and
analyze for you. with comments, during
the present and the coming week.
With three or four friends ! paid visit
to the genial and efficient hoad of
THE TREASURY,
and was taken through the vaults where
that "moncy balance is supposed to "lie
in state" and whereof there IL now some
thing like 81 ,200OO0 in cash and currency.
The immense and burglsr-proof Herring
safe, with the Yale time locks, the India
rubber Innings, and revolving inner bolts
will keep 1t safely there unless investments,
as ordered or AS may be ordered,
shall doplctc the pile Treasurer Lubbock
presented me--for the purpose of touching
and feeling and seeing only 5000 United
States legal tender note, the only one I
ever saw, He has couple of the daisies"
in that place of rest.
He says he has had to feel amused at
some OF the criticisms made in the matter
OF his
PURCHASING OF TEXAS STATE BONDS
at the price given, $40. The facts in re-
spect to these investments are Just these:
In March, 1881 the legislature authorized
and empowered the treasurer, the governor
and the comptroller to use surplus revenue
in the purchase and retirement of the bonds
Of the state, and to this end the legislature
furthermore appropriated 100000 each
for the years endingMarch lSS2 and March
mits the purchase of only Omitted
States bonds or Texas state bonds when
these latter can be had" The purchase of
the United States bonds at the prices now
ranging, would have ticlded but per cent.
per annum, and DE- lcting commissions,
etc, only q per c BY buying TIE !
per cent Texas goldTrins bonds, not re.
dcemable until July, N00i, thus stopping
interest for twenty-five years, the account
would stand about thus for each $1,000
bond.
Interest from March |, 1882, to July /,
lpi 49,, ,',..,..'...,.,.,.,,,sl5d 3 ~
Principal OF bond ,,,...,....,,,,.,..,.l,O Oo 90
Cost 70 state If allowed to run to ma,
Amount paid for $1,000 bonds iic, ' Zoo 100 90 20
Amount saved on each s, 900 bond ....si. i6g 20
In other words, the investment has been
1 per cent, Investment, which was GER
tainly better than TO allow the money to
lie idle in the vaults, susceptible of being
destroyed by fire, stolen or some
other way. The only other invest
mcnt altered was IN the said Omitted
States bonds" which you claim, and
which | said above produce but per cent.
at existing and prospective market figures.
These data with their results are complete
cxoneraton aud, indeed are to he placed
TO the credit of the parties thus operating.
Critics went oil half cooked when they
visited censure for what mcrited praise.
There have been so far purchased 7O2 of
that class of bonds of III 900 each, known ms
"long scvens.' The consequence of the in.
vestmcnt is that there will be an annual re
duction Of some sos, 900 in our interest ex.
pcnditure, andot some $4,000 IN the sinking
fund appropriation.
Ofthe
STATES BONDED INDEBTEDNESS
there are now outstanding 81 $50 $50, of
which the special funds avn S2,0i7 100 RI.
ducing the amount Ia he hands OF indl.
viduals to only 81 9ol,aD,
Thus You perceive the treasury Is in ad.