The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1882-02-02
SALE on THE SCHOOL LANDS
AND A PI,ETHORIC
TREASURY.

lullon. lie mas many susB BcStlohS "
make regarding our land laws, and
one of the most weighty questions
considered by him,as by all thought
full men who have reflected
upon the subject, is, what
is to be done for the
safety of the rapidly increasing ac-
emulation OF money in the state
treasury from the sale of public
school lands. Under the laws, as
they now govern the payments on
these lands, special funds must in
crease until they become so
enormous as TO be a tempt
ing object of prey on the
part of those who can concoct
feasible pretexts for their use. Some
days ago, the STATESMAN mentioned
this very subject, and its conclusion
was that the law regarding the sale
of these public lands should be so
amended as to give rs long lien as
possible, while five per cent.
interest on the purchase
money should be the only press
ing demand upon the purchaser.
Captain Walsh coincldes pre-
cisely with us in this proposition,
thinking the state should require
no more than five per cent, and that
tho land laws should be so amended
as to keep the principal
rs long as possible out
of the treasury. We have
what is called permanent school
fund.- and tits absolutelyimmense. To
dispose OF these lands in some man
ncr is to create for the state IN
creased revenue and increased pop
ulation, and augmented material
prosperity. TO hold these lands
would be to drive immi-
grafton of the very best sort
from our borders, and
To preserve a world of wild waste
for little else than natures modest
purposes. Itis questionable whether
the state should part with its title
TO all its public domain, and the al
tentative might be presented here
after for granting both leases and
sales. The fact is, the STATES
MAN strongly inclincs, as
n partial means, to leases,
rs il is satisfied the state must be
vastly benefited in the end by let
ting out portion of its lands in this
way. IL leased for twenty-five or
thirty years, at from two to five cents
per acre for grazing lands, the state
would thus derive benefit from much
land that would not otherwise
be soon disposed of, and at
the expiration of such lease
the land would most prob
ably be worth five or ten times as
much as when the lease began.
This would be one means of keep
ing vast accumulation of money
out of the treasury, and the state
would be the chief benefactor. AS
To parting at once with the title to
lands. through paper sales there can
be no objection, because the majority
OF persons would naturally want to
acquire perpetual titles. We would
favor alone the sale OF lands, were il
so dAed that the state could always
find profitable and safe investment
for its cash. The law of tho state
requires that the money arising from
the sale of these lands shall be In-
vested either in Texas or United
States bonds, but these securities
are both at n very high premium,
and the state could not afford to is
sue its bonds for school money,
simply to tax the people to pay in
terest on vast public debt If the
money arising from the sale of
school lands be properly guard
cd, it must some day
amount to one hundred millions
of dollars, probably two hundred
millions, and the annual interest on
this sum would be from five to ten
millions. This principal, or any
part of it, is really not wanted, ex-
cept it be that the state would adopt
tho unsafe plan of turning over
this vast wealth to favored
individuals and corporations. The
state should therefore attempt to
sell its lands on the longest possible
time, taking upon the purchase
money such a small rate of interest
rs would make an active
demand for the lands. A pie
thorio treasury Is tempting
thing, and there will be no end TO
the new party movements and legis-
latiYe schemes for the purpose of
controlling it for probable gam
The plethora will soon become very
great under the laws now in force,
and il will become great enough tC
continually allure aventurers under
any system for controlling thi:
land fund that may hereafter
be adopted. The bonds of the
state cannot be purchased to
any very large amount and before
many years, unless the state govern
ment be seized upon by birds o.
prey, the only safe investment in
public bonds will be in those of the
United States, provided Mahoneism
does not sweep over the country, ant
the rate of interest on these will b,
very low. 1t is knotty question
this thing of what to do with tn,
states cash, and wise heads ant
honest hearts must be entrusted
with the solution.
THE report of the government en
glneer in charge of the Eads jettic'
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