The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-11-27
THE STATE DEFICIENCY.

II year dSO IAC SOhIPGAOA1Oi C1AAOu |
attention to the point that the state
was rapidly drifting into a period OF |
deficiencies. Not long after the AL
caIde became governor, the pay as
you go" policy was inaugurated, and
the cash balance to the credit of reve-
nue. was gradually augmented, until,
when he retired from the executive
office, there were $4,000 in cash on
hand to the credit of revenue. Other
sums made the cash balance in the
treasury about $3,OO0,OOO. The school
fund has been invested, and the
cash balance to revenue has melt
ed away until not a dollar is left,
while the Comptroller announces that
deficiency of $25O,OO0 exists, which
must bs provided for. This sum, ad-
ded to the 100000, already melted
away, makes $4,000, presenting a
condition that is humiliating, though
by no means startling to any one who
has based his Judgment on cold fig
ures, heretofore presented by the reve-
nue. officer of the state government.
After calm and dispassionate review
of the situation, a year ago, Mr.. Swain
said such deficiency as is now ap-
parent would be the result. The idea
was hooted by other administrative
officers, and the legislature assured
that the probability, as presented by
the comptroller, was constrained con-
clusion, which could not be realized.
Time has shown that the revenue Of
fcer was correct in his views; the de-
ficiency is apparent, and the legisla-
ture must now be called upon to at
tend to natter which this officer
long ago warned the governor and the
legislature to guard against. 1t was
even assumed in certain quarter, d
year ago, that to admit or recognize
probable deficiency was not orthordox
democracy, and THE STATESMAN was
scowled upon because it Investigated
facts and agreed with the comptroller.
1t may We been iniquity to tell the
truth abe 1T such thing in advance
of a pol lticsl ~ampaign, but THE
STATEsM has never yet joined
hands with demagogues, and hence it
could open its eyes to a thing as appa-
rent to any thoughtful person a
year ago as now. Then there was
great cry for tax to sustain the
schools ten months III the year. and it
was said the state was able to pay
this tax while enjoying greatly re-
duced taxation for revenue, that
would be ample. Now that state
election is two years off, we may ex-
pect the truth to be admitted. The
issue must now be met squarely, as
the comptroller meets it, and what
was intelligently advised twelve
months go must be recognized. The
comptroller suggests bonds to settle
deficiency, thinks per cents would
be taken at par, and favors the bond
instead of increased taxation. To pay
debts by making others is poor way
to regulate financies. Taxation is the
basis upon which debts must be final
ly paid, and the shortest way out of
the trouble, into which the state has
gotten, is to collect revenue and pay
what is due. 1t IS a bad condition
into which we have again fallen, but
the fact stares us in the face, and the
debt must be met. The policy of the
state has been to assess a tax sufficient
to pay its debts, and the people have
given no evidence yet of a disposition
to do otherwise. They have been OPP
posed to issuing bonds, and until dis
position is expressed to the contrary
we have no right to assume that the
other mode of settlement is desired.