The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-01-24
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at a great disadvantage in securing such
county bonds as may be desirable, for the
reason that private capital will constantly
seek such investments.
No reasonable objection can be urged
by the counties against such legislation.
They are directly interested in the safe
and constant Investment OF the permanent
fund and should be more than willing TO
extend every assistance to the board, espe-
cially when they can not possibly suffer
the slightest injury or Inconvenience.
But this relief, il granted, can only DC OF
a temporary character. 1t can not be
doubted that the inevitable tendency oil
the county governments will be TO decrease
their bonded interest bearing indebtedness.
Any other presumptior would imply want
of confidence in the integrity ana capacity
of the administrators OF the county
finances. Even with the remeuial lesls'a.
ton suggested the time must come wneh
the county interest bearing indebtedness
of our State will be far less than at pres
emf AS such Indebtedness shall decrease,
/ the difficulty of investing the permanent
find will increase. This Is inevitaple.
After much thought upon the SUBJECT ! aln
| led to tho conclusion That mex, 70 lily
| state and of our counties. those OF very
many OF the other States of the American
ITrion come in point OF safety ana ueslr-
ability. 4, .i,r IN
| yestmcnt OF the fund IS security; lheli ~.
| lows interest can not give my hui'cliv"
to its investment In securities o, raiirp..u y,
s;ttar huilt or 10 be built. rhe opnds OF
4 moro than three fourths Of the States Oh p,
ma I,nicn are at least at par value IN an
{, tba world,s markets. 1t is not SO with tuos..
4 ~ our railroads. The great maJorip ~
tbsn, are not only below par, but their
value is constantly huctusting Why tnsso
7, conditions exist It is unnecessary now
discuss Sooner or later the bonds OF 9lne,
States must and VIII be recoShi1eu
law az a desirable form OF Investment ~
cur nermanent school fund. and recogn,.
i ZION in INV Judgment should be given az
/ once railroad securities are dangerous
| .,d unsatisfactory even to investors WIZ
hava rreat financial ability and a thorousn
and practical acquaintance witn .ne
j ,,athoas that too often characterize tn'sc
who deal In them. The board OF faucsu Z. =,
4 would be but lambs easily 70 ~ sn tho
j we're 1t hardy enough TO ente, w, arua, II
halls OF the stock ana bono Hh'Ae. =
4 today. !, lar more
ser,n,s character and also deserves inimc'
diate consideration.
DEFICIT IN LANDS.
The report OF the late COMMISSIONS, =
tha general land office, Hon. a. y BAKER
IA his letter TO my predecessor OF the on
instant show that at the time OF IN
adoption Of our present constitution 'n. ,,
we're 75 .9s1, Ell acres OF INDICATED pup"'
domain. including all tho land 'ana Ply
, embraced within the entire limits OF ~
state one-half OF the puoIi; domain wa ..a,
Nv the constitution made. q paT o. a m'
~ osrp s pubic school fund. the ian,
r ru d 50 plain that none can nsy q 3
s,s ,,eanirl,.. ana It became me un.y ~ =
ne sns nsars charged with he aiIninissfa, ~,
- ~ ~ nublic lands TO zee ~ ~ lpn' - ~
nroyision 81 tho constitution "ps
evader steiner (page
shows how the public domain nas S son
dssposed Of since the adoption Q, M XII
oiiau,ion n all and since then d sns p eras
s sehoaI fund has received 1870 ooy acre erss
ana also the proceeds Of Aisl1 ss.a am I'M
s MsrcS sA ss' 1857, making the amSah saoo
se,red by tho school fund since cs ~ s sryp
ee nn n he constitution e lol;s,a ssl =
This according 70 the col s1o nss acrss a,
ra arr leaves deHcit Of s,s.s,oSs ~; n ther
!. 20 school fund. On the other nana' 'ns'