The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-07-14

neriod of time covered by them. The
school fund did not get any OF these bonds
although II had the money to buy them
with. They went North to join the other
$50 000, 600 OF Texas bonds held there and
now helping drain the state of money
which will never come back 1t is sale
to estimate that the Texas county ana CITY
bonds now held abroad cause yearly out
flow of 81, 500, 900 In interest. Yet, strange
az n NAV seem. commissioners courts will
dispose OF their bonds to foreign buyers
rather than to the school fund, although
the interest they pay when the ponds are
held by the latter comes right BACK 10
their counties as a part of the avallaDie
school fund and remains at home and in
circulation among the people who pay H.
There is no way to explain sueh snort
sightedness except on the theory ina,
county commissioners have not the moral
courage to refuse the nominal premium u,
generally offered by Northern buyers, tne
attaining OF which enables them to make
nice little grand stand PLAYS before tneIr
constituents when trying for reelection.
And IL is generally so easy 10 Jolly tue
average voter that these commissioners
can hardly be blamed for working TINS
racket, especially as not few OF them
are honestly of the opinion that they nave
done something great when they nave
succeeded in disposing OF batch of bonds
al nm advance above their face value. not
realizing that they have obligated their
people to go down In their pockets to pay
out in taxes to an outsider one dollar In
interest in the aggregate for every dollar
borrowed. But the taxpayer feels 1t In the
end without knowing just where he IS
being hit.
Add the So, SOC, 600 which annually leaves
the State in the shape of interest on coun-
ty and municipal bonds to the millions
which depart in the shape of Insurance
premiums, guaranty and surety company
fees, and other payments made foreign
fduciary institutions for accommodations
of various kinds and total will be OBJ
tanned which will astonish the most IN
different of investigators. The amount
exceeds $40 600, 600 not a cent OF whlcn
returns to stimulate Texas enterprise.
This being the case. is it any wonder that
so little is accomplished in the way or
developing the States natural resources
The savings of Texas people all 60 East
10 be used by EasJern people in strength
ening their industrial undertakings and in
running the factories which make the
stuff that is consumed here. What's the
use TO sing about patronizing home in
dustry-how are factories going to be
built in Texas-as long as Texans Will
supinely send their money away year by
year for other people to turn over?
Between the Eastern bond buyers, the
insurance companies, the future dealers
and various and sundry other money
drainers Texas is pretty we'll bled of its
surplus dough" from one years end to
the other, and until its people acquire
fair modicum of money sense" it will be
loves labor lost to preach to them about
living at home" and making what they
in the way of manufactured pro-
ducts. And the first step in the direction
Of acquiring some of this sense should be
taken by commissioners courts and city
councils in declining to entertain PROPOSE
tions from foreign bond buyers as long
as the school fund has money to invest.
II they won't take it of their own motion
they should be replaced by others who
will,