Year: 1877

Considered with reference 10 its
amount and resources of the state which |
are pledged for its payment, and the
state debt of Texas ia 3 Mere bagatelie,
ridiculously small affair tor rich aud
prosperous country. csvering an area
twice as large IA many of the ieadins
empires OF Europe. TIE debt Of the
United States bears about the same re-
iation to the whole country rs does the
debt Of Texas, TO the state, IL has been
well said that the reason that il hears
hard upon the people is. that bat COM
paratiyely small amount of the bonds
are held at home, that the large sum OF
interest paid annually. is principally
paid TO foreigners. This is true. and in
strong contrast with the public policy oi
England, whose debt is, instead OF being
= curse, great public blessing and an
indissoluable bond between the people
and the government. Our bonds are
made SO large that but few OF the people
in ordinary circumstances can reach
even one OF them The consequence is
that the debt becomes odious, because
only the rich hold it. and only 10 them
is paid the interest The annual drain
to meet the interest on bonds held
abroad is largely responsible for the
present great scarcity of money, and the
consequent hard times. Now to correct
this, let the bonds be issued in sums of
from ten to fifty dollars. Encourage
the people to place their money in them
instead OF the savings banks. Thus We
have security undouhted and perteets
ly safe, which is an immense boon 10
the struggling poor, who have been So
often swamped by the breaking of say
ings banks. Added to this, we have
the tax-paying. misunderstanding bone
and sinew of the land bound by the
strongest possible ties to the govern
ment, and directly aud powerfully in
terested in its perpetuity, in maintains
ing internal peace and quiet, and in
repelling foreign invasion, and in guard
ing it from all threatened danger, from
whatever source it may come.


While this is true of the national
debt, and it is so plain that no intelii-
gent thinking man will dispute ii, why
should i, not be equally true OF Texas
Why not the state recall her bonds al
ready out, reissue them and put them
in such denominations that her farm>
ers, mechanics. merchants, and all other
classes of her people. can take hold OF
them. invest their means securely


within her own state lines, where they
can overlook them, and by maintaining
peace and order. by laboring for the


general prosperity, in caring for the


economical handling of her resources


they are not only providing for her


general good, but are protecting in the
| best possible way their own private in
| vestment in her funds,


Not one single dollar of the states
indebtedness should ever be negotiated
| in New York or Europe. There is not
| only no necessity for it. but there


is every reason that It should be held


here. and for the above reasons and nu-


merous others which might be urged
| If we had now all the state bonds in,


we could place them and four times as
much more, here at home in the hands
of our own people, TO whom would be
paid couple of millions of interest an


nually to the manifest advantage OF


every business interest OF the state


We commend these lily digested
thoughts TO our Law makers and states


men generally, with the added remark


that there is just enough in the sugges-
tion to entitle it to the respectable con.


sideration with which every matter af


fectiug the interests and well>being OF


this people is entitled to. Texas car
take care OF her own debt, and as lonl


as she refuses to do it, she is standing
/ in the light of her own best good