Year: 1873

Finance is often a difficult, and always


an important branch of legislation. 1t is a


fundamental law of all human organizations


that money is necessary TO success. 1t is


especially true of State government. If


this be so, one of the first subjects of legis-


lation in point of time and importance is
| finance. We do not like to be considered


censorious, but we are forced to say, in view


of all the surroundings, our Legislature has


been little tardy on this subject. We are


aware that our State finance is envirOned


with peculiar difficulties, and judging from


the long and laborious debate in the House


yesterday, on the subject of our New York


stolen bonds, a solution of all the difficult


ties connected with our finance is not likely


to be reached soon. At present, the depart


ment of finance that is especially pressing


in its demands, is to place money in the


treasury to ineci tfffe current expenses of


our State government, and pay +ls--ut-. +t5e out.
standing liabilities already due. The vari-


Gus employees ofthe government are suffer


ing great inconvenience and create, discount
on their claims, and the lowest point of de-
probation in these claims has been by no
means reached, unless a remedy is speedily
and effecfuale setrsir-li--4i== - L.


The finances of the State with the re-
sources of Texas, both present and pros
pective ought to be. and we believe could be
managed so as to keep our bonds at par in the
III II, -, a.
treasury to meet current demands This
we cannot believe would require any very
large amount of financial skill Our State
debt would be very small in contrast with
our large and rapidly developing resources
if every bond ordered was endorsed and
put upon the market. The bonds we be
lieve would sell at par, and it would not
require Onerous taxation to meet the inter
est and the demands of the sinking fund
annually and leave surplus in the Treasury.
What We need is prompt action. The diff
culties will not diminish by delay but rather
augment, and become more complicated.
The whole subject of finance should be met
at once and settled definitely and for all
time to come. The line of policy adopted
should be adhered to without deviation.
No one we believe would or could in Justice,
object to this course. If the salaries of
the officers and employees of our
State government are not too high
then we ask by what authority do we re-
duce these salaries twenty or twenty-five
per cent merely for the benefit of spectators.
This, we know, is not the intention of our
Legislators, but if it follow as Il result-and
a result that might have been prevented
then we believe our lawmakers may he
held to a strict account.


The first work to be accomplished is so to
legislate as to place our State credit at
premium everywhere and in every market
and then if we need money we can obtain
it on the best terms, and in an amount suf-
ticient to meet promptly all our engage
ments. We advocate judicious and even
a cautious system of State policy on this
subject. Prudence should guide and con-
troll all our deliberations, but not pru-
dence that fears and refuses to act, but Il
prudence that. without fear orSit-nr- meets !
III = r aIsniaysA 70 lYsiT--rol


we }Igpt the financial ability of both
houses will be brought into requisitioh, and
a plan be matured which will secure the
rights and interests of all concerned, and
place our State credit upon permanent and
1,ocic