Year: 1875

Our Texan exchanges have been accus-
toned of late to talk confidently of the
reduction of rates of state taxation. They
forget that Texan bonds bear high price
and can be sold because they bear an enOr-
nous rate of interest, and that thus far we
have been robbing Peter to pay Paul, sell
ing one class of bonds to pay interest on
another. The rates of taxation cannot be
materially reduced save by remitting that
imposed to maintain the public school sys-
tenn, and reputation and dishonor or the
collection of enough money to pay from
seven to ten per cent on four or
five millions of public Indebtedness must
be provided for. Now that the Convention
is about to sit, and the beginning Of new
fiscal year is at hand, we will have full
finances and hereafter there can be no differ


ences of opinion as to the facts, and Radi-
| cal conventions will not be enabled to mske
statements palpably wild and absurd as
pronounced by managers of the States finan-
ces. OF all facts affecting these matters it
is very important that the Constitutional
Convention should be thoroughly advised
and the clearest and fullest exhibit of the
condition of the Treasury of Texas, we are
told, will be given. Nothing has added
more to the popularity of the administration
of Gov. Coke than his successful management
of the public debt. But for all that the
reduction of the rate of taxation, save to the
the extent indicated is impossible. There is
but one mode, just now, of accomplishing this
result. 1t is discovered in the perfection of
our railway system, No experience OF man
kind has devised a means of attracting pop,
ulations and giving taxable value to prop
with railways. Texas has grown in wealth
and greatness faGri passu with the progress
of the States railway system and if the In
ternati ional road were extended to Laredo
at a cost of So, 600, 900, the States revenues
increased because of this extension of the
road would constitute n greater sum than
the interest and proper sinking fund.
But unsaleable land was substituted for
convertible bonds the road stands still cur
rents of immigration are partially damned
up; the influx of money to which Texas has
been accustomed for years past ls partially
repressed; unwlse prejudices, injected into
legislation, have wrought great public
mischief, and even Texas recognizes hard
times" mainly begotten by powerful
bondholders, who want gold to-day, and
when they have squeezed the last dollar out
of the country by contraction, will rob it
again by expansion. Texas cares less for
the conduct of these Eastern plunderers of
the country than any state, and the sooner
we transfer our bank accounts from New
York to London, shipping hcattle, horses,
cotton and wheat direct to the latter port,
the better for Texas. just now we are at
the mercy of the Philistines. In the mean
time, while bankruptcies flourish and the
country's currency itself is subject of
trade and speculation, and the people are
remorsely robbed by contraction to-day, to
become expansion tomorrow, and banks
explode and GOLD and silver are shipped out
of Texas that paper may be substituted, it
is most fortunate that the financial condi-
tion of Texas is infinitely better than that
of any commonwealth which went through
the free school, freedmen's bureau and ne
gro cavalry mills of benefcent Radicalism.
Despite this fact, there can be. just now,
save tai the extent that the fancy school sys-
TEN is excised from the body polite, no
material reduction of present rates of taxa
tion. OF this, however, we may speak with
perfect definiteness when the forthcoming
financial statement is before us.