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Let us suppose the Governor sells these bonds for seventy-five cents on the dollar, the State will then realize from their sale the sum of five hundred and sixty-two thousand dollars in currency; deduct from this amount one per cent allowed the agent for selling, and two thousand dollars for engraving and printing and we have left five hundred and fifty three thousand dollars currency as the net proceeds of the sale of the bonds. The people pay annually on these bonds as interest fifty two thousand five hundred dollars in gold. If the bonds are redeemed in twenty years the people will then have paid in interest, one million and sixty thousand dollars in gold. Add this amount to seven hundred and fifty thousand dollars (the amount necessary to redeem the bonds) and the State will have paid in gold One million eight hundred thousand dollars, and will have received in lieu of that enormous sum five hundred and fifty three thousand dollars in currency, and if the bonds are not redeemed for forty years, the State will have paid in gold for five hundred and fifty three thousand dollars in currency the round sum of three million six hundred thousand dollars in gold. It will not take many such enactments as this to bankrupt the State.

As we are upon the subject of bonds we had as well review the Act approved May 19th 1871, and entitled "an Act to authorize the Governor to prepare and issue bonds to an amount sufficient to meet any deficiency in the receipts of revenue for the years 1871 and 1872, and also providing for the payment of said bonds and interest thereon."

By section 1st the Governor is empowered to have printed or engraved an amount of bonds not to exceed in value four hundred thousand dollars, with coupons bearing ten per cent, per annum interest, to supply any deficiency of the revenue for the current and ensuing year and to meet appropriations for support of the State Government and other purposes."

The people of Texas who pay the taxes, we are disposed to think, have long since come to the conclusion that the various and burdensome taxes which they are now required to pay ought to be sufficient to defray all the legitimate expenses of the government. If the government is now borrowing money at a high rate of interest, or what is still worse, selling the bonds of the State at any discount, and paying ten per cent, per annum interest on them to meet the current expenses, daily increasing, it is very evident that in order to meet this additional indebtedness the present rate of taxes will have to be increased to such an extent as will completely exhaust the resources of the people. By section 2d of this Act these bonds are to be paid in lawful money of the United States (Currency) the interest coupons thereon to be paid semi-annually on the 1st day of September and March of each year, and to be redeemable at the pleasure of the State after two years, and payable five years after date. The Governor is to sell the bonds and receive the money. Suppose he sells them for eighty cents on the dollar, they will bring three hundred and sixty thousand dollars, deduct from this amount four thousand dollars which is allowed the Governor by the act for selling, fifteen hundred dollars for engraving and printing the same, which leaves three hundred and fifty four thousand five hundred dollars net proceeds. The people have to pay in interest each year upon these bonds the sum of forty thousand dollars. If the State is able to redeem the bonds in five years, the people will have paid in interest above, two hundred thousand dollars. Add this to the amount required to redeem the bonds and the people will have paid six hundred thousand dollars. Add to this amount the debt created by the sale of the bonds under the Act of August 5th 1870, three million six hundred thousand dollars in gold, and the tax payers of the State will have paid from their hard earnings, and we fear in very many instances from the sale of their property by the sheriff, the sum of four

million five hundred thousand dollars; and the state will have received in lieu of this amount the sum of nine hundred and eleven thousand dollars to be applied to defraying the expenses of the government.

At the present prodigal rate of expenditure, when will the people be able to pay this debt? By the last section of this act the Legislature declared the Act "to be irrepealable in any of its provisions till principal and interest of said bonds are fully paid.” How absurd this declaration !

Is it possible that this Legislature has arrogated to itself the power to bind all future Legislatures in the State? There never did, there never will, and there never can exist a Legislature possessed of the right or power of binding and controlling future Legislatures. They had just as well declare that Edmund J. Davis shall govern the State of Texas till the day of judgment, All such Acts by which the makers of them attempt to do what they have neither the power nor the right to do, nor the power to execute are in themselves null and void. This Legislature assumes to itself the power to enact Constitutions for the people of Texas as well as laws. In an act entitled "an act to prevent the cessation of judicial functions &c," approved June 18th, 1870, page 10 the Legislature declares in section 2 "that the Supreme Judges are authorized and required to proceed in the discharge of their respected functions until appointments shall be made by the Governor, according to the Constitution and laws to be enact ed by the Legislature.

But we may be told that this is a misprint; why should this be a misprint any more than the irrepealable Act? it is much less absurd and easier to be executed. But we are told that the irrepealable Act conforms to the 23 section of Act XII of the Constitution. It violates that clause of the Constitution. The Constitution declares that "it shall be the duty of the Legislature to provide by law in all cases when State or County debt is

created adequate means for the payment of the current interest, and two per cent as a sinking fund for the redemption of the principal; and all such laws shall be irrepealable until principal and interest are fully paid. The irrepealable law above referred to is not such a law as the Constitution defines. This Act makes no provision for a sinking fund of two per cent for the redemption of the principal but requires that thirty three and one third per cent shall be paid on the bonds annually when they become redeemable. Does the Constitution authorize the Legislature to declare this provision irrepealable? No! It does seem that the 12th Legislature has passed no law, all the provisions of which conformed to the Constitution. As it is not our purpose in this review to point out objections to the Constitution, we will leave this subject to the reflection of the reader.

Again, by the Act approved December 2nd, 1871, entitled "an Act authorizing a loan to meet deficiencies in the revenue of the State," the Governor is authorized to have engraved the bonds of the State of Texas to the amount of two million of dollars, first, one million in bonds of the denomination of one thousand dollars each; second, five hundred thousand dollars in bonds of the denomination of five hundred dollars each; Third, five hundred thousand dollars in bonds of the denomination of one hundred dollars each.

Said bonds shall be payable twenty years from the date thereof, and shall bear interest at the rate of seven per cent per annum payable semi-annually, viz: on the first day of January and the first day of July of each year. Said bonds to have coupons attached for each installment of interest which may become due. The principal and interest of said bonds shall be payable in gold at the treasury of the State of Texas, or at the city of New York through such agent or agents as the Governor may select to pay the same. Said bonds shall be signed by the Governor and Treasurer of the State, and countersigned and registered

by the Comptroller with the seal of the State of Texas affixed thereto. The Governor appoints the agent to sell the bonds in the city of New York at such times and in such quantities as he may direct. The amount to be paid for these bonds is left discretionary with the Governor. He may sell them at par, or for five cents on the dollar. Neither he nor such agents as he may appoint are required to give bond to secure the payment of the money into the Treasury of the State after the bonds shall have been sold. To say the least, this is placing before the Governor and his agents a very great temptation. The Legislature before it passed this act should have read that part of the Lord's prayer which says "lead us not into temptation."

Suppose the Governor sells these bonds for eighty cents on the dollar. They will bring one million six hundred thousand dollars, deduct from this amount one per cent for selling and five thousand dollars appropriated for engraving, and we have as net proceeds of the sale of the bonds, one million five hundred and seventy-five thousand dollars in currency. The people of the State will have to pay annually the sum of one hundred and forty thousand dollars in gold as interest on these bonds which will amount in twenty years to two million eight hundred thousand dollars, which added to the bonds sold creates a debt against the State of four million eight hundred thousand dollars, add to this, four million two hundred thousand dollars in gold the debt created under the Acts of August 5th, 1870, May 19th, 1871, and the State debt is increased to nine million of dollars, provided the interest and principal be not paid And at the present rate of expenditure it will be impossible to meet the interest of this debt without additional taxation. And Governor Davis must be considered the "Keystone" of this combination, "the life and blood of this conspiracy" to bankrupt the State and oppress the people with taxes, taxes, taxes too grevious to be