$2,000.00." is objected to and vetoed. This item is excessive in amount, and for that reason is disapproved. The amount actually needed for this purpose can be provided by deficiency allowance when the same is ascertained. On pages 93 and 94 of the bill: Item of "For the payment and cancellation of the following outstanding bonds of the State of Texas, a part of the public debt $645,200; $188,500; $41,400; $22,100; $20,700; $15,600; $135,400; all of which said bonds mature July 1, 1909, $1,068,900." The several items enumerated in this general item of $1,068,900 embrace that portion of the public debt evidenced by bonds of the State, maturing on July 1, 1909. Instead of providing by adequate laws for refunding these bonds, and providing as the Constitution requires, a two per centum sinking fund with which to pay off and discharge the same, the Legislature has undertaken to lay upon the taxpayers of the State, the burden of paying off and discharging this large amount by an increase in taxation, which would amount to an increase of approximately 6 cents on the $100.00 of property valuation during the present year, to which increase I can not assent. The payment of these bonds now would mean that the taxpayers must pay $1,068,900 more taxes this year than if the bonds are refunded and a sinking fund of two per centum created for their payment upon maturity, thereby distributing the burden over a number of years as contemplated by the Constitution. (See pages 519 to 523.) Section 48 of Article 3 of the Constitution of this State, in its limitation of the powers of the Legislature with respect to the payment of the public debt, limits the Legislature in its power to levy taxes or impose burdens upon the people to the creation of a sinking fund which shall not be more than two per centum of the public debt, and for the payment of the floating debt of the State at the time of the adoption of the Constitution, including the then matured bonds for the payment of which the sinking fund is inadequate. The floating debt of the State and the bonds matured and due at that time have long since been paid or refunded. It will be remembered that our tax rate is increased in proportion to the increased appropriations and the very thing proposed by this action of the Legislature was wisely provided against by the Constitutional limitation above referred to, so that such an oppressive burden could not be laid upon the people in the way of taxation during any one year. These bonds were issued under an Act of the Sixteenth Legislature, but that Legislature and subsequent Legislatures have failed to provide a sinking fund as required by the Constitution, with which to pay off and discharge the same when matured. I can not agree to the proposition that the people should have this heavy burden laid upon them this year, even if the Constitution would permit it, but believe, as I recommended to the Legislature, that the bonds should be refunded at a lower rate of interest, and that a sinking fund should be provided by law as authorized and contemplated by the Constitution to pay off the refunded bonds when they mature. These bonds which mature July 1, 1909, and which this item of the appropriation bill was intended to take up and cancel, are held and owned as follows: $645,200 by the perma nent free school fund; $188,500 by the permanent fund of the State University; $41,400 by the Lunatic Asylum fund; $22,700 by the Deaf and Dumb Asylum fund; and $15,600 by the State Orphans Home fund; and $135,400 by individuals, cities and counties. It will, therefore, be seen that of the $1,068,900 in State bonds maturing on July 1, 1909, $933,500 are owned by the permanent free school fund and State institutions; only $135,400 being owned by individuals, cities and counties, and, therefore, no embarrassment to the State will result in the failure to pay them at maturity. Appropriate legislation refunding the same can be enacted in the future, and at a time when legislative mind is free from the bewildering effect of the large fine recently collected by the State, and which evidently had its influence upon each proposition involving an appropriation of the people's money during the recent Session of the Legislature. Indeed, the fine collected from the WatersPierce Oil Company might be said to have been appropriated by the Legislature three times. First, the appropriations by special bills including the expenses of the Legislature and appropriations carried by bills vetoed and not necessary to use amounted to more than $1,880,000. Second, the general appropriation bill as introduced showed an increase of more than $1,000,000 as compared with any bill ever heretofore offered. And third, this item of $1,068,900 to pay off the State bonds, and other large items were added to and included in the bill as finally passed. It would seem that in times like these it would be well to recur occasionally to the safeguards of the Constitution. In case the owners of the State bonds aggregating $135,400 maturing July 1, 1909, and held by individuals, cities and counties, desire to realize upon the same, the State School Board will be glad to take them up with the funds now to the credit of the permanent free school fund, or with permanent funds now to the credit of other State educational and eleemosynary institutions. The approved appropriations made by the Thirtieth Legislature including appropriations by special bills and for the expenses of that Legislature and the general appropriation bill for the needs of the State government for two years amounted in the aggregate to about $7,954,915.45. The appropriations by the Thirty-first Legislature for all purposes, including the State bonds in above item, amount to $11,531,085.00, being an increase as compared with the appropriations of two years ago of about $3,577,170.05. These increased appropriations which were vetoed, including the amount for installing water, light and power plant at Austin, and which will not be used, amount to $2,251,481.19. T. M. CAMPBELL, CERTIFICATE. THE STATE OF TEXAS, DEPARTMENT, OF STATE. I, W. B. Townsend, Secretary of State of the State of Texas, do hereby certify that the foregoing is a true and correct copy of the Proclamation by the Governor of the State of Texas, enumerating his objections to and vetoing certain items of appropriation contained in House Bill No. 18, passed at the Second Called Session of the Thirty-first Legislature, same being "An Act making appropriations for the support of the State government for two years, beginning September 1, 1909, and ending August 31, 1911, and for other purposes, prescribing certain regulations and restrictions in respect thereto; to make additional appropriations for the support of the State government for the year ending August 31, 1909, and to pay various miscellaneous claims against the State, and authorizing the payment of said miscellaneous items upon the taking effect of this Act, and declaring an emergency," as said Proclamation appears appended to and on file with said bill in this Department. In testimony whereof, I have hereunto signed my name officially and caused to be impressed hereon the Seal of State at my office in the City of Austin, Texas, on this the 24th day of July, A. D. 1909. (Seal) W. B. TOWNSEND, Secretary of State. CERTIFICATE. THE STATE OF TEXAS, DEPARTMENT, OF STATE. I, W. B. Townsend, Secretary of State of the State of Texas, do hereby certify that the foregoing laws passed at the Second Called Session of the Thirty-first Legislature of the State of Texas, have been carefully examined and compared by me with the original enrolled bills now on file in this Department, and are true and correct copies of said original enrolled bills. I do hereby further certify that the Second Called Session of the Thirty-first Legislature of the State of Texas convened in the City of Austin, Texas, on the 12th day of April, A. D. 1909, and adjourned on the 11th day of May, A. D. 1909. In testimony whereof, I have hereunto signed my name officially and caused to be impressed hereon the Seal of State at my office in the City of Austin, Texas, on this the 24th day of July, A. D. 1909. (Seal) W. B. TOWNSEND, Secretary of State. |