Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-11-13
ON yO CHICAGO!

Wv " CiiChNO'
In case the Fort Worth GAZETTE has not fully
comprehcuded the following correspondence
We rcpubllsh IT, as It Rccords TO rarrant county
the exceptional privilege OF being 'thc only one
OF It's kind"
CHICAGO, Noy. 1, 1855.
Comptroller OF state, Austin, Texas
DEAR sIR:--Wc write TO inquire ms to the gen
cral de .rability of bonds issued by counties
and cities In your state for municipal purposes
for Investment Of trust funds. Are there any
bonds. so isucd, now In default Of either inter
est or principal, and outstanding unpaid In
your sialc2 We write TO make this inquiry In
view of dealing somewhat In tho municipal Sc
curItlcs OF your state Please give vs. their
weak points, as well as their strong ones, and
greatly obllgc, Yours truly,
y, NJ. HARRIS & Co.
Following Is the reply of the comptroller
The constitution Of the state Of Texas au.
thorlcs the Investment % the permanent
school fund OF the state In t'nitedS,atos bonds,
bonds of the state OF Texas and In the bonds Of
the counties OF this state, aud in accordance
with such provision Tie state has invested to
date 81 sG7sJs % OF the permanent school fund
In the bonds of the counties of the state, and
such bonds are sim purchased for the bench,
of the school fund as said fund accumulatcs.
/ The law Ia very clear and plain In authorizing
counties to issue bonds for certain purposes,
and when bonds are offered to the state for
! purchase, each case Ia carefully examined and
decided on It's merits This department
will not undertake to express an Opin.
| lon regarding bonds In general, for,
as before stated each case is decided
| on its own merits. OF all bonds OF
the various counties that have been purchased
| by the state, only one county has failed to pay
the interest on the bonds promptly. The Inter.
est due ON the 10th ot April last, on the rarrant
county houds held by the state, has not been
paid; Btu THIS Is THE ONLY CASE OF
! THE KIND. The laws of this state clearly au-
| thorized cities to lssuc coupon bonds for Ger.
/ tain purposes. but as there Is no authority for
the state to invest In such bonds, this depart
IneUt haE not been called upon to give the mat.
ter . thorough investigation looking to that end
and must decline To give any opinion regard.
ing city bonds Respectfully,
WILLIAM j. SWAIN, Comptroller
Only one county has failed to pay interest to
| the sacred school fund - Dallas Times
TnE GAZETTE fully compreheuds the
correspondence above, and sees in il moth.
Ing detrimental to Tarraut county, and
nothing that would iniurc the credit of
this county in financial Centers but for u
peryersion of the truth concerning the
failure to pay the interest. Tho anlmus
OF the attempt to pcrvert the truth and
traducc the financial Integrity of Tarrant
county is well understood among those
VINO are conyersant with the methods by
which Dallas seeks to Offset the phenome.
nal growth aud marvellous progress OF
Fort Worth. There is nothing 10 which
Dallas will not stoop in It's insane ieal.
ousy of this city; but perhaps the small.
est exhibition OF its envy is that embodied
in the effort TO peryert the truth concern
, ing this failure to meet the interest OF
/ school bonds, and thereby impair the fl
nancial standing of Tarrant, because OF ,
= circumstance which in no wise reaecto,
either on the willingness or ability OF III,
county to pay every honest obligation
To miurc the county in which Fort WORT
is situated has been the one RELENTLESS
aim OF malignant envy which took N,
heed OF the Indirect harm to be done al
Texas by impairment OF the credit Of
rival that was both hated and feared.
For the benefit OF people outside o
Dalas,Tm GAZETTE repeatS,that Tarran
; county has already paid into the connt,
treasury $4,000 in taxes to meet thi
, debt of $4,000. In the face Of this, thl
assertion that "the commissioners cour
made no provision for payment" appear
c not only silly, but maliclously mendacl
I Gus, The diversion OF this fund to othe
+ purposes by our local court, under tn
+ reasonable expectation Of being able t.
: replace 1t long before the Interest on III