Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-03-18

f"r-%'ff~Nf"At via A0l-t the NHllltN OF
property until It will produce revenue
at the rate Of rs cents on the 500 IN nav
OF the bonded Indebtedness. and that
from their action sitting rs such hoard
tnere Is no appeal, and no court can pass
in review their iiat 10 this respect. whethcr
right or wrong.
Be this as itlnay, when ever thew raise
property TO a fictitious, unjust and ex.
orbitani value, the courts of the country
will not De wanting In remedies to stav
such high-handed oppression. And on this
basis they will burden the taxpayer with
bonded debt OF $4,000 for a jall lust
completed and S35, 900 for a court.hoase.
a total bonded Indebtedness OF $4,000
for the purpose Of erecting public build.
ngs when all Of the taxable property
within the limits Of the county does
not amount to $4,000, 600. and
this too when She law stares them In
the face that their bonds cannot ran
longer than fifteen years, and that they
+ cannot issue larger number OF bonds
than tax of 20 cents on the
/ 500 annually will llquidate IN ten years.
/ conceding that the property OF
/ Nilhar@er amnnnts county at this
time TO Sl,500,00 viii %
cents on the 500 liquidate the bonded
/ indebtedness In ten yeaIsY Not II figures
/ speak the truth. The amount that could
be raised In ten years would be S3l 800 /;
not coming up to the principal
I by over S5000 and not taking
into consideration the payment
of the annual interest Of SS4I0, which II
is submitted would be very important TO
the bondholder at least. Now II this an
nual interest be kept up 1t leaves only the
sum OF $50 to be laid aside for the sink
ing fund. IL would only take 1873 years
and fraction at this rate TO realize q
sum sufficient to liquidate the principal
OF the bonded Indebtedness, exceeding
the time limited by law by l2s years. OF
course should the taxable values increase
from year to year, the bonds could be
paid much soouer
From the reports issued by the state
comptroller it Is shown that the taxable
property of great many counties In
Texas has decreased of late years, and
is considerably much less than 1t was a
few years ago.
It's submitted that 1t would be far
from proper construction of the law
that the commissioners court OF any
county would be authorized to 90 outside
Of and beyond the law and discard their
taN-rolls and presume that their
taxable values would double or treble in
ten years, and make contracts tor and IN
behalf of their counties on the basis OF
such violent presumption.
If that be the case, many other counties
in the state of Texas would attempt the
experiment Of boring q two-inoh hole
with threc-quarter augcr, and although
their taxable values do not amount 10
: over one million dollars could proceed to
the erection Of hundred -thousand-dollar
courthouse on the basis of twenty-five
cents on the hundred dollars for ten
, years and for the reason their prospects
) and future seemed bright, and their rep.
resentatives the commissioners court
, INDUCED the presumption that their tax
2 anc values would double or quadruple
: within certain period OF time.
: IL is believed that should Tn,
commissioners court OF any county
, exceed their limited powers un
1 der the act OF 1851, and issue bonds
, for a larger amount OF money for The
5 erection OF court-houses and iails that
/, is warranted by said act anc
their taxable value as shown b,
S their tsX-rolls, that the bond
o |us to any excess would b
uUUulupIlESu anu NolNs VIZ |'HhleN" 1i'
G obligation so made by commissioners
2 court would be in direct violation OF Tn
I law, consequently could not be enforced
4 Furthermore, should the taxable value
OF property OF a county, whose commits
T sioners' court had oyeTstepped the lay
i and gone beyond the limit, not incrcas
X to such an extent as TO enable the count
II TO pay off its bonded Indebtedness, prlr
: cipal and interest in fifteen years, it
VI believed that such bonded indebtedness
It remaining unpaid after the expiration {
n the fifteen years could not be collecte
3, from the county, inasmuch as the issuin
n of the bond being contract on the PAL
of the county, and being authorized by a
IS act of the legislature, such a contraC
# must follow and comply WIN inc la
!, authorizing its execution.
1t is submitted that the hlg' err courts
" the state of Texas would not enforce
% contract made by the agents OF count
s. In direct violation OF a statutory enac
ID ment, and that the bondholder, VII
10 notice of an unauthorized indebtedness
ID would be left without remedy,
= As to the remedy Of individual Ia
c. payers clearly they have the right
enioy the issuance of bonds under SUI
H. circumstances, and the supreme cou
8, has already determined that where TAX
u are Illegally assessed In the case Of U
W Galveston Gas Company rs. GaIYesto
m County, decided in 1881, II PAID una
ne pro,est, can be recovered back II soug
gs with reasonable promptness,
ys CLAY THOMPSON,