Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-29

in the near future Ny present belief is
that the law, whether constitutional or un-
constitutional, or whether repealed or not
repealed, will at least fonseyeral years pro-
duce much financial stringency and distress
in the state. / can only speak for the in
terests we represent, and as to most of
these there is no question in my mind but
what the law VIII cause the almost imme-
diate preparation for the winding up of
them and their retirement from the state.
As to those of our clients who are holders
already of large bodies of land, am quite
undecided as to what will probably be done.
| feel, though. that as to these the law will
be contested to the utmost extremity; for
the reason, 1t is very unreasonable to at
tempt to compel the disposition of hundreds
of thousands of acres of land in the short
time OF six years in an unsettled country,
when the act itself compelling the disposi-
ton of the lands produces depressed con-
dition which renders the lands unsafe
able. Furthermore. these lands Will,
practically speaking, have to be disposed of
for cash. As see it, they cannot be sold
on time and liens retained to secure the
purchase money for them; the superior title
Will still remain in the vendor. As to the
loan companies. while look for almost a
complete cessation of business on their
part, yet / think they can be relied on to
cooperate with the people in getting out of
a condition of mutual distress. 1t will be
TO their interest to give the people fair
opportunity to liquidate their Indebtedness.
A disposition on the part of the companies
to crowd their debtors would result in such
a depreciation of real values as would be as
disastrous TO the companies as to the people.
| think the law is very unfortunate in being
drawn in such loose and indefinite manner
as probably to convey the idea of a more
sweeping effect than was really intended.
The act, in my opinion, could have been
drawn in manner much more Just and
reasonable as to alien interests, and much
less destructive to home interests. The
feature as to corporations composed in
whole or in part of aliens is especially de-
structive in its nature. No way now occurs
to me by which even home corporations can
protect themselves from forced retirement
from business. At any time an alien might
acquire share of stock, unless,
possibly, the bylaws of the cor
poration may be made a means
of preventing the acquisition of stock by an
alien. 1t is useless to think, even if it were
possible, of foreign moneyed interests resort
ing to evasions of the law for the purpose
of doing business in the state. This is
simply out of the question as it is difficult
enough without the law and with every as
surancc that no legal complications existed
at all to get foreign money into the state.
1t is fact that English and Scotch money
vastly easier to induce money from these
sources to come into the state than it is to
induce it to be sent i'll from the Northern
and Eastern states. The North and East
look upon us with much more distrust and
want of confidence than do the European
countries. The law will also have the effect
of increasing Northern and Eastern dis
trust and lack of confidence in US. In fact,
] do not see why, as a state policy, the
measure should not Just as well, in fact bet
Ter, have included the other states of the
Union with foreign countries. There would
really have been more justice in so doing,
even if the foreign countries had been omit
ted altogether, for it is my well-fxed opin-
ion that the state of Texas has suffered
more from Federal legislation in the inter-
est of the North and East than she has ever
suffered. or will ever suffer, from any other
cause. There would have been apparently
Il measure of justice, in directing the law
against these states, and have prohibited
their people from sending the money wrung
from the people of this state through the
operations of the tariff back into the state
and with the same converting the fee
simple titles of our people into flimsy
equities. Speaking as citizen of Texas
and looking into the future | cannot but
admit that the probable purposes of the
law are statesmanlike, at the same time a
law of this Quasi-revolutionary nature
should have been thoroughly discussed be-
fore the people, should have been drawn
with the most consummate skill aud its
provisions should have been such as would
have saved the people from probable bank
ruptcy. would have gradually accomplished
the desired result and would have been
entirely fair and equitable to foreign inter
eStS. No state can well afford to instan-
taneously slap in the face those countries
which virtually control the finances of the
wall 10 una md don 1ncc
is to all others how it was possible that
law so far-reaching in its efforts could have
been enacted under republican form OF
government without the people knowing
anything of it. 1t is quite equal to "a
ukase of the car. l am aware that the
people of this state have borrowed too
much money, that the facilities for borrow
ing money have been too easy, that nine out
of ten who have borrowed ought not to
have done so, that the independence of the
people of the state is being Slapped by the
facilities for borrowing, that they are
made trifing, communistic and eX-
travagant, that borrowing as has
been carried on IT. the past has resulted in
speculation, u departure from legitimate
business and an imitation of values, and that
if the people of this state could be made
less dependent and in manner forced 10
employ thrift and economy and to take hold
of the resources of the state and develop
them with labor and industry, which in
their train bring money, instead of borrow
ing money with which to speculate and bet
on someone else in the future doing it, they
would be vastly better off from an econ
omic standpoint. But l am constrained to
say that the law in question should have
been born differently, should have been
shaped differently, should have been differ
emily operative, and, in other words, should
have been such a law as would not have so
distressed our own people and such as
would have been entirely just and reasona-
bic in its dealings with foreign people, even
so just and fair to them that there could
have been no Just cause whatever for COM
plant.
Judge J. r. Robinson's Opinion.
Judge Robinson said: The principle upon