The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-01-12
G0Y.H0GG'S MESSAGE
A Document Full Of Demo.
cratic Doctrine.
IL Paves the Way for the TEXAS Legis-
lature to MAKE Laws That VIII BE
in Accord with the Needs of the
Citizens Of the Lone star state.
Errcrrryg OFrrcr

fLTe.
Tn PRIME object u a constitutional form o.
Cover fa~nt Is TIE perfection " human hgppi
MS t. sit-iu taia remote though Coveted
emu laws fnr The just e1ual uro-e ton Of i e
htertF ana rr0f cry ana M prom lion Of the
genera welfare have a.ways been anu raust
ever - necessary.
Fre.h frnia tie sovereign people. blessed
vita Ano~ edge % ,hair Arair-. YOU are h-r~
70 execute her will auc % slvsnc. taei- n
YER So POS es-ing tAe IN estloncd pOwer.
knitted only BY tie constitution. to pass an
repea laws a. piras4re your mission d.
the cspto! /. : cont. EFT : tru-te1. in view u
the auspiciops cir LII. stances surrounding
you sel-, TOE cAnno' TAI. to greatly benefit
Paramount TO ali ether questions now a,
tracing puo. attent.f n IA This state arr t1-
several oeinsnds mate 1y tne sat- Derno era re
party throusa Is Platform. which are
ma ri'y OF zach Q your honorable badi-s snd
Atty and oe-'i-flce are due
Ne1' 70 the cons tituii nal oath, pledges 70
piat I'm demands are the most solemn oo..ga
parry action ne people make known their
wishes, which wh-n compiled with must a.
ford item reasonable satisfaction. these re
cent demands N No way II pinge the constitu-
toD- Out vl'siy affect the general welfare
and thetr snac 1ent into law by this l-gisla
sure must O. Ply impress every fair, thought
Al mind With their ettcacy and wisdom.
Railroad Bones and stocks.
The constitution provides that: 40 cor
rorat!on shall issue stocks or bonds except FOR
money paid. labor done or property actually
received ana all fictitious increase OF stoci,
Sec Sec. Indebtedness 'hal' De void Art X
The legislature has attempted to give force
70 this provision o. the constitution oy pr"
vfdirg that, 10 railroad COZ poratio on sha
thue any stock or bonds except ;or money
labor or property actually r. ceived and ap
pred ~ the purposes for which such corpora
ton was organized; nor shall II issue any
shares Of stock in said company except at its
par value and 10 actual subscribers VINO pay
or become liabe 10 pay the par value thereof
The only penalty. however tor the violation
OF ms provision now prescribed by law Is
aimed at the corr crate oficers ana directors.
They are sin ply made liable o he stOcA hold
ers and creditors hereof for the iull par vaiue
OF such Illegal stock or indie tedness as the
ease may be.-1d. Art. 4l.6. Herein lies the
Nouble The laws are sufficient in declari K
ME effect OF such evil practices, but the pubic
= altogether ignored and unprotected from
abuses OF that kind and 1t is the material SUI.
ierer Bonds in exc ssive amounts. far beyond
we value OF the property, have been issued
oy many 81 the railroad companies OF the
STATE, their payment secured directly by
mortgage upou the several lines. and indi.
fectiy by lien upon every article OF com.
merce carried ny them.
To present the enoi1nity and the consequent
injustice resulting to the public from corporate
abuse by the issuance OF tictitious stocks aud
Indebtedness u is well to take view of the
condition ahectn commerce throughout the
United States and then examine 1t with refer
snce to local affairs.
Authentic statistics show that there are now
nU,bD miles OF railway WITHIN the United
States LIABILITIES ON them, including stocss
aggregated over slo ,e5,GS oo5. during
the Year 1891 the companies collected
rom the tratiic OF the country $l,l3 .,uuv.
1Ihey had LETT from those receipts after paying
al Inc hehvy expenses incident to railroad
management including he liberal salaries TO
thelr army OF officials, total available cas h
revenue OF over - 5000, or about 1861 Tor
every mile OF railway in the whole govern.
meht AFTER paying interest on bonds ana
otherwise due, together with rentals, tolls and
4. Ia #
millions OF collars, they also paid over Llneiy
million dollars as dividends on their stock
THIS enormous assessment upon this public
may be better Illustrated by the statement that |
She railways for the year 1891 collected over |
!Ib per cap tn OF the whole population within
She federal government The surplus, after |
paying all expenses, interests and d yidencs |
Aggregated for that period over forty million |
collars. These facts are taken from tine best |
ehd most reliable published statistics. The |
frequent distressed condition of the whole re-
Pupiic, growing out Of the fast recurring !
m-nt ITSELF ana every citizen OF 1t. 1t may lot
therefore be amlss TO say that while there is
about N'ooj oJ"oo OF active circulating
medium in the United States, the
annual revenue taxes received by the
70, ernnent. added to the traffic taxes collected
oy the,e transportation comp, MES annually
aLles OF other states are MS free OF re-
slraiht III he execution of their obligations
q those OF Texa.. II such is the case, they
have but 10 continue 10 issue their bonds and
Keep up the hith traffic ties to pay tie Interest
on mem III order u 70 apace with The increase
OF he CIR, u!ating medium and 10 finally alb.
20. b II all Wine the .eXas Legislature cannot
hope 10 improve The condition OF the other
stat :, II has me power 10 set Wholesome ex-
ample al home by protecting the present gener-
alton and posterity from M method of conis-
cation: here are now within this state about
oinlies OF railway rendered under oath for
taxation ut *67,tui 90. The aggregate stocks
ana bonds, as shown by their last official
ports under oalh amounted to $i6o 0000o 10
assert IN very large per cent OF these lab IL
I'D ..l,t1 liam
and laws Is but TO sla e self.rvident propos
Son. They exceed the assessed valuation OF all
ind he Hd ,n %hn 10 the +f s. y + 40
lessed vaiuat Oh OF all the properly in 1eXas,
Including tn railways themselves This state
nent il SIN ply made to illustrate by compari-
tnn what the people may expect in The future
rom this growing evil unless ample legislative
remedies are adopted as Safeguards Tor their
message T. the first session. of the Twenty
'econd legislature. and again called specially
o HE attention OF the ealra session, but there
Mas no law passed on The subject. While the
ssue is not ew, 1t was fully and thoroughly
discussed before the people last year, ana they.
n he exercise OF their sovereign right adopted
he oilo"ing demand through their said party
platform last Aug st:
IA. we'd mand a iaw that will etfectually
prevent The issuance of fictitious and watered
,oLds and stocks by railway companies in this
tate, believing that these grent enterprises
hould be co Quoted upon commercial princi
lies nd not as gambling devices"
Many EN- invnt men have contended in the
,aAt That he pub &c should not interfere with
be ex rcise of his privilege by The, corpora
ions at II IS n matter with which the people
AVE no concern. BY this platform demand IL
Iould appear that the people think differently
hey certainly have The right 10 instruct their
Governor and Legislators on matters OF legisln-
Ion, n. they are the ones after al who are re-
ponsible for the government and its affair.
lhder the constitution these pubic high.
rays have been transformed, within
be last few decades, from plain :
,arkets, into the present roads laid in rails
nd crOss-ties and granted special privileges by !
be state government. To them nave been
elesated the governmental power OF eminent