San Saba County news. [volume] (San Saba, Tex.) 1874-19??, 1893-01-20

u
/ generally increased. sometimes 10 double OF
/ quadruple the former amount, by continued
abuse OF corporate franchises. Thus the prop
! erty OF the people Is threatened with ultimate
confscation. and their liberties imperiled
No question now confronts your honorable
bodies, or that may probably arise in this
state WITHIN the next fifty years. that eau
promise more interesting consequences to the
people than this one II it is iudiciousiy set
tied, II Will take bui a short time for the ma
terial interests Of this state to bear the whole
some fruits IN great abundance ON the other
hand, II it IS avoided or temporized with its
banetul efect Will in time be visited upon every
wealth producing citizen OF this state Its mo.
nentous Importance certainly cannot be de
MED now by any intelligent man since the for.
eign bondhOlders, through federal court have
obtained temporary Injunction suspending
the rates fixed by the railway commission. upon
Inc complaint among other IN ngs. that they
were not high enough. after paying the *
penses OF the roads. TO meet the interest upon
their bonds. many millions OF which with
the light OF truth shed on them. would ap-
pear 10 be the depraved offspring OF corporate
abuse in violation OF the express provisions OF
the state constitution BY that action the
point IS boldly, sharply made. and the traffic
rates in this country must be maintained TO
pay interest on all the railway bonds. 1t is
material TO the public. therefore. that none but
honest bonds, issued IN pursuance and within
the limits OF the constitution directly, shall be
permitted
To correct this evil and to prevent its con
tinuance law en- bodying The following feat
your honorable bodies:
!. That under the direction OF the railway
commission. experts shall examine and report
under oath the fair valuation OF the railroads
in this state which when approved by the COM
mission shall be filed ia the ofiee OF secretary
OF state as the Official standard for the issue OF
bonds and stocks in the future
2 That no railway bonds or stocks shall be
authorized or executed, except Tor limited
amount, for the purposes mentioned in the con
stituiion. and then only at the railway general
Office in Texas.
3. That they shall not be negotiated. hypoth-
ecated. OF sold until after the railway commits
sion shall have given n certificate that they
have been issued within the limit for the pur
constitution and laws, and not then unul they
nave been duly registered by the secretary OF
state in recoid Kept for thar purpose
4 That all Contracts with construction or
improvement com Dauies shall be fair and rea-
sonable and b. submitted TO the railway com
mission forinspeciion and approval before any
bonds or stocks over an amount prescribed by
the law shall be authorized.
D That all railway property placed in the
hands OF receivers under foreclosure proceed
ings. shall De sold 10 satisfy the debts OF the
company within n given time. The purchas-
ers 10 take the property clear Of membranes.
o. That the charter Of any company violat-
ing any provision Of the law, ny issuing. hypo-
thecatlng, or selling fictitious bonds or stocks.
or otherwise illegally incumbering its property,
shall be forfeit d.
:. That every director stnckholder and Off
Ger hENttlllE ~ pnLllGl phlAIE III NuNA Illegal
act or who shall divert any bond or stock or
the proceeds thereof from its legal purpose
shall be guilty Of and punished Tor n penal
ofiense defined in the law.
5 That il shall be the duty OF the state as
plaintiff or inEeryeuor- acting through the at
tOrney general. or such an attorney Ms the gov
eTnor especially employ therefor 10 enter any
court having jurisdiction OF the case and TO
challenge or contest the validity OF such stocks
or bonds and TO enforce the laws VIII respect
10 them
A.
ions passed the house at the special session Of
the Twenty second legislature, but did not pas
the senate Since then the fictitious increase
OF bonds and stocks has continued without a
check, ana viii 20 on ~ lively rate until leg
islatiye action is taken. Gathering ar und The
capitol Will be many lobbyists against this
measure, who viii lry 10 Tighten he peoples
representatives out OF Welding obedience to the
demands OF their constituents upon the prelext
and plea as specious as il is that such a course
viii deter capital from investing in Texas and
1T II m rr4 q E4itEfs u
further building OfTaiir0ads in Texas depends
upon The absolute surrender of the rights Of tine
people IN this respect j would be we'll now 10
let them pirt with US forcger- FiriitiOus bonds
are not capital nor the Representatives OF capi-
tai lhey are the fruits OF crime. threateniugtO
sap the lii- OF commerce, and TO CRATE in
this government iramps and millionaIres at
lhe expense OF the liberties OF the people
Texas has granted to her railway companies
o1suluttI acres or a isTrIIOry SUFFICIENT 10 make
number OF respectable states. She mas eX-
acted less OF them, and has conferred more
privileges, franchises and wealth upon them
than perhaps any other stste in the American
union She has faxed them lighter than most
any other country, and stands ready yet 70
encourage them by every legitimate measure
consistent With fair dealing and Justice TO her
people ! he law under consideration, II Gaze
Iullg and strongly Drawn and passed. viii pre-
,eut the practice OF such frauds and swindle-
20 long perpeirated through This abuse Of cor
9oraie franchises, and Will encourage The in
iestment OF honest capital In railway iul-
JroVsment. II Will protect commerce from
must burdens, guard the people from bank
uptcy ana serNilty, and add strength AMI re
peetabiuty 10 the independent autonomy OF
he state government which must IN time
ommand The approval Of all impartial cir
umspect men.
Municipal Indebtedness
The state has not escaped the mania prev.,.
mt Throughout the United States FOR loading
rosterity with debts they do no. owe BIZ the .
ssuance OF interest-bearing bo-.ds To CRAFTY \
Ne extravaganza OF the present generation.
Y best puplic bonds, as a rule. are not uu-
1ixed with evil County and municipal bonds
generally bear IN interest OF from six to eight
er cent. and are payable sometimes beyond
ne lif@o the generation executing them. for
he construction Of roads, streets and public
buildings, which. in the nature Of things. will
ave washed away grown into dssusr. or col
ifised into decay long before the debt. are due
@ load PROSPERITY with the debts # the present
annut be excusable on any other ground than +
bsolute public necessity The peoflie auus.tr
D have been SO impressed when last August.
peaking through their convention, they made
Sc Of the following expression:
Is. We demand the passage Of a law that will
reyent the useless and eXfravafsant issuance
{ bonds by cites. towns and counties in the
ate combining thenl within constitutional lin.
alton 70 actual public necessities 80 As TO pre-
rive the public faith, TO insure lower rate OF
iferest. and 70 project the present and future
enerations frop bul lens that skould never be
npCsed by such methods
lew facts that viii nat be cpntrovertcd may
.rhaps more clearly demonstrate the necas
y OF action now TO check the impulse ni t.y-
aFaeanee inst seems 10 move the people on
Us me Nhlie legitimate public enterprise Of
cry character is common able, cxtravagauce I
public expense IS inexcasable. Tint many
the counties are lavish in expend lures for 4
e construction OF c0urthouses and jails and
at many towns and so-cslled cities ga far be.
nd the necessities OF the times for various
lToses, lncu q bering the public with interest,
silhf bonds TO an alarminE extent. cannot be
insald; Investigation viii show that the {
nded debt toi c0urthouses alone in some OF J
. pOpulous counties amounts to SD per esp j
-oi the voting pulation while in Others {
lre sparscly settled l. reaches a high as s.sJ
7 capita OF their adult males Add TO The I
urthOuse debt the amount incurred for iails a
dges and pubic roads and the per capita in Il
btedness of IA voting population within ( 7
my OF the counties j. lnieed excessive. 4 T
lille the state government for all it, purposes u
les upon the citizen Gnhy 27ls cents on each I d
hdfed dollars valuation OF properly each
lie mauy OF them collect from - cents to
ar 81 annually on the 800 worth OF property |
IS condition as TO counties though adj n
nds in favorable light compared with that II
many OF the towns and cities The per cap p
indebt 'dness on the adult male population Il
some Of the mum cipalities amounts to over !;
o. While many Of them in apparently pros 2
'Ous condition. hive n bonded Indebtedness e
from 80 TO % per cspita OF voting pIpua- 4,
n within their several limits These state u
nts are N ide simply 10 draw the minds OF 5,
II honorable tOdies 10 the public necessity OF
ling halt on this line by adopting some Is
asure that viii nj least reduce the spirit Of 10
ravagance now 50 rife in the land TO the &
nimum. This should be done TO protect the q
pie from oppressive taxation. and To shield | -
rising generation as well as pOsierity from IL
uSt burdens whose chief element must De l.
stamp OF shame placed on them 10y The IL
kleis extraVaeancc Of their ayaricious an II
tors 81
he heritage OF Dosterity in this state should "
Il least a government clear Of burdens and n
lplieafions that preservation OF the govern d.
10 Itself has not made necessary. In add 81
] 10 this consideration, the people al large -
entitled TO protection from the damage and "
niliatiOn that must result 10 them from the IT
udiatl0n OF any class or amount OF public ~
lrity bearing the name Of heir state. bv any m
nty or municipality. Public securities can al
be iegitimately executed except for public AZ
poses. When those purpos es overstep the "a
-ssites Of he times. the element OF eXtrav- In
nee enters. and Reputation often follows as IN
suit. II should be distinctly understood in
so determined BY a well-fraTned law. that a.