Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-07-13

"a to he. competition In the interest Of
the people They come from the efforts
Of the roads to cheat one anDthcr or
from attempts Of one road To invade what
~ claimed TO be the territory ot another.
And these rate wars do more LUXURY TO
the patrons of the roads engag,d In
them by nnsettliug business aud values
than they do good by reducing rates
Railroad commissioners should hc select.
ed ON account OF their mental and moral
fitness for their duties. They should he
required TO take an oath Of office to
execute impartially laws alike just 10
the people and TO the railroad corpora
tons, They should he possessed Of no
interest which couldibas their judgments
In favor Of the one or the other. And
TO gunrd against wrong or Injury their
action should be subject to rteeNuminA-
tion 10y the courts All these things are
provided for by the railriad commission
law nj this state. Such a commission.
Tree from indurcment to do wrong liable
at all times To the criticisms OF Interest,"
ed and able men. and subject To public
opinion as well Us to the law. would, IL
Is submitted be more impartial trihun-
M Tor the liking OF rates aud fares, than
men whose chances Of cnnl0ymrnl OF
promotion, and Of higher salaries. resnOn-
shle to no one but their employers depend
On me amount uf money they can rxtort
to year. "
. Ny second position is that The
law should confer upnn the railrOnd com.
mission, or some other department 81
The government, the power TO regulate
aud control the issnnnce of tho sforks
ani bonds OF the railroads. under such
Limitations as would not rinrd their con.
strucion,as would give such stocks and
ponds real and usctntanahlr value and
as would protect the public against fraudu
bonds ""u
Ihc effect Of such law fairly executed
would protect the patrons of the roads
from having to pay dividends on stock
iidudulcntly isSu,Nl, and interest and prln.
cipal on ponds fru1ulently put in cir-
culatlon, would protect the purchasers of
such securities from bcing imposed en- liz
them. would secure TO railroad property
real instead of q merely Hurtuaiiuy
ant speculative value. Aud Il would
defet one of the most powerful agencies
Tor accommodating vast fortunes hy uu.
scruphlUu, and dishonest men al the eN.
pense OF cOntding puhlic.
Such u law was passed hy the Texas
legislature which recently adjourned.
pnd was approved on the Sth OF April.
iSl3. IL VIII do much IN the future Of
! tiiis great state TO arrest one OF the
] greatest crimes OF 0ur time, gambling In
/ stocks and bonds of railroads issued not
hiole 10 secure construction, lint to
enable the parties issuing them tn rob the
( pubic and probably to swildie the pur-
/ cnaaets OF such securities. II is well known
now thal ID many cnses OF railroads IN
| process oil conjunction instead Of limit
ing the issue OF bonds to sum necessary
sn'h roads are bonded for all the srcul
/ ltlt, whl,h Gun be honted IN The market
| S1oh eolduct ought TO be punished ~ n
lciphy OF hlgh Crude.
IN order That the enormous extent
ana great wrong OF Issuing watcrcd frau
uuIshl STOCK anu bonds may be- the better
ullIerSlo9I' ana that me necessity far
such legislallon as VIII arrest this evil
may be made themore manifest, ! make
! the Following somewhat lengthy quotation
! from the very able work Of Mr., Hudson.
entitled The Railways and the Republic,
edition of lSSb, He says,
"lhe effect of stock initiation upon the
financial Interests OF investors is moro
direct and vast than ihs bearing upon
the shipping Interests uf manufactures
/ merchants and producers Although
the latter Is our special subject Ia this
work, the Importance Of the former aurs,
/ ton warrants this sketch of the financial
/ evails of fctltlons values In fine, this
! practice Of creating securities In excess