Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-06-29

OF railroad that was not heavily In
debted. and without consideration or
issue interest-beaiing bonds many
times over and above the value OF the
property. This fictitious Indebtedness
became general in our state upon the
railroads, to pay the interest on which
was practically impossible As re-
suit. reoeivershlps became either a
reoessity or a pretext, loss was en-
tailed on investors In good faith, and
our state given a bad reputation
abroad. Under the new conditions such
Injustice and frauds can not be re-
peated. II the people OF Texas, In the
adoption OF the law, have been dis
honest or have expressed by II hos
iility to capital, they are willing TO
take the responsibility. The law VIII
never be repealed SO long as they pos
sess self-respect, Independence and the
ability to control their own annirs.
within two years from this date bonds
executed under this law Will 80 at y
premium In any market OF the world
where safe, first-class securities are In
demand, and posterity may be spared
the degradation and desperation 10
which unjust, fictitious public obliga-
tions would drive them.
The Alien Inv.
To give full effect to a Statutory pub
lie policy the Legislature passed q law
In 1899 to the effect that no alien or
person who IL not citizen OF the
United States shall hereafter acquire
title TO or own any land in the state OF
Texas except az expressly permitted
in the law, The law itself exempts from
its operation all aliens WIN at the time
Of Its passage owned lands IN the state
so long as the title remains IN them.
This was done out Of regard 10 vested
rights and to avoid harships upon
people who had gone into our state
from foreign countries and In good
faith acquired titles 10 land. When
they die or part with their titles the
law becomes operative as TO their heirs
or assignees, who must. within ten
years after acquiring title TO such
lands, ethOr become bona fide citizens
OF the state to hold them or ALLEVIATE
them to some pprron not an allen. An
alien means person who Is not
bona fide resident or citizen OF the
United States. This law also permits
aliens to lend money upon lands ana
TO collect debts therefor, and for ali
other purposes. by having them sold
as In ordinary cases OF collectione. AZ
ter thus acquiring the title In fee TO
such lands they must ALLEVIATE them
within ten years. The law In it's terms
applies only to rural property, II ex-
pressly permits aliens upon equal
terms with all other persons to hold
lots or parcels of land In towns, villages
and cities Incorporated within the state,
The purpose of the law Is 10 prevent
our productive lands from the owner
ship OF foreigners who, by q system OF
tenantry, can have them cultivated
for their own support while absent and
not under reciprocal obligations as citi-
zens Of the government In other
words, 1t protects our state from OBJ
a In
is the wrong Of such a law In govern
ment whose life ~ linked with the hap
piness OF the people2
Municipal Bond Law.
The last legislature also passed a
law regulating and restricting the exc
cutlon OF bonds by towns, cities and
counties so as to protect the public
against extravaganza, and 10 Insure
their absolute, certain payment to those
who may invest In them, 1t requires
the local court or council having au-
thority to issue bonds to provide for
the levy and collection Of tax annu-
any OF sufficient amount with which
70 pay the annual interest, and a sink
ing FUND to settle the Indebtedness at
maturity. Before they can be executd
or floated they must be submitted TO
the attorney general the chief law off
Ger OF the state government who is re-
quired TO thoroughly Investigate them.
ana on nndins that they have been
properly and lawfully issued, 20 attach
his certificate TO that effect to them.
ana then they must be registered by
the comptroller OF the state In a book
TO be kept for that purpose When
bends are thus issued las all OF them
of that kind herafter must bel. they
cannot be impeached in any court ex-
eept upon the ground Of forgery or
fraud. II perchance they should be in
excess OF the limit prescribed by the
oonsutution, which Is highly improb-
able, then the owner would only lose Ia |
the extent OF such excess. This wns
done TO meet the declslon of the an
preme court OF the United states. |
which held that when q bond had been |
issued In violation Of the constitution |
or In excess OF the limit prescribed nv |
mat institution, tho whole bond is void |
Ihe penalty placed upon the local ON |
GERS VINO shan be guilty Of false certif- |
cafes OF otner trickery in reference to
such bonds Is so severe that 1t Is hardly |
probable that creditors viii be annoved
IN Inc future by any vice Whatever
IN them. Il is well known I'm ofIicial |
ma business circles that in many of
sshe states the towns, cities and counties
nave not been sufficiently guarded and |
restricted In the execution of public
.Ns. Aht utolhpnH or the supreme
courts OF the different states ana 81
me United States testify fully the ex-
tent TO which the fraudulent practioe
una excessive authority have been in
uuised IN by city councils and commits
sluhvrs courts to the detriment OF the
pubic credit. sorely to the injury ~
honest investors. Bonds for Legitimate
purnores. clear OF tho element ~ ex-
i.al are permitted under this
NY OF IeNas, and 1t NAV truthfully he
saia with reference to thnm TINT mo
lecurl,'es OF no government are safer rr
oeoked by greater xis,s ~ Integrity
me last legislature adopted another
rrnportlht law which declares that the
Unrestricted ownership Of lands in that
$500 1870 IN private corporations Is a
ipetulty, and therefore prohibited
~ ~ unequiYieal terms this law prohibits
~ acquisition or ownership OF land
" purehase, lease or otherwise III
Sara are eommonly called land cor
1orauons, which means Corporations
~. are chartered for the purpose al
,svHs,it ing Titles 70 or owning lands. II
' ~ nose now In possession or owner
'nip OF lenl In the atate fifteen years
~, ny cate when the law took ef-
w within which to make actual bonn
NV safes OF all Interest In them. N
y no way lnterferea with the right az
NY KIND OF buefneas rnt.f,..r. 49, -