Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-01-28

80 much strife was engendered, they are
now settled, scaled and delivered 20 the
people by statutory enactment IN de'
form dcmpnds III the lat campaign.
Inc railroad stock aud bond bill de-
hncs corporate franchises; provides for
making public the value OF railroads
makes effective section 0, article Y, of
4 the constitution Of the state OF Texas,
relating to tho Issuance Of stocks and
bonds declares the effect Of judicial aud
other sales Of railroads; limits the
amount OF stocks and bonds and other
Indebtedness that may be issued by such
companies; regulates the manner OF is
suance, registering and acquiring the
same prescribcs penalties Tor VIOLA
non OF the Provisions Of the law, and
places them under the supervision vt the
railroad commission and the attorney
general. While | shall not enter into a
discussion Of this statute, II Is sufficient
TO say now that II is not ouly not an
issue bnt has proven acceptable 10 the
people aud to railway promoters aud in
NeSlOrs. Perhaps my adVOcacy Of this
law provoked more opposition and dis
turbance IN local politics than any other
measure outside OF the railroad com
/ mission, that has ever been proposed for
/ Texas, ! believe that the constitution
! prohibiting the issuance Of fictitious bonds
| and stocks should be gwen full force and
| doubted the propriety Of It, took issue
with me. and the contest over II became
| exciting and warn. Recently gentle
men who bitterly opposed that law ns-
sured me personally that. of all the laws
ever passed in this state, II Is one Of the
| most saluiary, AMI will prove Of untold
bencht 10 the public In the development
Of railroads and in their protection from
frauds and cOnspiracics to rob them, That
IL will protect the public against unrca-
sonahle burdens by way Of bond indebt-
edness. and will protect the railroads
from tho plratical conduct Of fraudulent
m0nlpuldfOrs who neither build nor pro-
mote the interests OF railways nor acre
for the public veal. During this month a
railroad president received the following
letter from an eminent nonresident
lawyer, the adviser of capitalists having
In view the Investment Of moucy in rail-
way bonds In fhis state which ! am at
liberty aud Will read TO you for the pur-
pose Of showing this law, once so dis
tnrbing in Texas politics, Is growing into
popularity among those who were bit
tcrly opposed 10 it. After the address
aud 9 discussion Of other subjects, this
gentleman writes TO the railway presi-
dent as follows;
About railway matters | wOnld say
mat upon my arrival In San Antonio in
the hitter part Of December almost every
tax or suggestion concerning railroads
or construction of railroads. was nc-
compnnicd with the shrug Of the shout
ttrod dept,ncintiat sc ,I,, ~ T VIII 1
ohnnyious l5,,s' ,, ~ -"ilii Wy
tars esns.iaitv tt,,, t.,i, I'' '' iii'l-
bonds which had bcc,7 od,,,,,i uo,iom
the present administration ! deemed il
impossible that a state OF tho vast rc-
nrel N railrn,js 10, 1919 o" iiteu IN
tbcit praTnr Ja.,i.,, ',s '"s"'i1'e9 luI
pnssed lnws vrtich rn,lt,, ,VNsu u".e
wns a1oged Az nm oLgtr,, "i'i1N' ,'u, ~
needed Jnvelon,p"nt ,h ,o,,gl II" sllvn
cured A copy of Tho session Io,,.s " tG9@
ana have rsgd corof,,ii,. anJ u.lo ,9o
unon an tho Irrisintinn ~ ti,, .''.. i W.,
conrernips tbc c,n.tr,itit ,"1' .siiun
of railrnnds o's, n,oi' ,,,i 49, ui"'','iuE
courerping Tho nr,ciicns e., IN ,uIuI.s
before tiir odontion NJ me-, i,,,,. IT,,
result of ibesn innpjrios .n5 10 a
per.onal tnnvicj,.. az H. "iu ,tIl"
Eastern capitalists, / came to INC concIi.
sion that the practices heretofore pre-
vailing In your state seemed Ia he 10
bond The roads under construction for the
highest possible amount that could be-
sold In the Eastern money markets.
without any regard whatever to the
Actunl cost Of construction aud eduin-
ment, | am convinced that IN many
cNses the amount OF bonds issued against
'"N'"HlH. '"H7' lN'l'l III ltNua mas been
several times the cost Of construction and
Equipment As moral proposition, this
* dlNnoherti as q practical proposition.
an enterprise starting with dishonest
naAS II npl To ne aud usually is dis
noll!st an through from cellar to gar
Nv, ~ u business proposition, roads !
giuiI,ae9ed WIN such heaNy, liked charges
ulil,,u naIur9lE mo the hands Of re- |
JJ.nrl e"pIl"l neeainc scared and with /
IlrM l,s an from leNnS railroads; the /.
ugI''ollntht oi lh' stute came TO halt; |
N.t blv't ,iuJuIg 10 lne people OF the .
stnte MHI Ih'iy 10 ehsne' | think YOU.
Ga WIZ o1',r me out ~ me statement
rngorroJ W ~ nu, ~ the Pgl,u'es above
,,,',,. 49,, ,u' u.I-! IN we IuauA mat are
s'Dm ui.'yu''LyI WIN rrerlIcr' ng ARE
,,.,,id st ,''Y utuuS OF nave ueeh more,
ci,,r,.os "" ,t Ivy" P'fluE lhelF hXel
,,a1 ~ ia"I Inv 'n utluy cases, II
~, w. ~ " NV pc'h paying dividends
Wv, SUM
now u my conclusions thus far nre
correct It toioWr az the night the day
tnat something should be done TO remedy
nus me legislation above referred TO
was evidently Intended for this purpose,
NNhy seem 70 he OF opinion that these
awe tall ol their purpose. Now, It seems
10 mo 70 remedy the evil referred to aud I
TO make every bond issued for the CON
strucuon aud equipment OF a rail.
ronu III Texas over any reasonable pruc-
teal road, as good as government
In