Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-05-27

with overwhelming defoat. A law WAS
passed In 1891 In pursuance OF the de-
inands OF the people, cnncting an adj
mlrahle law, the execution OF which
was enuoined after Il had beer in force
for about twelve months, by order ot n
Judge CT the circuit court OF tho United
States sitting ut Dallas, The cases
in which writs OF Injunction VIII issue
have been carried To thc supreme
court OF the United States and we con-
idenuy expect Justice 70 be done the
state OF Texas by that great tribunal
and the law sustained. but, whatever
the nnal decision may DC l am heartily
I'm favor OF continuance Of tile policy
OF complete and effective control OF
the railroads In the liking of rates by
II commission operating under law
as nearly similar TO the present one as
the courts decision viii allow The
people Of Texas are determined upon
controlling railroad corporations within
this state By just and fair laws and In
the end they will do It. Much oppo-
siuon aud objection was raised 10 tho
passage OF a law limiting and regulate
ing the amount 10 bonds and stock
which railroad corporations might is-
sue. The twcnty-third legislature
nrffed such law and ! fully lndorsc
the wisdom Of the measure. II ~ di-
rectly In aid OF that provision OF the
| present stHtc constitution which pro-
hibits corporations from Issuing bonds
anu stock, except for money or its
equivalent In labor or property mid
therefor The evident Intention of the
trainers OF the constitution was to
prevent hN this revision the Issuance
OF fraudulent water stock and bonds
with nothing OF value TO back them
This act of the legislature makes ef-
iectiNe provision against future Issues
OF such spurious paper SECURITIES, one
object OF the frnmers of the constitu-
ton and OF the legislature was Co pro-
tect Investors OF money In Texas cor
norat0 securities against fraud and loss
and 70 thereby uphold tho good name
ana credit OF the state AnOthry OBJ
lect and purpose was 10 protect shin-
pors Of freight on Texas railroads from
excessive rates levied TO pay interest
ana dividends on bonds and stock 49,
| sued In excess Of the cost OF railroads
| Can any fnir-mmded mar condemn
the principle that dndprlies this lave
| TIE state creates these corpora tiouH iu-
| NtHtirg them with mart ~ her SOW
erelgn powers and u permitted under
the law to push worthless aecuriiiea
on investors and thereby obtain their
| mtncy On false pratenacs. tho state.
| II appears 10 me, Is IN somc measure
paruueps crminis TO the swndie
Again, u being held by some courts
OF high authority. that railroad COM
| panlcs fnNc the legally vested right
| to collect a sufficient sum IN trans
| porthtion charges TO pay operating ok
! penses, reasonable interest on their
bonded debt and gome dividend on
| their stock Issues II Is palpnble that
the public has q deep Interest In tho
amount I'm bonds and stock thnt these
companies shall issue The money To
| pay the interest on the bonds and div.
| ldends on the stock must be collected
! from the people who ship freight and
travel on the ronda The tolls collected
| by the railroads IN all essential re.
spects nre taxes. and Is e right for
the state TO permit hor people to he
| taxed 10 nay Interest on bonds and
dividends on stock issued IN cxccss OF
the capital actually invested In tho
railroads and cqulpmentH2 Would We
as Il people. submit to tax levied by
the state for such nurpose2 And vet
sorlo Of our good citizens have do
| nounced this Inv. on the ground. an
| they contend that II viii tend 10 drive
cCtltol from the state
~ wan Afford Projection
To capital seeking honest Investment
In our state and Investors abroad, who
desire to make bouadwe Investments
here, are applaudlng the law, The law
II right; 1t IL m the Interest Of honesty
and fair dealing and win Invite and
bring capital into our state for invest
ment In our corporate securities with
the assurance thpt investors will get
value received for their money II IL
|
latute, which enacted IT, and the eX-
ecutiYe who recommended and urged
itf passage. The other lending measure
10 which have referred Is the law re-
curing corporations to dispose OF with
in reasonable time, ali linda held nv
them In excess Of that which TX nepeg-
snry 10 the exercise Of their corporate
| business; the wisdom OF this measure
~ manifeat. Tho highest interests OF
the state lie In the direction Of the bot
n La. IL l.aa A.
Besides land perpetuitioa and monopo-
lies are hostile 20 the genius Of re-
publican government Aud the history
Of these land grants viii show that
there N no scnblnnce OF bad faith upon
the part OF the state IN recurring
alienation within such reasonable time
as tho law requires, Having made
brief reference 10 some II the more
important laws wheh have character.
lied the legislation OF recent years,
and having Indicated my Views as 10
their wisdom and utility ] trust tint
my position rs UNDERWOOD. Texas
from the foundation OF her state gov
eminent, and behind that, when she
was a republic, with the exception of
a few years Of republican rule gtic-
cecding the close % BUR great civil
war, has been under Democratic nd-
ministration. Could our Republican
friends have done better or as well n
they Ind been In control during all
| tHtFf NfHIrf iHtg UNi CONTROL IEf -FOUR
years and the state tax ran up 10 so
cents on the hundred dollars. and a
public debt was piled up that the
Democracy has been paying on nnd viii
completely pay on out Of the Is cents
on the hundred dollars levied to carry
| on the state government Did they
give the people us good government
ON their high taxes as tie Democracy
| has given on u tax only one-third Az
large7 Let the members Of thou
sands OF our citizens answer the ques-
ton. Can our Popuiist friends improve
| on Democratic administration Of state
affairs2 Can they give our people a
better government for less money--or
the same money that It costs under
Democratic rnleY In what respect Will
they improve on Democratic methodist
There has never been charge Of cor
ruption against "a Democratic admin
is,ratlon during the fifty years Of Den-
ocratic RUE In this state and republic
There has been no extravaganza In dis
burning public money and no scandal
during all these years OF Democratic
government Then why should the
people OF Texas be called on 70 take
the state government out ~ the hands
cf party that has been true, faithful
honest and capable and hand Il over
10 any ether PARTY. Our pc oDie are. AZ