Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-01-09

he given such construction as viii carry
that design into effect, even If in SO doing
the cNuct letter Of the law be sacrificed,
or though. the construction be indeed con-
trary To the letter. And Mr.. Souther-
land In the work above quoted from see.
ton 2lN snys. The intention of an act
viii prevail over the literal sense Of Its
words The true meaning OF
any clause or provision Is that which best
aceords will the subject and general pur-
pose Of the act and every other part
Now, keeping In view the foregoing
rules, Is there anything in the section OF
the charter now under consideration that
requires construction whereby Tie city
should be denied the exercise of the right
watch the literal Interpretation of words
Of the statute seem clearly to confer upon
it. tO-wiU to invest the sinking fund In
bonds Of Tie city of Fort Worth, with.
out restriction as to the kind character
or time Of maturity Of said bOnlst The
defendant contends that the general pui-
pose OF this section ~ TO preserve the
credit Of the city by causing the fund
to be sci aside for the Payment of he
bonds. l think the general purpose of
said statute is better expressed by say
Ing that Il Is 10 provide for the creation.
preservation and enhancement OF fund
for the payment Of interest upon aud re-
dcmptiou of the bonds issued By said city:
or, In other words, that It Is TO provide
the ways aud means whereby the city
would be prepared and eunb cd at Tie
maturity Of Interest and principal Of its
bonded obligations 10 liuuidatc the
snmo" As has been hcreinbrforc shown,
the investment Of the sinking fund in
interest bearing securities is an imnartnnt
factor IN accomplishing such purpose.
Tho defendant contends that IKE pur-
chDsp by the city of rs own bonds would
work a virtual cancellation of The bands
Ga sol tFH. 4
vcstmcnt Of the sinking fund in such
bonds, instead of assisting iu tho purposr
above specified, tO-wit. enabling the city
10 meet lbs bonded obligations at the ma
turiy thereof. it would virtually destroy
the only means. to-wit. the sinking fund
provided for such purpose. If this be- true,
thon manifestly u would be the duty of
the court to apply nuy recognized rule
Of construction to this section, which
would enable II TO establish an intcrpro.
tntinn thereof that would avoid such nb-
surd and unjust cnnct But Is this con.
tcntion corrcctf This question, In my
opinion, is the pivot unon which Tho de-.
termination Of this case turns. Can tho
legislature give TO u city the authority
10 purchase It's own bonds, with sink.
ing fund raised for the rrdemnflon Of
bonds other than those proposed Ia he
purchased, so that said bonds. aftrr binr
purchased and placed In the treasury of
the city. would rcmnin and h, living
ralid obligations against Che city. upon
which the city would be bound 10 nav
the 0ccrulng interest and hmuv. NJ
maturity the principal. sp long AL and
20 the extent that hy the plvmpuf nj
such interest and such principal Is necas
s0ry for the redemption az li1ullnf an
of che bonds. 20 rrlpen which said siuE
ing thni had hecu raisadf The defendant
argues FROM general principles that when
n al sHHaHN HHaHH|.
dencc Of biz own liability. that mcb la-
ID. ~ thereby herume= iqmd1t,tl. nni ,.ilrb
evidence thereof yrtnallr. II not llter,ll,
cancelled, and has no longer nnv Vial
existence. As thr law nav slnuds IN a
may pe true as To- private In livi Inoil
yet / cannot sec upon what priucipl. a.
Ia 10 be held that tho lcgi slatnre Of n
sovereign state "a without power. Ii II
sees ny 10 80 exercise iM sovrr,gnity.
70 Ie'Ife uy appropriate eNpr asi1p Of
the legislative will that even indiviti,ois
under CERTAIN circumstances and for rs-,
tam purposes, shall be allowed 10 nur-
chase and hold secured nbllrotions h.
which they themselves are Tho oniv nav
eos. may DE that ~nch onntt,nnnt
would be highly inconyient aud Womb
work grcat wrongs. stl.l the incnnviencp
aud wrongs that may be worked thereby
are matters to be addressed TO I'm di..
erection of the law making and NOT ~
judicial branch Of the government lDa
legislature of sinte has the newer N
pass any law which does not contrayene
The constitution Of the state or Of M
United ) a'eS. either in ns Ietier -,
spirit Defendant has pointed ont nc
provision OF the constitution Of the stats
or Of the United States which an enact.
ment OF this character with rcspsct Il
city, would contrayenc. either IN iet.
ter or spirit, Tho legislature az Team.
has repeatedly not only authorized I'M
directed the investment OF funds bol,ne
Ing TO the state held hy 1t Tor csrtai,
defined purposes In bonds Of IN, sal,
Itself. aud has provided for II,
payment hy the state 10 ltself
for the special purpuse as aforesaid
interest on such bonds so nurchasei
with such funds. and further. that suel
bonds so purchased be held In ils owl
TREASURY for the use and benefit OF TN
special purpose to which the fnnds WI ii
purchased them had been devoted. Nav
u such state bonds can be 50 he'd l.,
the siatn in It's own treasury nul Sti
rrmaln living and valid obligations a
the state upou which interest and prin
eipal can b. collected, what princ.pie q