Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-01-04

n yon are right IN your contention tat
tho city treasurer ought 10 pay TINS urali'
then, having delivered u TO bialr a ~ o.
the money In the treasurers hands ~
comes the money Of Blair Y 20, ana
ceases to he tie city's money
Mr.. 1c1npleton--But III this case, your
honor, Blair q Co. while they probably
took pugsession OF tho ciiy's drafts, would
moi certainly deliver The bonds 70 The
city till the money was paid They wonll
deliver the bonds 10 tic city treasurer
and accept from him the money stated
or the face of the drafts
Court-Doea your petition show snch 2
state Of things MS that your contrart
with Blair 4 Go. was an cxecui9ry anu
not an executed contract. and thal mo
bonds were not to be delivered i'll the
money was paidl
Mr. Templeton--rhat clearly appears,
your honor, from the face Of the petition,
Tint these drafts should be delivered TO
Blair Il Co, or TO their agent, the llr4t
national bank: tl.at the drafts should be
presented 10 the city treasurer accompa.
MED by the bonds, and upon payment
of the drafts that the bonds should be
delivered TO the city treasurer and he
should distribute them in accordance Will
the resolution Of the city council
We think upon the failure Of the city
treasurer TO pay those drafts and receive
those bonds, the right to maintain man
damus proceedings then clearly arose.
If tho city has not got the right 20 main
tain this proceeding then certainly they
are without any right can conceive
of no other remedy for the city except
this proceeding, The money Is IN the
hands Of the city treasurer The bonds
are in the hands OF Blair \ Co. The city
can not get the bonds until the money Is
paid. IL can not force Blair 4 Co, 20
come into this suit and make themselves
a party. II therefore remains for che
vity Of Fort Worth either ~ abandon
this contract and let the money lie id.c
IN The city treasury, or else ask your
honor by the writ Of mandImus 10 com
pei the treasurer to make a transfer,
Passing on then 10 the second demurrer
l viii say that section IS Of the charter
was passed in 1889. II provides that the
city OF Fort Worth may invest IN its own
bonds; aud however thar section may have
got into the charter, there were prece-
dents that were followed In the enact
ment OF the latter part Of section 81
and | refer your honor 10 article 9S6b,
Revised Statutes OF Texas, eecti0n >, I'M
der the head Of county finances aud the
issuance OF hunls. Tho article provides
for the Issuance OF bonds, for the levy
of taxes, for the sale Of the bonds aud
how made, for tue execution aud regis
tratlou Of those bunds. and section .
provides for thc Investment Of the sinking
fluid; that the money IN The hands Of any
county treasurer, belonging 10 The sink
ing fund of any county. shall be tirsr ap.
invested IN other bonds OF that county
or other counties in tlic state or In bonds
of this state or Of tho United States;
provided, IN nO case shall more Than
HE face value be paid for the bonds
above mentioned. Vow, your honor.
there is q section passed IN 1857. two
years before the churter OF Tie city OF
Fort Worth was pusscd by Che Legislature
in (which they provided that moneys Te-
naming y The hands of the county treas
urer shal! bc Invested in bonds Of the
counties, buuds OF the state of Texas, or
bonds Of the United States. Now either
che legislature or whoever may have
drafted this section 81 providing for the
Investment of The sinking fund los the
Hly OIL Fort Worth 10 ills own bonds,
had q precedent 10 follow.
Now, your honor tho word "disbmsc-
incnt % used IN section ~, aud counsel
i1r defendant has dwelf upon that word.
Tho word "disburse' 10 my mind. ear.
rice with it the idea OF paying debts
paying here and paying there. We are
eeghng 70 do nothing of that kind In this
case We are seeking an investment Of
lhie fund aud undertake TO state thar ilnt
y not iu ~ uuiure q disbursement OF thc
iund, The word divert was commented
upon 90 some extent by counsel for the
drieudaut That word appears Ia section
81 (which fund ahall not be diverted %
lhNert means to change from the natural
channel, of course. Now are we eeclint,
an this case to divert this fund! Are
we seeking TO use it to pay something
use man lhhi Tor which u was prnvidedY
say We are not We arr sucking 10
invest tllls fund, not 10 divert IL and
we say that the securitics in which IN
may be invested take the place OF this
money, aud that Is no diversion Of tbe
iund Ihe character Of tho fund O.
simply changed. Money Is changed into
sccnrities but the fluid Is not diverted in
any sense.
We are seeking to compel tho city treas.
urer 10 make a transfer Of the fund.
winch, We contend Is not only not pro-
hihited by the statute, but That Il no.
comes his plain duty; thar when the civ
council Of Fort Worth have issued their
warrant upon the city treasurer. h then
becomes his plain duty to pay such war
rant ana that he can be compelled by
inundamus TO do that plain duty We 70
further, your honor and cav we think
u Is his plain duty under the law IN
honor ANY draft upon this fund, where II
y uraWn Tor the purpose Of Investment
rms money accumulntes IN the city
treasury, The council have the Right 10
anEest u IN order to get n ont Of the
"lly lfeasurers hands they must draw a
warrant, as provided In section ~ OF The
charter. Then II the city council have the
authority 70 invest this fund In bonds ~
the city Of Font Worth. when 4hey ,hnye
drawn q warrant upon The city treasurer
,'',NN g" fiNNt ~ NUtll NftOinpN his
pam dniy 10 honor that draft and he. In
my opinion, can be compelled 10 do that.
hy the proceeding that is had IN t6is
The Investment Of t6s fund IN other
bonds " a step IN the direction OF mo
redemption of these bOnds Ii sinply
takes the fund that ls lying idle In the
hands OF the city treasurer and inyesta
4 IN other bonds that bear q per cent I'M.
lerest, and Is q step In the direction of
the Redemption Of these bonds
The city, your honor Is now sceking "a
invest about $4,000, that would other.
wise lie id,c In the hands OF NJ trens,,rsr
There r. about $40 900 annually accumn-
ilung in the hands OF the city treasurer
Of Fort WORTH 10 the credit Of its VA.
nous sinking funds aud will COUNSEL ,,,n-
tend that the city of Fort Worth must
Get that vast sum of money accnmu.
ante an the hands Of It's treasurer becansa
OF iailure'to invest Il. Suppose there h
no investment OF this fund. Thls nor
cent interest goes on Accnmulatlnr until
the maturity Of these bonds Now Van
take $4,000 that we seek 10 invest SnS
invest V in q per cent bonds. This $40
Olu that we take out Of that trAaanr,,
dilat Ia lying there idle, MIL then H.
bearing y per cent interest, and The t,N.
payer OF the city Of Fort Worth Nil
pay that interest, It is trtie, iust AZ he "
doing now. IL will not make Ma bnrdsn
any heavier; but 1 viii show yonr 6nnor
wherein Il will make Il lighter. Yon
take these forty bonds, put ihcm In ~
ireasurers hands, they henr Il nar c'.,,,
interest and in sixtpcn ana ~, isS