Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-01-09

10 their bonded Indebtedness hhuuaiiy-
Tvr many years the records show an
annual increase o. from ten 70 thirty
millions OF dollars 10 their interests
bearing bonds. without any corre-
| spending benefit to the property or the
! public. They were simply Issued for
/ speculative purposes. and then iioated
In the markets OF the country as the
| professed work Of good faith. Thus
! railway securities became so mingled
with wind and water" fraud and ras-
! cality, that the best OF them were un-
| der more or less suspicion. Now such
| Is not the case. Henceforth every such
/ bond will have the stamp OF honesty
on It. II Is matter Of congratulation
| and free comment, that though the
I law has been operative for about
eighteen months. there have been no
| bonds issued by old roads since II took
| effect: and that, for the construction OF
! new roads. the 2 per cent bonds now
being issued under Il are IN demand at
par. Instead Of the effect Of the law
being TO prevent the construction OF
| railways, IL Is a pleasing fact TO note
that today more railroads are being
Quilt by reason Of II in this state than.
are being constructed in any other
state Of the Union under the old system
Under this law honest investors are
saved from legalized robbery, and
Texas people are guarded against the
method Of cOnflscation shat was ever
coneocted or permitted through the
abuse OF corporate franchises.
The Municipal Bond Law.
The legislature two years ago also
passed a law limiting the execution OF
county. city, and all classes OF NUM-
cipal bonds TO actual public necessities.
so that the spirit OF extravaganza can
no longer be found In them. Before
they can ba fsl-atfuFaF Hhax- fr1stut ,-s
ceive the certificate II the attorney
general 30 the effect that they are IN
compliance with law, and then they
must be registered in the office OF the
comptroller After being sold they can
not be impeached except for fraud or
forgery, and an persons guilty OF those
two acts. or either OF them. in relation
70 such bonds are punishable by con-
hnement IN the penltentIary.
since the adoption Of the law. the
rate OF interest on bonds executed under
y has been reduced, and the securities
themselves are purchased sometimes
at a premium. and never less than par
for investors know, to a moral certain
ty, that they will be paid.
Al pest, the wisdom Of the execution
OF public bonds IS. 10 say the least
doubtful. The excuse for them "a often
imaginary and uutenable After peo-
pie issue them, It Is right that they
the new law their appearance in court
will be rare indeed. If ever il again &C.
ours As certainly as they are Issued
they win De paid Additional "a
this just contamination il the b,essiuE
10 the people springlng from tho fact
that the inducsnient 10 public eytrova-
gauca s reduced 10 the minimum Tho
bonded Indebtedness FOR mo future VIII
b. light compared 10 the mast and nos
terity win be wisely protested against
much abuse from that score
Tbc ,II.n I,,d -
r. -.
- ~ en- ne system OF absentee
lli'l'o' ism "Hlen IN some countries
see'"7 70 IelaCF tAe prosperity OF the
Iupi', tne lesI-la, u't IN ls92 passed
NE, MA vs. Known as ths Alien land law
nus ia" it 'H"etlNe only as TO non
resident Aliens VINO after Its passage
may acquire utle TO land IN the state.
me Jaw does not apply to land owned
by Aliens at the dare or It's adoption
50 long as u is ned by them; nor 10
those VINO acquire lands and within
due time become bona hde Inhabitants
or the state, II gives all aliens the
riEat OF acquiring land or interest
therein through the ordinary course Of
justice In the collection OF debts; and
authorizes them to loan money upon
real estate and To lcuU.rp lille IN 10 bv