The St. Johns herald., 1897-12-18
BONDS ARE LEGAL.
Opinion of Attorney General
 Frazier in Full.

Phoenix Gazette
 Much interest has been manifested among citizens of the territory regard ing the floating of an issue of $25s, 900 worth of bonds, and the legal phase of the proposition has received consider able attention. One of the questions involved is whether it will be necessary for the territory to pay $1.0O0 for the printing of & new issue. There is con- aict of authority on this point, and the opinion of Attorney General Frazler, delivered to the loan commission of the territory, will be regarded with much interest. The opiuiou zs follows. Loan Commission Of the Territory oi Arizona.
 Gentlemen-As 10 funding bonds issued by former administrations, and ether matters con nected herewith:
 INTERROGArIoNs
 Are these bonds legal Us to forlH
 Are they properly executed by territorial off cials for delivery
 Were the necessary steps taken preliminary to sale by advertisement, etc as required by lawi
 What steps, if any, are necessary to complete sale and delivery?
 To the first question. Are these bonds legal as te form My answer Is, Yes. They have been passed upon by former attorney generals of the territory and eminent counsel who have her, totore acted f..r the buyer of the bonds oI the territory, all of whom have pronounce4 legal as to form
 As to the question Ar they properly executed by territorial officials for delivery2 My answer 1. r H-srnr. .l-r 10 the above 'ute,-o-sloy ,n- only question sued by former administration and signed by former authorize officials, are legal; whether or not bonds disposed of by this administration must be issued by it and signed by the tsrrito- rial officials now in office, and the coupons signed by the present territorial treasurer.
 This question has created considerable inqui- " and difficulty with what is known as the Franklin administration on account of an opin- ion rendered by Judg, DilloR, who is counsel for Sc songood & Meyer, who attempted to re- cover SIO,0JO forfeit On & bid upon certain bonds offered by the Hughes administration The at torney general at that time insisted that there could e no question as to the legality of the bonds offered to SeasongOod & Meyer. which bonds were sigued by former administration It seems clear from Dillon's opinion that he was seeking an excuse to avoid complying with the terms of the contract of his clients, and was driven to the necessity of raising this point for the reason that he cites no authorities and gives no g.cal rel on f1r promulgating this opinion. At the same time Governor Franklin offered these ormerly signed bonds for sale there were general rd times throughout the country, cap ital WIS sxtr mely timid, and the governor and his administration, in order to overcome every obs a. le in the way of e sale of the bonds O. dered new bonds engraved and signed and these boadS. properly engraved, signed and executed are now in the hands of the territorial officials
 The question before this administration is. Are these bonds legal, and do they have the same binding force upon the territory that they should have were they signed and issued by the present officials authorized to issue and sign them? In my opinion the bonds duly perfec ed by the Fr nklin loan comm ssion, or any other former territorial loan commission, when prop erly engraved and fully executed by du y au- th0rized territorial officials holding office at the time f their execution, and under the exist ig law, are as legalin every particular as if issued by this present administration and loan com mission, Judge Dillon's alleged opinion to the contrary n twithstanding The bonds under consideration and now in the possession of your commission and offered for sale by you. through .-. --.r.- focmr and s'e iu every way valid snd bind'nv obligations ou she tauit1ry
 taken preliminary to sale by advertisement. etc. as required by law I answer, yes. The law was fully complied with in this respect by Governors Murphy and Hughes, and no further advertise ment is necessary or required. Proper agents of the territory wer authorized to effect sale. in compliance with coasr ss on and territorial acts,
 Astoth question. What steps # eny are Rec essarv 10 complete ssle and dsl very? would say Tn any acton in regard to bonds. the treasurer is subject to the orders of the loan commission Alter bonds are executed by the they are turned over to the treas urer for deicery in accordance with the sale, or for exchange for other matured or surrendered se- rites aud the treasurer is required to give a bond to the territory in dOubl> the amount of the bonds received by him he also is required to keep a proper record of the securities funded and cancelled and all other matters pertaining to bond transactions The auditor is also re quired to act in conjunction with the treasurer in this respect.
 Itmay not be possible to sell these bonds al- req signed and ready for delivery until Pur- chasers have been convinced that the securities to be funded or retired, by the money derived
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