Arizona republican., 1898-10-29

| to the forcing the deelarai

Vs3 Il to the forcing tlle deelara hereafter no
 s5''s5'. .as s4 5: i. ss :.ss j as: 's ailowSibed by the Harrison Act
 preaclhe Act of August 3 1s94 provided:
 HIhat Act entitled An Act approving with amendments
 tui1ng Act Of irizona approved June twenty fifth lS9c paragraph twenty hundred and fwa (section feen of an1 Act e and the same hereby amended by adding thereto as sol Provided further however, that the present outstandins irran and other evidences o indebtedness issued wabequent the necessary and current slxpenses carving territorial government on together cx such may be issued Tor such purpose for the years lending December 5lst 1S9l s1s, S95 may also be funded and bonds for redemption thereof and there certificates other evidences of indebtedness shall be allowed to issue to be legal where the same is iii excess of the limit prescribed hy the Fl afTison Aet
 be that in both he ct referred to inc oniE limitation imposed had reference to the eas o obligations which permitted be funded and did in manner restrie; the territorial officers the method o heir procedure previously prescribed by the territorial law or limit the time within which the acts funding disposition of the bolds might lawfully be Bearing n mind the remedial character of this legislation and reading the Act cf ne 9th S96 III the ght of the previous congressional upon the subject mat eostIue the former Ae; to express only what obviously appears to be the congressional intent VIZ to eXted and enlarge the of obligations which may be funded and not to limit tic time within which the board of loan commissioners might complete the funding indebtedness which has expressly been rzed by congress fundabe
 We therefore read section of this Act authorizing the funding of all obioaos of the territory which existed and were outstanding prior January 1s 1884, and limiting the disposition of bonds for funding purposes by the loan co,nissone o tIe allr,x short eric3 i six months for tic accomplishment the funding of the varied class of obligations validated and recognized by the Ac undabe and which necessarily amounted to large sunlz
 Ii aselned that would III one breath grant liberal generous and ill the breath practical by the imposition of seemingly unreasonable and restriction and thus defeat lis purpose and intent It is to be noted that contention Is made that any of the indebtedness proposed be funded by the sale and disposition of the bonds question has been incurred since January 1st 1S9 but the sole contention f to the time within which the funding of the territorial indebtedness limited by law may be done
 The objection 10 the sale and disposition the present o- cer the bonds signed y the former ol commissioners and ecunerigne by the former territorial not supported by reading Various provisions tbc Funding Act by aSIriv: Sn Of tic Tuning Ac provides that the loan
 shall from time to ti1le ssHe negotiable ooupsn
 territory Section four provides that he bonds
 the date of their and shall be
 Said lean commissioners and counter M G the territorial treasurer Section six directs said commissioners shall from time time after signing said bonds elver them the territorial taking his receipt there for, and charge him thelewith-
 It seen bv the foregoing that the must of their issue. It important nque what meant by he 'ssue, used the Ne adopt tic definition of of Seattle 23 iac lei non like quesiion Date o ue when applied bonds, usually tic arh'farE pale hze' as me 9inl .. te iflm TOT He ' without reference to the precise tine when convenience oi the state the market permit o1 their safe delivery hat tis meaning intended made clear ny provision four to the effect that bonds shall bear interest from the dae o but shall l paid thereon any time before their delivery 10 the purchaser section prohibits the from selling bonds les than the value and the accrued interest at the time of disposal
 The thus clearly recognizes that the execution o tic bonds may proceed their sale amt del4ery sufficient period time to make an object m require the sale to be for sufficient value of tie bonds and the accrued inter thereon make these obligations territo1y under the statue far the ministerial duties of the officers clothed with authority of their issuance and disposition t essential that they e ned l the loan commissioners. signed by the territorial easuT and then " the former de cred to the latter and finally they must he M and delivered h the latter exchanged provided W law When the loan n.ssioners and deliver the bonds the territorial their ministerial duty end The board of loan sioners is by law made continuous body By what reasoning authority change n inc personnel of the board occurring after the execution o these bonds and their delivery the be held to affect the validity o these completed acts: W kEow of none To hold otherwise that of bond must be made whenever, b death, Fesnation removal other wise change any of offices governor secretary auto treasurer between the of any bonds and the delivery purchaser. has been called tl Of
 Weyanwega vs -Aying. % l. $ 112;
 Color Cebun. 131 L. $. 163: and
 Anthony County of Jasper, 101 | s. 693,
 support contended for. these ecases suills shnu tha1 tIev are r1ti n1loint