Arizona republican., 1898-01-27
CREDIT SUSTAINED
 Continued From First Pase-l


 Continued From First Paee-,
 excess of the limit prescribed by the tHamiso act
 It is to be noted that in both the acts referred to the only limfta ion imposed had reference to the class of obligations, which were permitted to be funded, and did not in any manner restrict the territorial officers in the method of their procedure previomsly sly prescribed by the territorial law, or limit the time within which the acts of funding, by the sale and disposi- ton of bonds, might lawfully be done. Bearing in mind the remedial charac- ter of this legislation, and reading the act of June 9th, 1896, in the light of the previous congressional enaciments upon the same subjec- matter, we c0nstr1re the former act to express only what obviously appears to be the eepgre ssional intent, viz: to extend and enlarge the class of obligations which may be funded, and not to limit the time within which the beard of loan commissioners might complete Hhe acts of funding indebtedness, which has expressly been recognized by congress as fundable.
 We therefore read section one of . this ac. as authorizing the funding Of. all, obligations of the territory 7hich existed and were outstanding olaor to January 1st, 1897, and no- as. limiting the sale and disposition of bonds for funding purposes by the loan commissioners to the absurdly short period of six months for the f,,1 Iich nf a a. led class of obligations valida' ed and recognized by this get as fundable and which necessarily amounted to large sums. It is not to be assumed that congress would in one breath grant liberal and generous concessions, and in the next breath take away their practical benefits by the imposition of a. seemingly nFeasonable hnd mn- necessary restriction, and thus defeat it's own purpose and intent. D- is to be noted that no conte ention is made tlblst any of the inde bte dnsss proposed 10 be funded by the sale and dispssi- tiOn of the bonds in question has been incurred since January 1st, 1897,
 t the sole contention is as to the
 Re within which the funding of the territorial indebtedness as limited by law may be done.
 The objection to the sa'e and dispo- sition, by the present officers, of the bonds signed by the former loan com missiouers and countersignad by the former territorial treasurer. is not supported by reading of the various provisions of the funding aott'' or by authority. Section two of the fund ing act provides that the loan commis- sioners shall from time to time issue negotiable coupon bonds of this terri- tory" Section four provides that the bonds shall bear the date of Their issue |" and shall be signed by said loan commissioners and countersigned by the territoJjAl treas urer.'' Section six directs fhat said commissioners shall from time to time after signing said bonds deliver them to the territorial treasurer. talk ing his receipt theretgr and charge him herewith.
 It is seen by the f9r going that the bonds must bear the date of their issue. It is important then to in- quire what is ueart /by the tsrm tissue as used iao21 statutes. We adopt the definingt k the supre me court of Was City h in The case of 'Yesler vs. r sof. Seattle, 25 Pac: nSn4, upon4en -eR quesion- Date of issue w1e ser lied to notes, bonds etc, of )da1 usually means the l6arbitr1 # liked as the beginning of rb flor which they run, vi o Fence to the precise time wh Enience or the state of ;he u, lay permit of their sale or
 That this is the meaning
 ifs made clear by a provision
 Fr,svr fnp nffapf fh qit hnn0,
 Bear interest from the date of
 but in no case shall interest IN paid thereon for any time before their delivery to the purchaser. Sec ton seven prohibits the treasurer from selling the bonds for less than their face value and the accrued in- teres. at the, time of disposal.
 The statute thus clearly rec cgnizeS that the execution of the bonds may precede their sale and delivery by a sufficient period of time to make il lam oghject to require the sale to be for a sufficient amount to cover the par value of the bonds and the ac- crued interest thereon. To make these bonds the obligations of the tsr- ritory under the statutes, so far as .thf ministerial duties of the office clothed with authority of their issu- ance and disposition go, i is essen. tial that they be signed by the loan commissioners, countersigned by the territor:al treasurer and thsI by the former delivered tt the latter, and finally they must be sold and delivered by thu latter or exchanged as provided bJ law. When the loan commissioner; execute and deliver the bonds to tht territorial treasurer, their miniSteria