The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-27

| ii a not believed that all the railroaus
4 hive willingly engaged in. this system
some of them have been driven into II.
| N one Of them discriminates in order 10
| sac,,rs the freight of the large shipper. the
oiher must do so or lose his entire Dust
ness. Thus the wrong doing OF one line
! compels the other TO do likewise or suffer
| 6naucjally The state should intcrpo5e It's
strong hand and prevent the practice
ParaphrasinE the doctrine OF equal rights
10 all and special privileges to none II
should declare equal rates to all ana spe-
cal privileges to none"
TO AID SHIPPERS AND ROADS.
To accomplish these good results 1t VIII
require tho cooperation Of the legislative
and executive departments and the com
mission as well. The accomplishment OF
these results will be beneficial. not only
to the shippers and to the general public
but to the railroads themselves No rea-
son exists why they should have to waste
their revenues TO procure business when
would naturally 20 to them. It Is not sought
to inculcate hostile spirit toward rail-
roads nor to any other class Of capital, The
necessity OF their existence Is recognized
| In n State as large as Texas, where 81
few navigable rivers are found, they are
| INDISPENSABLE I would not deprive them
| of a single right, but would prevent them
from doing wrong. ! would relieve thoso
who do not desire to discriminate from the
necessity of doing so by stopping the dis
ordinations of their competitors. ! would
encourage them in every reasonable roguia-
ton they might make. / would be glad to
see them prosper and earn reasonable re-
turn on their investment, but would IN
sist that their rates should be reasonable
and that they must give equal rates to all
citizens for similar service. As heretofore
suggested, the Importance OF this subject
can scarcely be exaggerated The fact
ought to be emphasized that to prevent
this practice and to secure equal rates for
all points and persons In Texas Will re-
quire the Legislature, the executive and
the commission to be in accord, Ii elected
governor my cooperation with these
branches of the government will be most
cordially and gladly given.
STOCK AND BOND LAW.
There is in this State violent opposi
ton TO what is known as The stock and
bond law. That is the law which limits
the amount of stocks and bonds which
railroad company can issue. The actual
investors OF money do not object to it. 1t
is a protection to them; IL is an earnest to
the purchaser of railroad bonds that they
represent no inflated fictitious value.
Those people now have confidence that
whenever they purchase Texas railroad
bonds, the issuance OF which is thus
guarded. that their investments are meas
urably secure. was lieutenant governor
when the law was passed, and at the re-
quest of a distinguished member of the
legislature / assisted in drawing the sub
stitute bill which Is now the law. With
my consent it will never be weakened or
repealed.
MUNICIPAL SECURITIES.
Questions affecting Texas municipal Sc
curities have. of late, attracted wide at
tenton both in and out of the State.
aided in drafting the bill which is now the
law regulating their Issuance BY the
terms of that Law the attorney generals
department is compelled TO pass upon the
bonds issued by Texas counties. cities and
school districts. In this way the legal de-
partment stands in the same relation to
these securities as the railroad commission
does to railroad bonds. BY this means she
confidence OF investors Is strengthened.
and the issuance of void bonds largely
prevented. In the construction which Vt
was formerly believed the supreme court
had given to the constitution and statutes
OF the state. large amount of these bonds
heretofore issued was thought to be I'M
was then being made by some OF the liti-
giants was successful that many hundred
dollars of the school rund In
vested by the State in such securities
would be lost. II was also apparent that
many of the securities in when outside
investors had put their money would be
confiscated. During the last
session OF the legislature, with the CON
sent OF n distinguished member of that
body. | drafted for Nm two joint resolu- |
tons. the one validating bonds then sup
posed TO be defective, in which the school |
'und of the State was invested and the |
other validating those with like detects |
held by private individuals. The legisla- |
ure adopted the former and seemingly |
'ook no action on the latter, or else de-
eated 1t in the committee. The people |
declined at a special election TO adopt the
solution which had been passed. 1t was
indirectly sought by some to put me IN |
he position OF seeking to protect the
choo fund c-ly, and indeed it was charged
hat was undertaking TO get municipali-
les of the State 10 repudate their indebt-
'tness. While the contrary was true, and
he facts as here stated. my detractors
rave never found 1t convenient to tell the
whole truth on the subject. The truth Is,
sought TO protect all the securities and
hus maintain the credit and honor of the
'tate got only ono-half OF what |
ouStnt, anu lnat One-nait 1 preferred to
AXE, leaving II to the next legislature 10
live the other ialf But happily the de- |
islon Of the supreme conTt OF the State
las rendered further discussion of that
question unnecessary The decision was
made in a case In which with leave of the
curt, ] appeared and made an argument
laying appeared In the court of civil au-
'eals IN the SAME case One OF the promo
itions upon which | insisted was that The
OF the commissioners court to in
ert IN It's minutes when the bonds were
ssued any declaration In respect TO tho
reaton OF sinking fund, or as to the
payment OF interest, ought not to avoid
mem, because, even when considered in
he strongest light such entries In tho
minutes of the court became part of tho
Spress contract. When omitted and the
'onds signed there was an implied con-
ract that everything necessary to puy
hese bonds would be done; therefore
nat lhe necessary levy of taxes would be
made The supreme court sustained this
ontsntlon made by myself, as well az hy
NO learned counsel for the appellee. Tbe
ewspaptrs hostile to me in Texas have
iade constant reference to this deeision.
ut have A1Wnyg fat1ad IN stan ~.