The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-06

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tree passes' permitted thers ac.i,,, "
values 20 become legal aud binding nv
the process OF law, W
hsierring TO the objection that his
amsndment would be an act Of had ,ai.h
pecaiise 1t would invalidate bonds alrsaty
issued, ne said sarcastically that he = ~.
P-Sed these bon'ls were held BY widoas
ana sewing women and farmers. Any
man who bought bond that was q, rar
cent wind should stand the Commencement
lie referred to the stock quota ions in
ieoz on Two Texas railroads. One was
quoted AT IL cents on the dollar. the
osner at rs cents on The dollar Tn
miliions az the first stocks were worrn
only S2oo,p0e. The point, he said. VA,
mat the people had 10 pay traffic cbarges
nlsn enough to pay dividends on these
ponds at par.
He entered into an extended discus SIGN
% lne proper method of assertain.ng rail
foau values. Unless some relief came
from the necessity OF paying in. erss ma
dividends on fictitious bonds AMI stocks,
Nne present system would a,ake an
areniSSs cut OF the present day demo-
crats' He cited article 44lO. Rev 8 A
STATUTES 1876. acts of AUGUST Is nr,.
hioltins railroads from issuing stock ey.
oept at par value TO actual eu eIs
VINO Fay par value for the same. II a
Ieero iorged an order on the corpora ion
tsr Oh cents he was prosecu. ed The zen
tiemen who issued fictitious s.ocFs and
ponds We're hailed as financlers III. re
nad been three periods In the history az
railroads. In Texae-the free period. the
trauo period and the fair period He
discussed these at some lengrh.
Inc free period was when eyerv rail-
read got from the State 1920 aces NJ
iana for every mile of road built. Tn $
tasted until April, 1882, when the la d
grant law was repealed. The roads were
completed, had got their prlncely domain
ana we've bonded to and above their full
value. '''-'
Inc fraud period followed. During this
period stock Jobbers, inffatiopists and
consolidationISts appeared. They ran the
roads into dilapida ton and forced then,
ITO reorganize. After squeezing out small
creditors. they came out of receiver hips
win stocks and bonds in many instances
quadUrpled
These fraudulent practices continued
VEIL 1898, when the law making the is
scance Of fictitious bonds aud stof ks n
Felony was passed. Then these ninble
fingered knights OF fraud lief Texas
SH closed this with denunclatiou o.,
the "shew-b aled, ishbacked accidents of
nature," who had ABUSED" him for tax
ing his stand in defense OF the honest
pesple OF IeNaS.
since the fair period began, thousands
OF miles Of new roads had been built and
a. comparison during this with those dur
Ing the fraud period he said would he
revolving to STATE pride.
HE went into the details of the Issuance
OF stocks and bonds. He cited the cosa
or one road which was able to nav 1 "A
per cent upon stocNs and bonds. agra
gating $4,000, 900.
New by gatlips. kick against that,
wont you?" he said.
10 this cause he dedicated his head
heart and hand" and TO Combat these
tlduos' ne rendered his personal, pro-
residual and political resources" to the
end.
He challenged any man to meet hin,
on this question.
Give Texas liberty to speak on the
sue OF justice against fraud" he de-
He paid a high tribute to the railroad
commission ana eulogized ex-Senat r
Reagan, whom he called great com
nboner' He wanted the legielature no.
10 hamper the commission by "monbey-
ing" with its powers
he discussed the railroad account un
DER the head Of general expep es." In
ncn-politfcal years these ac ,ouats w~re
ievel and normal. During campaign years
counts.
In discussing free passes he said 1t was
wlth "difhdence that he approached so
uencaIe subject before so imp sing an
aeseniblage." He discussed the pass
question at some length.
The house committee on revenue and
taxation will next Monday afternoon take
up and consider and hear from Interests
affected by the billiard bill providing a
tax on the capital stock employed in
Iexas q telegraph, telephone and express
companies.
Mr.. Perkins fCherokee) in the house TO-
day introduced a bill providing for the
enlargement of the pipe works at the
Rusk penitentiary and carrying an an
preparation to enable the penitentiary
management to experiment with Ignite
in the making OF iron.
Mr.. Shaw has introduced bill amend
Ing the antitrust law. providing that said
ity OF forbearanee OF money or security
therefor, provided the rate OF interest
does not exceed per cent.
! Mr.. Kennedy of Limestone today intro
duced a bill to amend the present law
defining property subject to taxation and
the mode Of rendering the same. Under
its provisions credits are not taxed, but
the right to use the streets and highways
of any town or city for street railways,
gas companies, telephone, telegraph,
water works steam heating, lighting and
other purposes must be rendered for as
sessment, The oath or affirmation re-
CURED before listing property for taxation
is drawn with the idea OF covering any
and every kind of possible eyasions or
transfers for the purpose OF escaping tax
alton. All property must be listed
wherever found. Residents of Texas hav-
ing money out OF the State must list il.
The railroad commission valuation Of
railroad property is to be the basis fol
its assessment. Mr.. Kennedy believe:
that this proposed measure would more
equally distribute the burdens Of taxa,
ton and would increase the assessed
values Of the State at least $4,000, no
wfthstanding credits are not to be as
This la the first of Othar hills n