Fort Worth Daily Gazette. (Fort Worth, Tex.), Vol. 18, No. 47, Ed. 1, Tuesday, January 9, 1894 Page: 2 of 8
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It torn tbi > cirnlnr of ikl < iiVin and
iadr i < t m si in hi ul sanu I nur
hiaMlut mrilrJno Tli s12 tor mil
lliti mint I rem J in i nay aoi n
thj hiklnil fiinil Is n i n J W in
i mtnv to earn Ilia sanu rivn
ellr niu t r LC il In <
tion for nil tho taiabl pmwrtr wliom
ill ilralta Is rlwlitrJ tot fmt °
30 crnW on tlie dollar of Iho face nvu
of aalil tmiids I thlat It would lie as-
certained tir tirnpr ojnmliintl an
culallon taXina Into contHsratoij the >
Hja Incident tioth to tni collection and tM
Almmtilaton of th altiUna fund n
wcotiatlan of proper InTMtrarat for tM
um nod tho further fart tH CorlllM
< mrh lot alnkioc fund Is ailtoorUid to
bo Invwtcd In can nclloul M obtained
lnarlii more thin B per nt Interest iter
net on
annum that It will re < lulr nrotnpt
on the pirt if rhs city round in Invest
loir furli linking fund to enable tho same
to ram tlio dineronce between tbo priori
tial of Mid fund end tlio fare value of
aid bouds by tho lime am i nniilaj alialj
mature Hut should by linlUlous and
prompt iirvo minl aalil alnkllnj fund In
jnndo io i nm more tbin sullideut to mlto
sutli mn ti Hi < k S
the propertr of the city and Inure to lis
Unent and lo llie lienoSt ot In taipnjers
Hence It be onip a matter of tltnl iuer
est to tbo e y and to each taipayer wllli
in ii li hi nut all Miikmit Muni raised
for the redemption of lt liondi be prompt
It im I in in < nsi pari u >
ta t as the niino noewraiilate lach day
Hint am h flinda after itceumnlntloil there-
of Inmilliilint amoiint lie Idle in the troas
tiry of tho rlty salJ city loses and tnri
for i tho poorer by tho amount am ti
fin uoiild hate yielded wore tliey in
t d m laterolt paylnj securities
1 rum the foreauitix It Silua to me to
l manifest that the iilaliitllTii i llllon
nit In mud nueatliin Umt il Ms surli
lrttiT t la tho aiitijeet matter of Uil
suit aa wonld entllto it to maintain tho
n nud iliat therefor the first ipieallon
r i I ter dtfenilnnla Reneral demurrer
to plflinillT petition tut altos net oiif
muftt be retolrd In favor of the plaintiff
awl acalnit the defendant
lu it oininif in A consideration or Hie
ot r qutnuons raWcd bt tlie irenvral de
1 deem it pn > r tlrnt to ron
r he two objection raneil by upeelal
ia n nud numliretlj in the dlTalonit
uboto o r onl nt lin md alf la
Ju
I nniflllon i it II i the one
are Intbin nmin noui
iriiunrT
I in Hi ii No 0 lint
I ti ihiitti I ii n i
tic i ho St fo I m tlmt the
J HI of the k 11 ti Inn 1 I 1
r < tli mnile ii is In i ii uuiliurixid
r s nr tlim d in In Ih etmp
r ii wild iiipinllir haa tteen
iflrt or ml iileattneiit
i t for d lend n irirnniiOt Con
ihit iimli r n l l > ilnue of tiw
i a f m i n u il 11 i mi lffa ihar
1
IS1IIII III
hr plnlullff
ill In II
I lie um
i pr niil ui
li illir t
> tinr ihm n
nV i if I mill
hi Hi k-
ill i in
II ill I
ti lint
HtMiift fund
I intitlit Of lt
it nil with
uiertWin or
i i encc therein
i te nud that
t plnlutin of
i < upted to bo
11 U appro ul oi
i u unit eitmi
in t on1 nilh
tutitentloti
il hi HI pi i lo that II
1 o doty of lb isMiiptroller to eeo
in o In J imd iolleeteil l > r
nflllint i tur the interoat
a ill ft li nil all t in llaned and to
a Miikioi f d snmelent to pny
1 oi miiiir i md th itlnklnir
f I itiei In k 1 intereatlMarlnw
li ttonti itpear therefmm
t i do i of Im < iniptroller to aen
thit ikinir fund u linerted In proper
a i i i in on parallel nlth lila
t v t e ttmt i ix la letletl nud
1 siflldoiil t noy the Intoreat
oml reite i allikliu ftlml fur tho re
u j of iKinda i mil His duty lu
r to ii u Investment la no more
h in li in tint Inn nutliorltr over llic
e r lainiir than It lila duty ntul
on r it ill respect to llie lety and
c n of tlio tnv tliertiln referre1 to
II i d put be issntendoil that tho city
io without authority to lerr and collect
n tax of Uii kind ineiiiitmnl In llila nei
t j it ih in hiirlna llrat ldalnoil < rr
in i n frm tlie conptroller ao til do
ttltlinut eonalderluittheiilMtirltt
of awli n nvtliloti It la manifest front
plher iiroralnna of lis charter that the
it pen to duly of lerjlne amtli tax-
i t In urrniir the lmloitodne a crl
0 d by am li liomlt U laid noun ald
C r by the filtnlanientiil law of il ex at
n id li ii d It nil to do an It
wjk 1 upon Pi i r opiillcatlnn tie br Iho
e iir t ioiiiiellil m perfurm anth duly
It ul o nu Impcrntlro duly of iho
f It h upon pissper npplientioit the
c irtii would iniiol It lo pcifiinii n
I I li Inri Inhciire Kbnttn to iuvsf
tt Mnir fund mined for Iho redomp
t 1 if liotidii an fait as lie wimp ne
uillit in nullliieut ntuonnt llnrefor
l if il i ai i m to me lo tnvoltit nil nlwur
tli that Hie ilty ahnilM lie rmulreil lo-
t tIii pi rim mini from nny out to uu
el to perririii ilullin tin perform
111 jf wl h ttonld Iw cttlnpelliHl lit the
t mi nt ihi i ija etwl tvhelher it did
or ttld not oblnlii tueli pcrtntalon Tin
prtylslopa of lu iburter rcftned to in
lr no mli nliiihlity lm iho proper
emtruil on of tliu anine lo my mlntl la
Plllny Hi Hint aliiiuld tint city fall
lu Hie pi ininuce of the duly by nld
i e ii i upon It to letjr nud lolleet
> rifiiMil to nnd to Inteat tho
stiikln fund na remilred Hien It la there
by in ule Iho ilutt of he anld romptroller
tn tnkti pntiM r atepi to comprj tlie per
rurtuntieo of anid duty on tie part of iho
r Hmtv iho spttlil ileuiurrer of the
ait tdani mi iub tlio iUeallotl now under
ctmsiderattou iniiat be and is henby otcr
nili il
V tt T take up the ximcial exception
n in Hi mio iiiiuilHntl alxiu in tho
nil I rui iilmrc nit out totvll
1 i p un ill s petition folli to atato
fr j k 15 in lotv that Iho bonds In
y i h I i inklnH fund U proposetl to I
Inr itrd nr jmkI Intertst iKnrlnir ae
ctnltlta lor Ilia nolnlloii of the ttuos
n rail ll by this exception It la neves
airy to consider the rclatlro positions of
it parties to the suit nnd Hie rluhta of
imrty who tuakea the exoetitlon As
already ami tlio petition Hulls n enso
s ll ts In a munlclpnl corporition liai de
Trmlncrt to make e ctrtaln Invctiueiit
> r nlnlinc fund In Its trcasnry nnd
Iwinit ninJe the preliminary negotiations
leaulna then to has by vroper ortler di-
re ted tin ileftndnnt Its treasurer to
c itinuuimitte anid luteatlnsnt tit
juymit out of said slnkliia fund
tho of tbe
tin aeiurille na
aerred ou by Jt In which aall
investment Is to lie made Xotr the
question Is Who as bmuon mil city
nijil its snldtreasiircr is by law ehHROil
irlth tbe July of determlnluit the ilinrae
tenof tho aetiirltlos in which aald Invest
aieot stnll lie made us to whether the
same are or nro not eooiI Intercut benr
ln aeiiiritcsr Manlfesily tbit party
who Is by xtv charcel with His tnounkv
uiem of anil sluklnc fuml llr socUon js
of tho Jhnrtcr of iho city the tuaiuire
ment of all tU < finances of anld city Is
city ttoirliitfi In aal darter nor else
where In the law it the duly devolved
jpon or authnrliy ttvco to the treasurer
eliy lie cliy treasurer shall reciff
fo lTc l T1 L elonslnS
to said city and mnke payment of the
ratno on iho order of the
iitsieil br the
aeiretarv
the eeal of the lit rrorij orll under
ahull ahow on Its faeo that iho tit un
e ha dlwctel the Umanco of aime
nd for wist
purpose iho aame 4r ls
CUKES SS rfe r
Escclolor ISp uir Mlwourl
sued TM tojethcr wllh the Veep0
inlli oicoiiuts and thu maVlnir of
° a
like
nam reporis and ether
touiptno his whole duty ai nty f
er nud for thn lalibful pyo 1 °
sueh dulles only docs ho flro tho Wnl
reoulnvl by law to l pTten by h m
City tharter sec W WKh th luesl on
ai to whether inrcstmenti made T
city aro protltable or unprontahle 4 e
cure or Insecure he has aJjwIntvr oin
los to do and neither he tor bli bonds-
men haro thn sllthtest Intrwt beyond
that of nny ober tax P je l0
dty Tho oily duty he is chargeable
wllh with respect to Us exteUmi
or Invcstmcnta of fundi la pla bands
ordered to bo tnado by the city conmti
is to aeo that euth expenilltnre or in-
vestments ai to tho object or character
of tjut Mine are authorised by law
Ilejond this he owes no duty v th re
spiit to such cipcndlturcs or luvest
minui nnd has no rUbt o question or
Inqulro into Iho name Were this de
miirrir presented by tho comptroller ot
by n iHndholder hatlnit nn Inlcrest Itt
the fund nought to be Inlcstcil In n suit
wherein said comptroller or such bond-
holder was objectlns to the ijropoMJ
Invtsiuienl of a sinking fund a vsry
different question would nriso but com
inc ns It does from the citys treasurer
In l suit wherein lie Is objecting to an
investment proposed to be mode by the
city council it cannot be sustained The
special demurrer of tho defendant rals
inx this question therefore must he
and the same Is hereby orcrrulitl
Oomlnir now to Iho remaining ques-
tion raised by the defendants General
demurrer 1 will consider tho three re
remalnln objections together they be-
ing as follows
Tbat tbe Investment of the sink-
ing fund mentioned Itt the petition as
prolosed by plaintiff In sold ihitinm H is
Migil contrary to law and unauthor
ised by law
1 That If the section of plaintiffs
charter under which It claims tbe right
to make tho proposed investment of
said sinking funds be construe to au
thorise Iho same theu tint said section
Is violative of the constitution of the
state and thorefore rokl
4 That If sal 1 sect on of said barter bs
constitutional then that by tbo same sec-
tion the defendant as city treasurer
Is forbidden to pay out of said siuklng
funds nny warrant drawn for nny pur
IKiee other than to pay the Interest upon
or lo redeem tho wads for which slid
unking luul is aud iiurerore
ho ought not by he court to be coin
tieIod to pay thoTitrrants drawn on blui
by plaintiff as sctliut lu the petition
The charter of ie oily of Iort Worth
la an aa of tbo gislaturo of the stale
of Texan Iho lauiikiiirf potter of our
state anJ tbertjrc has llie force and
euVi t ot Inw It then by tbe provis-
ions of snld elrter prorierly coDstrued
authority is cell to the illy lo make
tin iiiVi aline of the sinking fund as
proimsi n a ittitlm suih Investment
iinnt bo aid lo Is legal contrary to
lutt or uniitborized by law
Secibui AS of aald chsrter provides
All btm shill speilfy for what pur
Itise tha were issued nnd atiitU not
lie liivnVd If sold for less thon thtlr pur
valuend when any bonja arc mH by
the cYy u fund shall lie provided to par
Iho tervst nnd create u sinking fund
to rlttm the bonds which fund bull not
lie livened or drawn upon fur any other
liipoM and Hie oily treasurer shall
buor no drafts ou anld fund except to
fij liuirisat noon or reiliiu eild
Kiuds for which It was provided The
city council shall have iwuer to Invest
tbe sinking fund In United Stnlei bonds
larraut county bonds or bonds of thn
city of Tort Worth
I lie liliinllff lonteuds that by the pro
visions of this uttiuii illrect nnd poslllve
nulhiinly Is glvtn It to make tho pro-
posed Inveslmcnt of oald sinking fun
whllo on the other linnd tin defenduiit
cotitenJs that snld section when properly
construed does not nuthurizo tho Invest
ment sought lo bo made If the words of
the list claiwo aro tlui imlr literal
inenullig It will be semi tint tho section
In dim i terms niilhorltos I In city to iu
lest the sinking fund ralse1 for the re
demption of Its bonds in bonds of the clly
of lort Worth Mr nudllrb In liU ex
limit work on Interpretntlon of statutes
seetlou I saia When Indeed tint lan
guage of a statute la not only plain but
admits of but one tnculiliig the litslt of
Inlcnuvttitlon can hardly bo said to
urlso ami ihuw lncldeutnl rules which
nr nicnlv nlda lo bo Invoked when the
moaning Is tlilllcult am not to be re
jtirded It Is not allowed says Vallel to
iitorprit what has no nwl of Interpreta
tion Such Inigungo best dechres with
out more Iho Intention of tho law niter
ami la declilve ot It The loirWhtture
must bi Inteuleil prcumwl to mean
hut It has plainly cxpresse1 and roum
uuinlly tlieio s no room for couslrnu
lioii Ami Mr Koulherland on Statu
tury Oonsiructlon oeiilon l
Iho statuii Itself luiniij ii
tneun of Its own eiposlllou aud If tho In
tent of the net ciu ln ilearly ascertained
ftoiu n rtsidlug of it pioiWons and all
t parts miy l0 brught luto harmony
Ihorewllh Hint ilut 1 J
f r leU futthcr tscc
says
tlou i 3 What lo callnl tho policy of Ihe
gotiiuiueui wiih refcremo to nn > imr
tlcular leglnlutlon It said to be ton u
stiiblo n touinlatloii for llie oonsliueilin
of u natuio llm iear lunguaao of a
talula can iiclllier bo ietnlinil nor ox
lendid by nny cousiilerullou of supiioe
wlslotn or IHIIcy So long us n
tito enactment vioLms n > coaHltuiloujI
provision of prlneiple It mmt bo dun
Its own wilhccut nud ouucluelvo ctldineo
ot < ho JustlH propriety and imlloi of lis
psasilgc Iho lauguig of Mr lusllo
Slorj concerning coulltullonal iouslruc
tloil npiilbvt almost iniuaily to thin of
statutes Arguuienls ilrawn from Im
liolliy or iucoiitiilcnce ought hero to
bnvoi mi weight Tlio only sound pr ncl
plolstoiloslrl a lex stilpia tst to lol
liiw nud io obfi Nor If a uilmlpU o
Just could bo overlooked ioull then bo
well found a muro unsafe guNfif prat
lien than mew polhy aud ooiivViihnm
Mini Ml such ubjcits
ctuuplexioilaliy illtli r
from ciliU other Soluo men Ullfer fniu
theioscltva at different llnua lln policy
of ono age may III suit the tvlnhea or pol
icy of nnothsr And further tsvitlon I
bffB nu on venleti
i t
rlgbu
nrv those who have to lu
tltpret alatv must gltooffoft la It They
a to bouul to do
this evtn If they suspw i-
on loujeiturnl ground only hat the
languago used dooi not lalthiuin x
jireis what wa rite real intcnlloii of the
legislature when it panned Ihe ait or
Would haic lieenlnlnleullonif the spe1
tie case bad been proptuo1 to It Uven
when n court is convinced tunt tho legisla
ture really meant nnd Intended souieihlng
um expressed by tho phraseology of
the act it will not deem Itself authorized
to depart from tho plain meaulag ot tho
Inngimgo ithlih Is free fnini aiuoiKuity
Ami furllur swtlon 71 In short when
tho words admit of but one mooning
i0 nt berty to specula n
the intention of ihe legislature or t cou
tnto ou act according to its own no
tions of whit ought to bale Iwn enaotetl
othln could be more dangerous Shan to
make audi considerations tho ground of
oonMruIng on enactment that la titilto
complete and unambiguous lu Itself
Mr Knilllch further saya aecllon 20
M here the language of n atatute lu Its
onllntiry meaning and grammatical con
strucllou leads lo a manifest contradlo
tiotrof the appannt purpose of Iho en
actment or aouislm on vtulrnce or absunl
ly Lardshlii or Injnstlce presumably uot
intended a construction may lx put on It
wh ih modlBca tho meanlDjt of the words
I ISi tructtire of Hie sentence
fTn ascertainment of Ihe latter
that Is tho Intention of the legislature
is the cardinal rule or rather the end nud
oltjcit of all ooiutrui Hon and where the
real design of the legislature In ordain
ing tho statute although It be not pre
Isily ciprcmei Is jet plain y lienor
able or ascertained wllh rtunnnable ier
ttlaty His language of lU ttaiute Inust
THE GAZETTE KOBIAVOKTU TEXAS TUESDAY JANUARY 9 1891
>
f > c ei > n vticli cunitnctlou iu will enrry
hut 1i Ikh luto vttect erru tf In no ioiiij
tlio Piaci letter uf Ihy law bo uncrllicoJ
or tliousl tbt eonMtaction If Inilwd coti
irary tt > tliu lctttr And Mr Mouther
land In lln work nbovo Muotivl from sw
tlon 21JI t > nr Ttm tntentiou of on net
wit piovnlf ovtr tuo llttrul ncnso of Its
Mord fliu true taeantnt of
nny ctftnn or Trovltlon 1 that wbipti Wat
ii coords lItl Uit culrjict And con era I i > nr
poxe of tlio net nnd eury nilitr pnrt
JCow IsOiplnjc In tIimv llie foroirolns
riilcn id ihero nnjtalntf In tbo noctloii of
Ihe hnrtir now under cnnsliturutlot thnt
rf > ltiiren fonntriut011 whvrit > y tto ilty
tthoild be d > > nIol tho cxcrrltMi uf tho rlsht
wildi tho literal titornrctatlon of word
of tbo Motuto Kcoin clonrly to confer iMn
it trvwit to invent tho tdiikini fund tn
bonih ot tlo clt > f Tort Worth lUth
out rentrlctlon on to tin kind chnrjuMpr
or timu of maturity of no Id bonda llie
defendant conteirU Umt the treuerul jmr
Voso of this wctlon it to preserve lb
crwlit of tho city hj causiuK tho fund
to ho set nslde for tho iMTment of it4
bond I tlInk tbo Bencnl imrpotH of
nald Blntnto H better Mpresicd by nny
Inn that It is to provide for the creation
t > tetterntlon and enhancement of a fund
for tlio payment of Interest upon and re
demptkm of tbe IxhkW Isiue l by sjld eitr
r in other ord < Ibnt It la to i rorhto
tin ways nnd menn whereby tlio ct >
would m preimrcd and ennbed at the
maturity of luterc t and prineiniil of itt
bonded oblljtrtlons to Huuidato the
unme An liai Ifcen heretntHforo nhmwi
Iho fneHtment of tho iilint fund lu
lutereat Uannif eKHHinties Ih au Important
factor In ntytmiiiliHilu Riirh piin e
Tho defendant eonteudit thut tlo pur
chnuM by iho city of it own I ton U wouM
work a Tlptual mm illation or tho bonds
bo puriluiiid and that therefore nu in
TOHtment of tho ulnMnj fund fn wuh
hbnd jiwtnul of nnslstln < in tlo tmrpose
aho e njw itlod In nit rnibtmjf tbe city
to moot Its bonded oblicntlnm nt the ma
turity thereof it woud rlrttinllv detitroy
tho only nieam tonit tbo Hinklnir fund
prorlded for smli purjioii If thin bo true
then minifettly It would bo the duly of
Um oourt to opidy nny rofotrnUwl rule
of roiiHtrurilon to tll nectlon wlttch
woulil enable It lo estuViV nn interpret
tntiMi thereof lint would mold > ni < li nt
mini nnd unliist effect Itut U tbU con
tention eorreet Tmn < iUi tlont lu my
oidnlon U the pkot upon wheli the il
Urimnlioi of thii cftito turn Can the
leRlslaturo kIto to n eliv til authority
to purchnMi Its own booda with 11 ulnk
Inst fund rained for tho redemption f
Ikond other than thiwn propose1 ta be
purchimed w that mid bon I after hHaa
putihiMM nihlplaced In the treasury of
tlw cllfi would remain nnd b liUnw
nl d obllcatJon mrrilmtt tho cty utton
uhleh tlm city uoull U mn to i nr
tbo aecrninjr internt and flnalH nt
maturity the prinupil m bmjf n and
to the extent that by tht tyniuit of
nuch interem ai l wen primiipa i neec
nry for tho red niDiioii ari lu ai n
pf the wnd to Niwn whieh H hIu
ltur fund lu t a r Uilr The dorndant
tarcnp from tynenl prtnripbt tint wlion
n debtor panrtiMe kn1 pay for th erl
donee of W own liaUIUjr tbat imli m
Ul ry threl biarutnMi liid > lnt < l nml m h
rWeiw thereof rlrtnallr If not Iltenlh
eajHwUeil aiMrhat no bmaer anv vital
ejHtence A tbo law ntn Mamlit th tt
iiMjr too Irne a I plrate lnllTlbml
yet I cannot ttiK n what princlplj it
In to bo held that tU leaUlatnro of n
oTerelitn Mate U wlthoat notter if It
wnw fit to to oifrdM Its oi rIinilLv
to deelire by nimronHate Mhr ln of
tho leriilatho will that eren IndlTlduMi
under wrlaln circuii Uiwi and for oo
tain pnrpo ball bo allowed to pur
eba4ft nnd Ijoll wured bll Qton b
wbldi they themielre aro tbo onlr piV
ten It mn I Hut uch cnicfntnt
nould bo lujthlr loeontitnt and
would
work treat wruni ti I tbe InconvbDw
niil that
wronn may bo worked therein
nro matter to b oddrei Kl a thi dli
ere lou of th law maklmr and uot tbe
judical branch of tbo mo eminent lne
leffiKlnhire of n Ktme bi tl tioner i
pniw uy law wblcb due not contrarena
tbo cxtMUtutlon yf the ttaie or of the
IMjnl M Ktb r hi lr Mr oi
MrlL Defendant tin pointe1 out no
proTtiloQ of tho wnntltution of the tato
or of Iho United States wMeli nn enact
ment of uiia tharacter with reap ct to
ft elty would contraTen iltber In let
ter or spirit Ttio lepUlaturo of Tea
ba repoatedlr not only authoniod but
dlrerted be lnvo tnenl of fun U bel > ntr
bic to the Mato held bv It for certain
j deflneil purpoaeti in ibonda of th dtnttj
I ititelf ond hat provided for the
payment by tho wtate to Itself
i for tb tnnvlnl purooe at aforiU
lnterc t on mieh lroud o puretasetl
wlth ueU fundi and further tint inch
bond so purehawd bo held In it own
treaiurv for tho u and ixintdt of the
special lmrpom to wblrli the fund wh oh
piirchnNtHl them bad been Ifrousi 01V
If mien atato bond can b hed by
tlje utatw ui it own treamiry and it It
remain lliine and valid ubibratlont of
the statu upon which interem and prlii
cipal caa bo collated nliat prhteplo of
t
r
law either c < jiiHtltutionnl or oMierwlM
U lnrudtj1 by u eutctment of tin 1kU
laturo srantlif to n city which 1 n po-
litical ub IUiioii of itich ntnte and to
whom ihe suite by other cnietmeutif Inn
jrrnnted it jwrtion of Its own ov
erelKiiity the rittUt to purchuie
and bold It unn boiitla iu
like minner ni the lnto parchisen
ami bohU Ui bonds The def > nlant
nmterlakefi to dnw a distinction between
tho two canet but I lure been unable
lo fOf nnv ilifVuriicp In both ciihe It
I a Oiporaliou Ifortbo state In dealing
lu tinniifoj 1 fl political corpuraton ink
lujr fuiida by it therefore rai u be
taxp for n fpoelfletl purpo e nnl tbrt
tott pie tired to Hut purpine and wit the
same puriiaslnK ot their market value
i own bouJ nnd plntlnc tho s niL la
Um tr imiii null tilo Intent to tjutt utiid
linnd a nit irtrMtHiUit ui m whidi t >
Ittself for the 11 no nnd benefit of the
purpnuu for which tho money winch pur-
chased Iho bond vM raised the Interoflt
upon and the principal of aiuh bond o
inirtba fd ao far u tho fitmo may bo
nocos nry for tbo purnow for ihich said
taintlon m bad fly Ktnoral law re
vlned Mitme nrticlo USJl ubdlvwion
5 the leirfihture ha pecinlly jrranted to
nil eonninM In the state the authority to
iurwt BnkliiB funds raised or tbe re-
demption of iwndi ami by article Itstltf
it l provided that oil counties lueor
ponited cities and towim J11 this ulnto
owinc ikbis nre hereby authorized to
fund the 11110 In bond of sail counties
cith or towiin in aueh eurm nud at such
rato ot interest may bo deemed bent
by tho authorities of such counties citkw
or town It la however provided In
thl niier nrnclo vniat tlili uct shall
tii > i apph t auy Indebtedness of soiil
lountie elile or towu made or nnder
ttkiu Kttieo Ihe lSUi of April 1S70
nnd tlhifirp Is not iiuotetl a iiuthorily
autbiinzliiff the Wty In tliU Instanco to
ime t In its owu tondi but to show tlmr
iho right to trrant such authority hat
been npeatodly recognized nud nctcd
un < m by our legislature And furl her It
Is well knonn that the coiisresn of tlie
tuilid Statt who e power nro lhulte > l
nnd who repnsenl In n lejclslatlre enpue
itv tuiiv n omsl s verelpity his re
IKuted pos ie l nets din ctiiiK ibe iuvwt
mint of fund Jicld iu It treasury for
ttpedllo i > iirp < e In bond of the United
Siatcn 10 bo held iu It treisury nn
inlli Jlvinjr oblljratlon upon which the
prinelpil nnd liKen t U piyablo by itself
tj itself for tlio benefit of nld operlal
imrposo and that suib oet liao been
pnpued mv > n by the uprema court of tlie
t ilted Stftte whli other questionji ln
olved In iltljratlon but In no ease ko
ftr known to me Im Uio right of oou
rre 10 order tncii litu tiiaiii lieen ii
iloued U < rtiuwl for defendant havo re-
ferred Iho court to the cum of tho bank
for bftUnffi In tho city of NVw York
and other voiniiw lir ire Mayor 1UH
X V ititco ni1 wlx rein it 1 held ha
etrtftln pltr tock of tbo cltr of New
liork l < ouciit with a eertaln lnknc fund
eoaMd to W nn jndobiotlites of tbo city
within iho mentilnjt of the constitutional
prorlntou wblcb prduhtts a city of over
HHOni > InhibtaiiH and wh < Met > r < > M > nt in
debU lne eiewiis 10 iwr cttt of tho
asses d rahmtlou of iu real ratnta tixa
tlon from tbeoomhifr Indebted to n fur
titer extent An examination of said nit
tborttv shows tbat aid dori loii turned
upon tho eotifdruetiin of n tsntnle of
Now York which nuthorUM nurb invest-
ment which atd court 1 construes nn I
ililnk nroptTly by it terms to provide
that tho Investment thereby nutborixed
ofnch khiklns fund should be in fact a
rtnlvniptlou of the bonds so far ot the
principal Mit therein wti eoneernotl
nnd bould l > o on investment only to the
extent of the payment of Imereat tbeivn
for tlie beinflt of aid sdnkinti fntid TIm
mithorlty In no wise conflicts with but In
my view unptKirt 4hc poslttou taken In
thU ciisa a U > iho authority of the lec
iftntun to nntliorixe the inveittincin tiv 1
cltr ftf inkinc fund In It own bond
nnd 1 think tlu would Itecome apparent
by careful examination of that case pot
wltht ndinir somo jrenenl roi > nrka In
dnljred In by tbe learned Jnljco In de
llrtrhfr tbo opinion of the court How
ver tliU nwy b uld deeMon i ex
prwuCy pre < 1ioati > upon a jtstute of th
state of Xew lork materUllr different
from the section of plaintiff charter now
nod cotustdertittou timl therefore can
not > In pwrt authority in patninc
the Md section
upon
From the abi re it seems to me appar-
ent that IcciavUture of Toxo bad the
aurboHty by lv i liitire enact ment to
author th Olty of Port Worth to In-
vest the staking fund In It treasury foi
th > rodeniption of bonds In bomb of
ald elr of Kbrt Worth uther than thoM
for wratch Mid > lnklne fund wo ntised
Defendant liowvr contends that if
the croritdou on aid section M be held
by the court to authorize the inveitment
of said snklnir fund la bond of the
city of Worth then
Tort that Hald sec-
tion U nnennstltntioual Iteeause iu vio
Utiou of section 5 and 7 artht 11 of
ihe constitution of the m Qf Tph
f ftlon ti of said conttltut on prpvidw
That ao debt hall bo created by any
eilno Co
MANUFACTURERS OF1
city unless at the name time provision
be made 0 nsvett aud collcU annually
tMilIieitnt sum to pay tho iutcrest there-
on nud create a fctnkfitu fuud of nt least
I per cent theruoD faectloii 7 rn ldo
Uut no debt for any purpose khnll ever
bo lucurrod In an mnuntr by any tlty
or county mi lew provision id made at
the time of cre > itiuir the nnc for Uij
In and cotleclhiir a MiUiclent tni to puy
tho Interest thereou nud prnrldo at
liant ll per cent n n nlnktnji fund
If 1 am rijfht lu my portion that the
leiiiilaturc had authority to nit horse the
Investment bv the city of tho smkiui fund
in Its own liondn in kulIi wn > tbat en Id
liondsi reiunlti both oh to liability of the
city to pay tho Interest and priticpnl
thereon nld liin nnd subsistliiu ob
HfcMtoim of tho city after such investment
then It can not be pmehed how mieli nn
net could In any way bo In violation of
either tbo letter or spirit of both of either
cald provldlouri of the voustltutlou
aOefeudnut further contend that if said
section bH be construed by the court to
autboilze Ihe Investment of the eald
slnklnc fund by the city lu U bonds
and If snld law bo held constitutional
tht could only be done by a eonmructon
thereof which would prohibit the tlty
or rather would not authorize the city to
Invest In tlie particular bond sonpht to
be purchased by tho city Iu this ense
an ishowu by Its petition bernuxe said
bond ns shown by said petition will
mature n number of year after the ma-
turity of the bouds for tho rodeoptmi
of which snld sinking fund was raised
I am unable to eo th foreo of thin
rontintiun If Uio bouds after the pur
base nre nnd remain valid and blml
iur oblicntlous of the city set apart
and devoted principal nnd Interest us a
fund for tho redemption of the bonds
for which the stnkitw fund was mixed
then tho bolder of nald bonds to ri deem
which sad lnklns fuud was raised
would upon maturity of such bin
have the undoubted rlifht to require and
comncl tho city If it did Pot otherwise
provide for tho icdempllou of heir
bond to reall7o for tlulr benefit bj
sola or otherwise the alue of tho Inrndn
in whch said tdnkhitf fuud hid been In-
vested and this tho cltv could do with-
out tberebv incurring any additional or
new obligation because nnld bonds wonl
be then nnd tluc 11 valid living and
active ollitntion npninst it ai entirely
and absolutely ns If tluy were held bj
any other person or corporation
Ah to whether it Is Rood policy for
tho elty to tnut bond nnturini after
the time when tho > auo thereoi mljfht
ho needed for tho redemption of
tho boil > N tho sinking fuml
whidi they represcntod n nn In
vei tuient is n iietIon with which
ns herein shown the trcasirer of the
dty ha no concern 1 might however
jro out of my way to say that n little
consideration would make It manifest
thtt he in vest ment of said inkiuff fund
tn bonds mattirlus nfter rather than be
fore the maturity of the bonds whose
linking fuud they represent Is the bet-
ter pjlicy ni the investment In bonds
maturing nt an earlier date would ne-
cessitate Um reinvoMtln of thUr pro-
ceed iu other Interest Warbis securities
and for he purposes of hi eano tU1
court einnot Indnljte itt nny other pre-
sumption but thnt said Imnds iu which
said sinking fuud Is proixisod to bo In-
vest oil woud be worth at tho date of
the maturity of the bonds whoso snk
Inj fund they would represent at least
iho amount now proposed to bo paid
for them ami that therefore a sale
of them at hat luie would put back
Into tbe treasury In addition to tho In
terest they would oirn la tho menntlmo
Iho whole sum wltbdrawu from said iuk
Injr fuud for their purchase
Oefoudant further coutends that the
proposed Inveattnent of sil 1 n nkloir fund
nt least lo the extent of tha dllfereuce
between tbo face vu uo of the boud pro-
posed to be purcba ed nud tho amoint
propxwftd to bo siven for them which
nceordinz to the petition t the utu ot
1231 S3 i a direrslon or tJ uk
inc fund from the purpose for which It
w created IM oanuot be true if
taid bonds so proposetl to be purchased
are iu fact worth as < itt luvestment
said lum of t ill 83 more thau tbelr
face value and of this tinetlon under
tbe law a between the olalutitT iu treai
nrer tho plsiotlDf I the exclusive Judse
and its decision on ueh subject In uo
way atTeets nor can bo called In que
tlou by ld treasurer a ha been bere
Inbeforo fuly shown
Defeodsnt further commul that if
tho eouiimctlon irivon to the last clause
of said section hS W that the cltr I
authoruwd to invest aid sinklnff fond
n Its own Iwndi then the sail provUbm
I antagonistic to tho other prorlsion
In Mid section which i a follows It
the lnkinc fund shall not be dircrted
nr drawn upon for nny other puroos
Ohaa m pay interest nnd create a sink
nir fund to redeem xiid boudal an I th
cut trtHaror sbil hemr no draft on
aiu Iund laUnc fuod except to pay
Now Sold Throughout this Section
Brewery and Office Fort Worth Texas
1
4
iJ
i i
AA
> m > Mr >
interett upon or redeem salJ bonds for
which It wai proilded aud that uid
proi ion4 being ao ntitaconlattc ono
lo the other ono destroy the other nnd
tho city U thereby lift without nuthorlty
to make tbe investment proi osod When
the purpose proposed to bo nccomphihed
by naiJ section 1 taken Into considera-
tion that Is to provide lnenn whereby
the city wou d be prepared aud enabled
j nt the maturity of it bonded
obligation to liquidate the same
there Is to my mind no conflict
whitever In tho scrcral provision of
tho said sections alio Investment of
1 the sinking fund tn Interest bcaiing e
I curltlcH cm In uo Acn e said to be divert
1 iug or drawlujr u oii said fund for a
iMirpoue other than tho redemption of tho
I bond and when the treasurer honor
draft mnde on ald fuud for tbe pur
1 pmo of siuh lnre iment ho cau In no
sense l > e said to honor draft for a pur
1 pose other thau to redeem slid bonds
provided said
Investment wheu made
be placed with him lu the treasury of
the city In the lieu and stend of the
money of said fund
In fact when he paj n draft out of
ntd fuud made for the purpose of invest
ing the same in Interoat bearins iecurl
tles to be placed with him in lieu of tiald
fund be Is dolnjc an act directly In
tlie liuo of redeeming paid bonds and
suUi net enn no more be suid to be a diver
eion of said fund or houorng draft for
other puriKwe than to redeem the ame
than tould the conversion by the treas-
urer of two fite dellar bill of said fund
into n ten dollar bill nr the exchnneo o
a ten dollar bill of snl I fund for ten j
dollar lu pold bo a divcrson of iM
fund If It wa propond bv plnlniiT
ui on tho consummation of nuid Iine t
ment of said sinking fund In nald bonds
to withdraw such bonds from the custody
of tho treasurer nnd plico them clnt
wbero than In It treasury then n differ-
ent question mjrht arise but this Is not
proponed to le dune and the eitj treas-
urer after the Invcttment U made still
holds nnd keeps the whole of the Blnking
fund committed to Id charge a fully
nnd completely a he did prior to sa d In-
vest ment
It seem to ine that nudue prominence
ha been given iu tho case to the fact
that warrant were drawn ou isald fuul
which tho treasurer was required to
pay I presume that said warrants werti
drawn dimply n a matter of convenient 0
nnd possibly for the ake of proper book-
keeping In the modiM operandi of carry
ing out tho lotoxtuient sought by the
city to bo made Tho name obJeU
could have been accomplished nnd tin
same principle of law would hive been
Involred bad the city Instead of draw-
Ing warranto simply pnsed an order no-
ticing the troiinurcr of the inviwtmint
they hnd contracted for aud requiring
him to tnrry out said contra t by m
to the holder of aald bonds upon their de
livery to him tho amount contracted to
be pnld therefor and thereafter plaolng
the bond so receUed by dim to the
credit of the proper linking fund
Defendant further contends that the
cohinv Hnn of the proponed Invest-
ment which a now presented
fiuil of the treasurer to pay tho nonet
therefor would wntk a great hardship
and wrong upon tho taxpayer sf tht
city of Tort Worth A snthcient itn wti
io this contention would be that It 1
ti matter with which the deftmi iu 1
nothiuA to do whatever Ily the clec
ton of tbe people and by tho law the
manaitoment of the city iinanee nn In
been heretofore shown U commit tod to
tho city council aud pot to hliu Siu Uld
lie city council see fit to purchase for
It fire depnrtnifnt a bmw nnd by ordei
projwtly mado dlrectetl the tren urer uu
01 11 ueuerul ty berefor the
sum of two bundled dollars could tbo
treasurer be heard to object nnd refu
to pay tbo same because in Id opluon
and In fact sold horse was not worth
more than one hundred dollars or should
It buy for Its water works nnd contract
to ten thousand dollar
pay for nu 1
ratus which In the opinion of the treas-
urer and in fact was not worth mor
than egbt thousand dollar is i the prov
ice of tha treasurer to object and could
I i refi to my the draft
drawn on httu for such purpose I tbinlt
> ia it ui lad the boiuli in which the
eiiy council propose to nuke said li ett
meut be worth the amount ther contrn < t
to pay for the same and so far a th
cami 1 concerned the court iqut pre-
sume that they nre then Instead of
said lu rest meut working an injury to
tho taxpayers of the city It inure very
materially to their benefit
Tuey bnvo no more iuerest to pay on
the bonds purelwuM thaft tLey would
havo had to pay bad they been allowed
o remain In the hand of their present
owner If said Investment I not tunde
ucL interest w paid for them goes to
aid boldi r and said taxpayers derive no
benefit thfrrfrorat but when they are
mmhased nnd put Into the treasury as
tn integral part of tao sinking fund
aiuk hrrot irurc ladlrccUy At leiut
to aald taxpayers benefltli
I
a It goca it makes up the defj he
tto face of the bonJv fjtiJi
sinking furnl Is raised U ttvH
nmount of aid sinking f ant net
wse they would havebv locnya
tlou themselve to par tsJfVj
nmouut to more than inffiaft
said deficit then It goes olit ftfc
and Iwncflt
use 19 bereinWa
contends horirfl
regards si i3ljV
in vectlosiloU
Defendant
fng to what be
apparent conflict
ehnrtcr tho question oftUfa t
ily to requlro hliu to par tbntfo
of mid sinking fund for fbiivnf
sougit to bo made U it M
nnd that therefore under ihiM
presented by lIin tbe relief uS 01
city ngalant him toiiit 1 J3
inandamus ought to m xraatiVH
reaou of tho knrnhnci of mT
should not bo granted m p
wberi tho tight i > cl rl iuW
tlonably apparent I nw ttp
npb of tho law which be tolp
to my mind tho rfgbt of tbe ciu
the fact of this ciw u tt
petition to require him tc
the contract made by ltTfcfi
ment of the Minims
the securities
as irttWr
petition is pltmy md vnaAw
parent and If said facts ifi
the In tbo
petition true
of mandimu should IhUC tfg
the foregoug reason It I WtfM
the general demurrer 8 WjH
clal xecirtion ralsmf slid ni
out lu second Iblni ii ftmrtiKa
of tie hw Usues be oMwlal
mo should be ocTrtifyWWmk
Tlio rtasous giteittoiwrlwB
court heretofore hiTt W9W
nnd lmrtlciiariy to W 0J
posed by the eitr po fsr 5 N
to inve t tn the first efl rU
bonds tha slnWnij fund raWf
of ftlwl0rPi
deinptlon
wries As to two cf the bomlvj
br the petition H U VJ Wjf
with the sinking oi > tf rtiJI
sftrle of bond towlt lb tirfl
tlon bonds If this Is too > r
investment In said bgnKoir
fund raise 1 for the rMnnpcfi
series of which they or a PW
course th1 sirno reflson wr3
apply to them J but if WriSB
fact that n to tltfiflWP
the mn > < v tbit the trwnrffjat
to niy for tlulr purehrtseroiw
ulnkng fund rTNe1 for th PJV
deeming the b ndi of Jig
serlort I ay If by rpfl i Wm
held tint ns to then thtf pnA
bo a redemption in totoAor
New York case to the vxtwt
Hpal ond tbpv remain fnV t
living simply for tho pnrpovt d
Interest uu to their u > i < l3
event I can not < ce upon r > 0 >
of right tho treasurer c < w 0
mich investment f 1 <
rnNed for tht neriM of Xflte
Iwnds themsere of tbt scfl
It could not be mi1 thiFlHj
ivarnnts ilrawn oa hat J fi
for he redemi > t a of ImaH
would bo diverting if ortW
driwinar upon It for fr
than redet mine slid bw
fo whether tbcv fall uaW
rno of Investment or W
tbe > e two bwds therwi J
of them would work tbdrr
whole or in mrt by us J
fund raUed for their rt
ruling mado unon the TO
bo tho Kit 1 < w
same
cltr U now nivlnc vfJCa
than ther dioud pay 1 nlici >
lirmelerlng on the pirtiK iij
cortilnly i between wJL
t rea mi rer tho ni surer ft <
do with tint nnettion Tfi
of discretion on the pirtfll i
ell Ihar th trensiiter esat jv
retlv or Im Idennhv tv
I hive thihs ns I iml irt
illsposed of all ler > Qu lwT
ihe dofendan i bv hks M J
pIsIutifTs peiilon flnd
rule All the cxceirton Jtt
to rtontitr peMtbw oH Hftt
Ine filed an ereemeofo JJg
iU > stnnre iht tMs f tW
in nui rtnswer pre im m
f tW
resnoftlrelr tt > ir in
mems of f imnly t H
elusion tnl It W > el 3t
that s d fio s are in OTgft
In fhe tatetnentAgilu
pirs
iu efore made It WSffMs
court tint be farts t ffVjWii
tnip onHOe rhe Pjfrjgfi
ment asked for Dd
lelged by defcTulanb J
true by the pww
to excuse him fw < n ff
older of the Hi flnf Si
noremptory maa s111
To be hove J TrJir
curt gave notice of r JH
of civil appeals J iS
i Germany lead th
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Fort Worth Daily Gazette. (Fort Worth, Tex.), Vol. 18, No. 47, Ed. 1, Tuesday, January 9, 1894, newspaper, January 9, 1894; Fort Worth, Texas. (https://texashistory.unt.edu/ark:/67531/metapth90025/m1/2/: accessed May 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .