Rufus Wheeler Peckham

Name: Schuerman v. Arizona — Opinion of the Court
Author: Rufus Wheeler Peckham

Schuerman v. Arizona — Opinion of the Court

Summary

“Schuerman v. Arizona — Opinion of the Court”, is a work by Rufus Wheeler Peckham. It explores elements such as indebtedness, funding and bonds.

Quotes from Schuerman v. Arizona — Opinion of the Court (Rufus Wheeler Peckham)

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ In the first-mentioned case the following is that portion of the opinion which discusses this particular objection:
'Stress is put upon the clause 'until January first, eighteen hundred and ninety-seven,' found in § 1 of the act, as bearing out the view that the purpose and intent of Congress was to limit the time within which the loan commissioners might act, and to require the completion of the work of funding, by the sale and disposition of bonds and the liquidation of the indebtedness allowed by this and prior acts to be funded, by January 1, 1897. ”

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Source: Wikisource

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ We think that the territorial statute, although approved by Congress, is the foundation for the appointment of the loan commissioners, and that the body thus created comes directly within the provisions of the Arizona statute just referred to. Upon this subject it was said by the supreme court of Arizona as follows:
'There is no provision in the funding act of 1887, as amended by Congress in 1890, that the commissioners should jointly act, but the board was treated as a unit. The funding act is not a strictly congressional act ”

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Source: Wikisource

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ 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 unreasonable and unnecessary restriction, and thus defeat its own purpose and intent. ”

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Source: Wikisource

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ Section 7 of the territorial act of March 19, 1891, it will be perceived, did not limit the date of refunding, but did limit the indebtedness to that which was existing or outstanding on December 31, 1890. By the act of Congress approved August 3, 1894 (28 Stat. at L. 224, chap. 200) , the time for the creation of debts of the territory which might be funded was extended from December 1, 1890, to December 31, 1895, which was over a year beyond the date of the passage of the act, but the time of refunding was not limited. ”

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Source: Wikisource

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ Any person holding bonds, warrants, or other evidence of indebtedness of the territory, or any county, municipality, or school district within the territory, existing and outstanding on the 31st day of December, 1890, may exchange the same for the bonds issued under the provisions of this act at not less than their face or par value, and the accrued interest at the time of exchange ”

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Source: Wikisource

Rufus Wheeler Peckham, Schuerman v. Arizona — Opinion of the Court

“ That act has been held to be within the power of Congress to pass, and that by it the bonds therein described were made valid. Utter v. Franklin, 172 U.S. 416, 42 L. ed. 498, 19 Sup. Ct. Rep. 183.
Three grounds are now urged why the judgments of the lower courts should be reversed. They are:
(1) That the railroad bonds were illegally funded, without any demand having been made by the board of supervisors of Yavapai county upon the territorial loan commission for such funding. ”

Rufus Wheeler Peckham

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