At the time of its creation, the Fragment was intended to convey the message that Keldagrim's monarchy was the ideal governing body of the city, rather than the Consortium that served as an advising group. Following the death of King Alvis in roughly 1699 of the Fourth Age, the Consortium became the city's rulers.
Dwarves in favour of a monarchy, such as the Keldagrim Monarchist Society, have since cited the Fragment as an argument against the Consortium's rule. It is not until the events of the Rise of the Red Axe quest series, however, that the monarchy is re-instated.
The fragment can be found inside the Records Chamber, although only the one sentence can be made out.
No band of petty councillors can preserve this city through its darkest days — only a king.