The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-11-24
State Loan.

state loan.
Most of the Iowa papers are speaking Mt
more o. less length on the subject of propos
ed loan of Bonds to the Railroads. The gen.
eral expression, as gathered from our exchange
list, is against the loal but as the thing has no
form yet, it is difficult to object to it except on
general grounds. Ii is said bvDes Moines Ia
pcrs tina, Governor Lowe ~ill No, call an Extra
session 70 perfect bill for submission to the
people. If this be true there is no use Is fill
ing columns about II. but we doubt much the
ability of the Executive TO resist the pressure
If Rail Road interests which will be brought
to bear upon him. r..
Without-imputins bad motives TO, or ciarg-
ing want Of sense upon any man who differs
with us, we are nee to declare that in our opin-
ion the State has neither the constitutional nor
the moral right 10 pledge the farms of Iowa for
the immediate or proximatc benefit of any cor
poration whatever. She has the same rover to
build mills, to establish cotton factories, to deal
in merchandise or run n feet Of vessels. We
want Railroads very badly, bet departure
from correct rule to secure good prospect for
the future, will open the door 30 wide to the
schemers WHO surround our State car!tal, that
we fear to inaugurate this seductive policy
In taking this view We ere differing with many
valued friends and We arc probably not follow
ing our Interests closely, but these considera-
tions cannot deter US from an advocacy of what
we regard as sound public policy. A subscri.
her in Vermont writes US that he has q, QUO
acres Of land in Iowa and be wonders why the
Times does not advocate a grand system of
State Improvements. If our farm we're as large
as his it is possible We might be influenced rs
he is, but the Times is not the organ Of Iowa
landdealers and hence its tone on this subject
will not be likely to suit him 50 long as it is in
present hands.
BY notice in the Pittsburgh papers we OBJ
serve that in Allegheny Co., Pa a decision has
recently been given that will hereafter mate
rally affect the negotiation Of municipal bonds.
The decision is "that no interest can be collec-
ted on bonds except for the exact amount of
principal the county, state or city has received
tho decision related 10 counties only. but the
rule is good throughout. The Chief Justice of
Pa. eonclrred with Judge Woody ward in this
decision. Ry this rule, if par bonds are sold
for ~ cents, the interest on the 20 cents dis
CONT cannot be collected, and of course share
cannot be safely taken by capitalists. This
rule If once well-established or even if well
feared by mnney-lendcs, will effectually stop
the traffic in such securities as we are consider
ing
We have as great anxiety to see our Rail
Roads 60 on to completion as any one can have
we believe in active eArriion and general
union Of individual effort TO secure them, but
we have seen the embarrassing nature of a
State debt in Indiana, its tendency to deter
rather than to invite emigration and We can
not now consent to support the proposed mca-
sure.
/. >. since the above was put in type, we
have heard that in the Pennsylvania case allu.
ded to bearing has been had before the SUI
preme Court of the State in full beach and that
the decision below was set aside This may be
true but the difficulty of collecting such taxes
when the iorulace revolt against it will be so
hard to dispose Of that capitalists will not care
TO hazard their funds upon such securities.