, 1859-08-02

THE WlSC0NSIN BOND QUESTION.
The Madison STATE journal Of Friday, the
18th u1t, brings us decision Of tho Supreme
Court Of Wisconsin, in the case Of the State
Of Wisconsin ct ri. Nathaniel ". Dean, Is.
the Common Council Of the city Of Madison
which the State Journal denominates n case
"inrolring the question Of the Constitutional.
"g Of city, town and county bonds" The
opinion Of the Court delivered by Judge Cole,
embraces the following points: l. The Sec
ton Of the Constitution limiting the indebted
ness Of the State tn 100000, applies only to
debts contracted BY the Legislature on behalf
Of tho State at Large, and has 10 refer
ence to debts contracted by municipal corpora
tions, towns or counties. 2, The particular debt
under consideration (Slo, o,ooo, contracted by the
city Of Madison in the purchase Of cemetery
grounds) was duly authorized by the city char
ter. 5. Clerical errors in the dating or filing
up Of the bonds do not render them invalid.
The Madison bonds wers therefore declared
institutional, md the mandamus applied for
by Dean to compel the Common Council 10
strike out Of the tax-rol tho sum Of $500 1e-
vied to pay the interest thereon, was denied.
uthis case is, as the Sta1e Journal impliea
a fair representative Of the various city, town
and county suits commenced or to he CON-
menced in the State BY the holders Of doubtful
bonds Issued for the benefit Of railroads-the
Beloit case for example tho decision is one upon
which all intelligent and right minded citizens
may indulge the heartiest congratulations We
doubt not the Stdt& journal comedies with this
view, though it has given us nothing as Jet
on that point The p Icy which obtains in
many though not all Of the towns and cities Of
Wisconsin, Of skulking away from the payment
Of their just obligations under cover Of crrors
or Irregularities Of their own, and not Of the
holders of their bonds, is as short-siglted as it
is dishonest.
Tie money lending public, the world at
large, will mike no discrimination between tie
State which openly rcpudiates its debts, and
tho one Whose citizens in their corporate ca
pacity manage to auoid payment. The un-
healthy odor attaching to Mississippi and
Arkansas in the financial world would ass,r-
edly greet Wisconsin if any considerable por-
tion Of her citizens should succeed in rcpudi.
ating their corporate obligations through the
Intervention Of lawyeEs or judges Illinois
suffered much from the distrust Of capitalists
during the period when the payment of
interest on her bonds Was suspended,
though it was not doubted in the
best financial circles TINT her securities
would ultimately be redeemed 1t par and
the interest bo paid to the uttermost farthing,
Notwithstanding the State had received no
pcrcep1ible ynlue for two-thirds Of its bonded
Indebtedness Wisconsin would justly suffer far
more. Leaving out Of view the moral side of
tho question, she would find her agents per-
pctually jecred in the money markct and her
cities and towns forever cramped for the means
to carry forward necessary public improve
nents. To every citizen Of Wisconsin, Of en-
'arged views and ordinary Intelligence, with
whom We have convcrscd, the proposed r.
pudiaton las appeared in the light Of cor
porate insanity: Let us hope that tue wisdom
md justice Of her Supreme Court have put u
lnal quietus on tho dishonest and narrow
minded scheme