New-York daily tribune., 1861-07-03

OBJECTION seems to be made 10 the legality OF these
new bonds: il il contended that the law soud nave
been submitted 10 popular vote, pursuant 10 Sec u
that Sec 4applie. ouly when the STATE If invaded or III
OF insurretiUn within the State against is auo'
ity.
But the question occurs does not Sec. cover the
care o irsurrectiun against the Federal government
for Iowa is part If that Government ana any OF aii
att mis- 10 attack overthrow 1t IL an attempt-hl lh-
surrecton against Iowa. aud every other loyal Stale
sndirr emergency may arise ibid arise), compelling
the President to ii upon the States to aid In proe u
ing the calal aid the public property. Now, II the
formal procefs OF ratification by popular vote Verl
ropely requied under Ordinary circumstances must
gone through with before the aidc0ud be fuIDsned
what would lie the consequence The capital might
he taken and the Government overthrOwn, III advance
OF aid II would serm, then, that Sec. should ana
does cover exactly the contingency which has nap
pered.
But the bonds are legal on another grounds they are
s.ned for the purposeof aising money to defend te
Starr In time of war" The Government OF TIE otate
# Mis.oud ad louing us, las virtually declared war
against United States ard OF course, against every
0yal State, Of which Iowa f one. War EXITS the!e-
fore and It becomes necessary that we should raise
money to defend State, one of the contingen les
enunieta ed in Sec. 4. Beside Missouri, almos'
the whole South l. with us-eoOily threatening
to o> errGn the Northwest But II ID not my lDtentVh
to elaborate for the objection seems mere quloDle,
raised, perhaps from peculiar sympathy or IRON sliii
nieaner pecuniary designs.
An attempt is also made to impair the credit OF the
State be,au certain Of is cities, or munllyal corpo-
raun hsve Teckestly issued bonds Tor railroad pur
poses, which bonds are now declared Illegal ~ 'ne
st Place the panic Of 1857 rendered 1t utterly lmpos,
sit,e cits 10 pay interest on such bonds ana
IL come cases no doubt, the amonIt of bonds thns
jrsned vi IN accumulated interest exceeds an amount
which could be realized an immediate conversion OF
both public and private property am not aware
hat I city bas formally repudiated such bonda; but
a cir inability TO meet interest induced holders TO
tly the yrue Of the law with the result stated Now,
what mntt he the effect Should the authorities OF
ole OF those cities hereafter deere or propose " ray
interest would not or more Taxpayers be Hhely
TO enl In then under the decision OF the Court Hold
e g. therefore il would seem acted unwisely IN thus
p,g ,ber securities beyond The reHch aoJuetmeht
or cunipron lie. Tor, however willing malor night
lie, Tie II sidly city perhaps 10 whicn large or
small mi oily would not iusst on their H. hts
under the hgal decision. Had holders refmined
from bringing their secures to that test. there Is
lardl, IA city, probably, that would not, IN tile hrst
urut OF lie ability have been willing to enter upon
satisfactory adjustment. Cities, suppose 6x9 cities
e.poeiall, are like individuals II they cannot pay
ihye 10 Ineans g. pay Imned itely and are pressed
through legal prOct edings, they viii defend 70 Tue
utmost, when indulgence or negotiation wOnld be
ayory responded 10. But Is dlicult TO understand
what connection such securities have With tue Issues
of tie State. The debtor cities embrace but an item
OF our entire population; aud their bODds issued Tor loo
,g or riroad purpUses have nothing toe With tonds
isue6y Tie state ior public purlOses based upon the
ability and good faith of its entire popualioI. Tue
f,hest agricultural State IN the Union, with present
uopuLdiuu Ui lees ihan $50 OUO ought " lie able 10
..kS gOud care Of a debt OF Il, 100000.
b9s,S0Ien, yune2s ls5l HAWK EYE