Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-06-28

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"REMINISCENCES 1swa seaes
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and take ~ ttg - get eppss to >
seddsa step, sd siaeleiag est Low, holds
her up before the "monsy changers"
ssd IN tAsp tcatswaes NV theygee.
leoes thsir purse syringe 70 invest in
- Bosds recently issued. That the
Awsld may snet - pisandeesteod, No
quote it, precise language:
We must, however, make On excsp-
tion 70 the general rule in the case Of
the proposed loan Of the State Of Iowa.
That State 10 nov in the market for .
war looa. Il order - borrow. without
violating the State Consti, ution, the
State authorities are obliged to act on
the fiction that the State 10 in danger Of
invasion. II the people Of the State Of
Iowa had established character for
honor and integrity, the public would
perhaps feel that tho vice which thus
taints the new loas in its inception,
would never be pleaded in bar Of it, due
payment But We regret to say that
the people Of the State Of Iowa hsve
earned precisely the character which
warrants the belief that they would,
after they had got the money, resort to
this and every other available trio. TO
deissud the parties Who had lent II.
There 10 hardly town or PoPolou'
county in Iowa which is not at this
moment evadin or attempting to evade
ito most solemn obligations. Such
towns - Davenport, Burlington, Du-
buque, Keokuk, Musostine, and such
counties - Henry, Des Aoines, de-,
wh,oh have been built up by the rail-
roads interesting the State, are repu-
dating 10 the most barefaced manner,
the bonds they gave to help construct
the roads, generally on the shameful
plea that the towns and counties had no
legal right to give the bonds which were
in effect the cause of theis prosperity
These repudist'ng tricks receive the
countenance of the Iowa Courts. Az
was the oaso . couple Of years ago in
Wisconsin, and for many years in Mis-.
siasippi, courts, judges, lawyers, politi
clans and people are all lesgued together
to cheat their creditors. 1t is with re.
greet that we feel it to be our duty to
protest against the negotiation of any
Northern State loan in the present
crisis. Bot the dishonesty of the towns
and counties in Iowa has been SO uni
form and 80 fragrant Of late that it would
be measurable to permit their war loan
to pass without remarking that it offers
tempting opportunity for reputation,
and that the people Of Iowa have evi.
IDENTIFY no scruples of honor or honesty
on the subject Of repudiatiug their debts.
There il, we must confess, some sense
in what the Herald says. We have the
utmost confidence, ourselves, in the
State h~u>sa.-..1 I>-~-.~a AL.A 4h~.eA ..u h j..
liable Investment. But let US look can
didly 1t tho matter, laying aside all
preferences or piques either way.
The remarks of the Herald are but
the natural result Of the cause which thi,
city and other cities aud counties in lows
have pursued with reference to their 10.
debtedness. The principal cities Of the
State have issued their bonds for certain
purposes to an aggregate amount-say
Of q million and a half Of dollars; but
upon the advent Of "hard times" and the
'striogency" OF money matters, it be-
came difficult, and to certain extent
oppressive, to meet tho accruiog interest
thereon.
What do we dop The Constitution
OF the State and the city charters are
studied over by lynx-eyed lawyers, and
they discover that there is = discrepancy
in them concerning these bonds that
the bonds are not legally issued that
there il nothing in the Constitution
which compel, their payment, or recog-
milton - indebtedness, and consequent
~ the courts. when the subject is intro
duced to their notice, decide in accord
aoce With the Constitution and the lava.
and any party can attend to the enforce
ment thereof. The bonds are not L.
gatIy binding; We ignore the binding
force Of the moral obligation, and very
ooolly fall back upon our Constitutional
rights. 1t IL An outrage. We have de-
nouocsd it - such before, and are going
to keep doing it.
Well, the city bonds are, then, uacoa.
sf'fusionol. and they are wiped out to
the great disadvantage aud perhap,
ruin Of eon6ding creditors. We have
had our mossy and spent it, and refus.
70 ply Il back-taking refuge under 4
legal dodge. Nov tho State wants "a
raise mansy-is IL actual want Of il fol
war purpoeM-tc At troops to repel in.
Vnaion and iannaa ia hOnds n dsn kors,,