The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1862-01-16

will make it generally for the interest of the
capitalist to invest or employ his own money
rather than loan it to others.
The people of Wisconsin have, with every years
experience, renewed occasion to be gratified for
that provision of vice foresight contained in their
Constitution, prohibiting the contracting of any
considerable public debt To illustrate, the State
now owns fixed capital in buildings for Capitol,
State Prison and Humane Institutions of S973, $40
46 They are built and paid for, within the nearly
fourteen years of State Government, at an average
Of taxation for each year equal to about the annu-
al interest million of dollars, which the ex-
ample of other States would have taught US TO Dor
row for their construction at the start of our eXls
tence as State Taking into account the times
and the extravaganza always characterizing the
outlay oil borrowed means, especially that borrow
ed upon public credit we could not have obtained
equal value by the loan supposed to that we
have in possession and free from debt. On the 9th
er hand, we have buildings for a State Univerty,
more than one half the cost of which has been paid
in the way of interest and yet the indebtedness OF
the Institution is yearly increasing,
Had our Constitution permitted the use of the
State credit tor works OF Internal improvement,
we can, at this day, scarcely form an adequate
idea of the pressure of interests which would have
combined to plunge the State in debt. In the past
era of speculation our people were well nigh in
toxicate6 with their schemes of improvement in
the way of building railroads &c. 1t being nee
essary to supply with credit of some sort the abb
sence of means for starting these projects the cit
for the burdens which the State escaped
Could our railroads have been built for cash,
and for the cost railroads be constructed over
the surface of our State general disaster would
have fallen upon the corporations or their credit
ors But the risky character of the credits fur
nished made a 1ecessity for large discounts; ex-
trayagance marked the expenditure of the moneys
obtained as ever with borrowed capital, while pri-
vate speculation among the managers, completed
the bankruptcy of the railroad companies. Our
municipal corporations aud thousands OF our most
valuable citizens have become hOpel essly iuvolv
ed through the failure of these companies TO meet
the conditions upon which credit was loaned to
them 1t is idle to conclude all reasoning over
this condition of things by repeating tho severe
formulas of legal obligation. 1t Is not enough to
say these men and these municipalities were only
cleverly caught by artful, though fallacious pros
poets OF gain.
The police regulations in all ourcities recognize
different theory of the obligations OF government
1t answers good purpose TO reprOach the suffer
ers for alleged combinations to resist the laws or
control the policies of fhe State. That honest men,
desperate in their fortunes. pecuiaTlyl laole to
be misled by demagOgues, is among their misfoT-
tunes, for which they are sincerely TO be blamed
The whole property in any of our cities is scarce
Iy worth the amount of bonded debt and interest
standing against them respectively, and the entire
desertion of some is probable than the collec-
ton of the entire Indebtedness Thousands of sma il
farms through the State can never pay their obi
cations.
The prosperity of the State is retarded by this
condition of things 1t is manifestly unjust that
the credit of the State should be affected by the
misfortunes Of her private citizens, and MINOR
municipalities. equally, as if the General Govern
ment should be held responsible for the bankrupt
cy of individual States but the fact remains that
the fair name OF Wisconsin ia furnished thereoyas