, 1869-12-24
c11YAxp COUNTY pERrs,


i. ~. ~. the State Of 1'lic,is i'll
at':-l II: tie lnzu1y Of borrowing n.3aey
T.: wi. : t.ond<. setting then, below par,
s".' III :: ri, lsrIe debt, and accomplish
ift 's':!r q: no eood with the pznceelS.
1:.' rt.z!t xas bankruptcy. sas-
T+,s.,.u. asi public and private
..as az. When tie convention ,r.: in
,>,- to revise the State Constitntif i, it
f.s4 ,,prt..loa TO the popular will by pro-
,;-.', -,n irr.r~alxble ,a1 to pay the princi-
Is',. :t.r s:ste deb1. ltpzovide1, n!S =, that
,.' @'-:~ -hsrnid never again incur I. debt,
rs, - tse LIT creating it AID the tar to
1n !, wy ts>t Submitted to and approved
u II, l~.;:-. Tee result has h-an that
IT,. :t:r k7s cmfTged from the GLOOM
vi. !. y: L "s+s it twenty years agn; and
l., .'.-..se SINCE that time has dared
go. = SIX the !~,l!e 10 adj to the y'ublic
s'.f:t 4 f-s v,ar4 nnre Of this constitu-
.. - :.1,,>aa vii free the State entirely
:. ..,. .1j ,L-a, With the rovenae de-
r,~t ssm the catal and thu Cen
ir.l fta,!Fnr, al the public ex-
;,:~~ ear ie defra7ed with very
l,,'? :s14,n,o. 4 continuance in tl- nex
{ ,:.. ~: 4 et tie prohibition OF State
dit. r.. 1.~- sanctioned by the popular
-..~ ~! lie the most certain means Of
l':, -: the Leeislatute from the cor-
s:.s.: a-r- and countless scheme Of the
t. =. ani Spectators to CON nit the
s.,. +: r,ck!t~s expenditures.
1;... :h~ constitution thus projects The
s.-:s, i: l.XA left the cities. towns. and
:. .s.'',. .sI-s>r,l 10 the Eednctions thess
l. H.. = IN {slllie credit. Municipal
t,s,r:x,,. Ia RAY create debts, issu. bonds,
t'.t~ i.- I" stocks, and involve them
t.;>.- ~ snlrcial Tnin ad {;1ita n. Al
H. .Es, gL- c1ties and connties Of
N;.e"-..u AID In<a hare got nheai Of Us
!" ,L,s t.ass.s. ii cannot he denied that We
sayc t.}.n good ssAEt in the same direc-
I e il rieH If these facts, NJ Hsyes
L- Ut rcd resolution in the Constitu-
d.s's.:.l f.'nSt ntaau proposing 10 put limit
.n 1.,:r,t,,'Al taxation, and also on the
r.x-- 10 create municipal aud otl.er local
..,h:- !. providing thst those dshta shall
s.,.r~,~sda 3 certain fixed percentage Of
H. ov~r>.,i .n.ue Of the taxsble property
t:Ete .'uf1rratioE-
w ....sh1 tue cxpediercy u adopting 40
II .'-s ,.:4 t.s1e il regard to the I.,wer oa
d. ,,-n.:: is TO. .a1. The danger does not
l.. It sl.a. quarter. II HI excessive tar is
l. s4:..i iit:. gear, tie functionaries who levy
i; I,- :.s.i If to lie ousted Ly the people next
s.ar. Tt rem.ay is always at baud Bat
III ~tr 10 create municipal deb. is liable
I" II. ii at,r-e. 1t is 50 easy IT, run in
t,t., ,~..,.ug la,udx is such soft way II
fa'-.. r.cfltx. that the temptation is almos,
i':. .rsaA biz. 4. between taxing and boz:
raas1p tie IuL!ic authorities Of q city will
II. ;:.a Ata-~. ous Of ten, borrow, Thail
l.~cs ~ do 70 ought to be efectuallj
t-;stai.>I. SD there is 20 vay s.
e4,,nt. es.v and 80 free from oh.
i.c,lu,~ - that Of limiting ths
Ltd st.hb:cJness Of public corporations *
c-rta.- percentage Of the ed va.zt
II ,h- II 'festy liable for the debt-that is
tte eAIrst,In upon which the inhabitant
hi" ~,'ss.S u, lie taxed. The precise per
crn:af" n not 10 important as the fact tha
iL.1e A. limit It " this whicl
vii a'rsl Protection and gre confidence
1st>th kn"H}~sase tbs. besond this limi
ttr 1. u: caurut be pushed which sill plxc
n:r1ws ,,.l CREDIT in Illinois upon secur
Ea>,r. 4 t~.sl in the end. be economical
t..-n,', ~ueh corporations, whel they d
is,r,.' .'sA.,on to borrow, viii be able 10 d
T., ri tls~ t.ws>t rates. The convention
~i.r!~ protecting the State generally frou
-. tr<ki e1tatiun of Debt. br the Legis
t.t.s., ala hat ha1t do its work il il shA,
have ,f- eitsrA aad counties e1posed to III
i,n,a,- ,,l.uce OF corruption Of conu,o
t''isr,:.-. Su1srsisc.s, Trustees, and Cog
tLi.N! ..rf1-