, 1870-03-01
TUESDAY, MARCH ], 1870.
uLINQIH RAILROAD BOHDS.

We Learn from our exchanges that, in
most Of the cities, villages, hannlets, and
towns Of The Eastern States, theirs are per-
SONS engaged In selling bonds issued IN tho
names Of counties, cities, and towns Of t.is
State, in aid Of railroads, and which bonds
are represented to be ''gan1anteed BY the
State of Illinois," So far as these bonds
pu1po1t to have any such guarantee they
are fraud and q lie; and the purchaser
who buys them, and pays good money for
item, on the strength Of any such pre-
tended endorsement, will find that he has
been swindled. II agents, or brokers, or
Spectators, or railroad officers, represent
that the State Is in any form responsible
for the payment Of interest or principal Of
eaid bonds, they are guilty Of misrepresen-
tation, and purchasers will very soon find
out the fact.
The Constitution of the State Of Illinois
provides that
"Tne sate may, 10 meet casual denclu OF fall-
nfea N Eesenues. contract debts never 10 exceed,
bor1owed sh1ll be applied to The rulp5se for
which they uere Obtained, or 10 repay the debts
tnus Eade, a1d 70 no oshet purpose: and no other
N rpe Of war IN payment Of which tne filth Of
.osps In s's s,n E e. SSgd ss be
aes @ :; 4 apa sesiq
Gereta1 Assembly St euch election. TIA General
Assembly Enall p.oTide for The publication Of a1cn
T. IL g5 psa ae Ell t. II lssn ness s s Ips
ios sa' e Sss Ps,nsa! % Il n.e1st Is as
-,nnr Ah~n kv tA-
,a II .ns pnrpoae & oa oder source. ta l'o oi
rtye1ue-Hh,cn !aF, providing tor the payment
q tEch ln:erets b Eoen t.x saaA b n1spsalsele
that the law lev3lng the ta1 shAn be submitted
;o,ss PseP's Viii aa ls* cfeaaaR the dsSs1o b
a7k e7td,s et ih- Sfa,e sAau no& in any ,xon,eT,
bt sistr 10, Or in ost Of oy tdiriduai atsoetatson
CT tor1orai!on-'
This is the only mode by which the State
Of Illinois can create debt OF assume o
liability. There Is no pretonce that these
bonds have been endorsed by the State, or
that the State has loaned its credit On their
account In any form known to the Law. The
last Legislature attempted the f1aud Of sp-
propriating, for some years to come, certain
State taxes to pay the interest on these
bonds; but that, at The most, beingsa mere
appropriation, cannot extend beyond the
term Of two years, unless renewed by sub.
sequent LegislAtures.'
hut the Legislature never had any con.
stitutional authority to thus uisapprupziate
the State revenue Consequently there is q
rush to p1sh these bonds upon ths public,
and get what can be obtained from them be.
fore their illegality is established Eastern
newspapers can render their renders no bet
ter service than to warn them that the State
Ct Illinois is in no way, however remote,
responsible for the principal or interest On
my Of these bonds, and that any repressn.
tations Of such liability On the part Of the
State are fraudulent.
Some Of the towns issuing these bond,
have created a debt equal to GO per cent O
the cash value Of all the real and persona
property in the town. Few, If any, Of th
counties, cities, or towns hAve made an
provision for = tax to meet either principt
or interest Of these bomds. They are rely
ing upon the chance Of stealing the Stat
revenue 70. the purpose, and, unlezs the
c1n hereafter fout the debt upon the Stat.
there will be a general reputation Of q
these bogus debts. The holders OF Il
bonds will shen be out Of pocket, and des
titute Of remedy II they buy bonds ille
gal1y issued, or issued in an amount abov
the capacity of the iasuers to pay, they tax
their oEn risk.