Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-10-21
Impairment Amendment to
the Constitution.
Protection from Legal
lied Robbery.
To Be Voted at November E7ec-
ton.
Letter from Hon. D. Hall.

From Milwaukee Journal of Commerce
WATERFOWL, Oct. 18th 1874.
The Legislatures Of 1878, by Joint
resolutions Of Senate and Assembly, ap-
proved Of the following, as an amendment
to our State Constitution, which chapter 81
Of the laws Of 1874 submits to vote Of the
electors at the ensuing November election,
to wit:
"No county, city, town, village, school
district, or other municipal corporation,
shall be allowed to become indebted in an
manner or for any purpose, 10 any amount,
including existing Indebtedness in the ag-
gregate, exceeding five percentum on the
value OF the taxable property therein, to be
ascertained by the last assessment for state
and county taxes previous to the mourning
of such Indebtedness. Any county, city,
town, village, school district, or other mu-
nicipal corporation mourning any indebted
ness as aforesaid, shall, at or before doing
SO, provide for the collection of direct an
nual tax sufficient to pay and discharge the
interest on such debt, as it falls due, and
discharge the principal thereof within
twenty years from the time of contracting
the same"
This proposed amendment is copied from
the present Constitution of the State of Hi
nois, into which it was Incorporated upon
the recommendation of Judge Davis of the
Supreme Court of the United States, by
whom it was drafted.
Its adoption by our state would seem to
be demanded by every consideration affect
ing the public welfare and the protection of
the rights of private property. The euor-
nous railroad debts of towns, counties, cities
and villages are held valid by the courts
under the taxing power of the state, which,
without the proposed constitutional checks
is unlimited, where the purpose is public, as
the courts hold bonds, given in aid of rail
road construction to be.
No man in Wisconsin has any security for
the protection Of his estate or earnings IN
der this unlimited debt creating and taxing
power, except in the conservative forces ex-
listing in the community around him. Often
have these been found insufficient. Entire
communities, misled as to he profits of rail-
road investme nts, or as to the safety of loans
Of credit to secure their construction, have
been reused from their deuson to find that
the irresponsible majority had contracted
debts which could be paid only by general
and sweeping confscation of private prop
erty, and those who manage public affairs,
to find tina, they have not even the choice
ton by vain attempt to enforce the legal
lied robbery of the tax payers.
The common form of municipal bonds
and coupons, the courts hold to be CONNER
cial paper, and, ifthey import upon their face
der which they purport to be issued, and the
signatures are not forgeries, that the people
have no defence to prevent judgments upon
them in favor Of those who have taken them
in the usual course of business, even though
the sole purpose for which their issue was
authorized has been defeated.
In other words, all that is essential to the
validity of such bond is the legality of the
form and the genuinesses Of the signatures,
although every recital in it is false, and
every other provision of the law has been
vic lated in its issue. The gigantic frauds
which have been, and may be, thus perpe-
trated, by aid Of the law merchant, most
strongly impressed me with the necessity Of
this amendment, when presented it for the
approval Of the Legislature. And as the peo-
pie now have an opportunity to fortify
sheir vested rights, l trust they will not let
it pass unimproved.
What is proposed is simply to place rea-
sonable limitations upon this power of taxi
ing and pledging private property for any
public purpose whatever, SO that debts here
after contracted under it will be paid, and
really aid in the construction Of public i'm
provements, instead Of going to build the
| fortunes OF sbarpers and swindlers and op-
pressing men who should be protected and
not plundered.
To this end it is to be hoped that all who
have any regard for the honor and welfare
of the State, every one who has anything
at stake, or who cares for the security of
the rewards of honest industry, will vote to
make this amendment part of our organic
| law, that it may there stand against the
most common and dangerous form of mu-
nicipal robbery, protection sure and for
ever changeless.
Yours, &c.
| D. HALL.