Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-10-29
IMPORTANT AMENDMENT TO THE
CONSTITUTION.
Ia be v oted on at November EIecuon-Letter
from Hon. Daniel Hall

(From the Milwaukee Journal Of Commerce)
WATERFOWL, Oct. 10, l874.-The
Legislatures of 1923, by joint reso
lutions of the Senate and Assembly,
approved 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 dis
trict, or other municipal corporation, shall be
allowed to become indebted in any manner or
for any purpose, to any amount, including ex-
listing Indebtedness, in the aggregate exceed
ing five per centum on the value OF the taxa
BILE 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 municipal corporation, incurrng any
Indebtedness as aforesaid, shall, at or before
doing so, provide for the collection of direct
annual tax sufficient to pay and discharge the
interest on such debt, aud discharge the prin-
cipe thereof, within twenty years from the
time of contracting the same
The proposed amendment is copied
from the present Constitution of the
State of Illinois, into which it was IN
corporated 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 con-
sideration affecting the public welfare
and the protection of the rights of pri-
vate property. The enormous rail-
road 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 check is Unlimited,
! where the purpose is public, in aid
as the courts hold bonds, given
of railroad construction to be.
| No man in Wisconsin has any Sc
curity for the protection of his estate
or earnings under this unlimited debt
creating and taxing power, except in
the conservative forces existing in the
community around him. Often have
these been found insufficient. Entire
communities, misled as to the profits
of railroad investments, or as to the
safety of loans of credit to secure their
construction, have been reused from
their delusion to find that the irrespon
slble majority had contracted debts
which could be paid only by gener-
al and sweeping confiscation of pri-
vate property, and those who manage
public affairs, to find that they have
not even the choice of evils, to escape
the disgrace of Reputation by vain
attempt to enforce the legalized rob
berry of the tax payers.
The common form of municipal
bonds and coupons, the courts hold to
be commercial paper, and, if they i'm
port upon their face compliance with
the terms of the law under which they
purport to be issued, and the sigma
lures are not forgeries that the people
have no defense to prevent judgments
upon them in favor OF those who have
taken them in the usual course of bus
mess, 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 genuine
ness of the signatures, although every
recital in it is false, and every other
provision Of the law has been violated
in its issue. The gigantic frauds
which have been, and may be, thus
perpetrated, by the 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 PEG.
pie now have an opportunity to forti-
fly their vested rights, trust they will
not let it pass unlmproved.
What is proposed is simply to place
reasonable limitations upon this pow
er of taking and pledging private
property for any public purpose what
ever, so that debts hereafter contract,
ed under it will be paid, and really aid
in the construction of public improve
ments, instead of going to build the
fortunes of sharpers and swindlers
and expressing 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 common and dangerous form OF
municipal robbery, protection sure
and forever changeess.
Yours, &c.
d. HALL.