, 1875-10-25

prosperous one. 1t is largo State, it is
admirably located geographically, and is CO.
pable Of being mada one Of the most pro-
tl1ctiye in tho Union. 1t has mountains. and
broad valleys, and plains, is well intersectea
by navigablo strcams, aud has sca-coast and
a seaport. The Stato has the valuable COM
binatou of timber lands, cotton lands, min
ernl landa, besides vast trncts suitable for
atocA-growing md general agricultural pro.
duction. It has lind some of which exceeds
that Of the prairies III producing corn. It
las yariety Of marble and other stouo has
ine1haustible coal-aolds, aud soma iron tho
climate in unsurpassed. md tho soil product
i've 1t produces wheat, corn, cotton, rico,
s,,gar.cane, md tobacco, besides live stock.
Tho Stata has been prosperous since it's nd
mission. It suffered tho penalties Of the
War hrs bcen reconstructed, and during the
lust summer has undertaken to frame new
Constitution. This Constitution ia now be-
fore the people for adoption.
There Is ono provision in it which Is urged
na strong con,mendation for the whole in
strument by mon who have hitherto bold
high places III the State, and claim to bo
statesmen and friends Of Alabama; but We
eau understand It only as an impending
blight, which, it now imposed, will have an
effect on the State from which it will require
whole generations to recover.
To understand this provision, 1t should bo
explained that thore IN outstanding In the
name Of the State debt amounting In round
numbers to $40, ,O00, 900. This is not nil d
h,st In tS,1, hat
is, tho State has contracted liability result-
ing from grants OF aid to railroads, which
reaches possibly $50, ,000, 600, which. added to
the debt proper aud unpaid interest, makes Tie
aggregate VIC have given. The validity Of
portions Of this debt L. denied, and
no interest has been paid on any
portion OF tho new debt, The new Consttu-
ton contains such restrictions upon the
power OF taxation that 1t will DO impossible
to lovy u tax to pay tho interest on the debt.
Tho new Constitution does not directly re-
puliate the state debt; 1t simply renders tt
impossible To pay the Interest or principal Of
that debt. The Hou. TuoMAa II. HERapoA,
in speech urging the adoption Of tho new
Constitution, among other raasona gives tho
following:
foartA-1ta ratification viii be tho pso1!mats causs
Of relieving the Ht&ts Of OF tho principal
tbs public debt sasa ths intarsas that foE 1t
time. and ossr Stoo oo interest anuay tbs basna,
| ot tbs debt.
This may snuni uke = startling proroaltinn. uu
theroia no cztsssagauco In It, II rests on the coin
1nontAt Mottss of human sctiou, and be Assuret
b. tla ssatansnt Of smple fact. Evsr{ ons KNOW
that tho naonsysd sbli9stions of sats ars basad
IL good faith ard credit only that sovereign ID
ntta tNnFA AR1k Ah~E
cssse4 aud uaauaatea aud that no power CAN cosfe
her 70 ply hut tha pAaps, whaas sovsre.auty She
q bqdes. Now aabs Of S1on2o 0p0-nsarly ous-nfth
The Va2us Of their tasahls property-the peopls q
; Alabama can usyer psy-wi mover pay; sud thi
thets eEsdosa fuor full wall, aad hafora than th
o sltsruanTe ot rcpudluton Or compromss.
+ Tho meaning Of this cannot be mistaken
/. 1t IL to force the creditors Of The State to II
l. nut geo. o.000, 900, with the accrued interest
9 under The distinct constitutional threat tbs
II the State will not pay. and that, "as Rove
!. eign, abe ssts above all courts md beyond th
b roach Of their processes md mandates"
n The fact that tho noneysd obligations OF
Mt State arc based on Its good faith and cred
= only Is actually employed as reason VT
N the State should not pay lis obligationa,-I
I'd other words, that " Q sovereign aittipg abo,
u. oil courts" can afford to front good "fail
II, aud credit a. Of no concern. We do n
RI mean to say that the debt Of Alabama WAS .
ma legally contracted, nor wisely contracted {
to the contrary, We think Alabama Ia no exec
In. tion In the list Of viotims Of an unsorupulo
re- Legislature acting under unlimited autlori
bic TO eel bonds. But that Ia no justification
sepudinton. The very faot that Sta
mo u sossrssgn beyond the reach Of cou