, 1877-01-11

mad probably twenty three out Of tho thirty
eight States.
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pconlo OF tho nta1o. such proposition
would 10 inanitestly unjust to all those com-
muh't'es WHICH owe no aoot, ny compelling
them 10 pay tho local taebta OF other com-
manlties III which thoy haSe no interest. A
p1an thas "ou1u sellese TIC alstfesaea munlc-
lpalities, Rocare tho payment OF tho dehta,
anu tax no ono unjtlstly, might DO found In
an amendment 70 tie constitution which
would provide:
!: Tint on tho LIT OF July following the
RATIFICATION OF the amendment, the state OF
Illinois shal1 issue ita bonds, hay1ng fifty
years to ran, bearing per cent interest, to
any person surronderlng therefor my OF thu
outstanding bonds OF any county. town, city,
or any other municipal bonds or interest
bearing evidences OF debt.
:. Ihht upon tue surrender OF my such
bonds, aiit! the iss1o OF State bonds In ex-
Change, the taxable property within the
county, city, or town by whom such bonda
were issued shall theseupon boco,no charged
with Nh annual sax equal to tho annual In.
terest upon such bouds and tho cost OF col.
lection, and equal to pm additional amount
equivalent To : per cent OF the principal o!
such bonds: