The Russellville Democrat., 1879-03-06
THE LOUGKB0R0UGH BONDS.
Repeal the Loughb0rough Bond Law and Prohibit the Bora rowing of Money to Pay
 Of1icc-HoIders' Salary.

J
 leave to dissent from the majority
 upon senate bill No. 19--"an act en
 tied an act repeal an act for payin,
 the expenses of the state govern
 meht, and to retire the outstandin;
 auditors warrants and treasury cer
 tificates, approved Dccembes z, IS
 "A, and to authorize the state boart of finence ae 5orrow money to pay expenses of the state government. ant to plcge the bonds of the state as SC curity;" and for causes of dissent submit the following reasons;
 First because the act which wt seek to repeal by this bill was adopt ed, as temporary expedient, in 1875 for the purpose ofraising money t start a government, which had jus, then been inaugurated, upon the downful of a usurpation which had by force, taken possession of the state of Arkansas. and bad plundered the treasury of every dollar of currency in it, and had bequeathed to the people large floating debt, known as the five per cent, treasury certifi cates. And so, in order to get mon ey to carry on the rightful govern ment of the people, until this new government, then known as the "Garland government" could be established, the issuing of bonds, to be hypothetated, was resor.ed to, which was then regarded as a great stretch of power, and only justified as "a military necessity" The rightful government having been established, and peace and prosperi- ty reigning throughout the state, we cannot see the necessity of longer continuing, as part of the laws ot the land, a statute which all will con cede is fraughi with evil, and under certain circumstances, could be used as all engine of oppression.
 Second-Because said act surren- ders to tue holders of the bonds issuedunder its provisions, the sov- ereignty of the state of Arkansas. Section 10 authorizes the state and United States Courts, or the judges thereof in vacation, to issue writs of mandamus against the officers of state to compell levy of taxes to pay the principal and interest of said bonds-all of which, virtually, places the state and her citizens at the mercy. and in the power of the bondhollers. And how they will use that power and mercy, let the cold cha arity shown in theepast to those who have come into their clutches, answer. Pestilence, fam. inc, drouth, or any other unavoida- b!e calamity may come upon us, yet none of them would be a sufficient plea in the courts if, by reason of them, we should be prohibited from meeting the bonds when due.
 Third--Because said act author izes the board of finance to hypothe- cate the bonds of the State at one half their par value, with authority given to the holders thereof to sell them for what they may bring, upon default of the State. And if, for any cause, seea or unseen, voidable or unavoidable, the State should fail to meet her obligation, by the day named. there would be sacrificed of her bonds, the amount of $500 ,O0O for the use of the sum of $250,00O.
 Fourth-Because said act author izes the governor of the State to mortgage the lands of the State, to secure the payment of said bonds; and if, perchance, the necessity should arise for the sale of the bonds hvpethecated, and they should not bring the amount required to pay for the sum borrowed, a trustee is authorized to sell the domain of this sovereign State. What n spectacle it would present, an auctioneer standing upon the steps of the State house of sovereign state, selling the state out, and no power left m that sovereignty to interfere.
 Flfth--Because said act only au thorizes the State to draw one fourth of the sum borrowed, at one time. and that quarterly, whilst interest is being paid on the sum not drawn. Thus the lender has the benefit, for banking purposes, of said sums not drawn out. And while said act only authorizes the payment of ten per cent. interest, the state, in fact. pays on an average twenty. one per cent. and the lender has the benefit of tile use of the money not drawn out each remaining quarter.
 SiXth-Because we believe the UT. gent necessity which caused the en acting of said acts ias passed, and tlidse wlio serve the state should take her warrants for pay, as those who serve the counties as witnesses, jurors and officers must take county warrants for pay, and wait until the money is collected from the people to redeem them; and, in our opinion, 1t would be an act of patriotism in those who serve the State, in this most critical time, to suffer slight depreciation in their pay, rather than place our State in the attitute uf . suppliant at the feet of the money-lenders of the east.
 Seventh--Because we believe that the borrowing of money, to defray