Sharp County record., 1880-05-20

D. rep, page 449. we all remelhper
for example, how abortive the earn
est efforts of many persons in the
south after the war manifested IN
state constitutions and state laws,
to vitiate former contracts for the
purchase of slaves before they were
freed, proved to be. This would
end as they did, if the contracts are
valid, or are contracts in law.
If they are not legal contracts,
there is no necessity for repudiating
them, as they could never be en-
forced. Indeed, as to enforcing con-
tracts against the state, see how So
cure she is The eleventh amend
ment to the constitution of the
United States shields her against
suits in the United States court;
and article 5, section 20, Of her own
constitution, protects her against
them in state courts. So we are re-
mitted at last to the only proper
tribunal, the Legislature, which, by
article 16, section II, Of the state
constitution, is compelled to provide
for the payment of all such legal
debts of the state. The Legislature
representing in law the constituency
that selects 1.-THE people of the
.state--is supposed to know or be
able to ascertain the just and legal
from the unjust and illegal, and to
know best how to provide for pay
ment of that which should be paid
In the nature OF things under our
form of state government, this could
not be otherwise.
Arkansas has not paid interest on
her debt for more than about five
years, all told, and she cannot be
coerced by legal process to any fur
ther payment. Why then the ne
cessity of this step? OF course her
debt ought to be adjusted and put
in shape at the very earliest posi-
bic day. And l have never doubted,
nor do now doubt, that when she
can show her ability to pay interest
on any new bonds she may issue,
she will have no difficulty at all in
getting her debt down to about
what in Justice and fair dealing she
really ewes, and within her capacity
to meet it promptly. Alabama,
with debt in many of its features
like hers, made such an adjustment,
and other states have done tho same.
Not long since the good old county
of Clark in fit Of desperation
over her large debt, attempted to
commit suicide, and partially sue
ceeded; but the supreme court OF
the state resuscitated her, and made
her breathe once again, and she
went to work, compromised her
debt to her satisfaction, and still
lives and is doing we'll, | learn. The
state can do Just as we'll, without
any attempt at self-destruction.
1t is not worth while to enter
here into discourse upon the evils
of reputation. They are known to
all and are so universally abhorred,
that it is doubtful, if in any case, a
people are at liberty to resort to 1t.
No after efforts, no handsome ex-
planation, can ever thoroughly wipe
out It's blot.
1t this offered amendment accom-
plishes all it's compass indicated,
the benefit, l fear, would be too ex-
pensive-too dearly bought.
1t should be borne IN mind, that
while all agree it is of the first I'M
portance for the state TO preserve
her honor untarnished for all time,
it is particularly necessary for Ar
kansas to do so, if she hopes at any
future period to make a fair and
proper compromise with her credit
ors of the heavy dobt now resting
upon her. With repudiated bond
outstanding, creditors of the state
would not be apt to take new bonds
to risk a like fate nor would these
new bonds command In the market
large premium.
A fair and just showing Of assets,
with disposition to do what is
proper, will save the credit Of the
state, and put her in position to
meet her just obligations and to
prosper; and | know of nothing else
that will.
| could extend this letter much
further. but I SUPPOSE you want