Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-06-16
BONDS AND BONDS
A BOND Is DEFINED AS BEING A
PUBLIC DEBT OR BURDEN.
John Davis shows That There arc Other
Durdsnaome Bonds Besides Those
Issued by Direct Public Authority
A new View OF tho subjocti

fined Ms public obligations which bear
interest; and us such, are universally
considered ms public burdens. Such
burdens should never be tolerated ex-
cept through public necessity, and by
consent Of the people fairly and fully
expressed on the dirtct question at 10
sue.
In persuanNe OF this view Of the case
II 10 usual for proposal to issue bonds
by counties, cities, townships and the
smaller municipalities, TO be accom-
panied by q plain and simple state
ment OF the purpose for which bonds
ERE asked; and that the people DO per-
mitted TO vote direct "for" or against
the bonds" In such cases full ma
jorlty or more Of the votes cast must
be In favor Of the bonds In order TO
authorize their issue
In states and In the country Mt large
every distinct and separate issue OF
public bonds must be specially author
lied by laws enacted for that purpose,
80 that the bonds may be lawfully is
sued and be binding upon the people
So particular and Jealous are the peo'
pie ON this bond subject that the rules
here laid down have few II any eScep-
tion. 1t is wise, just and proper that
the people should be thus careful, for,
II Is we'll known fact proved by all
the examples of history, that great
public debt in any OF It's forms, 10 n
great public burdenl 1t is the surest
possible means known for sinking the
common working people OF any coun-
try into the lowest debts Of abJect and
merciless slavery. They are stricken
with hand which they cannot see.
They feel the deadening blow, but 1t
10 q stab In the dark and they can
neither return nor avoid IT, The In
terest is payable In thousand unseen
ways when man buys vlctuals, clothes
or house room. II Is due periodically
and perpetually, but ths payment Of II
does not reduce the debt. The bond Is
eternal, and is transmitted by one gem
Grafton TO those that come after.
So real and patent ure the facts here
stated that every wise law-giver from
Moses down to the time OF Dr. Frank
lin and Thomas jefferson has earnest.
ly warned the people against the evils
and dangers of debts both public and
private; and the blacklist curses oil
Holy Writ are every where launched
against those who exact usury on mon
ey.
Yet In spite OF all these warnings,
the taking OF usury by men In high
life who profess TO regard the laws OF
Moses and the teachings Of the Bible
as OF divine origin! Yes, respectable
men take pay for the use Of money rs
u regular and respectable business, re-
CARELESS OF the effect that the business
may have on the laboring and produc-
ing people who must pay to them the
forbidden and heathen-cursed usuryl
No wonder then that the wise and
just Moses had his year OF Jubilee,
when every debtor went free and every
burden fell from the back Of laborl No
wonder that DIR. Franklin said: "Dcbt
gives to another power over your lib
! erty"; and the great Jefferson taught
that each generation should pay its
own debts and not transmit them To
the unborn! No wonder that our great
and glorious American people have
such an abiding and just hatred against
oil the known and usual forms OF
'bonds."
But there Is an unknown and an UNI
answered form of public debt which is
gathering upon us in colossal masses,
and fastening its "dcvil-fsh" tentacles
on the very vitals of tho people. That
new form OF interest bearing debts ]
will now describe.
The railroad corporations OF this
country have habit Of issuing bonds
and stocks on "their roads" ~ at all
times, in amounts limited only by the
ability and gullibility Of the public to
buy them, even at great discount.
And, In effect, by numerous recent de-
cisions by the U. S. supreme court, a
railroad bond is just MS sacred and bur-
densome an obligation on the people
as is any public debt of state or OF
the United States
Suppose there is road projected by
D railway company. There are some
formalites observed, certain papers
fled, etc, and the enterprise is on
foot. Certain preliminary work is
performed, the influence Of certain
friendly parties is secured, the road Ia
mortgaged, bonds sold, and thus the
obligations of the company" have be-
gun. At every step of the work the
obligations are increased and continu.
ally keep growing. The salaries Of Of
icers and attorneys are fixed at a most
Iiharal fi0ure nv the men who are &c