Union gazette. [volume] (Corvallis, Benton County, Or.) 1899-1900, 1900-04-20
CONSTITUTIONAL AMENDMENT

s CONSTITUTIONAL AMENDMENT.
Section 10 of Article eleven of
the constitution of Oregon reads as
follows:
ssSection 10-No county shall
create any debts or liabilities which
shall singly or in the aggregate ex-
eeed the sum Of $4,000, except to
suppress insurrection or repel inva-
sion; but the debts Of any county
at the time this constitution takes
effect shall be disregarded in esti-
mating the sum to which such coun-
ty is limited"
On each ballot supplied for the
voter to cast at the state election
in June will be the words: "Muni-
cipal Indebtedness Amendment" !"
If the electcr votes mo" on this
! proposition, itAwill mean 10 let.re-
ii..nguags as quoted above
Nj the constitution of the state.
But, il. he votes eyes" it will mean
to change that provision 80 as to
read as follows:
Section 1O-No county, city,
town, school district or other muni-
cipal corporation shall be allowed
to become indebted in any manner
or for any purpose to an amount,
including present existing lndebt-
edness, in the aggregate exceeding
FIVE per centum OH the value of the
taxable property therein to be as
certained by the last assessment for
state and county taxes previous to
the incurring of such Indebtedness. "
1t will be we'll for every voter to
carefully consider before voting as
to whether they wish to make more
clear the way for officials and man
ayers who may be hereafter elected
to govern the affairs of our counties,
cities and school districts so they
may still create larger aggregate in
debtedness against their respective
municipalities as additional burdens
to cucumber and oppress the tax
payers. Under the provision of the
constitution, as ii now stands, the
courts have so construed this provis.
ion that it permits the counties es-
pecially to issue their county war
rants to pay all officers salaries,
jurors fees and the necessary ex-
penses provided by law for conduct
ing the courts and paying the nec-
essary running expenses off the
county where the law provides for
it, but all debts contracted wholly
within the discretion of the county
court is restricted to within the linn
itation of the $4,000, and under
these limitations many of the coun-
ties have become involved to extrav-
agant sums. IF the amendment
proposed shall carry, it would per-
Unit Benton county to incur without
hny restriction an Indebtedness. of
131 1858; school district No. 8,
hich includes Corvallis, could be-
pine involved to the extent of $34,-
765 and the city of Corvallis could
owe the sum of $2T,s4O. Other
towns and school districts in the
state could be forced in debt in like
proportions, according to the respec-
tive amounts of their assessable
property. Interest bearing bonds
and warrants of municipalities are
becoming favortte classes of securi-
ties for very large numbers of in
vestors who seek them to place their
money on interest. Efforts to open
wide the means of permitting muni-
cipalities to float larger volumes of
interest bearing debt ID often urged
by dealers who wish to enlarge their
chances TO deal in that class of secu-
rites. This paper does not know
or have any assurance whether the
movement to amend the constitution
al sisted is promRted by such