The Prescott daily news., 1914-08-29
MEANS INCREASE
 OF STATES WEALTH
MUNICIPAL BOND AMENDMENT WILL MEAN MUCH GREATER
 FINANCIAL FREEDOM.

One of the strongest commenda- tions of the Municipal Bond Amend ment is contained in the following editorial from the Christian Science Monitor published in Boston, Mass:
 Tn common with several of her sister states, Arkansas at the close of the so-called reConst truction period found herself involved in obligations created for her by political adven- turers and exploiters of her resour- ces. Obtaining repossession of her full rights of statehood one of her first acts was to erect a constitution al safeguard against the recurrence of such conditions. Bonds had been issued upon the credit of the state and it's municipalities, the proceeds Of which, in large part or wholly, were diverted to private use or scandalous- ly sQuandered. Hence she inserted in her constitution a clause prohibiting thenceforth the issuance of bonds by towns, cities or counties. The prohi- bitten has been effective in the sense desired; it remains operative to this day; only through direct taxation may towns, cities or counties in Arkansas carry on improvements. They must pay as they go. In September the vo- ters of the state may decide for them selves at the polls whether they shall be privileged, in their collective ca pacitv as towns, cities or counties, to go into debt.
 Ut is almost a foregone conclusion that they will decide in the affirma- tive, because they did so at the last regular election when the initiative and referendum were tried for the first time in ArkanSas. The amend ment providing for the right of issu- Ing bonds was then carried by large majority, but was nullified by the SUI preme court upon the technicalily that it added to the number of amend ments that could he voted on legally at the time. The change in the con- stitution-a change which its advo- cates claim will unfetter and liber- ate the state-has the Endorsement Of the mayors of the towns and cities and may be truthfully described as a popular proposal.
 Ut is impossible to conceive of a repetition in Arkansas of the deplor- able experiences that led her to adopt so restrictive a constitutional prOyi- sion There is, at any rate, no req son to feel at this time that the priv ilege of issuing bonds to meet the cost of needed improvements-such cost as might be involved in the modorni- zaticn of her communities-wou be abused. There is every reason. on the other hand. for Relieving hot im- prcvemen-s of the character cor7lder. ed needful to communities in other states would, in Arkansas, increase taxable wealth and make for the een- cral welfare Furthermore. the woas- ure of financial freedom eained tuOueh .be proposed amendment by the several communities would 9o believe, have au expansive influence. promote public enterprise and etimu. late lau5aIle emulation in pl' looai. ties. The present is in coOatan debt to the future the future is prorerly in constant debt to the past if through bonding for public improve. ment the present imposes obligations or the future it also by this means bestows benefits for which the future should te grateful. Some day eco. monies will te so perfected as 10 per
 nit Of no debtmaking. no interest