Pocahontas star herald., 1914-08-07
TO STRIKE FETTERS
FR0N THE State
OPINION or a GREAT MEMPHIS
DAILY ABOUT THE BOND
AMENDMENT.
STATE TIED TO OLD SYSTEM
Time Has Passed When Conditions
Warrant Such Restrictions Against
Issuance Of Bonds.

The Memphis News.sclmItar. dis
oussing the proposed Bond Amend
ment No, II, now pending In ArkaD,
sas, says;
The peorle OF Arkansas win be
called upon in the general election In
September to vote on an amendment
TO their constitution. which may be
called a measure TO unfetter and lih
crate the state. II has the indorso.
ment OF the mayors OF the various
towns and cities of the state. and no
doubt IL will have the Endorsement
OF the people. because practically the
same amendment was adopted at the
last regular election. when for tho
first time the initiative and rcferen.
dun was tried. The amendment was
carried by a large majority, but nulli-
fled by the supreme court for the rea'
son that II added one more than the
law allowed 10 the number OF amend
ments voted on under the present law.
The people OF Arkansas are tied hand
and foot insofar as public credit is
concerned.
After the war Arkansas, as well as
other Souti arn states. was overrun
by what we used to call carpet.bag.
gers. who loaded her down with debt
by issuing bonds for one purpose or
another. hawking them about and seil.
ing them for whatever they would
bring, and misappropriating q large
part Of the money. Things we're N
chaotic condition. but as soon as
the home people had the control OF
their affairs restored 20 them, about
the first thing they did was 10 put
II beyond the power Of anyone to load
them down with unjust debts. They
we're not sure that the carpetbageers
or others equally reckless would not
again control the state, aud TO pro
vide against contingencies they put
clause in their consultation prohibit.
ing towns, cities and counties from
issuing bonds. For this they we're not
10 be blamed. As the years rolled by
and the fear OF outside domination
disappeared. the people realized that
what was exceeding wisdom under
former unhappy conditions, does not
work out so well under the control OF
the people. In tying the hands OF
their possible oppressors. they also
tied their own hands, and they can
do nothing in the way OF public i'm
proyement save by direct taxation.
which is seldom popular or practica'
BILE Towns and cities have grown up,
and the need Of modern conveniences,
such as waterworks, electric lighting.
streets and parks and sidewalks, is
becoming imperative. and the only
practicable way TO acquire these com.
forts and conveniences is by the Is
suance OF bonds, extending over a Sc.
ries OF years, that can be paid with.
out imposing serious burden upon
the people at any one time. The pro-
posed amendment 10 the constitution.
which will be voted on in September,
relaxes the rigor OF the present pro-
visions. TO the extent Of enabling com
munities TO issue bonds In a limited
degree The flood gates have by no
means been thrown open, and the Is
suance OF securities is wisely guard.
ed and restricted TO the financing OF
urgent and indispensable necessities.
The enforced economy under the pres
ent constitution has had its value, but
Il also has had its drawbacks in re-
tarding progress and preventing cities
and communities from developing and
extending along safe and rational
lines. authorized by sound business
principles. II the people adopt the
pending amendment. the present bar
rier to progress will be removed, and
the state win go forward rapidly
along the lines OF development. or
csurse, there are always a number of
people whose natural timorousness
causes them to fear any change, and
especially one that may involve the
expenditure OF money, and the con.
traction Of obligations but an intelli.
gent public will see that there is a
vast difference between a wise and
necessary investment and a prodigal
waste, and the amendment will doubt
less be carried by even larger ma
1ority than it received before. The
individual who would deliberately de-
stroy his own credit and borrowing
capacity would be considered most
unwise, and the same applies with
equal force TO a number Of indiyidu'
ais aggregated politically as a town
or city.