Pocahontas star herald., 1914-07-31
,agsoPosEo AMENDMENT NO. "a
WILL PERMIT THE ISSUANCE
OF BONDS.
UNDER PROPER SAFEGUARD
High Rates Of Interest for Capital to
Make Public improvements Weuid
BE obviated BY this Act
tFeom Arkansas Prorress.j

and thoughtful business men VINO fSa-
lie fully the handieaps OF the present
fundamental law OF the state.
The numbe OF amendments pro
posed ut the biennial elections indi-
cate the crying need OF reliei from the
ont.grown restrictions that are placed
upon our citizenship by the organic
law.
one OF the most striking Of these
conditions. Inconsistent with the bust
ness methods OF today. is the iuhibi-
ton against the issuance OF bonds sor
internal improvements by munic!pali-
ties.
Twice has a majority OF the people
voting On the subject declared them
selves In favor OF removing this unjust
restriction. but both times they failed
through teehniealities. the last time oe-
cause the Supreme Court decided that
no more than hree amendments
could be submitted at one time, and
the bond amendment was the fifth.
Nos representatives OF the cities
and towns of the state. calling into
counsel the wisest legal minds OF Ar.
kansas. have re-dHafted the Band
Amendment which IN to be submitted
again to the people az the September
election.
All reasonable objections that were
offered TO the amendment have been
eliminated. the proposed measure has
been wholly rewritten and greatly
strengthened. and IL goes before the
people with the support OF the Greater
Arkansas Association whose member
ship comprises the municipal officers
and commercial bodies OF practically
all our cities and towns.
Its provisions are carefully safe
guarded. so there need be no fear OF
an abuse OF the bond-issuing power.
Il is all in the hands OF the people.
The passage OF the Bond Amend
ment will not fasten bonds upon any
one-all that II proposes 10 do is TO
remove the prohibition from the Con-
stltntion so that communities desiring
10 do SO may issue bonds for the pur-
pose OF making certain specified inn
proyements OF a general character. un-
der conditions that preclude all chance
OF graft and juggling with the peoples
money.
Only the superficial thinker will con-
tend for a moment that, the present
system OF making public Improvements
is at all adequate TO the demands OF
our progressive municipalities.
The system is slow, cumbersome, ex-
pensiye, inequitable and open more 10
facilities for the unlawful diversion
OF funds than some people imagine.
Burdens are ow concentrated.
whereas justice demands that they be
equally distributed among all who may
profit by the funds contributed.
Under the present system cities
must pay high rates OF interest on
! short.tern accommodations, but
Amendment No. "a provides tina no
bonds or interest bearing evidence OF
Indebtedness in cities of the first class
shall bear more than per cent inter
est, and in cities Of the second class
| and Incorporated towns not more than
per cent. Now 3 per cent is the
usual rate paid, and often II exceeds
that amount.
There is a mistaken notion in some
| quarters that this amendment will be
opposed by the rural voter. There is
no tangible evidence that this is true,
for as a matter OF fact, Amendment
No. IA does not in any way affect the
farmer or the man who pays his taxes
In the country.
That being true, there is no reason
why the farmer should oppose a meas.
ure which the resident of the city is
asking for-rather would he be eT-
pected 10 give his aid in passing the
Bond Amendment as an evidence Of
the greater spirit of cooperation exist
ing between the city and the country.
Even though the amendment be
passed, there is a certain procedure
fully set out in the measure that must
! be followed before bonds are voted
upon a community.
Provided" reads the amendment,
that Incorporated towns of 1000 or
more population, as shown by the next
preceding Federal census, or by
census taken for that purpose by the
municipal authorities of said towns,
and cities Of the first and second class,
may issue, by and with the consent of
majority OF the qualified electors of
said municipalities voting on the ques-
ton at an election held for that pur-
pose, bonds or other interest-bearing
evidences of Indebtedness in sums and
for the purposes approved by such
majoritA at such election"
! The people Of Arkansas have in the
past had tust cause to look with suspi-
cion upon anything bearing the name
of bond, but the boyle OF the past
should no longer alright the progress
sive citizen or today when methods
are suggested that meet the approval
OF Our noet cokaf,,i oua oa.rg.,i, t,o,.t