The Dermott news., 1914-07-23
TO STRIKE letters
FROM THE STATE
OPINION OF A GREAT MEMPHIS
DAILY ABOUT THE BOND
AMENDMENT.
STATE TIED TO OLD SYSTEM
Time Has Passed When Condition.
Warrant Such Restrictions Against
Issuance Of Bonds,

The Memphis News-Scimitar, dis
GUESSING the proposed Bond Amend
ment No. IA, now pending in Arkan
sas, says:
The people of Arkansas will 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 lib
crate the state. Ii mas the 1ndorse
ment Of the mayors of the various
towns and cities of the state, and nc
doubt 1t will have the Endorsement
OF the people. because practically the
same amendment was adopted at the
last regular election, when FOR the
first time the initiative and referen
dunn 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 OF under the present law
The people OF Arkansas are tied hand
and foot insofar as public credit Is
concerned.
After the war Arkansas, as we'll as
other Southern states, was oNerrun
by what we used to call carpet bag
gers, who loaded her down with debt
by issuing bonds FOR one purpose OF
another, hawking them about and sell
ing them for whatever they would
bring, ana misappropriattne d large
part of the money Things were n
a chaotic condition, but as oon as
the home people had the control OF
their affairs restored to them, about
the first thing they ala was to put
It beyond the power of anyone to load
them down with unjust debts. They
were not sure that the e~arpetbagsers
or others equally reckless would not
again control the state, and TO pro.
vide against contingencies they put a
clause in their constitution prohibit
ing towns, cities and counties from
issuing bonds. For this they were not
to 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 we'll 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
provement save by direct taxation,
which Is seldom popular or practica
BILE. Towns and cities lave 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
Ruance of bonds. extending over a Sc
ries OF years. that can be paid with.
out imposing a serious burden upon
the people at any one time. The pro.
posed amendment to the constitution.
which will be voted OF 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
N& has had its drawbacks in re-
nose progress and preventing cities
communities from developing and
Tending along safe and FAtlOnQI
lines. authorized by sound business
principles. IL the people adopt the
pending amendment. the present bar.
rier to progress WIN be removed, and
the state will go forward rapidly
along the lines or development. OF
course, there are always a number of
people whose natural nervousness
causes them to fear any change, and
especially one that may involve the
expenditure of money, and the CON.
traction or obligations but an intelli.
gent public will see that there is a
vast difference between a wise and
necessary investment and a prodigal
waste. n the amendment will doubt
less be carried by even a larger ma.
jority' than 1t 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.