The Prescott daily news., 1914-08-31
MEANS INCREASE
 OF STATES WEALTH
MUNICIPAL BOND AMEND MENT 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:
 In common with several of her sister states, Arkansas at the close Of the so-called reconstruction period found herself involved in obligations created for her by political adyen' turers and exploiters of her resour- ces. Obtaining repossessiOn of her full rights of statehood, one of her first acts was to erect 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- bition 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 pacity as towns, cities or counties, to go into debt.
 Tt is almost 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 a large majority, but was nullified by the su- preme court upon the technicalily that it added to the number of amend ments that could be voted on legally at the time. The change in the con stitution-a change which its adyo- cates claim will unfetter and Gber- ate the state-has the indors ement of the mayors of the towns and cities and may be truthfully described as a popular proposal.
 Tt is impossible to conceive of repetition in Arkansas of the deplor- able experiences that led her to adopt so restrictive constitutional provi- 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 mprovements-such cost as might be involved in the moderni- zation of her would be abused. There is every reason, on the other hand, for believing that i'm provements of the character consider ed needful to communities in other states would, in Arkansas. increase taxable wealth and make for the gen eral welfare. Furthermore the meas ure of financial freedom gained through the proposed amendment by the several communities would, we believe, have an expansive influence. promote public enterprise and stimu- late laudable emulation in all locali- ties. The present is in constant debt to the future; the future is properly 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 be grateful. Some day eco- ,or, rrs;II l. nit of no debt-makinR. no interest