The Brinkley argus., 1914-09-04
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 reconstruction 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 constitution al safeguard against the recurrence of such conditions. Bonds tsnd been issued upon the credit of the state and its 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; 1t 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 large majority, but was nullified by the SUI preme court upon the technicality 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 it's advo- cates claim will unfetter and liber- ate the state-has the indorsement of the mayors of the towns and cities and may be truthfully described as 8 popular proposal.
 1t Is impossible to conceive of a repetition in Arkansas of the deplof- able experiences that led her to adopt SC 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 Improvements such cost as might be involved In the moderni- zation of her communities-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. i'll 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- I6v6 l8uu6u4c OAiu1uShOl S1A 0AA AVSesAAT 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 on the future. 1t also by this means bestows benefits for which the future should be grateful Some day eco monies will be so perfected as to per- init of no debt-making. no interest paying. no public obligations save thosa due to the public itself; until this ideal shall be realized 1t will be wise to follow the best customs of the age in which we live according to the beat lights we can summon for our guidance"