The Nevada County picayune., 1914-07-31
PROPOSED AMENDMENT NO. A WILL PERMIT THE ISSUANCE
 OF BONDS.
UNDER PROPER SAFEGUARD
High Rates of Interest for Capital to Make Public improvements Would
 Be cpviated by this Act.
(From Arkansas Progress.)

SututlOn comes rom the SAteSlheu and thoughtful business men who req lize fully the handicaps of tn" present fundamental law of the state. ,
 The number Of amendments prot posed at the biennial elections indi- cate the crying need of relief from th> out-grown restrictions that are placed upon our citizenship by the organic law.
 One ot the most striking of these conditions, inconsistent with the busi- ness methods of today. is the inhibi- ! tion against the issuance of bonds for internal improvements by munic,p pail ties.
 Twice has a majority or the people 1 selves in favor of removing this unjust restriction, but both times they failed through technicalities, the last time oe cause the Supreme Court decided that :ot more than three amendments could be submitted at one time, and | the bond amendment was the fifth. Now representatives of the cities and towns of the state, calling into counsel the wisest legal minds of Ar kansas, have re-drafted the Bond Amendment which is to be submitted again to thA people at the September election.
 All reasonable objections that were offered to the amendment have been eliminated, the proposed measure has been wholly rewritten and greatly 1 strengthened, and it goes before the people with the support ot the Greater Arkansas Association whose member ship comprises the municipal officers and commercial bodies of practically all our cities and towns.
 1 It's provisions are carefully safe 1 guarded. so there need be no fear of ! an abuse of the hond-issuing power. 1t is all in the hands of the people. The passage of the Bond Amend ment will not fasten bonds upon any l one--all that il proposes to do is to ! remove the prohibition from the Con l stitution so that communities desiring to do so may issue bonds for the pur-
 
 provements 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 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- pensive. negotiable, and open more to facilities for the unlawful diversion of funds than some people imagine.
 Burdens are n 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-term accommodations, but Amendment No. ft provides tha 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 $ per cent is the usual rate paid. and often it exceeds that amount.
 There is 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. l4 does not in any way affect the farmer or the man who pays his taxes m the country.
 That being true. there is no reason why the farr.er should oppose meas ure which the resident of the city is asking for-rather would he b. ex- pected to give his aid in p>ssins the Bon1 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 certain procedure fully set out in the measure that must be followed before bonds are voted upon community.
 Provided" reads the amendment, that incorporated towns of ,000 or more population, as shown by the next preceding Federal census, or by a 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 a majority of the qualified electors ot said municipalities voting on the aues tion at an election held for that pur- pose. bonds or other interest-beariag evidences of indebtedness in sums auG for the purposes approved by sucn majority at such election"
 The people of Arkansas have in tho past had just cause to look with suspi- cion upon anything bearing the name of bond" but the bogie of the pas, should no longer alright the progres- siye citizen of today when methods