The Birmingham age-herald., 1915-12-29
CARMICHAEL GIVES
 REASONS WHY BOND.
 ISSUE MUST CARRY
Speaker of House Comes Out Strongly in Favor of Properly Caring for the
 States Indebtedness

Montgomery December 8-tSpecial } That the proposed bond issue of s1, ,5Oo, GOO
 offers the only satisfactory means of fully protecting the states obligations. and that ''all patriotic citizens should follow the lead of the governor in his plan of furnishing immediate relief to the treasury. is the opinion of A. II. Carmichael of Tuscumbia, speaker of the house of representatives.
 Speaker Carmichael expressed this opin- ion in an open letter today to the people of Alabama through Michael Cody of Montgomery, chairman of the bond issue campaign committee. The speaker of the house declared that it is patent that the state must be a borrower for some years
 This being true,'' he said, 'the loan should take the form that will probably bear the lowest rate of interest, that will be the easiest paid, and that will not be constant cause for anxiety to those who serve the state''
 Speaker Carmichael expressed the be- lief that the bond issue of $1.50o,00O would not permanently increase the bonded in debtedness of the state. He declared that it would be unprofitable ito undertake to apportion the wrong, if there be such. in the accumulation of the large indebt- edness.''
 The announcement of Speaker Car michael in favor of the bond issue re- moves the last vestige of doubt that might have existed in regard to the adop- tion of the amendment next month He is regarded as one of the ablest and best to1 ;,, A1oI day, and it is believed that his advocacy of the bond issue will have far-reach- ing and wise effect.
 His open letter to the people of Ala bama is as follows:
 'I favor the constitutional Amendment authorizing the issue of bonds to take up $1500,000 of the states floating indebted ness. I see no other satisfactory man. ner of fully protecting the states obligat- tions. It is not denied that we owe and cannot presently pay $2.5ooOOo. It. is, a borrower for some years This being true, the loan should take the form that will probably bear the lowest rate of in- terest that will be easiest paid, and that will not be constant cause for anxiety to those who serve the state. to it's orthy pensioners and to those who from neces- sity live on it's revenues.
 ''Short time bonds, such as are provided for in the act, answer all of these re- quirements True all of the indebtedness will not be provided for by the bond is- sue, but, by the practice of intelligent and generous and not penurious economy by the states officers and servants under the wise direction of the governor of Ala hama, all outstanding indebtedness will be absorbed before the first installment of bonds is due
 "The bonded indebtedness of the state ought not to be permanently increased and I do not believe this will result from an authorized bond issue.
 "The states wealth will grow and the will increase under the equaliza- tion provisions of the new tax laws so that all of the interest of the state in cluding the payment of the proposed bonds. will be cared for, and that. too without increasing the burdens of taxa ton on any honest taxpayer.
 No plan should be adopted that will V ork stay for the state and compel her public servants and those who live on her revenues to carry the burdens re- sulting from extravagant appropriations,
 All patriotic citizens should follow the lead of the governor who has given much thought to the subject and who is charged with the duty of conserving the states $ resources, paying her debts, and at the same time preventing her institutions From suffering the curse of arrested growth"
 Tt would be unprofitable to undertake to apportion the wrong if there be such m the accumulation of the large in- 1ebtedness. The state has received value for large per cent of the money,
 Our plain duty is to pay it with as title delay, sacrifics.' and embarrassment IS possible. In my opinion. this can pest be done by the issuance of bonds.
 By this lesson we shall prevent the recurrence of . like condition in the 'tate's finances"