Michigan's Prill And Lesson

The rccfüf decisión of t lio Supremo Court of Michigan declarod nuil and void tho municipal votes wlicrcby sundry countics, citics and townfhips in tliat iStato have, during man; years past, atterapted lo loan the public credit to railroads. This "loan" cousistcd in the issue of municipal bonds fur tho purposes set forth in the vote ; and thc-so bonds are deelared, by this decisión, to bo worthlcs?, and uot to be legally a liuu upon the people who issued them. The decisión has made a tremendous escitcment throughout the State, whorever tho linos of tho unfinishi-d railroads run. Some or fifteeu railroads have come to a sudden stop ; the workmen have been disohargod, and the companies niv virtually in a state of suspension. Tbonsandfl of citizena have innoccntly and confidently invested in their town and ooonty bonds ; many havo investid their litllo all ; and the decisión that tho securities ro worthless of course causes the utmost dismay. The Governor has called a special session of the Legislatura fr the purposa of considering the propriety of validating the bond.-, either by providDg an nmendtnout to tho Oonstitution, or in some otherwoy, that will meet the exigency. This complication suggesis sovoral brief commei 1. The municipalilies whieh are involved had oo moni rigbt, and could uever aoquire any rigbt, to issjo bonds to help built! a railroad, Tliey had no more riglit to mortgage tbe farms of A, I!, and O, againfet ilie wil! of tlieir owners, to pay for criing dirt and eufing ; ties for a private railroad, tban for i ing stono tind plafting boards for a private factory. This is t:ot lgilimatc taxation ; it is Bpftliation and robbery, without the higbwnymsn's cx"se. '2. ïiut the peuple who vo'ed to issue the boeds thought they had i right, aml tbe people who Bought tfiein gav;i their money UD8iispeet:ng:j' ai:d in good failh ; so the bonds must, Bomebotr, Le paid. Michigan cannot afford to p ry tbc role of repudiator. It will be belter to confinn the robbery, for tho payment of the bonds will óause lesa individual hard ship khan would be inilic'ed by dishonoring them. But exact justice would be done if tho whele burden cf paying them could be mado to fall on the majorïty wbo-voted to creato ihera. 3. Michigan ought never ngnin to be caught ia such a trap. The lesson and the peril sbouid be rcinemlicred and profited b3'. If these floating bonds are paid, let the enabling act stop tliojc. Let no more bonds bo provided for. The rrost thooghtful meo in Michigan must know perfeo%lj tfcll that this taking of private property, for private uses- this oonfiscatiog of a man's moncy for the benefit of twenty men who are organized a3 a railroad company, whoso sole object is their private enricbmeot - is utterly at war with the Constitntiön of the United States and tho State of Michigan, and with the fundamental principies of common law. The State ís bound, the same as an individual, to fulfill its moral obligations by the ratification of these worthlcss bonds; bat the experience oiiglto teach it oever ogain to authorizo the issue of auch. securitios and the mortgage of the furms ol itspco ple.