Holford Bonds Not To Be Paid
This highly unusual article (added by Amendment 1) prohibits the General Assembly from making appropriations for payment of principal and interest on several bond issues from 1869 to 1871, commonly referenced as Holford bonds, which were passed during Reconstruction by a Union-dominated General Assembly, some of which refinanced disputed debt from shortly after Arkansas' statehood in 1836. These bonds had been central to the Brooks-Baxter War.
Read more about this topic: Constitution Of Arkansas
Famous quotes containing the words bonds and/or paid:
“My Christian friends, in bonds of love, whose hearts in sweetest union join,
Your friendship’s like a drawing band, yet we must take the parting hand.
Your company’s sweet, your union dear; Your words delightful to my ear,
Yet when I see that we must part, You draw like cords around my heart.”
—John Blain (18th century)
“The influx of women into paid work and her increased power raise a woman’s aspirations and hopes for equal treatment at home. Her lower wage and status at work and the threat of divorce reduce what she presses for and actually expects.”
—Arlie Hochschild (20th century)