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:
“It’s rather grisly, isnt it, how soon a living man becomes nothing more than a collection of stocks and bonds and debts and real estate?”
—John Dos Passos (1896–1970)
“I was exceedingly interested by this phenomenon, and already felt paid for my journey. It could hardly have thrilled me more if it had taken the form of letters, or of the human face. If I had met with this ring of light while groping in this forest alone, away from any fire, I should have been still more surprised. I little thought that there was such a light shining in the darkness of the wilderness for me.”
—Henry David Thoreau (1817–1862)