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:
“Oh! I have slipped the surly bonds of earth,
And danced the skies on laughter-silvered wings ...
And while with silent lifting mind I’ve trod
The high, untrespassed sanctity of space,
Put out my hand and touched the face of God.”
—John Gillespie Magee (c. 1922–1941)
“When white men were willing to put their own offspring in the kitchen and corn field and allowed them to be sold into bondage as slaves and degraded them as another man’s slave, the retribution of wrath was hanging over this country and the South paid penance in four years of bloody war.”
—Rebecca Latimer Felton (1835–1930)