Hays v. McDaniel
Supreme Court of Arkansas
Appeal from Pulaski Chancery Court; John E. Martineaü, Chancellor; 1. The Act is unconstitutional and void. It is vio-lative of Const., Art. 16, § 1. The Constitution of 1874 intended to put the State out of the money-borrowing and interest-paying business. There is no provision giving the Legislature power to issue interest-bearing bonds, notes, warrants or scrip.
Read the full summary
Appeal from Pulaski Chancery Court; John E. Martineaü, Chancellor; 1. The Act is unconstitutional and void. It is vio-lative of Const., Art. 16, § 1. The Constitution of 1874 intended to put the State out of the money-borrowing and interest-paying business. There is no provision giving the Legislature power to issue interest-bearing bonds, notes, warrants or scrip. The only authority given was to provide for the outstanding indebtedness that existed at the time of its adoption. Art. 16, § 2. The conditions that existed and the intention of the people at the time should be carefully…
1Opinion of the CourtSmith, J.
The General Assembly, at its 1917 session passed an act, Act No. 100,p.478, entitled, “An Act to borrow money to cover deficiencies in the State’s General Revenue Fund, to issue interest-bearing evidences of indebtedness therefor, to levy a tax to create a sinking fund to pay the interest and principal of said loan, and for other purposes.”. The State Debt Board is charged with the performance of certain duties in the execution of the provisions of the act, but the persons composing this board are not named in this act. The Treasurer of State, eio nomine, is charged with the duty of…
2Cases cited2 opinions
- Jobe v. UrquhartSupreme Court of Arkansas · 1912
- Speer v. WoodSupreme Court of Arkansas · 1917
3Cited by17 opinions
- Bush v. MartineauSupreme Court of Arkansas · 1927
- Beaumont v. FaubusSupreme Court of Arkansas · 1965
- Sparling v. Refunding BoardSupreme Court of Arkansas · 1934
- Ruff v. WomackSupreme Court of Arkansas · 1927
- Cobb v. ParnellSupreme Court of Arkansas · 1931
12 more not listed; retrieve them via the Exa API.