y well be
required by constitutional law. All property holders, but especially land
holders, are interested in preventing extravagant outlay by means of
bonded indebtedness. Farmers must know that the burden will have to be
borne, with all the natural additions, by the property they hold, and the
value of that property will be lessened by whatever extra burden it bears.

_Settlement of government debts._--The settlement of government debts is a
matter of uncertain provision. In many instances there has been a tendency
toward a permanent debt. The United States has shown a surprising capacity
for making such debts for all sorts of purposes, but has also shown an
equally surprising ability in payment. And yet examples are not wanting,
even in our own country, of a tendency to indefinite postponement and a
rapidly increasing burden, until settlement could be made only by
compromise or a total repudiation. The effect of such bankruptcy of
nation, state or municipality is like that of any failing enterprise, only
more widely felt. The repudiation of a government debt affects the capital
of the country like the confiscation of estates under ancient tyranny. It
destroys the common faith, which is the basis for true productive
industry. It takes the nation back into the dark ages as regards its
relation to the individual welfare of citizens. Every economic reason
existing for the collection of private debts, and leading to government
machinery for collecting such debts, has still greater force when applied
to the debts of governments. The demoralization, widespread and
destructive, which follows repudiation, or anything resembling it, cannot
be outgrown for generations. The most plausible reasons for repudiation,
except in cases of absolute fraud against the government, should have no
weight with a citizen who cares for the welfare of his fellow-citizens and
their progress toward that welfare, under the natural laws concerning
wealth. A nation of robbers is safer to live in than a robbing nation.

CONCLUSION.

It is clear that Rural Welfare, as far at least as it rests upon Wealth,
is to be gained by careful study of laws of nature and human nature quite
independent of mere wishes. The only way to improve the present situation
of affairs in any community is to use the natural forces within reach to
advantage. All the growth of the past is preparation for more growth and
better fruit in the present and future. The far