ABSTRACT
The provisions of the Alabama Constitution dealing with State debt originally were rigid and narrow but extremely conservative. The State is prohibited ever to give or loan its credit in aid of any individual, association or corporation. The State had issued bonds in aid of the State Bank of Arkansas and the Real Estate Bank of Arkansas. Illinois is one of the most populous and one of the wealthiest States in the Union. In keeping with the spirit and practice of the times, the State had issued bonds in aid of the Wabash and Erie Canal, the State Bank of Indiana, and other private enterprises. The income from all the improvements was far less than the amount necessary to pay interest on the State debt, and the State was unable to negotiate further bonds abroad. Oklahoma is also an important mineral State, with petroleum a leading product. Rhode Island is almost wholly an urban and industrial State.
