ABSTRACT
State, county, municipal and district bonds, like Liberty Bonds, belong to the great group of so-called public securities as distinguished from private or corporation securities. Counties, cities, towns and incorporated districts can be sued without their own consent. In New Hampshire, when a judgment is obtained against a city, town or school district, the execution must be levied first on the property of the corporations. Yet the great body of State, county, municipal and district bonds in the United States is likely to prove among the safest of all investment securities. State, county, municipal and district bonds have certain features in regard to taxation which make them even more attractive to large numbers of investors than are many of the issues of the National Government. One of the rights of a sovereign state is the right to create debt and to arrange for the payment of such debt in any manner that it sees fit.
