Such bonds have various effects upon a general industry of the country. While they lessen somewhat the immediate burdens of present productive industries, they may increase the burden of the same industries in a second generation. Their convenience in securing annuities for long series of years may diminish the enterprise of a community by fostering a class of non-producers, whose wealth is represented in the display of government buildings rather than in productive enterprises. Just so far as government employs the capital of the country through bonds, it diminishes the capital which would otherwise find investment in productive employment. The danger of extravagance to even small communities, from the ease with which such government debts can be contracted, warrants the contrivance of strong constitutional limitations. Indeed, provision, not only against extravagant debt, but for reasonably prompt settlement, may 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.