Document Type


Citation Information

Please cite to the original publication


LAST May the Supreme Court of the United States once again entered
what has been described as "a vast arena . . . filled with special interests
which conflict and contradict and clamor."' This is the scene of local
government defaults- and of the struggles and negotiations to which they
give rise. Their frequency and wide geographical distribution since 1926
have become common knowledge.2 Our institutional unpreparedness to
cope with such situations in a manner wholly compatible with the
public interest has likewise been demonstrated. Not that this unpreparedness
should have been news; but so few were the defaults between
1900 and 1926 that this particular field of controversy with its sui generis
playing rules and tactics had until 1926 been but a colorful legend handed
down to a relatively small group of legal and financial specialists in municipal
bonds by their forbears.

Date of Authorship for this Version



debt, Supreme Court, local government