In an editorial published on March 22, 1883, The Journal touted Rhode Island as “high-minded, moral, honorable in her dealings, pecuniary and political, with herself and others. . . . In one word, Rhode Island is the home of a law-abiding, a property-protecting, a sedate, considerate, founded-upon-principle people. This is a plain statement of fact . . . To put the matter in the materialistic form, if Rhode Island wished to borrow ten millions of dollars tomorrow, she could obtain it at as low a rate of interest as any State in the Union.”

Well, times change.

Rhode Island can no longer borrow money as cheaply as any other state. Bond-rating agencies in 2007 put it in the bottom third, meaning it is among the less trustworthy states now. And that means Ocean State taxpayers have to cough up more cash than those of other states to borrow money, which is helping to drive up taxes.

State Treasurer Frank Caprio announced recently that three major bond-rating agencies — Standard & Poor’s; Fitch Ratings; and Moody’s — maintained their ratings of Rhode Island, even after the state’s General Assembly passed a budget with huge out-year deficits, postponing the day of reckoning for taxpayers and other residents.

But Mr. Caprio, while pleased that the state held steady, warned that not all is well. In a press release, he quoted from the agencies’ own reports:

Standard and Poor’s: “While the outlook remains stable, Rhode Island’s use of one-shot revenues to balance operations is growing. The state needs to make measurable progress in better balancing recurring revenues to expenditures; failure to address this concern will pressure the rating.”

Fitch Ratings: “The state’s financial position is strained, reflecting weakness in certain key revenue sources. . . . Additional stress or failure to achieve spending restraint goals could result in downward rating pressure.”

Moody’s: “This is the second time in six years that Rhode Island has resorted to deficit bonds to resolve its budget imbalance, underscoring the state’s continuing financial strain at a time when most states are moving toward structurally balanced budgets.”

Clearly, these agencies are warning Rhode Island to get its act together, and to attack the state’s structural deficits — something legislators will have to do without further raising taxes and hammering the economy. Mr. Caprio is working on setting up a meeting with legislators, including leaders, to stress the necessity of doing what it takes to maintain Rhode Island’s bond rating, lest the state make its financial problems much worse.

Sounds like a good idea.