Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1848-02-04

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Sec. 8. Provision shall be made by law
for the sale of all school and university lands,
after they shall have been appraised, and
when any portion of such lands shall be
sold, and the purchase money shall not be
paid at The time of the sale, the commission
ers shall take security by mortgage upon
the lands sold, for the sum remaining UNI
paid, with seven per cent. interest thereon,
payable annually at the Office Of The treas
urcr. The commissioner shall be authori-
Zed TO execute a good and sufficient convey
ancc TO all purchasers Of said lands, and TO
discharge any mortgages taken as security,
when the sum due thereon shall have been
pad. The commissioners shall have power
t. withhold from sale any portion of such
land. when they shall deem it expedient,
and shall invest all moneys arising from the
sale of such lands, as we'll as all other uni
versty and school funds, in such manner as
the Legislature shall provide, and shall give
such security for the faithful performance of
their duties as may be required by law
ARTICLE INTERPRETATIONS.
| |. Corporations without banking pow
crs or privileges may he formed under gen.
cral Laws, but shall not be created by spe-
ciaI act, except for municipal purposes,
and IN cases where, in the judgment of the
lcgis lature, the objects Of The corporation
cannot be attained under general laws. All
general laws or special acts enacted under
the provisions of this section. may be al
tered or repealed by the legislature at any
time after their passage.
:. No municipal corporation shall
IA private property for public use, against
the consent Of the owner without the neces-
sltv thereof being first established by the
verdict Of a jury.
+ 3. Ii shall be tic duty of the Leg
isIature, and they are hereby empowered to
provide for the organization of cities and
incorporated villages, and to restrict their
power OF taxation, assessment, borrowing
money, contracting debts and loaning their
credit, so as to prevent abuses in assess
ments and taxation. and in contracting
debts by such municipal corporations.
/ 4. The Legislature shall not have
power TO create, authorize or incorporate,
by any generate special law, any bank or
banking powcror privilege, or any institu-
uon or corporation, having any banking
. I.
vidcd in this article.
( ). The Leo. stature may submit to the
voters at any general election, the question
OF bank or no bank; and if at any such
election number of votes equal TO a ma
jorIty Of all the votes east at such election
on that subject shall be in favor of banks,
then the legislature shall have power TO
gran, bank charters, or to pass a general
banking law. with such restrictions and I'M
Der such regulations as they nav deem cx-
pedient and proper for the security of all
The bin holders: Pr0ridci That no such
grant or law shall have any force or
effect until the same shall have been sub
mitted TO a vote oi the electors Of The State
at some general election, and be n approved
BY majority OF all the votes cast ON that
subject At such election.
ARTICLE YII.-ANIENDNIENT
/. ANY amendment or amendments