The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1857-03-28
PT0N, CEDAR Co. ---SATURDAY, MARCH 28, 1857. l.
to, or in aid Of, any individual, associa-
ton, or corporation. ..@m #a..

oec. - Iuc Siale may contract debts
to supply casual deficits or failures in
revenues, or TO meet expenses not other.
wise provided for; bu, the aggregate
a,n ount OF such debts direc, and con,,n-
gent, whether contracted by virtue of Que
or more acts OF the General Assembly,
or at different periods OF time. shall nev.
er exceed tn. sum Of two hundred aud
fifty thousand dollars; aud the money
arising from the creation OF such drb,s,
shall be applied to the purpose Tor whlca
II was ob'ained. or to repay the debts SO
contracted, and to no other purpose what.
ever.
Sec. 3. All losses to the permanent,
School, or University fund of tins State.
which shall have been occasioned by the
deialcanon, m,smanagement or fraud of
the agents Or officers controlling and
managing same, shall be audited by
the proper authorities of the State. The
amount so audited shall be permanent
landed deti against the state, IN favor of
,he respective fund, sustaining the loss,
upon which not less than six per cent, an
nua 'n,eres, shall be paid. The amount
OF liability so created shall not be coun-
ted as part OF he Indebtedness author.
zed by the second section OF this article.
SEC 4. In addition 10 The above Inn
ted power 10 contract debts, the State
may contract debts y repel INVASION, sup
press in.urEectlon, or defend the State IN
war; but the money arising from the
d It's so contracted shall he applied TO
tie purpose Tor which 1t was raised, or
o repay sue bis, and to no ether pu--
. n Haiertr.
>rc. , EXcep, the debts herein be-
n.r specified III TINS article no debt shall
ne hereafter contracted 10y, or on behalf
ut tnis tat" unless such debt snail be
aulho Iz"i by some law for some single
work or object, TO be distinctly specified
therein; and such Law shall impose aud
provIie Tor the collection of direct an
nual AK, sufic,en. to pay the interest, on
such debt, as 1t aIs due, and also 10 pay
aud discharge the prlnclpal ot such debt.
within twenty years from the time OF the
contracting thereoi, but no such laW shall
take effect until at general election 1t
stall have been submitted to the people,
aud have received ajoruy of all the
votes cast Tor and against 1, at such cleo
tIou; aud all money raised by authority
oil such law, shall be applied ouly to the
specific object therein stated, or TO the
payment oi the debt created thereby; aud
such law shall be published in al least
one newspaper IN each county, If one
i-publi. he'd therein, thTougho the Stale,
Tor three months preceding the election
al which II is su' mitted 10 the people.
Sec. g. The Legislature may. at any
time, after the approval OF such law by
the people II no deb, shall have been
contracted IN pursuance thereof, repeal
the sam aud may, at any time torbld
the conIactIn. ot any further debt. or
Tia Iiity. under sucn law; out the tax
supposed by such law, IN proportion 10
the debt or liability. which may nave
been Contracted In pursuance thereof
snaII remam IN force and De l1epeaable,
aud be annually collect, d, uuui Tie prin-
opal aad loterest ale luiiy paid.
Sec 2. Every Jaw nntch imposes,
continues. or REEVES tax, shall distunct
~ >tale tUe TAX. and the object 10 which
At IS to De appied; aid II snaI! not be
sudigrent o reter To any other Jaw 10 tln
sucn TAX or object.
ARTICLE s CORPORATIONS.
Sec. /. No corporation shall be crea-
Ted by special laws; but the urneral AS
semb,y shall provide. by general laws,
Tor the organization oil all corporations
hereafter to be created, except as herein
after provided,
Sec. : The property of all CORPORA
tons Tor pecunlary profit. now existing,
or hereafter created, shall be subject TO
taxation, the same as that OF indi, lduals.
Sec, 3 The State shall no, become
stoskhoider III any corporation, nor shall
II assume or pay the deu or Inability OF
any corporation. unless incurred IN time
oil war Tor the ben.ti, OF the Safe.
Sec 1. No political or municipal cor.
Pora,Ion snail become stockholder in
any bankl & corporation, directly or in
directly.
&c. ). No act Of the General As
sembiy, authorizing or creating corpora.
tons or associations WITH bank nj pow
ers nor amen mems thereto snail take
eiiecl u In any manner be IN lorce, un-
I'll tine same shall haye teen submitted
separately, Ia the people At Il general or
Il special election as provided hy law. to
| b. held moi less taa1 three months after
| tgt ptseag oi ins act, and shall have
e~eu approved ~ inJority oil all the
electors voting lor and agans, /, al such
-. e.teo-
i Sec y lect TO the provision Of the
! gong stct,ou, the eneral Assem-
! bI, may also provide for the establish
mrnt oi State Bank wnh branches.
Sec z. Ii State Bank be establish
ed, II shall be founded on an &C sai specie
basis, and the branches snail be mutually
RESPONSE lie for each others liabilities up
OH all notes, Ills and otter issues inten.
ded TO circulate as money.
See. s. II general Banking law
shall be enacted, 1t saaIl provld Tor the
registry and cou,ers,gnlng, by an officer
OF State, Of all bulls, or parer credn de-
signed to circulate as money, and secure
ty TO the full amount thereof, to be- de-
posted with the State Treasurer, in Un-
ted states stocks, or In interest payiDg
stocks Of States in good credit aud stand
ing, TO be rated al ten per cent below
| ,Ia;y ,v.raoa 20 In, -, Tho c,,y ,f NJ.