The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-08-08
WEDNESDAY, AUGUST 5, 1857.

WEDNESDAY, AUGUST 5, 1857.
The Journal of yesterday was read by the
Secretary.
AMENDMENTS OF THE CONSTITUTION.
Mr.. HOLLEY, from the Committee on
Revision and Amendments of the COns,:itu-
reported an article on that subject, prestrb-
ing, that the Legislature may, by vote of
two thirds propose amendments to the Con
stitution, which shall be published in one
newspaper in each county three months be-
fore the next annual election and if ma
iority of the voters approve, the same shall
become part of the Constitution but where
there is more than one amendment the vote
shall be taken on them separately.
Two thirds of the LEGISLATURE may call
Convention to revive the Constitution and
at the general election in 1870, and every 30
years thereafter, there shall be vote of the
people on this question of Convention to
revise the Constitution.
The report was read the first and second
time, committed and ordered to be printed
Mr. MANTOR reported the article on
State Offices other than Executive, as cor
rectly engrossed.
Mr.. FOLSOM reported the correct enrol
mAnt of the first Article-the Preamble and
Bill of Rights.
ACKNOWLEDGEMENTS OTHER THAN MU-
NICIPAL.
Mr.. COLBURN, from the Committee on
Banking and Corporations other than NUM-
cipal, to whom their former report had been
referred for amendment, reported an amend
ment of the first section by adding to the
same these words: Nor shall any such law
take effect. until the same shall have been
submitted tc a vote Of the people at some
general election and shall have been approved
bv majority of the votes cast on that sub
ject at such general election )" an to amend
the second section, by adding the words Sam
pie Collateral" and striking out the provision
in regard to the description Of stocks to be
deposited with the S ate Treasurer to strike
ont the individual liability prescription Of the
4th section, and to modify the same in the
9TH section.
These amendments were referred to the
Committee of the Whole; and thereupoI,
On motion by Mr.. BATES, the Convcn-
ton resolved into Committee of the Whole
Mr. Stannard in the Chair-and took up the
subject.
The article and amendments being read
through by the Chairman
Mr.. SECOMBE said: This Committee
on Banking had, in these amendments, deter
mined to alter their original plan, and to pro-
vide, that, while banking corporations may
be formed by general law, and not otherwise
vet this general law shall be submitted to a
direct vote of the people, and have the APP
prevail of majority of the voters, and the
Committee had co.. cuded also, to substitute
in place of the specific security required ir
the former report, a provision, that there shall
be ample collateral security-leaving it tt
t e Legislature to determine what that secu
rity shall be. and to the people to determine
whether that security be ample or not. He
had neither partiality for it, nor grave Objec
ton to it. He believed the proposition would
secure perfectly safe system. This change
was in the first section, and he moved it
adoption.
Mr.. GAIBRAITH inquired whether the
amendment was not based upon what is call
ed the Wisconsin system?
Mr.. SECOMBE. The Wisconsin Consti
tuition provides, that the Legislature may
submit to the people, first, whether they wisl
any banks and if majority of the people
vote in favor of having banks, that then the
Legislature may pass, either general bank
ing law, or grant specific charters but thai
none of these laws and charters shall take eff
feet until approved by the people. The diff
erence is, that the Committees amendment
does not submit the question whether thu
people want banks; and the Committed
proposition does not allow the Legislature tt
grant specific charters.
Mr.. GALBRAITH thought the Commit
tee had hit upon good thing-the best OF
the subject he had ever seen.
The amendment of section was concurret
MIR. BALCOMBE moved to strike out tn
second section; but withdrew for
Mr.. CLEGHORN, who moved to strik
out sections 2, 3, 4, 5: which after debat
was rejected.
Further recommendations of the STANDING
Committee were concurred in.
The second section, prescribing that due
for Corporations other than banking, I" sha
be securedby such individual liability of tn
corporators and other means, as may be pre-
scribed by law coming up with the Com
mittee's amendment, striking out 9 and" an
inserting "or'-it was agreed to.
Mr.. FOSTER then made an Intellectual me
tion to strike out the section. ..t
MIR. MORGAN proposed to substitut
"may" instead of ''shall:" which was rejected
And then on motion by Mr.. Bates the Com
mittee rise and reported the article an
amendments 10 the Convention with a rec
ommendation that the amendments be ado,
ted.
The several amendments submitted by tn
Standing Committee, and adopted in Com
mittee of the Whole, were concurred in an
adopted by the Convention, with the excel
ton of striking out the 4th' 'secnon-the il
dividual liability of bank stockholders.
The yeas and nays were demanded and o
dered on thus question. .
Mr.. GALBRAITH, Mr.. SECOMBE an
Mr.. BATES severally spoke briefly in fav,
of striking out the section, alleging that
retained, it would deter capitalists and sour
men from embarking in the business of ban