The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-09-05

or dues of every description, of all banks,
and of all bankers; so that all property en-
ployed in banking shall always be subject to
a taxation equal to that imposed on the pro-
perty of individuals. ssE ~
Sec. 5. For the purpose of defraying ex.
traordinary expenditures, the State may con-
tract public debts, but such debts shall never
in the aggregate exceed two hundred and
fifty thousand dollars; every such debt
shall be authorized by law, for some single
object to be distinctly specified therein and
no such law shall take effect until it shall
have been passed by the vote of two-thirds
of the members of each branch of the Legisla-
ture, to be recorded by yeas and nays on the
Journals of each House respectively and
every such law shall levy tax annually suf-
ficient to pay the annual interest of such
debt, and also tax sufficient to pay the
principal of such debt within ten years from
the final passage of such law, and shall spe-
cially appropriate the proceeds of such taxes
to the payment of such principal and interest;
and such appropriation and taxes shall not be
repealed, postponed or diminished until the
principal and interest of such debt shall have
been wholly paid. The State shall never
contract any debts for works of internal I'm.
provement, or be party in carrying on such
works, except in cases where grants of land
or other property shall have been made to
the State especially dedicated by the grant
to specific purposes; and in such cases the
State shall devote thereto the avails of such
grants, and may pledge or appropriate the
revenues derived from such works in aid of
their completion.
Sec. g. All debts authorized by the pre-
ceding section shall be contracted by loan on
State bonds of amounts not less than FIVE
hundred dollars each, on interest payable
within ten years after the final passage of the
law authorizing such debt; and such bonds
shall not be sold by the State under par. A
correct registry of all such bonds shall be
kept by the Treasurer, in numerical order, so
as always to exhibit the number and amount
unpaid, and to whom severally made paya.
BILE.
Sec. 7. The State shall never contract
any public debt, unless in time Ct war, to re-
pei invasion or suppress insurrection, except
in the cases and in the manner provided in the
fifth and sixth sections of this Article.
Sec. s. The money arising from any loan
made or debt or liability contracted, shall be
applied to the object specified in the act au-
thorizing such debt or liability, or to the re-
payment of such debt or liability, and to no
other purpose whatever.
Sec. 9. No money shall ever be paid out
Of the Treasury of this State, except in pur-
suance of an appropriation by law.
Sec. 10. The credit of the State shall
never be given or loaned in aid of any indi-
MD f:or1
Sec. IL. There shall be published by the
Treasurer, in at least one newspaper printed
at the seat of government, during the first
week in January of each year, and in the
next volume of the Acts Of the Legislature
detailed statements of all moneys drawn from
the Treasury during the preceding year; for
what purposes, and to whom paid, and by
what law authorized; and also Of all moneys
received, and by what authority, and from
whom.
Sec. II. Suitable laws shall be passed by
the Legislature for the safe keeping, transfer,
and disbursement of the State and School
funds, and all officers and other persons charg-
ed with the same shall be required to give
ample security for all moneys and funds of
any kind to keep an accurate entry of each
sum received, and ofeach payment and trans
fer, and if any of said officers or other per-
sons shall convert to his own use in any form,
or shall loan with or without interest, contra
~ to law, or shall deposit in banks or ex-
change for other fund, any portion Of the
funds of the State, every such act shall be ad
Judged to he an embezzlement of so much of
the State funds as shall be thus taken, and
shall be declared felony; and any failure to
pay over or produce the State or School funds
intrusted to such persons, on demand, shall
be held and taken to be primG tacie evidence
of such embezzlement.
Sec Ii. The Legislature may, by two
thirds vote, pass a General Banking Law,
with the following restrictions and require
ments, viz:
First, The Legislature shall have no power
to pass any law sanctioning in any manner
directly or indirectly, the suspension ofspecie
payments by any person, association or cor
poration issuing bank notes Of any descrip-
ton.
Second, The Legislature shall provide by
law for the registry of all bills or notes issu-
ed or put in circulation as money, and shall
require ample security in United States stock
or State stocks for the redemption of the
same in specie, and in case of depreciation
of said stocks, or any part thereof, to the
amount of ten per cent. or more on the dol
lar, the bank or banks owning said stocks
shall be required to make up said deficiency
by additional stocks.
Third, The stockholders in any corpora
ton or joint association for banking purposes
issuing bank notes, shall be individually La
BILE in an amount equal to double the amount
of stock owned by them for all the debts of
such corporation or association, and such in
dividual liability shall continue for one year
after any transfer or sale of stock by any
or stockholders.
Fourth. In case Of the insolvency of any
bank or banking association, the bill holders
thereof shall be entitled to preference in pay
ment over all other creditors of such bank
or association.
Fifth, Any General Banking Law which
may be passed in accordance with this article
shall provide for recording the names of all
stockholders in such corporations, the amount
of stock held by each, the time of transfer,
and by whom transferred.
ARTICLE TENTH.
q Of Corporations haring no Banking Pricue0es
Section L. The term " Corporations" as
used in this article, shall be construed to IN
clude all associations and joint stock compa-
MES having any of the powers and privileges
not possessed by individuals or partnerships,
except such as embrace banking privileges,
and all corporations shall have the right to
sue, and shall be liable to be sued in all
courts in like manner as patural persons.
Sec. 2 No corporation shall be formed
under special acts, except for municipal pur
poses. 5 e.5s ss
Sec. 3. Each stakeholder in any corpora
ton shall be liable to the amount of the stock
held or owned by him.
Sec. A. Lands may be taken for public
way, for the purpose of granting to any cor
poration the franchise of way for public use
In all cases, however, fair and equitable
shall be paid for such land and
the damages arising from the taking of the
same but all corporations being common
carriers, enjoying the right of way in pursu-
ance of the provisions OF this section, shall
be bound to carry the mineral, agricultural
and other productions or manufactures on
equal and reasonable terms. g
ARTICLE ELEVENTH.
Counties and Tosonsaips.
Section l. THE Legislature may, from time
to time, establish and organize new counties,
but no new county shall contain less than four
hundred square miles nor shall any county be
reduced below that amount and all laws
changing county lines in counties already or
ganized, or for removing county seats shall,
befs,ra taking effect Ia srlhmitfed to the