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

ing-and operate so as to exclude all posi-
bi:ity of practicable and healthy banking
system.
view, contending, that there would be no lack
of capital to invest, and that the restriction
would not prevent banking where the pur
poses of all concerned were entirely fair ana
honest; and he sustained his view by the
fact, that the best banks in the country were
those of New England, where the indlvldual
liability was generally in full! force.
Mr.. HUDSON also opposed striking OUT
if we were to have any banking system at
all. ~,
Mr.. COLBURN CONQUERED with Mr. Gal
braith, that this restriction woulo Keep ous
reliable capitalists from the banking system OF
the State, and draw into it unsound ana 'rre-
sponsble men. using the capital OF Otners'
Mr.. STANNARD and MIR. LOWE foliow-
ed on the same side.
Mr.. KING contended, that corporations
should not h ave privileges denied to indiVidu'
Mr. GALBRAITH desired just that: and
stated that this article required more than
the law required of individuals. 1t required
tie deposit of ample collateral tangible secn-
ritv; and that was all the bill holder wanted.
MIR. WILSON should vote to retain the
section, and if it were stricken out, he should
offer an amendment which would be better
than this "anlple security" which meant
nothing.
Mr.. President BALCOMBE (Mr. Thomp-
son in the Chair submitted that the system
belonging properly to TIE Constitution was
all in the first section, and this was III the
way of details, which would array large
monied influence against the adoption OF the
Constitution.
The yeas and nays were now taken on the
question of striking out section A, and result
ed-yeas 80, nays lG-as follows
| Yeas-Messrs Aver, Baldwin, Bates, But
| Ter, Cleghorn, Colburn, Dickerson. Escllle,
Foster, Folsom. Galbraith Hayden, Holly,
Kemp, Lowe. Mcclure, Morgan, Mills, Muir
4 phv, North, Phelps Perkins, Putnam, Peck
/ ham, Russell, Stannard, Secombe, Sheldon,
Smith, Thompson, Watson, and MIR. Presl-
dent-32.
.Nays-Messrs Anderson, Bartholomew,
Billings, Coggswell. Cedarstam, Davis, Doc
lev, Garrish Harding, Hudson, Hanson King
Mantor, Mccain, McKune, and Wilson--l6.
So the 4th Section was stricken out, and
this amendment of the Committee was also
concurred in. -,
Mr.. WILSON proposed, when it should
be in order, to further amend the article by
inserting the following:
"Sec f. Dues from corporations or asso-
Citations for banking purposes, issuing any
kind of paper credits to circulate as money,
shall be served by such individual liability OF
stockholders and other means, as shall be
prescri bed by law; but in all cases, each stock
holder shall be liable, over and above any
amount by him or her owned and unpaid
thereon, to farther sum at least equal in
amount to such stock"
The Convention then took a recess till y
O'Clock.
| AFTERNOON SESSION.
After proceedings in call of the Con-
veLtion-
The consideration of the article and
amer. dments from the Committee on Banking
and c. corporations other than Municipal, was
resume d-the question being on MIR. FOL-
| SONS motion to strike out section SIX and
seven,
Mr.. HARDING demanded the previous
question: and under its operation the Con-
vention refused to strike Out--yeas 6, nays
49,
Mr.. DICKERSON moved to strike out
section 7, wEich was lost-affirmative IL,
negative Is.
Mr.. WILSON now submitted his amend
ment to C, me in, in the place of Section A,
as above rected He said if every stock
holder of bank were not willing to be res
ponsible to that extent intended to be
equal to the amount of circulation and de-
posits)-the concern would be unsafe and
no man ought to touch it. He demanded
the yeas and nays upon it., adoption, and they
were ordered, and being taken, the amend
ment was rejected-yeas II nays 26.
Mr.. STANNARD proposed to amend the
article further in section 6, by striking out the
words, "formed by general laws" and insert
ing ''created by the Legislature" Corpora
ti0ns1 Which, after debate, was rejected.
Mr.. Isle proposed further t. amend the
article, by way Of substitute for the first five
sections, striking out and inserting in lieu
thereof as follows:
sSec. l. The Legislature shall have power
to pass a general banking law, with such re-
. strictons and under snch regulations as they
shall deem expedient and proper for the Sc
curity of the bill holders provided, that no
such law shall have effect until it SHALL
have been submitted to the electors at the
next general election, and be approved by q
, majority of the votes cast at snch election
And the yeas and nays being demanded
/, and taken thereon, it was rejected-yeas II,
nays p.
Mr.. WILSON proposed further to amend
the article, by adding the following section:
"Sec.-. No right of way shall be appro-
priated to the use of any corporation, until
full compensation therefor be first made in
a money, or first secured by deposit Of mo-
ney to the owner. irrespective of any benefit
o to accrue to the owner from any improve
q ment proposed by such corporations; which
\ compensation shall be ascertained by a jury
n of II men, in court of record, as may be
o prescribed by law"
: Which amendment was rejected.
q Mr.. SECOMBE moved that the article be
o now ordered to be engrossed.
;. Mr.. COGSWELL made an Intellectual
4 motion to lay this motion on the table.
q And then, after debate. the motion to en-
9 gross was lost.
Mr.. COGSWELL submitted the following
q additional section.
SEC. - No right of way shall be taker
BY or appropriated to, any corporation, unit
a fair compensation shall be paid or rendered
. to the owner thereof and also all damage:
\ sustained by reason of the taking or appro
q priating of the same; and in no case shall
q any benefit or supposed benefit which may
: arise by reason of the construction of any
: Canal, Railroad or other improvement be
: taken into the account in estimating the
+. same.
+ And hereupon, he demanded the yeas and
a nays; and the same being ordered and taken
3 the amendment was rejected-yeas Is, nays
q &c.
Mr.. STANNARD moved TO strike ou
:. section E.
n And upon debate by Messrs. NORTH
GALBRAITH and FOSTER adverse to the
4 section, and Mr.. WILSON, who desired to
retain the provision for the amendment OF
e repeal of general and special acts.
The motion was lost
e Mr. COGSWELL proposed to amend the
e 9th section by striking out the words, Gal
general laws or special acts passed in pursu
% ance of this section may be altered from time
to time or repealed" which was agreed to
% and the words stricken out
N And then OH motion of Mr.. HARDING
re the ARTICLE, as amended, was ordered to b.
q. engrossed.
n | IMPEACHMENTS.
= m uof;or IF Mr. COZ RTrDN A. H..