The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-07-09


istricts TO eleven, and rcstrains the power
the Legislature in the reorganization Of
be districts, de-, and reads as follows:
Src. TO- The State shall he divided into |
'sr,a Jnnicioi Districts and after the year |
$50, the General Assembly may reorganizc |
he judicial districts, anu increase or dimin-
III the number Of districts, or the number
4 Judges Of the said Court aud may in
reasc the number Of Judges Of the Supreme
curt but such increase or diminution shall
'pt DC more than ono district. or one Judge
{ either Court, at any one session aud no
81 the districts. or diminu-
ion u the Judges, shall have the effect Of
cmoving Judge from office Such rc-or-
ANIMATION Of the districts, OF any change in
he boundaries thereof, or increase or dim-
tuition Of the number of the Judges, shall
AXE place every four years thereafter, if
and nj no other time
The thirteenth section provide for the
SECTION of District Attorneys by the elect
DTS Of the several judicial districts, who hall
hold their office for the term Of four years.
sTArT DEBT.
The amendment 90 the first section oi this
article authorizes an increase al State inS
dcbtedncss from one hundred thousand dol
las 10 two hundred and fifty thousand dol
Lars. Section, ). q and arc entirely new
and ar, n follow:
sr, 3. All losse, to the permanent School
or University fund Of this State which -hali
4 4 a -. A a. e. ~.
Or fraud u the agent. or officer,
controlling and managing the SAME, shall he
audited by the proper authoritie, of the
state. The amount - audited shall Le a
permanent funded debt against the State. in
ayor Of the respective fund. sustaining the
loss, upon which not less than six per cent.
annual interest chall he paid. The amount
II liability SO created shall not BIC counted
u part IL the indebtedness authorized by
he second section Of this article
SEC. q. The Legislature ma, ut any time,
Iitcr the approval of such law By the people,
M debt shall have been contracted in pur-
uance thereof repeal the same; and may at
ny time forbid the contracting Of any fur
her debt or liability, under such law; but
hc tax imposed by such law, in proportion
0 the debt or liability, which may have been
ontractcd in pursuance thereof shall remain
n force and be irrcpcalablc, and BE- annually
until the principal and interest are
ully paid.
SEC. Z. Every law which imposes, con-
inucs, or rcvivcs tax, shall distinctly state
be tax, and the object 70 which II II to be
pplied; and 1t shall not be sufficient to
efcr TO any other law Ia fix such tax or OBJ
ret
CORPORATIONS.
This article Is almost entirely new, aud
! justly esteemed one Of the most important
'assed upon by the Convention. II is Is
blows:
SEC. l. No corporation shall be created
~ special laws; but the General Assembly
hall provide, by general laws, for I. o,gsni-
.ation of oil corporations hereafter To be
'rcatcd, except rs hereinafter provided.
SIC. 2 The property Of all corporations
4 pecuniary profit, now existing. or here
lfter created, shall be subject to taxation.
he same rs that of individuals.
SEC. 3. The State shall not become a stock
holder In any corporation, nor shall it assume
" pay the debt or liability Of any corpora
lion, unless incurred in time Of war for the
benefit Of the State.
SIC. 4. No political or municipal corpora
ion shall become stakeholder in any bank
ny corporation, directly or indirectly.
Sec. .. No act 81 the General Assembly,
or creating corporations or asso-
iations with banking powers, nor amend
nents thereto shall take effect. or in any
manner be in force, until the same shall have
cen submitted, separately, "a the people. nj
general or special election, a provided by
w, tn be held not less than three months
tier the passage OF the act, and shall have
cen approved BY majority Of all the cloc-
ors voting for and against IL at such cleo
ion.
Sec. o. subject to the provisions u the
prs going section, the General Assembly may
la, provide for the establishment of State
sank with branches.
Sec. IL State Bank IL established, II
hall Dc founded ON an actual specie basis.
nd the branches shall BE- mutually respon-
ible for each other> liabilities upon all notes.
ills and other issiics intended 10 circulate
$ money.
Sec. :. II General Banking Law be en-
rted, il shall provide for the registry and
by an officer of State, Of all
ills or paper credit designed to circulate a
money, and require security To the full
mount thereof, To bc deposited with the
state Treasurer, in United States stocks, ar
n intcrcst-paying stocks Of States in good
credit and standing; 10 he rated at ten per
cent below their average value in New York.
for the thirty days next preceding their de-
post: and IN case of depreciation Of any
portion Of said stocks. 10 the amount II ten
per cent. on the dollar, the bank or hanks
owning said stocks shall be required Ia maxi.
mp said deficiency by dcro,iting additional
stocks, and said law shall also provide iur
the recording of the names If all stockhold-
ers in such corporations. the amount Of stock
held by each, the time Of any transfer and
~ whom
Sec. y. Every stakeholder in banking
corporation or institution shall he indiyidn-
ally responsible and liable To its creditors,
over and above the amount Of stock by him
or her held, Ia an amount equal 90 his or
her respective shares so held, for all its liza
Lilitie-, accruing while he or she remains
such stakeholder.
Sec 10. In case Of the insolvency &c any
banking institution, the bill holders shall
have preference over its other creditors.
Sec. III. Thesnspension Of specie payments
by banking institutions shall never be- per-
mittcd or sanctioned
Sec u. Subject 10 the provisions Of this
article, the General Assembly shall have
power 10 amend or repeal all laws for the
organization or creation Of corporations, or
granting of special or exclusive privileges or
lmm,nitics, by a vote Of two third Of each
branch az the General Assembly and no
exclusive privileges. except a in this article
provided. shall ever be- granted
Ire ~ coSristtpI
EXPLOSION ~ fiREwoRAs--FATAI Al