The Kansas herald of freedom. [volume] (Wakarusa, Kan. Territory) 1854-1860, 1859-08-13

and OF all bankers (; so that all property
employed in banking shall always bear a
burden of taxation equal to that imposed
upon the property of individuals.
Sec. 8. The Legislature shall provide,
each year, for raising revenue sufficient
to defray the current expenses of the
State.
Sec. 4. No tax shall be levied except
in pursuance of law, which shall distinct
ly state the object of the same, to which
object only shall such tax be applied.
Sec. 5. For the purpose of defraying ex-
traordinary expenses and making public
improvements, the State may contract
public debts but such debts shall never.
in the aggregate, exceed one million dol
lars, except as hereinafter provided. Eve
~ such debt shall be authorized by law
for some purpose specified therein, and the
vote of majority Of all the members
elected to each House, to be taken by the
yeas and nays, shall be necessary to the
passage of such law; and every such law
shall provide for levying an annual tax
sufficient to pay the annual interest of
such debt, and the principal thereof, when
it shall become due; and shall specifcal-
ly appropriate the proceeds of such taxes
to the payment of such principal and in
terest; and such appropriation shall not
be repealed nor the taxes postponed or d.
m:nished. until the interest and principal
| of such debt shall have been wholly paid.
Sec. 6. No debt shall be contracted by
the State except as herein provided, I'M
less the proposed law for creating such
debt shall first be submitted to direct
vote of the electors of the State at some
general election; and if such proposed
law shall be ratified by majority Of all
the votes cast at such general election,
then it shall be the duty of the Legisla-
ture next after such election, to enact such
law and create such debt, subject to all
the provisions and restrictions provided in
the preceding sections Of this article.
Sec. Z. The State may borrow money
to repel invasion, suppress instruction, OF
defend the State in time of war but the
money thus raised shall be applied ex-
clusively to the object for which the loan
was authorized, or to the repayment Of
the debt thereby created.
Sec 8. The State shall never be a par
ty in carrying on any works Of internal
improvement.
ARTICLE II.-CoRP0RATIoNs.
Section l. The Legislature shall pass
no special act comforting corporate powers.
Corporations may be created under gen.
eral laws; but all such laws may be
amended or repealed.
Sec. 2. Dues from corporations shall be
secured by individual liability of the
stockholders to an additional amount
equal to the stock owned by each stock.
holder, and such other means as shall be
provided by law; but such individual liza.
bilities shall not apply to railroad corpo.
rations nor corporations for religious OF
charitable purposes.
Sec. 8. The title to all property of re.
ligious corporations shall vest in trustees
whose election shall be by the member.
of such corporations.
Sec. 4. No right of way shall be appro.
priated to the use of any corporation, un.
til full compensation therefor be first made
in money, or secured by deposit of mo.
ney, to the owner, irrespective Of any ben.
eft from any improvement proposed by
such corporation.
Sec. 5. Provision shall be made by gen.
eral law for the organization of cities
towns and villages and their power o
taxation, assessment, borrowing money
contracting debts and loaning their credit
shall be SO restricted as to prevent tn,
abuse of such power.
Sec. 6. The term corporations, as use(
in this article, shall include all associa
tons and joint stock companies having
powers and privileges not possessed BY
individuals or partnerships and all cor
porations may sue and be sued in thei
corporate name.
ARTICLE XIII.-BANKs AND CURRENCY.
Section !. No bank shall be established
otherwise than under a general bankiD,
law.
Sec. 2. All banking laws shall require
as collateral security for the redemption
of the circulating notes Of any bank, or
ganized under their provisions, a deposi
with the auditor of State, Of the interes
! paying bonds of the several States or o
the United States, at the cash rates Of tn
New York stock exchange, to an amour
equal to the amount of circulating note
which such bank shall be authorized to is
sue, and cash deposit in its vaults of tel
; per cent. of such amount Of circulatin
; notes and the auditor shall register an,
countersign no more circulating bills Q
, any bank than the cash value Of sue
| hoDJ. ,rhan Ja,os;ta1
See. 8. Whenever the bonds pledged a
collateral security for the circulation G
any bank, shall depreciate in value, tb
auditor of State shall require additions
, security, or curtail the circulation of sue
bank, to such extent as will continue tn
|. security unimpaired.
Sec. 4. All circulating notes shall be re
deemable in the money Of the Unite
States. Holders of such notes shall b
entitled, in case Of the insolvency Of sue
banks, to preference Of payment over a
l other creditors.
Sec. 5. The State shall not be stocl
l holder in any banking institution.
Sec. 6. All banks shall be required
2 keep Offices and officers for the issue an
3 redemption of their circulation. at q col
venient place within the State, to be name
4 on the circulating notes issued BY sue
bank.
8 Sec. z. No banking institution shall i
sue circulating notes Of less denomin
2 ton than five dollars.
l Sec. 8. No banking law shall be in fort
until the same shall have been submit,
2 to vote of the electors Of the State
some general election, and approved by
l majority of all the votes cast at such ele
ton.
Sec. 9. Any banking law may
amended or repealed.
ARTICLE xIv.-AMENDMEETs.
Section !. Propositions for the amen
J. ment of this Constitution may be ma
; BY either branch Of the Legislature Al
y if two-thirds of all the members elected
l. each House shall concur therein, SUI
l. proposed amendments, together with Z
s. yeas and nays, shall be entered on &
at journal; and the Secretary of State shi
=. cause the same to be published in at lei
~ a L. q a.