The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-21
CONSTITUTIONAL CONVENTION.

Reports In Relation 10 the Working Of tie
Canals-FuPtheS C0nsideratlen Of tie Re.
port OF the COMMITTEE ON Banking and Cor.
perations-ProEibition Of the Consolidation
Of Railroad Corporations Where the Aggre-
gate Capital Exceeds S2O,OOO.OOO.
ALBANY, August 20, 1867.
The Convention assembled at ten O'clock and several
petitions were presented and referred.
Mr.. CHURCH offered q resolution providing that the
reports Of the Committee on State Finances and the
Committee Canals be made the special order Tues-
day and for every day thereafter until disposed Of
Adopted.
TIE CLSAts
Mr.. LITHlr, from the Standing Committee on Canals.
submitted lengthy report giving their reasons for the
article heretofore presented on this subject.
Nv. PRossHR presented the testimony taken BY sub
committee with reference 10 the present capacity OF the
canals.
Mr.. CnixrLilN presented minority report, dissenting
from the conclusions Of the committee relative TO The
canal financial policy.
Mr.. SEYMOUR presented another minority report rela
tive to the management Of the canals.
dissent rom ine consnsoSa OF ts cSnal Uommtes
and nc would present bis views at length at
Mr.. BEcKwITH also dasented from the conclusions
arrived at by the committee.
BANKING CORPORATIONS.
The Convention then went into Committee OF the
Whole on tie report Of the Committee Banking and
Corporations. The pending question was on the amend
msn p,ons ~, the Of Tss s s G
MT ROBERTSON opposed the amendment.
NJ. ccKiis advocated is adoption.
Mr. EvARTe thought such amccdment should got
be placed III the consultation.
MI. DydAIsE opposed the amendment,
Mr. CoNesn moved 10 ansend-rhat the transportation
Of passengers and freight through and from any railroad
crossing uniting with any other railroad in this State
on jass and equal terms of compensation sha be Sc
Mr. VhR CAnrks moved 10 amend 30 to prohibit the
consolidation Of parallel competing lines and pro-
vding that no continuous lines shall be consolidated
cept by general laws
Mr. Dry favored this proposition.
M J BaooEs hoped Mr. Van Campen's amendment
Mr. Bn4Drn earnestly opposed any constitutional pro;
,hs nos s, n o5s me OF
Mr. PRor m favor OF the amendment proposed
by Mr. A. j. Parker
the overwhelming power Of corporations and the in
nuence or great monopolies.
MT Van Campen's amendment was lost-yeas 70,
Mr. a. J. Parker's amendment, prohibiting the con-
capital shall exceed $40, 600, was adopted-yess 49,
naysA
Mr. BELL moved The following amendment which was
I0st;-
Of ,Es article shah be- fSly paa up in cash, and
Secretary e State showing In detail their sb
ties and .heir income and expenditures.
Mr. NOVEL; moved TO amend 40 folows:-
Provision sha be made By law recurring al eorpos,ions
form per p1eh ee aU sw sS now are ees
may be passed.
MI. Monors amendment was lost.
MT. OiDYkE moved 10 strike ont the following
The Legislature have no power 10 pass any law sane
,onnc any manner GirectS & Indirectly the suspension
Of specie psyrnenta by any person or corporation.
Mr. GREELEY moved TO substitute the following which
was LOST
The Leess,are sha haye no powsr 70 impair the oblga
person.
Mr.. OfnYsns motion to strike out was lost.
Mr. GERRY moved following mi
was LOST
When there agreement FOR different rate OF inter-
bit t shah not I e iy RI
parties TO contract for payment and receipt of rate OF
MIR. GAnv1y moved the following amendment, which
was adopted
cas-; ;s he q bank banking sssos
over al ether creditors Of such banks
Mr.. Orp1Ks moved the following substitute
No rank O. Issue shall be hereafter established under the
The Convention here took recess until half-past
evening Session.
Tho Convention reassembied half-past o'clock
The pending question was on the amendment offered
after creating any bank OF Issue. Lost
Mr.. GERRY moved 20 amend 80 that stockholders in
corporation shall only be liable to the amount OF the
stock held by them. Lost.
Mr. BrApiE moved TO amend as follows, which was
adopted;-
any kind of paper credits 20 circulate money shall DO
any such Cooperation OF asscesfIon or
AZ Its debts and Liabilities of every Kind.
Mr.. CHEsEBso moved 70 amend SO that the stock
holders Of every banking Institution corporation
transaetng business In this State shall be Individually
and personally nbe for his proportion OF all debts and
liabilities or said institution or corporation. Lost
Mr.. PAIGE moved 10 amend by adding the following
additional. section
The Legislature slall pass laws providing scheme or
plan which WILL so far az practicable repre.
senatio 10 all the stock Shareholders coruors-
tons in respect to tie number " shares of
them respectively, and direct personal representation 10
each OF tho sad stock shareholders board OF yec
tors trustees managers OF Their psctve corporations
Mr.. FIND moved the following substitute FOR Mr.
Pages amendment, which was LOST
The Legislature shah provide by law that all
composed Of Shareholders shall be required conduct
their cectns OF directors % enable numbers Of
shares represented at the election the ratio AZ ury
bears 10 the number OF directors to be chosen.
Mr. PAeKs amendment was lost only 20 voting In i,s
favor.
The Committee OF the Whole then rose and reported
the article or banking and corporations 10 the Conver
ton and il was referred 10 the Committee OF Revision
MI ScHKIL moved TO reconsider the referring the
article to the Committee OF Revision but 1t was not en-.
tertaped.
Mr. WED said such motion would lie in order 10.
morrow morning, and moved 10 adjourn. Carried
TIVE TURF