New-York tribune., 1868-02-28

SVC 6 The credit of the State shall not be given
or loaned 20. or in aid OF any idlvldual coIporon,
of the Legislature Of any act appropTIatlng money
or property except for the purposes OF G9vernmeht
thegueston shall be taken by Yeas and Nays, wich m
shall be entered Oh the journal and twothirds OF all
the members elected TO each House shall be necessary
TO pass the same. ,a..- -
failures i'm revenues or for unexpected expenses not
proyided for, temporarily contract debtsj Dut sncn
debts direct and contingent sngly or IN me aggre
gate, shall not at any time exceed one mlii'on u
dollars and the moneys arising from the loans Great
ing such debts shall be applied to the purposes ior
which they were obtained, or to repay the deDt SO
contracted, and to no other purpose whatever; ana
such temporary debts shall in all cases be PROVIDED
for at the earliest practicable period, and shall DO
paid within two years after they are contracted.
SEC TO- The State may also contract debts to repei
invasion of tho State or Of tho United states 10
suppress insuTrection in the State or tho Unlied
States or 10 defend tho State or the United States IN
war but the money soTaised shall be applied 10 such
purpose to repay such debts and to no other pur
SIC. II. Except the debts specified in the ninth and
tenth sections of this article, no debt shall be con,
tracted by OF on behalf of the State unless 1t shall
he authorized 10y law for some single work or opet
TO be specified therein and such law shall provide
for direct annual tax sufficient to pay the m ov
such debt as il shall become due and also 10 pay
the principal Of such debt within eighteen years from
the time of tho contracting thereof NO such lam y.
shall take effect until it shall have been supnleu W
the people at general election, and shall nave re
ceived majority of all the votes cast for ana ahhs,
1t ut such election On the final passage OF such Dill
in each House of the Legislature the question shall
I've Shall this bill pess and ought the same to re-
ceive the sanction OF the peoplep which shall 10
taken by yeas aud nays to be entered on the Onrna
Tho Legislature may at any time repeal such law ii
no debt shall have been contracted, In pursuance
thereof aud may at any time forbid tho contracting
of any further debts under such lay put II any
debt shall have been contracted, the tax IN pro
portion thereto shall be irrepealable and be annually
collected until tho proceeds thereof shall be sueen
10 pay such debt The money arising from any Ioa an
I.l
work object specified in the act Authorizing encn
debt, or for the repayment OF such debt anu lo no
other purpose. No such law shall DO Voted upon POI,
within three months after lts passage nor at any
general election when any other law or any hmenn-
inent TO tho Constitution shall be submitted TO the
people.
wives tax shall distinctly state the tax and the OBJ
ject TO which it ia 20 be apped aud It shall not Oe
sufficient to refer to any other law TO A such TAX or
SEC. 13. No deficiency loan shall be made for
longer period than IL necessary to enable tho snkng
fund provided for its payment to accumulate an
amount sufficient TO discharge IT,: and IN no case
shall such loan be made for moro than six years
SEC ID. No money shall be drawn from the treasn-
~ except in PURSUANCE Of an appropriation DY taW'
and on the warrant Of the Controller; and all ponds
stocks, and other securities issued BY tho Stae snai
DO signed 10y the Controller on behalf OF the State
SIC, Is. Real and personal property shali DE SUD
iect TO q uniform rule Of assessment ana taxation,
SIC 16. The Controller is authorized to renew the
bounty debt or any part thereof by e6tenaing @ Sne
and to issue stock for that purpose, when 10 may
apply in exchange for the outstanding st0ck or sell
and in case of sale the proceeds Thereon sna pe P
piled TO the purchase Of the outstanding STOCK me
rate of interest on said stock shall not exceed seven
per cent per aDnum, payable semi-annuaiiy' anu
said stock shall be exchanged or neg0tatea on tne
best possible terms and in no event at less thah par
nor az a lower rate thun tho outstanding STOCK can
be purchased for at the time the sale OF excnange
shall no effected. The principal and interest OF te
stock hereby authorized shall be secured Dy direct
annual tax 20 pay and sufficient to pay the interest,"
thereon rs il shall become due and also to pay tne
principal thereof within lo years from OctoDer 1,
1868 The Legislature may appropriate IIoin tlme W
tmo 70 the payment OF the principal or INTEREST Oh
said stock any funds Of the State not otherwse APP
prOpriaed. aud IN case OF such appropriation te taA
10 supply the sinking fund shall be eorresponuhgy
reduced.
SEo H. Tho State shall not subscribe for, purchase,
or in any way own, except by beqnest, shares, OF
stock in any company or corporation, nor invest any
portion of its funds IN the same.
SRC 19. The Legislature shall never sell or DISPOSE
Of the salt springs The lands of the State adjacent
thereto may be sold by authority of law and under
the direction Of tho Commissioners or the lana OF
fce for the purpose Of investing tho moneys arising
fncture of salt; but by such sale and purchase the
aggregate quantity of such lands shall not be d.
minished. -
ARTICLE TX.
SECTION ]. The capital of the common scnO0i Iunu;
the capital of tho literature fund; the captal OF the
United States deposit fund; the capital of tho college
land-scrip fund and the capital OF tho Cornell endow
ment fund as it shall be paid into the treasury shall
each be preserved inyiolate. The revenues OF the
common school fund shall be applied to the support
OF common schools; the revenues OF the literature
fund shall be applied to tho support OF Academies
and the sum Of S5Q Of the revenue OF the uni,ed
States deposit fund shall each year be appropriated
10 and made part of the capital OF the common
school fund; the revenues Of the college Iandscrlp
fund shall each year DC ana , rodo 10
and for the purposes defined by the aet ot Congress
donating public lands 70 the several states ana teT
Titories approved July 2, 1862 so long as the UNI
verty shal fully comply with and perform the con
dtons of tho act of the Legislature establishing
and the revenues Of the Cornell endowment fund
shall each year be paid TO the trustees oil the Corne
University for its use and benefit.
SIC. 2. The Legislature shall provide for the tree
instruction in the common schools of this State of oil
persons between seven and twenty years oi age
BANKING CORPORATIONS, &c.
ARTICLE X.
SyC-rrON / Corporations msy be formed under gem
era laws They shall not be created nor their pow
increased diminished by special act except Tor
municipal literary scientific, charitable benevo-
lent purposes. All such laws may bc altered or ro-
peaed The Legislature shall not authorize the con-
sodatOn OF railroad corporations owning parallel or
SEC g Dues from corporations shall be secured by
such individual liability of the corpOTatOs and other
means may be prescribed by law.
shall be construed to include all associations and JOINT
stock companies having any of the privileges or
or indiyiduais Corporations shall have the right to
sue and may DO sued all courts by their corporate
names.
SIC T. The Legislature shall provide for the regis
traon of ali bills OF notes issued or put In circulation
az money by virtue OF anv law of this State, and shall
require ample security for the redemption OF tho
same In specie. No law shall be passed authorizing
or sanctiOnng the suspension of specie payments In
case OF the insolvency of any bank banking asso-
caton the bill holders thereof shall be entitled to
preference IN payment ali other creditors.
SEC. 8. The stockholders in every corporation and
Joint stock association for banking purposes issuing
notes or any kind of credits TO circulate money
shall be individually Liable to the amount Of their
respective share or shares Of stock for oil of its
ON STATE PRISONS