The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-01

Or 20 defend the State or United states in war; but
the money SO raised shall DO applied to such pur-
pose or to repay such debts, and to no other pur-
SEC. H. Except the debts specified in the ninth ana
tenth sections OF this article, no debt shall be con-
tracted by behalf OF the State, unless shall be
authorized by law Tor some sngle work or object TO
be specified therein, and such Jaw shall provide Tor
direct annual tax sufficient TO pay the Interest on
such debt shall become due; and also pay the
principal OF such debt within eighteen years from
the time Of the contracting thereof No such law
shall take effect until 1t shall have been submitted to
the people ut general election, and shall have re-
ceved majority OF AZ the votes cast Tor ana agalns.
1t at such election. ON the ilnal passage Of such bill
In each house OF the Legislature, the question aha
be- ''shall this bill pass aud ought the 70 re-
ceve the sanction OF the people?' which shall be
taken by yeas aud nays to DC entered on the Journal
The legislature may 10 any time repeal such law, II
no debt shan have been contracted in pursuance
thereof and may at any hme FORBID the contracting
OF any further debts under SUCH law: but u any
debts snail have been contracted the tax Ia propoI-
ton thereto snail be rrepeapble and be annually col
ieced until the proceeds thereof shall be sunclentt 10
pay such debt. Tie money srsing from any loan OF
STOCK creating such DEBT snail be applied 10 te WorA
or OBJECT specified IN the acc authorizing suca qept
or Tor The repayment OF such debt aad Tor no other
purpose, NO such law snail be voted upon within
thfee months alter rs passage I3r at ahy general
election when any other .sw on any amendment TO
the constitution Shall be submitted 10 the people.
rEc. II. Every law which imposes continues or
REEVES tax shall distinctly state Inc tax and the
object TO which It Is to be appled; and y shall not
De sncient 10 reer 10 any otAcr law TO TX sucn TAX
or object.
SCI. 10. No deficiency loan Shall be made for n
Ing fund provided FOR lts payment to accumulate
an amount sufficient 70 discharge u; ana in no case
shall such loan be made for more than six years.
SEC. IA. No money shan be drawn from The trca
sury except In pursuance or an appropriation by
law and On the warrant d the Comptroller; ana ali
bonds, stocks and other securities lssuel BY the
State shall be signed by the Comptroller on behalf VI
the state
Sec 10. Real ans personal property shall BIZ sub
ject to uniform rate OF assessment ana taxation.
SEC. l6. the Comptroller is authorized TO renew
!ne bounty uept or ahy pa,t tne1eui ~ eAoeht.g
anu 10 Issue sLoch ior tiat PURPOSE, Wncli ne may
apply IN exchange !or the outstanding steek OF sell
Piled to she purchase . Of lie outstanding stock;
inc rae Of interest on sad socS sa no.
seven per cent per anluin, pa5ao seni-anuuany,
and SAID stock shali be exchansed or neSotatea on
the best possible TERMS ana IN no event az less man
can be purchased Tor at the time the sac or eA,
change shali De enectea. me psncipa am interest,"
OF inc STOCK hereby authorizes sha DC secured py
Urect annual itA 10 pay, anu sulllceit 10 pay, tHe
interest thereon as IL shal become due, anu also 10
pay the principal Thereon villain eighteen years rom
Octoberl, 1863. The Legislature may appropriate,
from time TO time to the payment OF the plncipa or
interest Of said stock, any funds OF the State not
otherwise appropriated, and IN case OF such appro-
priation the tax TO supply tue SINKING Iund saa be
CORRESPONDENCE u r reuuvSu. 10. ,o.o o., ,uooao
or in any way own, except by beauest, shares or
stock ia any company or corporation nor invest any
portion of It's funds In the same
SEC 49, me Legislature shall never sell or dispose
OF the salt springs the lanes OF the state adjacent
thereto NAV he sold NV sntlor,tv M law and Under
the direction of the Commissioners ur The Ianl
once for the purpose Of INVESTING The monavs
ARISING tnnrelrom M otnor lanI couyen,aot lar ,Ie
manuactlre of SAT: but by snrll saie ana uurchase
the AFRO eJote ouontity az snnh lotda shai MT ia
dimlmlsne1 ~ ~
sr,;.,o w
n,e,ce,n,r,, ~, ,,,,>,r,
r,>.u,o, n ,,'.,i,, ~ ruNDS.
oECIloN ne vapitn VI tilc Goiatlou scneol ,unu
tue caplal on tne lltefatuio Iund tie capai OF the
united states aeposie islu the capillI " tne coiiee
ment iund as II snail be PAID into the. ireasur, shan
eacn ne pIsseiyea ivo I Inc revenues o. tne
common school luiu siali pe applied 70 lne support
Of common schoois, the revenue OF the literature
Iunu snail pe applied 10 the support o. academies
OF the unted States deposit lund shall
each year De appropflaled 70 anu lnade parl OF
the capisai VI lne common scheo nuns the reVe-
be appropriated and applied 20 the support OF tue
Corneli University III tle mode ana Tor the purposes
Oeined by the act OF CONGRESS donating pupnc
iands 10 te several STATES ana territories, approved
July =, aso2 SO ionx as the University sha lui!y
comply Wlth auu perform tiie Conditions OF tue ACT
Of the Legislature establishing u; and the revenues
y, aae n . ~ iuiiu s eacm year ~
nc! H ana henaht " ~ s'"s' OiAi'N'''''i 'o' ''
src . T',e aois,atura srou nroviaa for tha free
instruction. in the common schools or ms state nj
All nersons bntween seven ami twentv wears Of gme
Article \.
HOW CORPORATIONS SHALL BE FORMED.
SECTION /. Corporations may be formed under
general laws. Tney snail not be created nor Their
powers increased or diminished, by special act.
except for municipal, literary scientific charitable
or benevolent purposes. All such laws may be
altered or repealed. The Legislature shall not
authorize the consolidation OF railroad corporations
owning parallel or competing lines OF road,
SEC q Dues from CORPORATIONS snail b. secured by
such Individual liability OF the eorporators and other
means as may be prescribed by law.
SEC. 3, The term corporation, rs used in this arti-
Gle shall be construed 10 Include ali assoc atlons and
oInt stock companies having any OF the privileges or
bowers Of CORPORATIONS not possessed by partner.
ships or individuals. Corporations shall have the
ripnt TO sue and may be sued in all courts py their
corporate names
SEC 4. The Legislature shall provide for the regis.
tration of all bills or notes Issued or put in crcla
ton as money by vtue OF any law OF this State and
snail require ample security for the redempton of
the same In specie No law shall be passed autnor.
izing or sanctoning the suspension OF specie pay
ments. In case OF the insolvency or any plnk or
banking association. the bill holders thereof shall be
entitled 10 preference III payment over all other
GU. mo s,oor,o,aor, q, oror, ,or,,ou,.,o, 80 i,
toni STOOL ossocisfio snr haoyiny,, ,,,,psno GU
,r nstas ~ GU t,n nr "raSips p'i po91s, isSu-
my Hctes VI ahy rim VI eteutto " cfculate ds