The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-04-04

Article IL, Sec. Is, prohibits any railroad !
company from issuing watered stock in
these words; No railroad corporation
shall issue any stock or bonds, except for
money, labor, or property actually received
and applied to the purposes for which such
corporation was created, and all stock divi
dends and other fictitious increase Of the
capital stock or Indebtedness Of any such
corporation shall be void The capital
stock Of no railroad company shall be IN
creased for any purpose, except upon CIV
ing sixty DAYS public notice in such man
ner as NAV be provided by law and
WHEREAS. This article Of the Constitu
tion has probably been violated by nearly
all the railroad companies in the State,
| therefore,
Rssol,ed, That it is the duty of the
Railroad Commissioners to look carefully
into this matter, and to commence proceed
mrs in all clear cases by quo lrarrdHtO or
otherwise against all railroad companies
which have disregarded this important pro
vision of the organic law Of the State,
| R,solred, That we demand Of Congress
repeal OF all laws preventing the e0ihpe-
tition of small vessels which may choose
10 engage in the carrying trade on our IN.
land lakes between ports in the United
States without regard 10 nationality.
Rs,oirsd. That we are in favor OF the
Immediate repeal of the Protective duties
ON iron. steel, lumber aud materials which
enter into the construction of railroad
cars steamships, sailing vessels, agricul-
uual implements, etc; and that we urge
upon Congress immediate action for this
purpose, that cheap railroads and cheap
ships are necessary TO cheap freights and
that we invite the railroad companies 70
cooperate with Us TO that end.
The following was among the resolutions
reported by the Committee, but was laid
on the table by a large majority:
( Rssolrsd, That we regard the improve
, ment Of the Illinois river not sectional bu
OF great Importance, and we request tho
members of the House of Representative
I 10 vote for the bill now pending for the
; improvement of that river, as it will give
4 our State absolutely into the hands OF the
% people.
A delegate moved that the Legislature
be requested to pass a railroad law before
!. their adjournment. "a voice IF Il
takes all summer The resolution wr
/ carried.
, The following resolution was adopted
Rtsolred, That the practice of legislators
VI State or National voting upon question:
ne or measures on which they are at the um'
az directly pecuniarly interested, Is contrar.
40 tn public morality and all Just principles a
wise legislation.
- The following resolution. embodyinc tn
views expressed in the speech Of ''oy
Palmer in the afternoon, was preSente'
III and adopted
Resolced That it is one of the necessar,
=. measures of railroad reform that the law
~ that make the stocks ot railroad corpora
~ ton. personal property be repealed, ani
, that the laws be So amended as to with
draw such stocks from speculation an,
. give to them the permanency and certalnt
!, OF ownership of the railroads thcmSeIye,
d The following resolution was adopted
q WHEREAS, Railroads. including thoi
r rolling stock and tracks are not as-e>-e
III at more than our-tguth Of their agtu,
ne value
R.a'r.5. That we demand that the
e. pay taxes in proportion u the taxes PAL
U hv citizens Of the State. and that If an
g- amendment is necessary IN the revenue la
nj On compel said railroads to pay said ShaI
We of taxes that the Legislature So amen
said law and demand of the next stat
id Board of Equalization to assess the raj
70 road property IN proportion 70 Its value.
% The following resolution was offered J.
!" =, L. Il. Morse, aud was adopted by an owe
ut whelming vote. but one No being n
or corded against it.
. Radr.d, That without regard 20 pol
h' ties or parties we DO most cmphatical
.'' place the seal OF our condemnation up,
20, our Senators and Representatives IN Con
u. 1rgs- from this State. who. by their vote
% increased their own pay 70 $1,000 per a
is, mum, and a bonus Of $1,000 Tor service
hu already rendered aud we further cGnden
o. the President of the United States &
u' signing the bill by which they were en-
u' BLEED o. realize the increased pay. and
which his own salary was increased So. Ot
'f| per auuum.
m The following resolution was introduce
l. and made the special order for Thursd
d. morning az lOoclock
" EsalrrA That this convention recon
mend tu the farmers of Illinois that tn
M a. % rule keep a farm expense accou
N during the following season, and each 81
'' ocediug one and that statistical reports
4 the same he made By township organic
oD ti0u- to county and State organizations,
M order that the actual cost Of producti
'F may be- a-ceraincd and made public
D.. the purpose Of making fair renumer
ton thereon to the farmers of the Stat
IN. The convention adjourned at Do o'clo
We FRIDAY morning See telegraph for Gle
OBJ of proceedings
lry
d.