The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1874-06-23

Numerous important additions have
been made respecting private corporations,
which are in general terms as follows:
l. The redemption of any paper
money issued in this State must be fully
secured by the deposit of bonds of the
United States and of the State of Ohio.
2. In the election of directors of every
private corporation each shareholder shall
have as many votes as the number of his
shares multiplied by the whole number of
directors of the corporation, and may cast
them all for one candidate or distribute
them as he may see fit-so that, if there
be thirteen directors, the holders of one
thirteenthiof the stock can combine their
votes on one candidate and elect him
thus securing to stockholders representa-
tion in the board in exact proportion to
their stock and preventing a majority
from excluding the minority from all
voice in the board or knowledge of its
proceedings and purposes.
8. Foreign corporations are to be SUBJ
ject to the same regulations, limitations
and liabilities as like domestic corpora
tions, but cannot be authorized to con-
denim private property.
4. Corporations created prior to May
/, 1852, must reorganize subject to the
provisions of the new Constitution, or be
debarred all benefit of laws passed or to
be passed since that date, except laws
regulating judicial procedure.
5. Every officer or agent of railroad
company is prohibited from being inter-
ested in any manner in the receipts, com
tracts or earnings of such company, ex-
cept as an ordinary shipper, passenger,
stockholder, bond creditor or employe or
in any arrangement which shall afford
better terms or facilities than are given
the general public.
6. One railroad company cannot con-
solidate with another having parallel or
competing line, nor lease, purchase or
control such line; and no railroad COM
pany may do business in Ohio if it shares
its earnings in any manner with COM
pany owning or controlling parallel or
competing line in this State; the object
of this provision being to secure to the
public the benefit of competition.
Z. No foreign corporation is permitted
to do business of telegraphing, mining,
manufacturing or insuring in Ohio, with
out having an Office in the State where
legal process may be served nor after it
shall have, on the ground of citizenship,
removed suit against it from State to a
Federal Court.
s. The General Assembly is required to
pass laws to correct abuses, and prevent,
by adequate penalties and forfeitures, un-
just discrimination and excessive charges
by railroad companies in transporting
freight and passengers.
9. Corporations are prohibited increas-
ing their stock or bonded indebtedness
except for full value in money, property,
or labor.
10. Railroad companies are prohibited
charging, except for excursion or COM
mutation tickets, to any station, moresin
gross than is charged for the same class
and amount of transportation in the
same direction to a more distant station.
ARTICLE XIII REVENUE AND TAXATION.
No change has been made in the general
principle that all property shall be taxed
uniformly, according to its value in
money; the mode of ascertaining such
value to be determined by rules of ap.
praisement prescribed by the General
Assembly. The exempted class, with the
addition of public libraries, remains as
under the existing Constitution, depend
ent exclusively on the pleasure of the Leg
islature.
1t was deemed advisable to authorize
the General Assembly to adopt other
plans of taxation, the mode and time fol
the Inauguration of the same being left to
their discretion. The principal features OF
the proposed new systems are embodied
in section five. By virtue of this clause
the General Assembly may impose taxes
by license, excise, or otherwise, and
may tax franchises and incomes
derived from investments, where the
principal from which the income is de-
rived cannot be taxed. In anticipation ol
the future needs of the State, and with the
intent, if practicable, to prevent a too
great increase of the weight of taxation on
the property Of our people. it is though,
to be good policy to open up other sources
of revenue, based on business employment
and professional callings, and from invest
ments of capital outside of the State or in
securities which escape their share of the
general burden. This system of taxation
has, in part, been adopted in many Of the
older commercial States, and has contrib
uted large item in their annual reve.
nues.
Banks and bankers are to be taxed on
capital employed and on business done
under such equitable rules as may be pre-
scribed by the General Assembly, 80 thai
they may share equally with others in the
burdens of taxation.
A provision is inserted in this Article
(Sec. y for.the protection of the wool in.
terest of the State from the ravages o.
dogs and for securing, by special taxes OIL
assessments on those animals, fund ou
of which to compensate for annual losses
from destruction of sheep.
ARTICLE XIv.-LEGIsLATIvE APPoRTIoN.
MENT AND REPRESENTATION.
The general principle of decennial
and self-adjusting apportionment for the
election of Senators and Representatives
after each Federal census, is preserved
but the divisor for the ratio of represen.
tation is increased in the Senate to thirty.
seven, and in the House of Representa-.
tives to one hundred and FIVE, which, sub.
ject to variations occasioned by fractional
i . c. Al L