, 1889-08-08

'ii' anu anu tllti
noil.use was not forfeiture of grant.
So hc denied the last speakers position
as matter of law and favored striking
out
Mr. Gtifiitts thought section 3 of the
bill of rights was sufficient answer to
Mr.. knnear. lie thought this section
l3 was entirely useless and might be
dangerous.
Mr.. Turner said that Jones and Grif
fits had
SAID ALL THAT WAS NECESSARY.
Bower concurred In that statement
Section IL went overheard.
SEC IA. The legislature shall have
no power to pass any act granting any
charter for banking or insurance pur-
poses, but corporations or associations
may be formed for such purposes under
the general laws. No corporation, asso-
citation or individual shall issue or put
in circulation as money anything but
the lawful money of tha United States.
Each stakeholder of any such banking
or insurance corporations, or joint stock
associations shall be individually and
personally liable for such proportion of
all its debts and liabilities contracted or
incurred during the time he was stock
| holder as the amount of stock or shares
offered by him bears to the whole of the
subscribed capital stock or shares of the
Mr.. Weisenburger offered the follow
ing substitute:
SUBSTITUTE.
The same as section ii down to the
words individually and personally lia-
/ ble;h then as follows: "Eqtmlly and
ratubly aud not one for another for all
contracts debts and engagements ofsuch
corporation or association, aCCruing
while they remain such stockholders, to
| the extent of the amount of their stock
therein at the par value thereof, in addi-
| tion to the amount invested in such
| shares
| something of the substitute but was adj
vised by the chair to wait until the sub
stitute was acted upon.
Mr.. stiles said this was made up by n
picCemcal process from n California see
tion on this subject. II was mixing up
two systems ana he was not in favor of
that, but preferred tue substitute. The
substitute was adopted-aycs ~. noes =.
Mr. Moore moved to amend by strik-
ing out the sentence prohibiting the cir
culation of any money but the lawful
money of the United States, saving this
only referred to little Canadian money,
which didn't much matter.
Mr.. Crowley thought that opened the
door for
WILDCAT BANKS.
Mr. Moore thought that the national
banking act provided for that.
Mr. Weisenbergcr opposed this amend
ment and thought all the issue or CrCu-
lation of money should be prohibited,
except that of the United States.
Mr.. Dyer was from Missouri, but not
from Bitter creek, and he opposed this
motion also.
Nr ngl-nI for ,,,g -.
from the chairman of the corporations
committee, was u gigantic scheme OF
countcriciting i'll danger OF being worked
ON us? He preferred to phrase IL an,
other way.
MIR. Moore wanted to know if this sec.
ton was intended to prohibit the circu-
latiOn of foreign money.
Mr.. kinnear said no.
Mr.. Power proposed to add afte,
money, the words except as author
lied by the United States:n but after il
was read he withdrew it.
Mr.. Buchanan wanted to
ASK \ QUESTION
also. He was not aware any state could
issue money since the adoption of the
national banking law,
Mr. Moore--That Is right.
Mr.. Buchanan--llas any other stat,
got this in its constitution.
Mr. Moore was not aware of it un
til the committee found this in the Cali
iOrnia constitution.
Nh stiles read a list Of u dozen o.
'ro,i "'''' 'No''s''''''io'is VA" '''
p'WWH,J, ., , ,,...
Mr moore salu ne made ms motor
~ ~ ',;, ~ ','"Oo WV
~ o,d ~. a;d o'n',G plpNiucu Ior !lls lr
NV so uiu .'io iS.lonal oa!lhllg lhW
il ~, ',l he 'a' i, G..Ni -. nov toIl"i "uu
~ pin' n',u Wy .ni.eu .t' Hta'cs pollis nr'
e. % ~, oo ~.
,'i ~ 3''''' an" 'n
i's'S'"'"'e may nav 'o
't','h ''''h Sisrh"
for a circulating medium and wouldn'
want to he met with such a prohibition
/ E' III. sullivan asked If private indi
riduals with good credit might not isSu
/ bills, etc.
MIR. Moore thought not. At least h.
would not be very likely to.
Mr. Browne proposed AN amendment
2 but Moore claimed II out of order an,
Browne did not press II.
) Mr.. lioyt sad that national bank note
were not lawful money of the Unite,
states, and possibly this might .prohibi
l all banks from taking and paying thes
7 notes.
, MIR. Morris motion lost-ayes IL. noc
~.
. Mr.. Brown then nut in his amend
) ment which was IA prohibition nguins
I any corporation or association bnnkin
or otherwise. being allowed To make ~
7 nut into circulation ANYTHING To be use,
iis money.
Mr.. Crowley thought the section ns |
stoou was as good as il need be and tina
exchanging bills between banks was no
putting in circulation"
Mr.. Hoyt did not agree. and said In