Brookings County sentinel. (Brookings, Dakota [S.D.]) 1882-1890, 1889-04-26

What do you say as to these sections?
"No corporation shall issue stocks or
bonds except for money, labor done
or money or property actually re.
ceived, and all fictitiods increase of
stock or Indebtedness shall be void
The stock and indebtedness shall not
be increased except in pursuance of
general law nor withou. the eonsen,
Of the persons holding the larger
amount in value of the stock first
obtained at a meeting to be held
after sixty days notice given in pur-
suance of law. The Legislature shall
haze tho powsr to ai,er, revise or
annul any charter of any corporation
now existing and revoeable at the
taking effect Of this constitution, ar
any that may be created, whenever
in their opinion il may he injarioB-
to the cltiaeus of this -s,si,., in'sncb II
manner, however, that no injustice
shall be done to the incorporators.
No law hereafter enacted shall create
renew or extend the charter of more
than one corporation. Railroads
heretofore constructed or that quay
hereafter be constructed IN this state
are hereby declared public highways,
and all railroad and transportation
companies are 1cci. acci..-,, &c 80 oe common
carriers and subject to Legislative
eantr0l, and the legislature shall have
power to enact laws regulating and
controlling the rates of charges for
the transportation af passengers AID
freight as such common carriers from
one point to anctber in this state"
Are these Limitations objectionable,
or would you rather the iegislatr-o
had tho anrcssrictsd Power to grant
rights which may become vested aud
beyond your power to sovis" CT
amend? The next objection is made
to tho following section:
LIMITATION OF INDEBTEDNESS.
"For the purpose of dcfraying cx.
traordinary expenses and makjpg
public improvements, ~ q" NEE,
oasua; deficits, the state may contract
debts never to exceed with previous
debts in the aggregate s500,0OO. aud
no greater Indebtedness shall ba Ia
Cured excep: for the purpose Of
repelling invasion, supprcssing insur.
rection, or defending the state or the
United States in war, and provision
shall he made by law for the pay
ment of the interest annually and the
principal when due by tax leved for
the purpose or from other sources Of
revenue, which law providing for
the payment Of such interest and
principal by such tax or otherwise
shall be irrepealahle until such debt
is paid" This does not include nor
affect that portion of the present ter
ritorial debt which South Dakota
must assume. That is provided for
in section 5 of article l3 Of the con-
stitution and the aot OF congress
providing for our admission. In my
opinion this limitation upon the
power to create state debt is one Of
the wisest provisions in the constitu.
ton. Without this limitation we
would he a, the mercy of corrupt
combinations, and the public debt
would in few years be so great that
taxes would become oppressive. To
show you that such limitations are
not only wise but not unusual. l will
read to you from other state constitu-
ton; Limitations Of Indebtedness
by Constitution-Alabama, tcmporn-"
loan Of 100000; Calf s,ni
wv .-o, 100000; indiana,
/, none except to pay deficiency aud
and interest on debt; Iowa, S250, 900;
Kentucky, 100000; Louisiana, $50,
900; Maine, 100000; Michigan,
none unless submitted to the people;
Minnesota, S250,000; Nebraska $50,
600; New York, sl,0O0,0OO; Ohio,
$750,000; Rhode Island, $4,000;
Texas, s200,0OO; West Virginia,
none except to meet deficits and re-
pei invasions. | ask you taxpayers,
do you believe that this limitation is
unwise? II so, strike out and let the
new state enter upon that wild
scheme of speculation and state debt
which will only be limited by oul
ability to float our state bonds, and
in the years to come we will have a
resdjustor party here, as they have
in Virginia, when the state is unable
to pay its debt.