The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-11-20

4
this amendment:
Section Is. Every stockholder in a
banking corporation which is bank
of issue shall be individually respon-
sible and liable to its creditors over
and above the amount equal to his or
her respective shares so held to secure
the payment of its bills.
Mr.. Gage, continuing, said he simp-
ly wanted to makethose who took
the peoples money pay it back;
it was simple matter. Mr.. Stanyarne
Wilson'S amendment wanted to put
the matter in the hands Of the leglsla-
ture.
Mr.. Wilson's substitute was then
put and voted kown.
MIR. George Johnston'es substitute
was put and on motion of Mr.. Floyd
it was tabled.
Mr.. Cages substitute was about to
BE- adopted, the vote being half
through when DR.. Zimmerman got
the floor and spoke against Mr.. Cages
measure, urging the points he had
made at the morning session.
DR.. Smith wanted to know if most
of the banks didn't pay interest on the
deposits.
MIR. Cages amendment was then
adopted by vote of 81 to 36.
The whole section was then adopted
as follows:
Section IS. The stockholders of all
corporations in case of insolvency shall
be Individually liable to the creditors
thereof only to the extent of the
amount remaining due to the corpora
ton: Provided, That stockholders in
banks or banking institutions shall be
liable to depositors therein, in a sum
equal in amount to their stock, and
over and above the same.
NINETEEN AND TWENTY.
Sections 10 and 20 were then adopted
as follows:
Section 10. The general assembly
shall enfo, oe the provisions of this ar
ticle by appropriate legislation.
Section 20. Nothing prohibited in
this article shall be permitted to be
done by any corporation OF company,
person or persons, either for
its or their own benefit or
otherwise; by its or their holding or
controlling in its or their own name
or otherwise, or in the name of any
other person or persons, or corpora
ton or company whomsoever ma
jority of the capital stock or of bonds
having voting power of any railroad
or trans portation company or corpora
ton created by or existing under the
laws of this State, or doing business
within this State.
SECTION THREE AGAIN.
The Convention then recurred to
section 8.
Mr.. Glenn wanted to know what
they meant by public highway"
Mr.. Ragsdale rose and said the con-
vention had already passed section
providing that counties could issue
bonds for court expenses and public
highways, but it was expressly the in
tention not to allow them to issue
bonds for railroad, and if they were
called public highways in the Consti-
tuition it might give rise to a serious
question whether bonds could not be
issued for them.
DIR. Stokes thought that even as the
use of the word railroad was surplus
age, the other terms used were not.
Railroads should be controlled like the
highways.
Mr.. Glenn moved to strike out the
first clause of the section.
Mr.. Stokes moved to table Mr..
Glenn's amendment, but this the con-
vention refused to do by vote of 46
to 81.
Mr.. Glenn's amendment was, then
adopted, striking out the sentence
reading thus: call railroads and road
ways, canals and other waterways,
used in whole or in part by corpora
tions for the transportation of persons
or freight for hire are public high
ways" :.
On motion of Mr.. Stokes, the word
sleeping car" was stricken out.
Mr.. Farrow moved to strike out the
sentence reading 1T shall be unlaw-
full for any such corporation to make
any contract relieving it of its COM
mon law liability"
Mr.. Farrow argued that better rates
could be secured by such release.
Mr.. w. B. Wilson thoug ght that it
was a provision they should not strike
out. It was becoming general.
Mr.. Lee did not think that the COM
mittee had gone far enough and he
would like to add the words ''or limit
ing the same" The supreme court
had decided that the libility of the
common carrier could be limited.
There was danger which should be
avoided.
Mr.. Howell agreed with Mr.. Farrow
on this matter. Rates would certainly
be higher. If man made esuch a con-
tract or agreement, he knew what he
would get in case of loss in advance.
This proposed action was going too
far. This would put an additional ex-
pense upon the great mass of the peo-
pie.
Mr.. McCalla said that Mr.. Lee was
eminently correct. The railroads had
forced him to release them from all
liability in shipping stock.
Mr.. Cooper Did understand you
to say that they refused to ship unless
you shipped released?
Mr.. McCalla-You did.
The amendment was then voted
down.
Yhe Lee amendment was then adopt
ed and then the whole section was
adopted as follows:
Section 3. All railroads, express.