The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-19

! investment Of the permanent school fund
and the permanent university fund of this
stale; her shall s'ifh loan or Investment he
made when the Issue of which the same in
part would make the entire bonded H.
debtedness exceed per cent OF the as
sesSed valuation of the taxable real prop
efty OF the county, school district, city,
town or village issuing such bonds: nor
Shall such loans or indebtedness>b he ms de at
lower rate of interest than per cent per
anniin nor for shorter period than FIVE
lJ) years nor for longer period than
twenty (20) years, and no change of the
town. school district, village, city county
town, school district county village or
city In this state Mt the time OF the issuing
of such bonds from any liability for taxa
tion to pay such bonds
The proposed amendment contcrnnIates
Inc Investment of the permanent school and
university funds OF the state for periods
h s less than live 90 nor more than twenty
t4o) years, IN the bonds of counties, school
districts, cities, towns and villages
Loans cannot be made to such munich
paiitfes under such amendment in amounts
sesssd valuation OF the taxable rial property
thereof
Ne loan shall bear interest at rate less
tnan three 81 per cent.
Section 5 OF the same article Of the con-
stitutipn HOW prorides for the Ioaning of
the permanent school funds of the state to
counties and school districts to be used In
the crecrion or county or school buildings
cent per annum
Such leans are now limited to amounts not
exceeding three 60 per cent of the last pre-
cedlng assessed RADIATION OF the real es-
tate or the counties or school districts, re-
spectfvely
Ample provision is made for the collection
of the principal and interest of loans made
pursuant to said section 5.
TX.
IAN act proposing an amendment to the
constitution of the State OF Minnesota, to
hn 1f
sleeping, drawing room and parlor car, and
-otner companies and owners, in the manner
therein provided"
1t is proposed to amend Article of the
constitution of Minnesota by adding thereto
a section reading as follows:
The legislature may impose, or provide
Tor the imposition of, upon the property
within this state, Of any and all owners or
operators whether corporate or individual,
or otherwise, of any and all sleeping DarIer
and drawing room cars, or any or either OF
the same, which run in, into or through this
state; also upon the property within this
state of any and all telegraph and telephone
companies, or owners, whose lines are in,
or extend in, into or through this state;
also upon the property within this state of
: all express companies, or owners or any
or either OF the same. doing business in this
state; also upon the property within this
state of all domestic insurance eompanies
or this state of any kind; also upon the
property within this state of any and all
iofe3gn insurance companies doing business
In this state of any kind also upon the
properly within this state Of all owners or
operators of any and all mines or Of mineral
ores situated in this state; also upon the
properly within this state of all boom COM
panles or owners, and of all shipbuiIders or
owners doing business in this state or
having port therein; provided, that this
ACT snail not apply 10 property owned by
railroad companies, their lands and other
property; and upon the property Of either
or any OF such companies or owners q tax,
as uniform as reasonably may be with the
io- rtxr in, Il
state, or upon the earnings thereof within
this state, but may be graded or r;regres-
siFe, or both, and In providing for such tax.
OF IN providing for aScertaiHing the Just
and true value of such property, it shall be
competent for the legislature, in either or
all or such cases, to impose such tax upon
any or all property thereof within this
state, and in either case by taking as the
basis of such imposition the proportionate
business, earnings. mileage or quantity OF
production or property how or ;hpreaftnr
existing of any such companies persons or
owners, transacted or existing in this state
IN relation to the entire business mileage
CT quantity or production or property of
1sueh companies, persons or owners rs
aforesaid; OF in Such other manner or by
EucA other method as the legislature may
oetefmlhe; but the proceeds of such taxes
upon mining property shall be distributed
between the state and the various political
subdivisions thereof wherein the same is
SITUATED IN the same proportion as the pro-
ceedS or taxes upon real property are dis
tr1buted; provided further that nothing in
This act contained shall operate to authorize
the assessment or taxation of land or ordi-
aary BUSINESS as blocks or property owned by
ahy IN corporation, person, firm or COM
pany except in the manner provided by the
ordinary methods of taxation"
rms proposed amendment eontenpIatns
the laAauon OF the property in this state of /:
companies
2 Telegraph and telephone companies
8. Expfess companies.
4. Foreign and domestic inSur1 ncn rnYrl-
panies.
9 The owners or operators of mines or
o. Boom companies and shipbuilders or
owners doing business in this state or
having a port therein
The foregoing provisions are modified In
the following very important respects:
The amendment Will not apply "to
property owned by railroad companies their
lands and other property
Z. Taxes may be imDoSed lipou fie Dron-
erty OF the companies above enumerated or
upon the earnings thereof within this state,
ana may be graded or progressive, or both.
O.. IN providing for such taxation or the
just and true value of such property IL
shall be competent for the legislature to
impose such tax upon any and all property
thereof within this state; and
4. In either case by taking rs the basis
OF such taxation. the proportionate bust
ness, earnings, mileage or quantity Of pro-
uuetloh or properly now or hereafter exist
Ing or any such companies, persons OR own
ers, transacted or existing in this state in
relation TO the entire business. mileage or
quantity of production or property; or
o In such other manner, or by such other
method, as the legislature may determine
y. The proceeds of taxes upon mining
property will be distributed between the
state and the various political subdivisions
thereof wherein the same is situated in the
same proportion as the proceeds of taxes
upon real property are distributed
z. The amendment contains provision to
the effect that ii shall not operate to alI-
therfze the assessment or taxation of land
Or ordinary business blocks or property
owned by any such corporation, person.
hrm or company, except in the manner pro-
vided by the ordinary methods of taxation
H. w. Childs
July /. 1896. Attorney General.