The San Francisco call., 1896-10-28
HOW TO VOTE ON
THE AMENDMENTS
Proposed Changes in the
Constitution Are I'm
portant.
Number Three Is Bad and Ought
to Be Overwhelmingly
Defeated.
TO DECIDE WOMAN SUFFRAGE
"Shall the Ladies Vote ?" Is OIe of
The Burning Qu's stions of the
Campaign.

The proposed amendments to the State
constitution have received but little atten-
tion from the newspapers and platform
speakers during the present campaign, for
the reason that the interest of the people
has been more thoroughly aroused in re-
gard to the success or defeat of National
and municipal nominees.
Changes in the fundamental law of the
commonwealth are necessarily of impor-
tance to the people, and brief review of
the alterations suggested is opportune at
the present moment.
The proposed amendment designated as
amendment No. in the official procla-
nation issued by Governor Budd and Sec
retary of State Brown relates to the ex-
emption of mortgages from ia axation. This
is subject that received great deal OF
attention in the convention that framed
the new State constitution. The majority
of that body decided that the tax on mort
cages must be paid by the mortgage.
The proposition before the people is to
undo that part of the conventions work,
and this has caused considerable discus
sion.
Those who favor the amendment con-
tend that the change would benefit the
borrowers of the State. They argue that
under all circumstances the borrower must
ultimately and in fact pay the tax on
the mortgage, for the reason that
the lender protects himself against
loss on account of his expenditure
for the tax by increasing the rate of in
terest. To substantiate this position, at
tention is called TO the fact that the aver
age rate Of interest advanced throughout
the State after the adoption of the State
constitution in 1879.
Opponents of the proposed amendment,
while admitting that there was a slight
advance of the rate of interest after the
adoption of the new constitution, assert
that the time that has since elapsed has
equaliZed and minimized the rate OF in |
terest that lenders are willing to accept, go |
that borrowers now bear no burdens that |
may possibly be shifted to other shoulders;
that the lender now pays the tax on the |
mortgage, and that if this requirement be |
abandoned the borrower will still be COM
PEELED to pay the tax on his property at
least for the tuIl amount of the mortgage
and will have no assistance from the
in the shape of the mortgage tax
rs at present.
Amendment No. 2 proposes to provide
or the use OF voting machines if satisfac-
ory apparatus be offered and provided by
he constituted authorities. Several in
Tentions intended to secure this end have
1een patented and some of them are said
o have been successfully operated.
Amendment No. 3 is intended TO limit
he liability of stockholders in incorpo-
ated companies. The language OF the
IS as follows:
The liability of stockholders of corporations
II joint-stock associations shall be limited by
he face value of the shares of the subscribed
apital stock or shares of such corpora tion or
ssociation; and whenever any shares have
,een fully paid up the holder of such shares
hall not be further liable to such cor pora ton
II association, or the creditors thereof OH that
ccount Each stockholder of a corporation or
oint-stock association, whose capital stock is
lot fully paid up, shall be individually and
personally liabls Ior such proportion of all its
lebts and liabilities contracted or incurred
Turing the time he was a stockholder or share
lolder, as the amount unpaid upon the stock
n shares owned by him bears to the whole
mount unpaid upon the subscribed capital
toek or shares OF the corporation or associa-
ion. The directors or trustees of corporations
md jointrstock associations shall be jointly
md severally liable to the creditors ana stock
lolie for all moneys embezzled or misap-
by the officers of such corporation
IT joint-stock association during the term of
'ffice of such director or trustee.
This is so important and is fraught with
10 much danger to the general public that
t is published in full. 1t Is not considered
hat making the directors or trustees
'esponsible would protect the public
against the organizers of fraudulen cor
,orations. 1t would be possible to put up
lummy directors or trustees, behind
which wealthy but INSCRIPTIONS stock
lolders might hide and escape lin ancial
with even greater safety
han under the present law.
Amendment No. 4 is intended to give
ONE rule to San Francisco and will be
by all who are not in favor of
going to the Legislature for general laws
hat are intended to apply TO this City,
ont which no one can be sure will reach
he necessities of this community.
Amendment is simply to enforce the
emale suffrage issue, in favor of which
The CALL mas already spoken with so
much force. Those who believe that the
ballot should be given 10 the women will
vote for this amendment. The only pro-
posed change from the present law is the
omission Of the word male" in defining
he qualifications of electors in this State.
The issues thus placed before the people
ire already outlined and are easily under
'tood. Voters who wish to vote inteli-
,ently on the questions presented will be
lble to comprehend the entire situation
w FIVE minutes, study of the amendments