Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1896-10-30

Investment IF the, permanent school f tn.a
state; nor shall such loan or Investment pe
made when the issue, Of which the sa San y, n
part would make, the entire bonded te m
sessed valuation Of the taxable real prop
erty of the county, school district, city.
town or village issuing suc1 DoAds' nor
a lower rate of interest than 8 per cent peE
annum nor for. a shorter period than 1--WE I'VE
(0 years nor for longer period t1 nan
town, school district, village, city or county
lines shall relieve the real property In such
town, school district. county: Illlasn Tor
Of such bonds from any liability for taxa
ton to pay such bonds.
The proposed amendment contemplatess
the investment of the permanent school and
university funds Of the state, for periods
not less than five 81 nor more than twenty
(20 years, In the bonds OF counties scnoo'
Loans cannot be made to such muniGl,
palities under such amendment In amounts
exceeding seven (0 ner cent OF the as
sessed valuation of the taxable rtal property
No loan shall bear interest ut q rate less
than three g! per cent. .,o 80 .,o .on
stitutlon now provides for the loaning OF
the permanent school funds Of the state to
counties and school districts. to be used In
thu erection OF county or school buildings,
~ ~-->'' w
cent per nnnum. " =,
Such loans are now limited to amounts not
exceeding three (S) per cent of the last pre-
ceding assessed valuation of the real es-
spcctively
Ample provision is made for the collection
of the principal and interest Of loans made
pursuant to said section 5.
IN.
Gan act proposing IN amendment to the
constitution of the State Of Minnesota. to
sleeping drawing room and paror car. and
other 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:
1.-The legislature may impose, or provide
within this state, Of any and all owners or
operators, whether corporate or individual,
or otherwise. OF any ana al sleeping, Parlo5
and drawing room cars, or any or either Of
| the same, which run in. inso or through this
state; also upon the property within this
state of any and all telegraph and l telephone M
or extend in, into or through this state;
also upon tho property within this state OF
all express companies, Or owners, or any
or either Of the same. doing business in this
| state of all domestic Insurance companies
| of this state of any kind; also upon the
foreign insurance companies doing business
! in this state of any kind; also upon the
property within this state of all owners or
| Operators of any anil all mines or of mineral
ores situated in this state; also upon the
property within this state Of all boom com
panies or owners. and Of all shipbuiiders or
having a port therein; provided, that this
act shall not apply to property owned by
railroad companies. their lands and other
propertg ana upon the property OF e't tae
| rs uniform rs reasonably may be wi tn the
taxes imposed upon similar property In said
state, or upon the earnings thereof within
this state. but may be graded or progress
or in providing for ascertaining the just
and true value Of such pr4pey 1t shall 30
MI Of 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 propOrttonate
| business, earnings, mileage or quantity OF
production or property now or hereafter
existing of any such companies. persons or
| owners transacted or existing In this state.
| In relation to the entire business, mileage
or quantity Of production or property OF
such companies, persons or owners as
aforesaid; or In such other manner, or by
such other method as the legislature may
determine; but the proceeds of such taxes
mining 4h property s shah be dsr6ats
| subdivisions thereof wherein the same Is
situated in the same proportion as the pro-
ceeds Of taxes upon real property nre dis
| tributed; provided further, that nothing In
| this act contained shall operate to authorize
the assessment or taxation Of land or ordi-
nary business. blocks or property owned by
| any such corporation. person. firm or COM
| pany except in the manner provided by the
ordinary methods Of taxation"
This proposed amendment 'contemplates
the taxation Of the property In this state off,
l. Sleeping, par1or and dining room car
companies.
2 Telegraph and telephone companies.
| g. Express companies.
4. Foreign and domestic insurance COM
panies.
s. The owners or operators of mines or
G. Boom companies and shipbuiiders or
owners doing business in this state or
having a port therein:
the following very important respects:
l. The amendment. will not apply ITO
property owned by railroad companies, their
lands and other property,
. Taxes may be imposed Upon the prop
erty Of the companies above enumerated or
Upon the earnings thereof within this state
mny ps ETaae or or or P9n
Just and true value Of snch property, 1t
shall be competent for the leg lsature to
impose. such such tax upon any and I'LL property
4 In either case by taking as the basis
Of such taxation, the proportionate busi-
ness: earnings, mileage or quantity OF Pro pro
! ductiOn or property now or hereafter exist
Ing Of 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
s: In such other manner, or by such other
method. as the Legislature may determine
6. 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 a provision to
the effect that 1t shall not operate to au.
thorize the assessment or taxation Of land
or ordinary business blocks or property
owned by any such corporation, person.
yided by the ordinary methods of taxation
| H. w. Childs,
July I, 1896. Attorney General