The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1899-03-25

objects above enumerated, and what
vided, that the powers conferred by
subdivisions second and thru of this
section shall not be exercised by any
corporation organized under this act.
unless the main purposes of the organ
ization of such corporation shall be
those specified in subdivision first Of
this section.
Section Z provides for increase Of
capital stock.
Section S relates to dividends.
Section 9 gives the corporation the
power of acquiring property, issuing
bonds, guaranteeing bond issues or
other corporations. and the handling
and managing of exhibits intrusted to
its care.
Section II gives the corporation the
power to condemn property either in
fee simple or for a term of years.
Section L. provides for dissolution
OF the corporation after the purposes
for which it was formed are accom-
plished.
Section IS provides for the eNemp-
ton of the property of such corpora
tons from taxation.
Section IA repeats inconsistent acts.
Section - contains the emergency
clause. and
Section 16 provides hat other cor
porations may have power to subscribe
to the stock of corporations of this
character.
City and State.
Contemporaneously with the exam
ination of the statutory law with ref
erence to worlds fair corporations,
Mr.. Blair, ut the request of the COM
mittec, made an examination of the
constitutional provisions relating to
the increase of Indebtedness of the
state and city for the purpose of aid
ing the exposition company. 1t was
found that by the state constitution
the city of st. Louis is absolutely for
hidden to increase its bonded indebt-
edness beyond the limit of five per
cent upon the assayed valuation of
property in the city. The city's bond
ed Indebtedness, while exceedingly
small as compared with other cities
of its class. is $4,5OO.0 600 in excess of
this constitutional limit. The consti-
tutional provisions relating to the
state Indebtedness are equally strin-
gent. They absolutely prohibit the
issue of bonds for the purpose of aid
ing private enterprises, and also pro-
hibit the state from lending its credit
to any such organization. The matter
was discussed ut a number of meetings
of the executive committee upon an
informal report made by Mr.. Blair as
chairman of the committee on the le-
gal status of the enterprise, and it
became evident that a choice must be
made between one of the following
methods of accomplishing the desired
purpose.
In regard 10 the city. the state con-
stitution may he amendcd-irst, so
as to permit the city to amend its
charter in the regular way and issue,
bonds in aid of the fair. Second. so
as to permit the city by a majority
vote of its qualified voters to issue
bonds in excess of the constitutional
limit. Third. SO as 10 direct the may
or and assembly to issue such bonds
without the Intervention of Il vote by
the people.
The amount considered by the COM
mittrcs in this connection was S5.OOO.-
600. 1t was thought by many that as
the city of st. Louis is in Il condition
as to It's streets and public institutions
utterly unfit for the holding of Il fair,
and has no money to remedy these
defects. is would be wise at the same
time to amend the constitution sc as
to authorize the city to issue $1,000
900 of bonds additional for the pur-
pose of cffecting these improvements.
The question as to whether these two
amendments should be submitted as
separate propositions or joined in n
authorizing the issue of $4,000, 900 of
bonds. one-half to be used in aid of
the Worlds fair, and the other in the
public improvements suggested. was
much discussed. but at the last meet
ing of the committee it was decided
that the measures should be separate
Iy submitted. While no positive ac-
ton has yet been taken, the commit
tee have informally expressed the
opinion that the method by which the
question of bond issue should be sub
mittcd is by the Affirmative vote of a
majority of the qualified voters of the
instead of by direct authorization
to the municipal authorities to issue
the bonds, or by an amendment of the
charter.
In regard TO the state aid various
as to method have been dis
cuSSed. First. an amendment of the
constitution, authorizing the state to
issue $500, 900. the proceeds to be do
mated to the fair corporation. Sec
ond, authorizing the state 10 take ST.
500. 900 of stock in the fair corporation.
an amendment, authorizing the
to guarantee the payment of So
800 900 of bonds to be issued by the
fair corporation, and fourth.an amend
ment, authorizing a special tax of an
amount sufficient to furnish the ST.
0 1000, between the present time and
the opening of the exposition.
The method most generally ap-
proved is that providing for the diretc