The Montgomery advertiser., 1901-08-08
gage. is 1t not?

MT. Sdi ClL. MT. Cunningham-And cannot be col lected until the first is paid?
 MT. Carmichael-Yes, sir. MT. Cunningham-Then in the issue of bonds is this applicable there? Now, as to all the bonds of the first issue. covering the entire property of the city. the bondholders there would be upon a level, but If there were another is- sue
 MT. Carmichael-The bonds cannot be issued except by a vote of the people.
 MT. Cunnngham-But this point is this: You said that a bondholder should have the same rule applied to them as to individuals. Now, the ques- ton is has bondholder the same rule The man who takes a first mortgage has the first lick at the property. A man who takes a second mortgage has the second lick at the property. and the third man the third lick. but if you issue three series of bonds, don't all come in alike?
 Carmichael-But don't the second bondholders understand that when they buy these bonds?
 MT. Cunningham-I suppose they do; yes. sir.
 MT. Carmichael-The second-class | bondholders understand that. and, af- ter all, as to whether interest on the bonded indebtedness is ever paid, de- pends entirely upon the honesty and integrity of the municipality. Now, we do not propose, and it Is not supposed that the cities of Sheffield and Tuscum- bia shall go into the market and try te find a sucker. but we say this ought not to be placed upon them. This burden ought not to be placed upon us. It will be a matter of time. and long IA1 ohI tA indebtedness and contract further in debtedness, but this proposes to last forever, or for a number of years. This proposition is to be placed in the Con stitution, which says we cannot con tract any further indebtedness until our indebtedness Is reduced below the limitation placed upon it. Now. gen tlemen of the Convention, as l said be- fore, this is a serious matter for these two cities. The people up there are very much interested in it. We, or course would not feel very much ln- terest in the ratification. of this Con- stitution if it meant our death. I beg the members of this Convention to adopt this amendment. It can do no harm. It will do us good. In the name of our people. we ask it. Mir. Coleman-The Convention has been very liberal with towns and cities in excepting them from the | operation of various sections In this Constitution because of their conditions. We find two cities
 making application upon the same ground. I cannot see any harm that
 will result to the State in allowing those cities as they say to make the best of their conditions, and hope that the Convention will accept or adopt the amendment offered. .. Mir Boone-The committee desires
 this amendment to be put in for the
 purpose of harmonizing this section with what the Constitution has done in other articles already adopted |
 The Secretary read the following amendment:
 Amend Section in the second line after the word county by inserting | between that word and the word until the following except as otherwise pro-
 vided in this Constitution Mir. Weatherly took the chair The President pro tem.-The ques- tion is on the adoption of the amend
 ment offered by the gentleman from Mobile.
 Upon vote being taken the amend
 ment was adopted.
 Mir. Kirk-Now I move the adoption
 of the amendment I offered. Upon a vote being taken the amend
 ment was adopted.
 MT. Boone-I move the adoption of
 the section as amended. Mir. Weakley-Mr. President when
 this report was originally drafted Sec
 tion s was a part of the report of the
 Committee on Municipal Corpora tions. This section has been withdrawn and
 the report referring to the debt limit
 will be included in the report of the
 Committee on Taxation. Section 9
 reads that mo city. town or village.
 etc." exceeds the limit herein imnosed." We desire to offer an amendment to strike out the word herein" and insert after the word impose" line two. the
 words by this Constitution" ask unanimous consent to insert that amendment.
 The Secretary read the section as amended.
 There being no objection the amend ment was ordered.
 Mir. Boone-I offer this amendment to be added at the end of the section.
 The Secretary read the amendment as follows:
 Amend Section g bv adding thereto the following. "Or from issuing bonds already authorized hv law"
 MT. Weakley-I will state that bonds 'already authorized by law" to be is-