The Montgomery advertiser., 1901-09-22
AHrscL4, m !.

Banks ana Bankinf.
 7 2E7. The Legislature shaA not nave the power to establish or inccrporss any bank or banking company, or mons exed insfftution, for the purpose cf ts- suftlx ibiIls of credit. or bills payaoae to order or beafer. except under the conditions prescribed in this Consutat s' S% No bank shall be established otherwise than under general bank tng law, nor otherwise than upon q specie basis; provided. that any bank may be established with authority 70 issue bills to circulate as money in an amount equal to the face value of bonds of the United States. ar of this State. convertible into specie at their face value. which shall, before such bank Is authorised tor issue It's bills ion circ,Ma tiorn he tlApositb6Sw the State preasurerr ordet}aar 2depository q prefi scribed by, law, in anl amount equal to- the aggregate of such proposed issue, with power in such Treasurer or de- pository to dispose of any or all of such bonds for Q sufficient amount of specie to redeem the circulating notes of such bank at any time and without delay. should such bank suspend specie pay ment or fail to redeem it's notes on de-
 :s Ss. All bills or notes issued as money shall be at all times redeemahle In gold OF silver. and no law shall be passed sanctioning. directly or indir rectly. the suspension by any bank or AoSsas o Bank Sl iDsGss nosis ysnd
 positors who have not stipulated for interest. shall. for such notes and de- posits, be entitled in case of tnsol- vency, to preference of payment over all other creditors; provided, this sec ton shall apply to all banks, whether incorporated or not.
 shall be required to cease all banking operations within twenty years from the time of its organization, unless the time be extended by law, and prompt- ly thereafter close its business; but after 1t has closed its business 1t shall have corporate capacity to sue ana shall be lieble to suits until It's affairs and liabilities are fully closed.
 252. No bank shall receive. oirectiy or indirectly. a greater rate of interest than shall be allowed by law to in0i- viduals for lending money. lf
 263. Neither the State nor any poe iitical subdivision thereof shall pc q stockholder in any bank. nor snail tne credit of the State or any political sup. division thereof ever be given or lent to any banking company, association or corporation. - priate laws provide for the examina- ton by some public officer. of all banks and banking institutions and trust companies engaged in a banking pusi- ness in this State; and each or such banks and banking companies or instt+ tutions shall, through it's president or such other officer as the Legislature may designate. make report nndes oath of its resources and habihues at least twice year. . A.,.,. shall apply to all banks except to na- tionaf banks. and to all trust compa- nies and individuals doing a banking business. whether incorporated or not.
 ARTICLE XIV. &
 Education.
 256. The Legislature shall estapnsn' organize and maintain liberal sys- tenn of public schools througnous tne State for the benefit of the children thereof between the ages of seven and twenty-one years The. public. school fund skall be apportioned to the sev- eral counties in proportion to the mum her of children of school age therein, and shall be so apportioned 10 the schools in the districts or townships m inc county as to provide, as nearly as practicable, school terms of equal du- ration in such school districts or town ships. Separate schools shall pc pro- viied for white and colored cnharen, and no child of either race snah pe permitted to attend a scnool of tne
 a5S 'rhe principal of ali funds aris- ing from the sale or other disposition of lands or other property, wnich nus heen or may hereafter be granted or intrusted to this State or given by the limited states for educational purposes shall be preserved inviolate ana uhoi- Trninished: and the income arising there- from shall be faithfully applied to the specific object of the original grants or appropriations. ...-t,, given by individuals, or appropriaten hv- the State for educational purposes ana all estates of deceased persons Wno aie without leaving a will or heir, snaii Se faithfully applied to the mainten- ance of the public schools. . .s,.
 259. All poll taxes collectea m S st ate shaiI be applied to the support of the public schools in the reSpee'iss counties where collected: .A
 'Ssl Tine income arising from the sixteenth section trust fund, the sur ,nI,,s revenue fund, until it is called for hv the limited States government, ana tSa funds enumerated in Sections zoo ana 257 of this Constitution. together with d special annual tax Of tniry cents on each one hundred dollars or taxafle uroperty in this State, wnlcn the Legislature shall levy snall pc aP- plied to the support and maintenssncs of the public schools. and IL snalI " the duty of the Legislature to lncresse the public school fund rom IIrne " time as necessity therefor and the con d,tior, of the treasury and the resources of inc State may justify; provided, that nothing herein contained shall be so construed as to authorize the Legisla- ture to levy in any one year a greater rate of State taxation for all purposes including schools, than sixty-hye cents on each one hundred dollars worth or taxahle property; and provided further, that nothing herein contained shali nreyent the Legislature from nrst p!o. vidinR for the payment of the pon0ea ,ndebtedness of the State and interest thereon out of all the revenues or the
 2SI. Not more than four per cent or all moneys raised, or which may nere- after be appropriated for the support of public. schools, shall be used or eA- pended otherwise than for the paynlens of teachers employed in such schools nrovIded. that the Legislature may, by a vote of two-thirds of each house, sus- mend the operation of this secttons Aa,s eS The supervision of the ppbiiS schools shall be vested in a SupeRtn- tendent of Education, whose powers, duties and compensation shall be fixed O SSs N No money ra'sed for the suppot 6f the pupiic schools, shall be -appHoS prfated to or used for the support ot