The Montgomery advertiser., 1901-08-11

pany to give such passes. We further petition the Constitution al Convention now in session in Mvnf- gomery to incorporate in the prop ,sed Constitution some effective. self-opar. ative provision to that end.
 J. J. Johnson. merchant; J. M- Jeter. cashier; T. B. Early. salesman; A. s. Hendrick, salesman; w. w. Barnett. merchant; J. Merritt. stock man: 5. w. Douglas, minister; A. D. Mckinnon. salesman: W J. Keith, merchant; E. D. Donaldson, t ader; c. D. C1rrn enati. attorney; G. M. Leigh, mernhant O. w. williams, Jeweler; Adair Bros. merchants; H. c. McLaney book
 keper; J. II. Ard, M. D.: J. F. Webb
 X CO, merchant: Cha pman & Co.,, mer-
 chants; b. o. Vaughan, J. F.: M. B.
 Pierce, merchant; J. M. Merritt, mer- chant; W. R. Jons, merchant; J. D. Holloway, R. |. Daniel brick layer; l.. W. Weston, merchant; D. L. wat son. merchant.
 Geneva, Ala, July 23, 1901.
 Referred to Committee on Corpora tions.
 The President-The regular order
 will be the consideration of the report
 of the Committee on Amending the
 Constitution.
 MT. Merrill--The next matter in order
 is Ordinance No. 412 with favorable re-
 port by the committee. ask that the
 clerk read that ordinance.
 The report of the Committee on Journal was read. stating that they had examined the journal for the sixty
 seventh day, and found the same cor rect. and the report was adopted. The Secretary read Ordinance No. 412 with favorable report of the Com
 mittee on Amending the Constitution and miscellaneous provisions.
 An ordinance relating to the bonded indebtedness of the State.
 Be 1t ordained by the people Of the State of Alabama in Convention as- senfbled:
 That an act of the General Assem- bly, of Alabama. entitled ''an act to
 consolidate and adjust the bonded debt
 of the State of Alabama" approved
 February IS. 1895. and an act amenda-
 tory thereto, entitled an act to amend
 Section 6 of an act to consolidate and
 adjust the bonded debt of the State of Alabama approved February 18th,
 1895. which said last named~act was
 approved February 18th. 1899. be and
 the same are hereby made valid. and
 both of said acts shall have the full
 force and effect of law. The Governor
 is authorized and empowered to act
 under the same, and carry out all the
 provisions thereof.
 MT. Merrill have an amendment.
 The amendment was read as follows:
 Amend ordinance No. 4f2 by adding at the end thereof the following: Pro- vided that the bonds mentioned in said acts and issued hereunder may be payable at any time not exceeding 50 years from the date thereof. and shall not be redeemable until their maturity.
 The President-The question will be on the amendment offered by the gen. tleman from Barbour. Is the Conven- tion read for the question?
 Mr. Merrill desire to be heard on the amendment. I desire to explain to the Convention the purpose and inten- ton for which action is asked. As Is we'll known. the bonded debt of Ala bama will mature in the near future, and under the Constitution of 1875, there is no provision foS refunding that debt. and no authority in that Consti. tuition to issue new bpnds. If there was no other reason why this Conven- tion should have been held, that one
 reason would have been sufficient to cause the people of Alabama to call this Convention. The authority for is- suing bonds by the State o6 Alabama Is contained in Section 8 of Article XI of the Constitution of 1S55. which reads thus: After the ratification of this Constitution. no new debt shall be created against or incurred by this State or it's authority except to repel invasion or suppress insurrection and then only by concurrence of two-thirds of the members of each House of the General Assembly. and the vote shall be taken by ayes and noes and entered on the Journal. and any act creating or mourning any new debt agaist this State, except as therein provided, shall be absolutely void" Mir. President. 1t was held by some of the lawyers that under that provision of the Con- stitution the State had the authority to refund the debt that existed. The former Governors undertook. acting on that theory, to go into the refunding of the bonded debt. And !n the course of that matter the bond buyers or the bond buyers in prospective had their attorneys to investigate and ascertain whether under the law as it stood the State of Alabama had right to re- fund or issue bonds to take up these old bonds. In that investigation. MT. Hornblower of New York representing the expectant bond buyers, gave the opinion that under the Constitution a reissue of bonds even for the purpose of refunding the old debt. was suck an innovation that there was no authority under the Constitution for that action. that it was an innovations a new contract and not authorized by the Constitution of 1875 Therefore. Mir. President. two of our Governors before the present incumbent, undertook to have the I4e- gislature pass these laws, but when 1t ran up against the opinion of MT. Hornblower. the matter stopped. 1t may be contended that MT. Hornblow- CTS opinion was erroneous, but the bond buyers would be guided by 1t, and it would be impossible to overcome that obstacle. If Alabama undertook to float her bonds to refund the pres ent debt-it is an insurmountabe obstacle because the opinion given to them bv their attorney-and in my opinion, MT. President, the opinion given by Mir. Hornblower is a correct one. Therefore. the act passed for the purpose of enabling the Governors to refund the debt of Alabama are all un- constitutional and the matter stands thus. Now, at the instance and re- quest of our present Governor, this ordinance was introduced, and I will say, Mir President. that it was after consultation by the Governor with the Attorney General and some learned lawyers who are delegates upon this floor. that this action on the part of the Governor was initiated.
 He Is a conservative. wise and eco nomical man. and before taking any action in this matter he consulted those