The Montgomery advertiser., 1901-08-20

| corpOratiOn now eXiStiib anu lS at :he ratification of this Constitution | or any that be hereafter created, when ever, in their opinion, 1t may be injuri- l ous to the citizens of this State; in l such manner, however, that no in1us- tiee shall be done to the stockholders. Mfr. Graham tMontgomeryl-Uoon 1 behalf of the Committee I offer an amendment.
 | The amendment was read as follows: Amend Section 10 the of Article on l Corporations by inserting between the wor,,s "to' and revoke where the same occurs in the first line Of said Section, the following words. to wit: alter, amend or"
 MT. Graham tMontgomtry)-That is | to make this Section conform 10 Sec ton 1. These words were introduced | into Section 1, and are introduced here for the purpose of having this Section conform to that Section. | Upon a vote being teken, the amend mens was adopted.
 | MT, Graham (Montgomery)-I move the adootion of the Sec;ion as amended. l Upon a further vote being taken, the i Sect. on as amended was adopted. Section II was read as follows: Sec. Ii. Any association or corpora tion organized for the purpose. or any l individual. shall have the right to con struct and maintain lines of telegraph and telephone within this State and connect the same with other lines. and rhe Legislature shall. by general law of uniform operation, provide reason able regulations to give full effect to | this Section. No telegraph or tele- phone company shall consolidate with or hold a controlling intercst in the stock or bonds of any other telegraph or telephone company owning a com peting line, or acquire. by purchase or otherwise. any other competing line of telegraph or telephone.
 | Mir. Rogers (Sumter)-I would like to ask the Chairman of the Committee question:: It provides that no tele- 1 graph or telephone company shall con- | solidate. want to know what danger will ever come to the people of Ala bama by the consolidation of telephone and telegraph lines. and why it does not provide that railroad comlanies shall not consolidate?
 Mr. Harrison-The gentleman will | find railroads provided for later on. This is a copy oi the old Constitution relative to telegraph romparier. anG it | to include tele lephoEe companies. There is a similar provision under the head of l railroads. which will be read later on. MT. Sanford CMontgomcry)-I rise to g question of information. Sectioa Il says. Organize for the purpose of any individual" Individual what?
 Mir. Harrison-This is a misprint. The word "of'' should be "or.' I move the adoption Of the Section. Upon vote being taken, tine Sec ton.
 The Secretary read Section F as fol- lows:
 Sec. 12. All corporations shall have the right to sue, and shall be subject to be sued. in all courts in like cases az natural persons.
 MT. Harrison-This is an exact copy of the old Constitution, and move It's adoption.
 Upon a vote being taken the Section was adopted.
 The Secretary read Section l3 as fol. lows:
 Sec. 13. The term "corporation," as used in this Article, shall De construed to include all joint stock companies or any associations having any of the powers or privileges of corpora ations not possessed by indiy iduals or partner ships.
 Mr. Harrison--This is an exact CODY or the same section in the old Consti- tuition; there has been no change made. and l move its adoption. Upon a vote being taken. the section was adopted.
 The Secretary read an additional section numbered 1872, reported by minority of the Committee as follows:
 Section 13h. After the ratification of the Constitution, no corporation, so- efety. organization or association shall be allowed to charge or collect for, Or upon the loan or forhearance of money. goods or things in action, either in the way of interest, fines, forfeitures, prem iums, commissions or sums of money TOT the purchase of stock, bonds or any interest in the business of such corporation, society, organization or association, as condition upon which such loan or tosbsarance is obtained O. Tn any other way connected with such loan or forbeatance, as a charge, a greater amount than the legal rate of interest provided for by the general laws of the State upon the loan or for beatance of money. goods or things in action; end all suca sums of money paid such GorpoI ation, society, organi- Zation or association in excess of the legal interest provided for by the law. by whatever name called. shall be cred tied on the principal of the loan made by said corporation, society. Organiza- tion or association, and every such loan made in Alabama shall b. governed by the laws of this State.
 Respectfully submitted,
 John F, Proctor,
 w. T. l.. Cofer.
 J. Lee Long.
 The Presldent-The question will be upon the motion to adopt the additiona, Section 1872 by the minority of the Committee
 MT. Proctor-It was with some regret, MT. President that the minor ty of this Committee was forced to bring in a re- port of this kind. but we feel that there Is great injustice done by permitting some corporations to charge for the use or fol bearance of money from borrow CTS, more than the legal rate of inter- est or more than any other private tn- dividual was allowed to charge. Now. 1t Is claimed that this is a strike at the building and loan associations. Well. if the building and loan associations are interest, it is a strike at the building and loan associations. It IS strike at any association or corporation doing business at a usurious rate of interest, and now that the building and loan as- sociatlons have taken up the fight, why, then, we want to meet that issue with them, and show wherein the peo- pie of the State have not been treated fairly in the past.
 Now, as I understand it, most of the delegates here have received a memo rial to the Convention from the build ing and loan associations. They do not even undertake to explain the conduct of the Nati ional Building and Loan As sociations but they say all the intus-