New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1902-10-15
New Oln Review
Wednesday, Oct. is, 1902.
Constitutional Amendments.

Constitutional Amendments.
The voters of the state will be called
upon to vote for four amendments to the
state constitution at the coming election,
and if they do not vote for a single can
didate on the ticket they should go to
the polls and vote for these amendments
They are each of them very important
and as it requires majority of all votes
cast it is necessary to mark the ballot
either for or against the amendments. If
you do not mark the amendments the
ballot counts against them.
The first act provides for an increase
OF. the amount of taxes collected by the
State upon the property of the railroads
situated within the State, from three per
cent upon the gross earnings derived from
the operation of such lines of railway
within the State, to sum of money
equal to four per cent upon the gross
earnings derived from the operation of
such lines of railway therein.
The second amendment if adopted will
authorize the investment of the perma-
nent school and university fund of this
state for period of not less than five or
more than twenty years, at an interest
rate not less than three per cent per
annum, in the bonds of any county,
school district, city, towns, or village of
this state, when the bonds to be issued
or purchased will not make the entire
bonded INDEBTEDNESS of such municipali-
ties exceed fifteen per cent of the assessed
valuation of the taxable real property
contained therein. ~ 4 :
The substantial change proposed by
said amendment is to- authorize such in
vestments when the entire Indebtedness,
including the loan in question, does not
exceed fifteen per cent of the assessed
valuation of the taxable real property in
such municipalities whereas, under the
existing Constitution loans are permitted
only where such total indebtedness does
not exceed seven per cent of the assessed
valuation. y
The third amendment should be given
some thought before voting on it. The
purpose is to change the law in regard
to lending aid in the construction of
roads and bridges. The law as it stands
provides levy of not to exceed 1920 of
a mill and the Legislature is also author
lied to provide for the appointment by
the governor of the state of board to
be known as the estate highway commits
sion," consisting of three members,
who shall perform such duties as shall
be prescribed by law, without salary or
compensation other than personal ex.
pense.. .
By the proposed change, a tax of Ito
of one mill Is authorized to be levied for.
this purpose; the Highway Commission
is abolished, and the result, if the pro-
posed amendment IS adopted, will be to-
place the distribution Of such funds in
the hands OF the Legislature, without
Limitation or restriction.
The last amendment while it is an I'M
provement on the law as it now stands IS
still imperfect. It relates to the taxation
of corporations and incomes the act was
railroaded through the extra session in
1902 and is one Of the many that were
made laws at that time that the country
would be just as well off without. The
effect OF the change will be TO authorize
the legislature to provide for the levy
and collection Of an annual tax upon
franchises granted By public authority,
in addition to the tax on real and per
sonal property Of the person or corpo-
ration holding the same.
To provide tax upon the gross earn
ings of any person OF corporation hold
ing such q franchise, conditioned that
such gross earnings tax may in lieu Of
q tax upon the franchise or upon the
franchise and personal property as well.