The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1908-07-18

period than ten years. except such real
such corporation in the sxerclss Of IL
No change i made from sec, 4 Of
except to omit after the nrst word "e..
tate" tie words thereafter acquired"
as being Unnecessary
law renewing or extending any special
act of Incorporation heretofore granted.
This 4 a revision OF Sec 5 OF AT
prohibited altering. amending renew
,ng OF extending any act OF i,nGorpG,t,hh-
members elected to each house. except
as TO municipal corporations. The pur-
q the revision Is to eSsielS pro
special act OF incorporation.
Sec. I. The legislature may, from
reason 20 time; a rate. Of ehsrxes
for the transportation OF passenger
and freight on different railroads In
Ing reasonable maximum rates of
charges for the transportation Of prop
erty by express companies In this state,
sonabie max imum rates OF charges for
sas SSa Il Tor fr sss ns
tion OF property by express companies
70 n commissiOn created by lawj and
shall prohibit running contracts be-
nv discrimination is made in favor Of
either of such companies as against
other companies owning connecting or
intcrsectlis lines OF railroad.
This changes Sec. OF Art xIx-a OF
the present constitution. by inserting
the words in bold face. which author
to establish rates for the transportation
of property by railroad and express
companies to commission. The proper
regulation OF so vast and complicated
nG nv n
rates requires expert knowledge and
the subject is too intricate, extensive
n dirgit 70 ho ne propesfy p1ssia,ed
holding as It does infrequent sessions.
Such commissions have been estab-
lished In the states OF New York and
experiment being made there Will serve
TO guide the legislature OF Michigan In
Its exercise Of the power hereby con-
ferred upon 1t.
Sec. S. No railroad corporation shall
consolidate Its stock. property or fran
ch!ses with any other railroad corpora
tion owning a parallel or competing
line: and in no case shall any CONSOLE
dalton take place except upon at least
sixty days public notice to all stock
holders In such manner as shall be pro-
vidcd by law.
No change is. made from Sec. 2 OF
Art NINA OF the present constitution.
the phraseology
Sec. .. No general law providing for
the lHCOTDOTdtlOn ~ ''lNt f'''''''''''FS wv
corporations for banking purposes, or
regulating the bus ness tner,o OF, sha
be adopted amended or repealed, ex-
cept by vote of two-thirds of the
members elected to each house OF the
legislature. Such laws shall not au-
thorize the issue of bank notes or paper
credit to circulate as money
This section Is substituted for Sec. 2.
Art. XIV OF the present constitution
which reads as follows: mo general
banking law shall have effect until the
same shall, after its passage, be sub
mitted to a vote of. the electors OF the
state at a general election and be ap-
proved by majority OF the votes cast
thereon at such election"
The substituted provision requires a
two-thirds vote OF the members of each
house In order to adpot. amend or re-
peal a general law for the incorpora-
ton OF trust companies or corporations
for banking purposes. The great i'm
portance OF this subject is believed to
Justify the requirement Of two-thirds
vote OF each house before any such gen
erai law shall be adopted. amended or
repealed. The language such laws
shall not authorize the issue Of bank
notes or paper credit to circulate as
money" abrogates the provisions of
Sec e. Art. XIV OF the present constitu-
tion The issue OF money by state |
banks Is thus prohibited, and such lin
ltation Is justified by experience In the |
state and throughout the country and
well authenticated public sentiment on
the question.