The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1908-07-17

ESTABLISHING REAS o " A r L d
MAXIMtIM RAT ES OF CHARGES
FOR THE IRA .SPORTATION OF
PROPERTY BY EXPRESS COM
PANIES IN THIS STATE. AND MAY
DELEGATE SUCH POWER TO FIX
REASONABLE MAXIMUM RATES
OF CHARGES FOR THE TRANS
PORTATION OF FREIGHT BY
RAILROAD COM PANIES AND FOR
THE TRANSPORTATION OF PROP
ERTY BY EXPRESS COMPANIES
TO A COMMISSION CREATED BY
LAW, and shall prohibit running con-
tracts between such railroad COM
panies whereby discrimination is made
in favor Of either Of such companies as
against other companies owning con-
Meeting or intcrsecting lines OF rail-
road.
This changes Sec / OF Art. XIX-s OF the
present constitution, by inserting the words
IN capitals, which authorizes the legislature
TO delegate power 10 establish rates for the
transportation Of property by railroad and
express companies TO a commission. The
proper regulation OF so vast and complicated
matter as the regulation of freight rates
requires expert knowledge and the subject
is too intricate, extensive and difficult to be
properly regulated by so large a body as the
legislature, holding rs IL does infrequent ses-
sions: Such commissions have been estab-
lshed I'm the states OF New York and Wis
consn and the result attending the expert
ment being made there will serve to guide
the power hereby conferred upon IT.
Sec. 8. No railroad corporation shall
consolidate its stock, property or fran
chises with any other railroad corpora
ton owning parellel or competing
line; and in no case shall any consolid-
alton take place except upon at least
sixty days public notice to all stock
holders in such manner as shall be pro-
Vided by law
No change is made from Sec. 2 OF Art.
HlA-a or the present constitution, except
for the purpose Of improving the phrase
ology.
Sec. g. No general law providing for
the Incorporation OF trust companies or
corpora tions for banking purposes, or
regulating the business thereof, shall
be adopted, amended or repealed ex-
cept by a vote of o-thirds of the
members elected to each house Of the
legislature. Such laws shall not au-
thoriZe the ISIS lie Of bank notes or pa
per credit to circuate as money.
This section is substituted for See. q Art.
XIV OF the present constitution, which reads
as follows: No general banking law shall
have effect until the same shall, after its
passage, be submitted to a vote of the elect
ors Of the state at a general election and be
approved 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 adopt amepd or repeal a general
law for the Incorporation Of trust companies
or corporations for banking purposes. The
great Importance OF this subject Is believed
70 justify the requirement OF n two-thirds
vote of each house before any such general
law shall be adopted, amended or repealed.
The language such laws shall not authorize
the issue OF bank notes paper credit to
circulate money" abroGates the provisions
of Sec. 4, Art. XIV OF the present constitu-
ton The issue OF money by state banks is
thus prohibited, and such limitation is justi-
fed by experience in the state and through
out the country and well authenticated pub
lie sentiment on the question