The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1908-07-24
FContinued from last week.

ESTABLISHING REAS o N 4 II L K
MAXIMUM RATES OF CHARGES
FOR THE IRA NSPORTATION OF
PROPERTY BY EXPRESS COM
PANIES IN THIS STATE. AND MAY
DELEGATE SUCH POWER TO FIX
REAsoNABLE MAXiMuM ,r RATES rls
OF CHARGES FOR THE TRANS
PORTATION OF FREIGHT BY
RAILROAD COMPANIES AND FOR
THE TRANSPORTATION OF PROP
ERTY By EXPRESS COMPANIES
TO A COMM SION 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. MIA Of the
present constitution, by inserting the words
An capitals, which authorizes the legislature
20 delegate power to establish rates Tor the
transportation Of property by railroad and
express companies TO a commission. The
proper regulation Of so vast and complicated
a matter the regulation OF freight rates
requires expert knowledge and the subject
is too intricate, extensive and difficult 10 be
properly regulated by so large a body as the
legislature. holding as it does infrequent ses-
sons. Such commissions have been estab-
lished in the sta .es of New York and Wis
consin and the result attending the expert
ment being made there will serve TO guide
the power hereby conferred upon II.
Sec. s. No railroad corporation shall
consolidate its stock, property or fran
chises with any other railroad corpora
tion owning a 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
XIX-a OF the present constitution, except
for the purpose of improving the phrase
olOgy.
Sec. 9. No general law providing for
the incorporation Of trust companies or
corporations for banking purposes, or
regulating the business thereof, shall
be adopted, amended or repealed ex-
,eept by a vote Of two-thirds OF the
members elected TO each house OF the
legislature. Such laws shall not au-
thorize the tss lie Of bank notes or pa
per credit 10 circulate as money.
This section is substituted for Sec. z Art.
XIV Of the present constitution which reads
as follows: ''No general banking law shall
have effect until the same shall, after it's
passage, be submitted TO q vote OF the elect
ors of the state at a general election and be
approved by a majority OF the votes cast
thereon at sueh election"
The substituted provision requires two
thirds vote OF the members Of each house
IN order 10 adopt, amend or repeal general
law for the Incorporation OF trust companies
or corporations for banking purposes. The
great importance OF this subject is believed
10 justify the requirement Of 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 or paper credit TO
circulate as money" abr rotes the provisions
of Sec. T. Art. XIV OF the present constitu-
ton The Issue OF money by state banks is
thus prohibited d. and such limitation is justi-
T.. fed by experience in the state and through
out the country and well authenticated pub
lie sentiment on the question.