New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-11

DISTRICT sf1u serts for ov ~ 49, e. y.
ricfe uithfr .fa boundaries so sach to- a..
BE- ,sfa5hshe4 ana re .ec fa.r,sing ,ie,cs.,
sholi iat' been d4ogfea ~ o tofs Il q 10
iorr q ih, eifci1fs tofttg thereon ~ sach
proposea slsiricf o. ga election lof witch BIO.
rstos 't1! De- nude " iaw IN, iegisirfure
p,oy. hoic ever. pros DC fer re sss.ssmerf b.
Hnfsd e's's,' Of p.ohs 'errtee eorp5rs.,oa,.
HRsIRse1 g. sections Two aud three require
% bs read u conjunction. fAs.r effect Is a.
~ GENERA. Avs and FOR public purpose. only
me Legislator i required o. classify tie
subjects q 'atnuon aad 70 aesignst. What
flE' u tie sfsessment o, ordinary renl prop
criy be ,"soss.ns 9ricers must be selected
lo..y re esS..iur, p 10 establish, OFT.
gn,'s cot lsFgei tEHn . -oun'y. but 10 tax
district .isEei hsh ioss can be established
assessment and co..ccficp msy b. established
fer A.. The ts- districts vi,h4E ID. lsrgsr
t.i district anti Ihit VII. svoid ID. pfesoat
extensive DUPLICATION Of WORK. resulting 10
trgc ssSiA< of expense lhs lefsisturs
required 70 ero'ide fcr supervislou. review
and e4uslizaiioH Of assessments. Which viii
make for greater uniformity and ies, .neeusi.
ly IN TAXATION. The Legislature Ia enpcwerec
70 provide igr TIE sssessmsnt Of al the pTop-
suthorties TIE nature and extent II sfoau
and street railroad. telephone and telegram
electric; "a, sBd wster pro9erties hss been
local assessors These sections rest com
plets and nnhamperei cover in the legislature
10 the end that property now notorlous!y Is
Gaping taxation may Do made ~ b.Hf I. fair
alJ iusi share Of The burdens Of government.
ARTICLE Will n
Section l. Corporations may tc formed IN
der general ihvs but shall not be created br
fpecIaI oct. excep; Sor municipal purposes AMI
N cases where. IN the judgment OF the lsgis
attained under general law Al general laws
tnd special acts passed pursuant 20 THIS sec
tion usy be altered from tine 10 time OF re-
'ea'cf
section {? Dues fron, corporations shall BE-
secured by such individual LIABILITY = he
coruoge'ors and other means a. may be pre-
Section The tern corporations As med
10 hi article shall be construed 10 include
all a"Ocistion, ,ad Joint stock companies
having any o; III. powers or privilege, Of
eorooration. not possessed By Individuals or
the right TO sue and shall be subject 10 be
sued IL all courts Ike cases a. natural
section. The lesi.,tur. shan. By general
law, conform all charters Of ssvinEs bsnta
or Institutions fof .svi1gs, to uniform ~
OF powers. rights and liabilities, and all char
tiers hereafter granted FOR such corporstioE,
law. ard to such amendment. a. may b. made
thereto And no such corporation shall have
any .sO,'si ,,oes , P:5 'Ss, The trustee:
whateyer direct CT indirect IN the profits az
.uch corporstiop and no director or trustee
Of such bfnk or institution shall be in
toEestcd IN any loan or use Of sny money or
property Of such bsrk or Institution Tor Ssv.
iugs The legislature shall have no power 10
pass any act granting any special charter for
Citations may be formed Tor such purposes IN.
Ger general laws
power 20 pass any law sanctionius IN any
manner. directly or indirectly the suspens!on
Of specie payments. by any person. associa-
ZION or corporation. Issuing bank notes OF
Section g Thu legislature shall provide
~ law for the registry Of all bills or rotes.
Issued or put IN circulation as money, Anc
shall REQUIRE ample security for the rsdernp-
Section I. The stock holders Of every cor
poraiion and Joint stock association for BE- nix
inc purposes shall be Individually respon-
s!ble 70 the amount OF their respective shRre
or shares Of stock In any such cooperation
o. association, for al IT'S debts and Liabilities
u every kind
Section s In case Of the insolvency OF any
bank or banking ifFocia lion, the blllhoiders
thereof shall be entitled 20 preference N psy-
inent, over al other creditors OF such bank
Section ?. Neither the credit nor ths
money Of The state shall BE given or loaned
20 or IN aid OF any association, corporation
or private undertaking This section shan
making such provision for the education ard
support Of The blind. ths deaf and dumb. an
juvenile delinquent, os 10 Il may - I'm
proper. Nor. shall IL apply 20 any fuh1 or
property now held. or which may hereafter be
held, by The state FOR educational purposes
Section 10. No county, city, town or Nill-
age shall hereafter give any money or prop
cry. 0r loan is money or credit 20 or N an
or any Individual association o. co4poi tt."n
stock n, or bonds o. sny association or cor
pofa,!0n, nor shall any SUCH county, cry
town or Village he allowed 20 incur any In
village purposes. This section shall not pre-
vent such county, city, town or village from
making such provision Tor he aid or support
. = : nTrnoglFrn
Section n. lPart OF Z 10 r present article
sightl No county or city shall be allowed
20 bsNOme Indebted for any purpose o. IN
existing Indebtedness 6hsil exceed ten per
centum Of the essessed valuation o. tho real
don AZ # appeared BY ne assessment rolls
Of lsaiil sur1. county Or city on ne last a.
sessment for state o. coqniy axes pu9r 70
indebtedness in excess OF such Limitation. ex-
crpt such as now may exist, shall b. Sbfo-
vldei. No county Or city whose present IN
GebfedneFs exceeds ten per centum OF ne as
scsscd valuation Of IS real estate fubject 70
tsxation. shall be allowed 10 become IN
dobfed I'm any further amount until such In
dolte1neof shail be reduced within such limit
This section shall not De construed 70 prevent
the issuing Of certificates q in1ebtcGness or
revenue bonds issued IN anticipation n the
collection OF tsNes for amounts actually con
falnsd. or 70 be contained IN the iaHei Tor
the year when such certlhcste or revenue
bonds are issued and payable olt o' .l
taxes; nor 70 prevent che cry or NeW VOTE
srom issuing bonds fc ~ redesInel Out Ni ti
tax levy for the year next succeeding the year
OF their issue. provided that the amount oI
such bonds which may Pc issued IN any or
tained shall not exceed on--tt1th y one per
centum % the assessed valuation OF me resi
estate ~ tssidl snct citi suh..et 20 -, ~
Nor ahaIl this section De confiFIei 70 pfs
vent the issue @, .orcs 70 pfotiI. I't IN,
supply Of water. + bGl the term y ne bon ~
Issued 90 provide for The .iTpy of waLeI. IN
exces. o. the limitation - Indebtedness h'ei
herein. shall no. exceed twenty lthIHl 'N'
sinkinr fund shsll le created on TIE issuing M
annually sGm which VIII Nince al amount
equal 10 The slm OF me prih''lti ,nn hielt-
~ faid bonds ~ their met .ltt.I Al Ger
tlacaies n Indebtedness or r-rerpc bonds e.
sued ir antlcipation ~ the collection % tlyes.
which are not retired within i've years til@r
Vide Tor The supply % water. and any debt
hereafter Incurred ly ary portion or par @.
Q ciy. 4 there shall tc any su'h ls9', shS ,,
city 70 becorio oiheiriso lndeyted; except
that dsbts Incurred ~ lihe ciiy " o rev loIsl
January. lnineicenl ORG lbo.sdrl nile hI Ii.-
dred and four, AMI debt. Incurred hy any city
Of the second class afirl the niit lak e'
d~ed ana EIGHT. aud dshff Incurred ay any
city OF the third class after tine inst cay of
January. tn'netesnl one ic0usGrd nIeo nun,
vater- shall not ~ 60 Included and .Icep'
further that any feht hereafter incurred ~
1 r1' cv'r.d or 20 he ownei by the city.
which -ia'ds 90 the city current net revenue.
after making any necessary allowance Ior re-
palrs and maintenance ior which the CITY Is
fable. In excess ~ the interest on lsaidl such
deht and " ne annual instulments necessary
for lis amortization may De exclut 30 as
er.aininr the power OF lsaifl such city 10
hscons Otherwise indebted. provided that
sinking furd FOR ~ amortization. nal have
. b.en .eta hl!shed and maintained and that the
t,dshtssress shall not BE So excluded during
NV n.riod ~ time when the revenue Gfore-
,sid shsu not be sufficient 20 equal 1.-THE said
s'.ch Interest and amortization instelfnents.
"a eycept further that any indebtedness
heretofore Incurred BY ~ city OF New York
for any rapid transit or nock inVes tment may
. r~oro-fiauafelg the extent