The American Jewish world., 1922-10-06
THE AMERICAN JEWISH WORLD

Railroad Bonds under what purports
to be an amendment to section 10 of
article 8 of the constitution. adopted
April Is, 1858, which is hereto ex-
plunged from the constitution, saving,
excepting and reserving to the state,
nevertheless, all rights. remedies and
forfeitnres aecrung 1,i9ea ,aTl. under said said
for the purpose of developing the agri-
cultural resources of the state, the
state may establish and maintain
loan money and extend credit to the
people of the state upon real estate
security in such manner and upon
prescribed by law, and to issue and
negotiate bonds to provide money to
be so loaned. The limit of indebted
ness contained in section of this ar
of this section, and the purposes for
which the credit of the state or the
aforesaid municipal subdivisions
sra1 Herein proyided oy stren are declared @ to be
The PURPOSE of said amendment is to
develop the agricultural re, resources Of tho
and credit Of the state to the people upon
real estate security.
.1s The EFEEcT ,iE; 7 ef q SAID n amenamens, y
ment of laws by the legislature for the
establishment and maintenance OF a sys-
tenn OF rural credits. The legislature will
Issuance and negotiation of bonds Of the
state to be loaned upon real estate secur-
lty to the people of the state, and will be
enabled to prescribe the terms and con-
dtions upon which such money may be
lent and such credit extended. There will
be no limit of indebtedness In this respect,
and the state will be enabled to issue and
negotiate as many bonds for this purpose
as 1t deems advisable.
PROPOSED AMENDMENT NO. TWO
Chapter 529 Session Laws of Minnesota
for the year 1921, proposes an amendment
to the constitution of the state of Mime
sofa by adding new section to article 8,
to be known as section LA, to read as fol-
lows:
Every person, co-partnership, COM
pany, joint stock company corpora
ton, or association, however or for
whatever purpose organized, engaged
in the business of mining or pro-
ducing iron ore or other ores in this
nesota an occupation tax on the val
uation Of all ores mined or produced,
which tax shall be in addition to all
to be due and payable from such per-
son, partnership, company, joint
stock company, corporal ton or asso-
citation however or for whatever pur-
calendar year next following the
mining or producing thereof. The. val
uation of ore for the purpose of de-
paid shall be ascertained in the man
ner and method provided by law.
Funds derived from the tax herein
provided for shall be apportioned; fif-
ty per cent to the state general rev.
enue fund, forty per cent to the per-
manent school fund and ten per cent
to the permanent university fund. The
legislature shall by law make the
necessary provisions for carrying out
the provisions of this section"
The PURPOSE of said amendment Is
to direct the legislature Of the state Of
Minnesota to impose and to keep In effect
an occupation tax upon those engaged In
the business Of mining or producing Iron
ore or other ores In this state, In addition
to other taxes imposed by law, at rate,
based upon the valuation Of the ore pro-
duced. to be determined by the legislature
and to provide for the proportionate dis
tribution Of such taxes to the general
revenue fund, the permanent school fund,
and the permanent university fund.
The EFFECT of the amendment, if
adopted, will be to direct the legislature
to impose and keep In effect such tax
upon those engaged In said business; and
to require that the proceeds of such tax
es shall he distributed In the manner
following, to-wit: fifty per cent to the
state general revenue fund, forty per cent
to the permanent school fund, and ten