The American Jewish world., 1922-10-13
THE AMERICAN JEWISH WORLD

: Railroad Bonds under what purports
to be an amendment to section. 10 Of
April Is. 1858, which is hereto ex-
plunged from the constitution, saving,
excepting and reserving to the state,
orfetures accrung lgnts under said
amendment. Provided, however, that
for the purpose of developing the agri-
cultural resources of the state, the
state may establish and maintain a
system of rural credits and thereby
loan. money and extend credit to the
people Of the state upon real estate
security in such manner and upon
such terms and conditions as may be
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
ticle shall not apply to the provisions
which the credit of the state or the
thereof may. be given or loaned as
herein provided are declared to be
public purposes"
The PURPOSE of said amendment Is to
develop the agricultural resources of the
state by authorizing the lending of money
and credit Of the state to the people upon
rea! be estats aFgeT sss4r'ty' ef said amendment
adopted, will be to authorize the enact
ment of laws by the legislature for the
establishment and maintenance OF sys...
be empowered to provide money by the
issuance and negotiation of bonds Of the
state to be loaned upon real estate secur-
enabled to ppeserlbe the terms and S eon
ditions upon which such money may be
lent and such credit extended. There will
be no o. limit Of indebtedness is M In this respect,
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
sofa by adding new section to article 9,
to be known as section LA, to read as fol-
lows: .:,, $500. = - o
pany, joint stock company, corpora
tion, or association, however or for
whatever purpose organized, engaged
in the business of mining or pro-
state, shall pay to the state of Min
nesota an occupation tax on the val
uation of all ores mined or produced,
other taxes provided by law, said tax
to be due and payable from such per-
son.. co-partnership, company, joint
stock company. corporation @ or asso-
pose organized, on May first of the
calendar year next following the
mining or producing thereof. The val
termining the amount of tax to be
paid shall be ascertained in the man
ner and method provided by law.
Funds derived from the tax herein
provided for shall be apportioned; if-
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 ls
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 proportlonate dis.
trIbution Of such taxes to the general
revenue fund, the permanent school fund,
and the permanent university fund.
The EFFECT Of the amendment, IL
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
to.wit: fifty per cent to the
state general revenue fund, forty per cent
to the permanent school fund, and ten
per cent to the permanent university
fund.