NUMBER 24. SEC. 1. The business of banking shall be free to all, on such terms and restrictions as the Legislature shall impose, in general laws, for such purposes, including the following principles, which shall be obligatory on all persons, associations, or corporations, acting under such general laws. SEC. 2. No bank shall receive directly or indirectly, any more interest than shall be allowed by law, to be secured by persons loaning individual money. SEC. 3. Some officer of the State shall register all bills or notes issued or put in circulation as money, and security shall be required for their redemption in specie, by stocks of the United States, of this State, or of other interest paying States at their market value, and not above par. SEC. 4. The billholders shall be entitled to reference of payment over all other creditors in case of insolvency. SEC. 5. The stockholders shall be individually responsible to an amount, equal to that of their respective shares of stock for all the debts or liabilities of every kind. SEC. 6. No authority shall be given sanctioning in any manner the suspension of specie payment. Which report was concurred in, And the reported sections were read a first time and passed to a second reading. Mr. Hamilton, from the committee on currency and banking, made the following minority report: MR. PRESIDENT: A minority of the com. ttee on currency and banking present, for the action of the Convention, the following section, to be added to the article reported by a majority of the committee, and to be numbered section : A. HAMILTON. -. NUMBER 3.-MINORITY. SEC. The Legislature may authorize the establishment of a new State bank with branches to go into operation, after the expiration of the present bank charter, under such regulations as may be provided by law. But in no case shall the State be a partner, or have any interest therein, or in any branch except as may be occasioned by the investment of any trust funds of the State therein as loans, and the safety of any funds sɔ invested shall be secured by the preference in payment in case of insolvency over the stocks of individuals in the bank. Mr. Hamilton, chairman of the committee on currency and banking, made the following report: MR. PRESIDENT: A majority of the committee on currency and banking present, for the consideration of the Convention, the following as a section to be incorporated in the article on banking : NUMBER 25. SEC. 1. The State shall not be a stockholder in any bank, after the expiration of the charter of the present State bank. Which report was concurred in, And the sections reported were read a first time and passed to a second reading. On motion of Mr. Borden, The members of the different committees were granted leave to submit as many minority reports as they should think proper. Mr. Hardin, from the committee on currency and banking, made the following minority report: MR. PRESIDENT : The undersigned, a minority of the committee on currency and banking, presents the following sections for the consideration of the Convention: FRANKLIN HARDIN. NUMBER 4.-MINORITY. SEC. -. The Legislature shall not have power to create, authorize, or incorporate, by any general or special law, any bank or banking power or privilege, or any institution or corporation, having any banking power or privilege whatever, except as provided in this article. -. SEC. The Legislature may submit to the voters, at any general election, the question of "bank or no bank," and if at any such election, a number of votes, equal to a majority of all the votes cast at such election on that subject shall be in favor of banks, then the Legislature shall have power to grant bank charters, or to pass a general banking law, with such restrictions and under such regulations, as they may deem expedient and proper for the security of the billholders: Provided, That no such grant or law shall have any force or effect, until the same shall have been submitted to a vote of the electors of the State at some general election, and been approved by a majority of the votes cast on that subject, at such election. Mr. Dunn, from the committee on currency and banking, made following minority report: MR. PRESIDENT: The undersigned, two of the committee on currency and banl ing, beg leave to submit the following report: NUMBER 5 JOHN P. DUNN, ARTICLE. SECTION There shall not be established or incorporated in this State any bank or banking company, or moneyed institution for the purpose of issuing bills of credit or bills payable to order or bearer: Provided, that nothing herein contained shall be so construed as to prevent the General Assembly, at any time after the adoption of this Constitution, from establishing a State Bank and branches at such place as the dicectors of the State Bank may direct: And provided, that the capital stock of said State Bank and branches shall not exceed the sum of three millions of dollars: And provided also, that the capital stock of said Bank and branches shall be paid in specie by the stockholders of the same. SEC. Any Bank established ander this article shall not, either directly or indirectly, charge or receive any more interest for moneys loaned than the law of this State, for the time being, shall allow individual citizens to charge or receive. -. SEC. The stockholders in any Bank or branch established under this article, shall be liable to be taxed on their stock at the same rate that other property is taxed for State, county, township, and corporation purposes. SEC. The Legislature shall not have power to grant or approve of a suspension of specie payment by any Bank or branch established under this article. SEC. The State shall be bound for the ultimate redemption of all bills or notes issued by any Bank or branch established under this article: Provided, however, that no act of incorporation passed by the Legislature, in pursuance with the provisions of this article, shall go into effect until the same shall have been submitted to the qualified voters of this State, at a general election, and shall have received the approval of a majority of the votes cast. SEC. Any State Bank and branches established under this article, shall annually pay over to the Treasurer of State one-half of one per cent. on the capital stock of the same, which is herc set apart as a common school fund, to be applied under direction of the Legislature, for the use of common schools. SEC. -. The branches of any Bank established under this article, shall be mutually bound for each other's liabilities. SEC. The Legislature shall provide, in the charter of any Bank established under this article, a supervisory control of the same. SEC. -. The Legislature shall not have power to extend the charter of the present State Bank, nor allow it any more privileges than it now possesses and enjoys. SEC. In no Bank or branch established under this article, shall the State, either directly or indirectly, be a stockholder. SEC. Every stockholder of said State Bank, or of any of the branches thereof, shall be individually liable for all debts contracted by said Bank, or any of the branches, during the time he shall be such stockholder, to an amount equal to the stock owned by him at the time any such debt may have been contracted. Mr. Murray, from the select committee on homestead exemption, made the following report: MR. PRESIDENT: The select committee, to whom was referred the resolutions on the subject of homestead exemption, have had the same under consideration and now report back the resolutions, recommending that they lie on the table. A majority of the Convention have also instructed me to report the accompanying article for the action of the Convention. NUMBER 26. SECTION 1. The homestead owned by any person, the head of a family in this State, to consist of land or town property not less in value than $500, shall be exempted from seizure and sale by any legal process whatever, for any debt contracted after the adoption of this Constitution: Provided, that such exemption shall not affect, in any manner, any mechanic's lien, or any mortgage thereon lawfully obtained; but such mortgage or other alienation of land by the owner thereof, if a married man, shall not be valid without the signature of his wife. SEC. 2. The Legislature shall, in addition to the present exemption of personal property, add to it, in the case of those persons who are not land holders, such additional amount in value of mechanics' tools, farming utensils, and other personal property, necessary to the business or support of such persons as the said Legislature may deem expedient and equitable. SEC. 3. The Legislature shall pass such laws as are necessary to carry into effect all the provisions of this article. Which report was concurred in, And the reported sections were read a first time and passed to a second reading. Mr. Hovey, from the select committee on homestead exemption, made the following minority report: MR. PRESIDENT: The minority of the select committee, to whom was referred the subject of the homestead, have had that subject under consideration, and beg leave to make the following report. That it is inexpedient to engraft untried principles into the organic law of the State, and that more especially, where the experiment can be much more readily and safely made by the legislative department. That it is both unwise and impolitic to distinguish between those who own or may own lands, and those who have personal estate; and that if the exempting principle is established at all, it should be upon the broad basis of equality. The minority of said committee are of the opinion that a healthy credit system is one of the greatest blessings that the citizens of this State can enjoy; and are fearful that the sections reported by the majority of said committee, if adopted, would materially injure if not destroy that system. ALVIN P. HOVEY, ORDERS OF THE DAY. On motion of Mr. Bascom, The reported sections No. 1 was taken from the table. Mr. Chandler then moved, in accordance with the notice given by him on yesterday, a reconsideration of the vote taken upon striking out the word "two" in the second line of the first section, and inserting the word "four." Which was decided in the affirmative. The question then being upon striking out the word "two" in the second line of the first section, and inserting the word "four." Which was decided in the negative. The question being upon the recommitting of reported sections |