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vote of the people shall be taken upon the same; and provision shall be made, at the time, for the payment of the interest annually, as it shall accrue, by a tax levied for the purpose, or from other sources of revenue ; wbich law, providing for the payment of such interest by such tax, shall be irrepealable until such debt be paid ; And provided further, that the law levying the tax shall be submitted to the people with the law authorizing the debt to be contracted.
Section 38. The credit of the state shall not, in any manner, be given to, or in aid of, any individual, association or corporation.
OH10.-Section 1. The State may contract debts to supply casual deficits or failures in revenues, or to meet expenses not otherwise provided for, but the aggregate amount of such debts, direct and contingent, whether contracted by virtue of one or more acts of the General Assembly, or at different periods of time, shall never exceed seven hundred and fifty thousand dollars, and the money arising from the creation of such debts shall be applied 10 the purpose for which it was obtained, or to re-pay the debts so contracted, and for no other purpose whatever.
Section 4. The credit of the stute shall not in any manner be given, or loaned lo, or in aid of, any individual, association or corporation whatever, por shall the state ever hereafter become a joint owner or stockholder in any company or association, in this State or elsewhere, formed for any purpose whatever.
:- The Legislature shall not, in any manner, create any debt or debts, liability or liabilities of the state, which shall singly, or in the aggregate, with any previous debt or liabilities, exceed $100,000, except for purposes of war, or to repel invasion, or to suppress insurrec ion, unless the same shall be authorized by law, for some single object or work to be distinctly specified therein; which law shall provide the ways and means, exclusive of loans, to pay the interest of such debt or liability as it falls due; and also to pay and discharge the principıl of such debt or liability within thirty-five years from the time of contracting thereof, and shall be irrepealable until such debt or liability, and the interest thereon, are fully paid and discharged: and no such law shall take effect until it shall, at a general election, have been submitted to the people, and have received the sanction of a majority of all the votes cast for and against it at such election ; and all money to be raised, by the authority of such law, shall be applied only to the specific object stated therein, and to the payment of the debt thereby created. This section shall not be construed to refer to any money that has been or may be deposited with this state by the government of the United States."
“ The credit of the state cannot be loaned, directly or indirectly, in any case."
Louisiana. _" The Legislature shall not pledge the faith of the state for the payment of any bonds, bills, or other contracts or obligations, for the benefit or use of any person or persons, corporation or body politic whatever. But the state shall have the right to issue new bonds in payment of its outstanding obligations or liabilities, whether due or not; the said new bonds, however, are not to be issued for a larger amount, or at a higher rate of interest than the original obligations they are intended to replace.
The aggregate amount of debts hereafter contracted by the Legislature, shall never exceed the sum of one hundred thousand dollars, except in case of war, to repel invasions, or suppress insurrections, unless the same be authorized by some law, for some single object or work, to be distinctly specified therein ; which law shall provide ways and means by taxation, for the payment of running interest during the whole time for which said debt shall be contracted, and for the full and punctual discharge, at maturity, of the capital borrowed : and said law shall be irrepealable until principal and interest are fully paid and discharged, and shall not be put into execution until after its enactinents by the first Legislature, returned by u general election, after its passage.”
“ The state shall not become a subscriber to the stock of any corporation or joint stock company."
Texas.—The aggregate amount of debts hereafter contracted by the Legis lature, shall never exceed the sum of one hundred thousand dollars, except in case of war, to repel invasions, or suppress insurrections. And in no case shall any amount be borrowed except by a vote of two-thirds of both houses of the Legislature.”
MISSOURI.--" The General Assembly shall have no power to pass any law whereby any debl shall be created, that shall cuuse the entire indebledness of the state, contracted under this Constitution, to exceed at any one time, twenty-fivc Thousand dollars, except in case of war, insurrection or invasion.”
MARYLAND.—" Section 22. No debt shall herecfter be contracted by the Legislature, unless such debt shall be authorized by a law providing for the collection of an annual tax or taxes sufficient to pay the interest on such debt as it falls due, and to discharge the principal thereof within fifteen years from the time of contracting the same, and the taxes laid for this purpose shall not be repealed or applied to any other object until the said debt and the interest thereon shall be fully discharged, and the amount of debts so contracted and remaining un paid shall never exceed one hundred thousand dollars. The credit of the state shall not, in any manner, be given or loaned to or in aid of any individual, association or corporation, nor shall the General Assembly have the power, in any mode, to involve the state in the construction of works of internal improvement, or in any enterprise which shall involve the faith or credit of the state, or make any appropriations therefor. And they shall not use or appropriate the proceeds of the internal improvement companies, or of the state tax now levied, or which may hereafter be levied, to pay off the public debt, to any other purpose, until the interest and debt are fully paid. or the sinking fund shall be equal to the amount of the outstanding debt; but the Legislature may, without laying a tax, borrow an amount never to exceed fifty thousand dollars, to meet temporary deficiencies in the treasury, and may contract debts to any amount that may be necessary for the defence of the state.”
INDIANA.— Section 1. No act of the General Assembly shall authorize any debt to be contracted on behalf of the state, except to meet casual deficits in the revenue for the purpose of paying the interest on the state debt, to repel invasion, suppress insurrection, or, if hostilities are threatened, provide for the public defence.”
Iowa.--" The General Assembly shall not, in any manner, create debts, liability or liabilities, which shall, singly or in the aggregate, with any previous debts or liabilities, ex'eed the sum of one hundred thousand dollars." The clause concluding in the same words as those of California.
Wisconsin.-Same provisions as Jowa.
No matter what may have been the views of the people in relation to other constitutional provisions, there was no disagreement in relation to this matter of debt. All the legislations have been deprived absolutely of all discretionary power in the matter; and yet the Governor of NewYork, in his last message, when advising an evasion of the constitution of this state, announced that the debt-restraining clause was passed by the people because the other provisions of the constitution were too desirable to be delayed on account of that clause. It is to be feared that the political jobbers and their speculative backers may succeed in other states, as in New York, in evading or disregarding the provisions of their respective constitutions; but it is to be hoped that, at the first opportunity, an unmistakable expression of public opinion will promptly warn the jobbers that the behests of the people, as laid now down in the organic law, may not be disregarded with impunity.
The patronage which flows from the power to contract debts, and em. bark in the construction of public works, has thus, by the universal voice of the freemen of all the states, expressed in large majorities, been cut off. Not less has been the decisive mandate in relation to the granting of charters, and the restricting of the liability of corporate capital. The general principle of permitting capital to associate for the prosecution of any undertaking, without the trouble and expense of a special charter, by simply complying with certain forms laid down in general laws, is everywhere acknowledged; but, in nearly all the states, the justice of the individual liability of the stock-holders is admitted. We append here the constitutional provisions in relation to corporations, and it will be observed that they are particularly pointed at banking institutions :
CONSTITUTIONAL RESTRAINTS UPON CORPORATIONS. New JERSEY.—The assent of three-fifths of the members elected to ench house, is required, for granting, altering, continuing and renewing any bank charter or money corporation, and all such charters are limited to a term not exceeding twenty-one years.
LOUISIANA:-No corporate body shall be hereafter created, renewed, or ertended, with banking or discounling privileges.
Texas.-No corporate body shall hereafter be created, renewed, or extended, with banking or discounting privileges.
No private corporation shall be created, unless the bill creating it shall be passed by two-lhirds of both houses of the legislature; and two-thirds of the legislature shall have power to revoke and repeal all private corporations, by making compensation for the franchise. And the state shall not be part owner of the stock or property belonging to any corporalion.
Missouri.—No corporation, except for political or municipal purposes, or for the purposes of education or charity, shall be created, unless the bill creatiog the same shall contain a provision that the charter of such corporation may be re. pealed and annulled by a majority of both Houses of the General Assembly. And the stock-holders in all private corporations, except corporations for the purposes of education and of charity, shall be responsible, in their individual and private capacity, for all debts and linbilities of every kind incurred by such incorporation. Nor shall any corporation be created for a longer period than twenty years; and no corporation shall exercise any privileges prohibited in the preceding section. And the state shall not be pari owner of the stock or property belonging to any corporation. Nor shall the common school or seminary funds, nor any other funds or moneys which the state may, at any time, hold in trust for the citizens of this state, be placed in, or loaned to any bank, or other incorporated institution.
The legislature shall prohibit, by law, individuals and corporations, except the Bank of the State of Missouri, and its brauches, from issuing bills, checks, tickets, promissory notes, or other paper, to circulate as money.
MICHIGAN.—Corporations.--Corporations may be formed under general
laws, but shall not be created by special act, except for municipal purposes.
No banking law, or law for banking purposes, or amendments tkereof, shall bave effect until the same shall, after its passage, be submitted to a vote of the electors of the state, at a general election, and be approved by a inajority of the votes cast thereon at such election.
The officers and stockholders of banks issuing notes shall be individually liable, and all banks shall deposit State or U. S. stocks as security for the redemption of their notes.
In case of the insolvency of any bank or banking associntion, the bill-holders thereof shall be entitled to preference in payınent, over all other creditors of such bank or association.
The legislature shall pass no law authorizing or sanctioning the suspension of specie payments by any person, association or corporation,
Stock holders of all corporations and joint-stock associations shall be individunlly liable for all labor performed for such corporation or association.
No corporation, except for municipal purposes. or for the construction of railroads, plank-roads, or canals, shall be created for a longer time than thirty years.
Oh10.-Sec. 1. The General Assembly shall pass no special act conferring corporate powers.
Sec. 2. Corporations may be formed under general laws, but all such laws may, from time to time, be altered or repealed.
Scc. 3 Dues from corporations shall be secured by such individual liability of the stock-holders, and other means, as may be prescribed by law, but, in all cases, each stock-holder shall be liable, over and above the stock by him or her owned, and any amount unpaid thereon, to a further sum, at least equal in amount to such stock.
Sec. 4. The property of corporations now existing, or hereafter created, shall for ever be subject to taxation, the same as the property of individuals.
Sec. 7. No act of the General Assembly, authorizing associations with banking powers, shall take effect, until it siiall be submitted to the people, at the general election next succeeding the passnge thereof, and be approved by a majority of uli the electors voting at such election.
INDIASA.—Corporations. Scc. 1. The General Assembly sball not have power 10 esiablish or incorporate, 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, except under the conditions prescribed in this constitution.
Sec. 2. No batiks shall be established oiberwise than under a general banking law. except as provided in the fourth section of this article.
Sec. 3. If the General Assembly shall ennct a general banking law, such law shall provide for the registry and countersigning by an officer of state of all paper credit designed to be circulated as morey, on omple collateral secority, readily convertible into specie, for the redemption of the same in gold and silver, shall be required, which collateral security shall be under the control of the proper officer or officers of state.
Sec. 4. The General Assembly may also charter a bank with branches, without collateral security, as required in the preceding section.
Sec. 5. If the General Assembly shall establish a bank with branches, the branches shall be mutually responsible for each other's liabilities upon all paper credit issuell as money.
Sec. 8. The stock - holders in every hack or banking company shall be individually responsible to an ainount, over and above their stock, equal to their respective shares of stock, for all debts or liabilities of the said bank or banking company.
Sec. 11. Every bank or banking company shall be required to cease all banking operations within twenty years from the date of its organization, and promptly thereafter to close its business.
Sec. 12. The state shall not be a stock-holder in any bank after the expiration of the present bank charter, nor shall the credit of this state ever be given or loaned in aid of any person, association, or corporation; nor shall the state hereafter become a stock-holder in any corporation or association.
Sec. 13. Corporations other than banking shall not be created by special act, but may be formed under general laws.
CALIFORNIA.-Section 31. “ Corporations may be formed under general laws, but shall not be created by special act, except for municipal purposes. general laws and special acts passed pursuant to this section may be altered from time to time, or repealed.
Section 32. Dues from corporations shall be secured by such individual liability of the corporators, and other means, as may be prescribed by law.
Scclion 33. The term corporations, as used in this article, shall be construed to include all associations and joint stock companies having any of the powers or privileges of corporations, not possessed by individuals or partnerships. And all corporations shall have the right to sue, and shall be subject to be sued, in all courts, in like casos as natural persons.
Section 34. “ The Legislature shall bave no power to pass any act granting any charter for banking purposes; but associations may be formed under general laws for the deposit of gold and silver. But no such association shall make, issue, or put in circulation any bill, check, ticket, certificate, promissory note, or other paper, or the paper of any bank, to circulate as money.
Section 35. " The Legislature of this state shall prohibit by law, any person or persons, association, company or corporation, from exercising the privileges of banking or creating paper to circulate as money.
Section 36. " Each stockholder of a corporation or joint stock association shall be individually and personally liable for his proportion of all its debts and liabilities."
MARYLAND.-Section 45. “ The Legislature hereafter shall grant no charter for banking purposes, or renew'any backing corporation now in existence, except upon the condition that the stockholders and directors shall be liable to the amount of their respective share or shares of stock in such banking institution for all its debts and liabilities upon note, bill or otherwise ; and upon the further condition that no director or other officer of said corporation shall borrow any money from said corporation; and if any director or other officer shall be convicted upon indictment of directly or indirectly violating this article, he shall be punished by fine or imprisonment at the discretion of the court. All banks shall be open to inspection of their books, papers and accounts, un:ler such regulations as may be prescribed by law.
Section 47. “ Corporations may be formed under general laws, but shall not be created by special act, except for municipal purposes, and in cases where, in the judgment of the Legislature, the object of the corporation cannot be attuined under general laws. All laws and special acts pursuant to this section may be altered from time to time, or repealed; provided nothing herein contained shall be construed to alter, change or amend in any manne: the article in relation to bapks."
ILLINOIS.-Section 1. " Corporations, not possessing banking powers or privileges, may be formed under general laws, but shall not be created by special acts, except for inunicipal purposes, and, in cases where, in tho judgment of the general assembly, the objects of the corporation cannot be attained under general laws.
Section 2. “Dues from corporations, not possessing banking powers or privi