Wednesday] CLARKE. become a stock-holder in any banking corporation, directly or indirectly, nor in any other corpcration or corporations, to an amount exceeding, at one time, two hundred thousand dollars, provided that the same does not exceed five per cent. upon the taxable property of such corporation, as shown by the last preceding assessment." The amendment was rejected; yeas 7, nays 25, as follows: [February 11th Basis of General Banking. The next amendment was in section seven, to insert the words "twenty per cent. below," so that the section will read "If a general banking law is passed, it shall provide, amongst other things, for the registry and countersigning, by an officer of the State, of all bills, or paper credit designed to circulate as money, and require security to the full amount thereof, to be deposited with the State Treasurer, in United States stocks, or in interest Yeas.-Messrs. Clark, of Alamakee, Harris, Skiff, Traer, Warren, Wilson and Young. Nays.-The President, Messrs. Ayres, Bunker, Clarke, of Henry, Clarke, of Johnson, Day, Ed-ing, to be rated at twenty per cent. below their wards, Ells, Gibson, Gillaspy, Gower, Gray, Hall, Johnston, Marvin, Palmer, Parvin, Patterson, Peters, Price, Robinson, Scott, Seely, Solomon and Winchester. Mr. CLARKE, of Johnson. I move to amend by inserting after the word "indirectly," the following: "But such corporations may become stockholders in corporations for works of internal improvement within the State, upon a vote of the citizens of such municipal corporations, under such restrictions, as to the mode and amount of subscription, as the General Assembly may prescribe." The PRESIDENT. The chair would remark, that the amendment would not be in order, as it is an amendment to the amendment made in Committee of the Whole. The question then recurred upon agreeing to the amendment made in Committee of the Whole to section four, which was to strike out all after the word "indirectly," so that the section would read "No political or municipal corporation shall become a stock-holder in any banking corporation, directly or indirectly." The question was then taken by yeas and nays, and the amendment was concurred in; yeas 30, nays 2, as follows: Yeas.-The President, Messrs. Ayres, Bunker, Clarke, of Johnson, Day, Edwards, Ells. Gibson, Gillaspy, Gower, Gray, Hall, Harris, Johnston, Marvin, Palmer, Parvin, Patterson, Peters, Price, Robinson, Scott, Seely, Skiff, Solomon, Traer, Warren, Wilson, Winchester and Young. Nays. Messrs. Clarke, of Henry and Clark, of Alamakee. The next amendment reported by the Committee of the Whole, was to strike out in the fifth section the words "as far as possible," so that the section would then read "It shall be the duty of the General Assembly to provide by law for the restraint of municipal and political corporations in regard to assessments, taxations, borrowing money, contracting debts, issuing bonds, and loaning their credit, so as to prevent unnecessary burdens, and unjust taxation and frauds." The question was then taken, and the amendment was concurred in. paying stocks of States in good credit and standthirty days next preceding their deposit; and average value in the city of New York, for the all stock-holders in such corporations, the also provide for the recording of the names of amount of stock held by each, the time of any transfer, and to whom." The question was taken, and the amendment. was concurred in. Liability of Stockholders. The next amendment was in section eight, to insert after the word "liabilities" the words"Created during the time, that the person sought to be charged was a stock-holder in said banking corporation." So that the section will read "Every stock-holder in a banking corporation, or institution, shall be individually responsible and liable to its creditors, over and above the amount of stock by him or her held, to an amount equal to his or her respective shares so held, for all of its liabilities created during the time that the person sought to be charged was a stockholder in such banking corporation." The question was taken, and the amendment was concurred in. State Bank. The next amendment was to add the following to section nine- or on stocks as authorized by the seventh section, or on both." So that the section would read "The General Assembly may also charter a State bank, with branches to be founded upon an actual specie basis, or on stocks as authorized by the seventh section, or on both." The question was taken, and the amendment was concurred in. The next amendment was in section ten, to strike out all after the word "money," so that the section would read "If such a State bank be established, the branches shall be mutually responsible for each others liabilities upon all paper credit issued as money." The question was taken, and the amendment was concurred in. Frauds in Banking. The next amendment was to add to section eleven the following: "And all frauds, that may be committed by persons having the management and control of any bank or banks, established under this article, which shall materially affect the credit of said bank or banks, shall be punished as felony; and it shall be the duty of the General Assembly to provide by law for such punishment." So that the section would read "It shall be the duty of the General Assembly, in case of its passing either or both of the banking laws herein provided, to provide also such other restrictions, and fix such other liabilities, and adopt such other guards and checks as shall be conducive to prevent frauds on the part of banking institutions, its officers and directors, and to secure to the people of this State a safe and reliable currency; and all frauds, that may be committed by persons having the management and control of any bank or banks, established under this article, which shall materially affect the credit of said bank or banks, shall be punished as felony; and it shall be the duty of the General Assembly to provide by law for such punishment." Mr. CLARKE, of Henry. I would offer the following substitute for the amendment : [February 11th Only Banks to Issue Paper Currency. The next amendment reported by the Committee of the Whole was the following substitute for section fifteen : "Any person, or body of persons, who shall issue for circulation as money, any bill, or other evidence of debt, without the authority of law, shall be deemed guilty of felony, and punished as may be provided by law.” The question was then taken, and the amendment was concurred in; yeas 18, nays 14, as follows: Yeas.-Messrs. Bunker, Clarke, of Johnson, Day, Edwards, Ells, Gibson, Gillaspy, Gower, Hall, Harris, Johnston, Marvin, Patterson, Peters, Price, Robinson, Scott and Young. Nays-The President, Messrs. Ayres, Clark of Alamakee, Clarke of Henry, Gray, Palmer, Parvin, Seely, Skiff, Solomon, Traer, Warren, Wilson and Winchester. Submission of Banking Laws to the People. The next amendment was in section sixteen, to insert after the word "law" in the third line, "And to this end the General Assemby shall" to be held not less than three months after the provide laws, defining the offences, with suitable passage of the law." pains and penalties for the punishment of such frauds." I do not think, that it is proper, in the constitution, to define offences, and so I offer this as a substitute for the amendment of the gentleman from Des Moines. The question was then taken, by yeas and nays, and the amendment was not agreed to; yeas 9, nays 22. Yeas. The President, Messrs. Clark, of Alamakee, Clarke, of Henry, Gray, Marvin, Scott, Seely, Traer, and Warren. Nays.-Messrs. Ayres, Bunker, Clarke, of Johnson, Day, Edwards, Gibson, Gillaspy, Gower, Hall, Harris, Johnston, Palmer, Parvin, Patterson, Peters, Price, Robinson, Skiff, Solomon, Wilson, Winchester and Young. The question now recurred upon agreeing to the amendment made by the Committee of the Whole. So that the section would read: "But no general banking law, nor law creating a State bank, nor shall amendments thereto or acts in repeal thercof, take effect until the same shall have been submitted, separately to the people, at a general or special election, to be held not less than three months after the passage of the law, and shall have been approved by a majority of all the voters voting for and against it." The question was taken, and the amendment concurred in. Repeal of Acts of Incorperation. The next amendment was in section seventeen, to insert between the words "special,” and “privileges," the words "or exclusive" and to strike out the words: "the House of Representatives and also the Senate," so that the section would read: Mr. WINCHESTER. Permit me here to say, "Subject to the provisions of this article, the Mr. President, that I shall vote against this General Assembly shall have power to amend or amendment, and all similar ones, because I do repeal all laws for the organization or creation not believe in the incorporation of so much leg-of corporations, or granting of special or exislation into our constitution. The question was then taken, by yeas and nays, upon concurring in the amendment of the Committee of the Whole, and it was not concurred in; yeas 16, nays 16, as follows: Yeas.-Messrs. Ayres, Bunker, Clarke, of Johnson, Day, Gibson, Gillaspy, Hall, Harris, Johnston, Marvin, Palmer, Patterson, Peters, Price, Robinson and Solomon. Nays.-The President, Messrs. Clark, of Alamakee, Clarke, of Henry, Edwards, Ells, Gower, Gray, Parvin, Scott, Seely, Skiff, Traer, Warren, Wilson, Winchester and Young. clusive privileges or immunities by vote of two thirds of each branch of the General Assembly; and no exclusive privileges, except in this article provided, shall ever be granted." The question was taken and the amendment was concurred in. Miscellaneous. The next amendment was to strike out the whole of section nineteen, which reads as follows: "Private property shall not be taken by corporations for their use or benefit without com Wednesday] CLARKE-GILLASPY--EDWARDS-YOUNG-TRAER. [February 11th pensating the owner for the actual damage re- gentleman has moved this substitute, for while sulting to him or her in the taking or manner thereof." The question was taken and the amendment concurred in. The PRESIDENT. The amendments made in Committee of the Whole have been all acted upon; and amendments to any part of the report are now in order. City and County Indebtedness. Mr. CLARKE of Johnson. I desire to offer the following as a substitute for section four: "SEC. 4. No political or municipal corporation shall become a stockholder in any banking corporation, directly or indirectly; but such corporations may become stockholders in corporations for internal improvements within the State, upon a vote of the citizens of such municipal corporations, under such restrictions as to the mode and amount of subscriptions as the General Assembly may prescribe." Mr. GILLASPY. I desire to say, in explanation of the vote I shall give, that I shall vote for the proposition of the gentleman from Johnson, believing that it comes nearer what I desire than any thing else I shall get upon this subject. The question was then taken by yeas and nays, and the amendment was agreed to; yeas, 13, nays, 19, as follows: Yeas: Messrs. Bunker, Clarke of Johnson, Edwards, Gibson, Gillaspy, Gower, Harris, Marvin, Peters, Scott, Seely, Winchester and Young. Nays The President, Messrs. Ayres, Clark of Alamakee, Clarke of Henry, Day, Ells, Gray, Hall, Johnston, Palmer, Parvin, Patterson, Price, Robinson, Skiff, Solomon, Traer, Warren and Wilson. Mr. CLARKE of Henry. I move to amend section four by striking out all after the word "indirectly," where it first occurs and inserting as follows: I would be very glad to take his proposition, if I could get nothing else, I would prefer to have my proposition have the first chance, and let his come in afterwards. Mr. EDWARDS. We have had a vote already upon it. Mr. CLARKE of Henry. I do not consider that a test vote for this reason: gentlemen told me afterwards, that the reason they voted against it, was, that they were in hopes to have aan entire restriction put upon this matter. The question was upon the amendment to the amendment. Upon this question Mr. EDWARDS called for the yeas and nays, and they were ordered accordingly. The question being then taken, by yeas and nays, upon the amendment to the amendment, it was not adopted; yeas 10, nays 22, as follows: Yeas: Bunker, Clarke of Johnson, Edwards, Gibson, Gower, Harris, Marvin, Peters, Seely and Traer. Nays: The President, Messrs. Ayers, Clark of Alamakee, Clark of Henry, Day, Ells, Gillaspy, Gray, Hall, Johnston, Palmer, Parvin, Patterson, Price, Robinson, Scott, Skiff, Solomon, Warren, Wilson, Winchester and Young. The question recurred upon the amendment of Mr. Clarke, of Henry. Mr. YOUNG. We have had one vote upon a proposition similar to this, and it was voted down by a large vote. I am myself in favor of the principle of this proposition. I move to amend the latter part of the amendment by striking out the word " five," and inserting the word "eight," so that it will read: "to an amount in the aggregate, exeeeding eight per cent. on the taxable property, &c." Mr. TRAER called for a division of the question, which was ordered. The question was then taken upon striking out the word "five" and upon a division it was agreed to, ayes 13, noes, 11. Mr. CLARKE, of Johnson, moved to fill the blank with the word "eight." Upon this question the yeas and nays were called, and ordered accordingly. The question being then taken, by yeas and nays, upon filling the blank with the word "eight," it was not agreed to; yeas 13, nays 19, as follows: "Nor shall the bonds, or other evidences of debt, of any municipal or political corporation be given or granted, or its credit loaned, directly or indirectly, or pledged as security, for the benefit of any banking corporation; nor for any other corporation or purpose whatever, to an amount in the aggregate exceeding two hundred thousand dollars; but no municipal or political corporation shall give bonds or become indebted Yeas-The President, Messrs. Bunker, Clarke, in any manner, to an amount exceeding in the of Johnson, Edwards, Ells, Gibson, Gower, Maraggregate five per cent. on the value of the tax-vin, Peters, Scott, Seely, Skiff and Traer. able property within the limits of such corporation, which value shall be ascertained from the last state and county tax lists." Mr. EDWARDS. I move as a substitute for the amendment of the gentleman from Henry, (Mr. Clarke) the following: "But such incorporation shall be allowed to take stock in aid of works of internal improvement to an amount not exceeding ten per cent. upon the taxable property of such corporation by the last assessment lists." Mr. CLARKE of Henry. I am sorry that the Nays-Messrs. Ayres, Clarke, of Henry, Clark, of Alamakee, Day, Gillaspy, Gray, Hall, Harris, Johnston, Palmer, Parvin, Patterson, Price, Robinson, Solomon, Warren, Wilson, Winchester and Young. Mr. YOUNG moved to fill the biank with the word "seven." Upon this question the yeas and nays were ordered, and being taken, the motion was not agreed to; yeas 15, nays 17, as follows: Yeas-The President, Messrs. Bunker, Clarke, of Johnson, Ells, Gibson, Gower, Harris, Mar Wednesday] WILSON-HALL-CLARKE-EDWARDS-TRAER-HARRIS-GIBSON. [February 11th vin, Peters, Scott, Seely, Skiff, Traer, Warren in the amendment of Mr. Clarke, of Henry, the and Young. blank being caused by striking out the word "five." Nays-Messrs. Ayres, Clarke, of Henry, Clark, of Alamakee, Day, Edwards, Gillaspy, Gray, Hall, Johnston, Palmer, Parvin, Patterson, Price, Robinson, Solomon, Wilson and Winchester. Mr. WILSON moved to fill the blank with the word "six." Mr. HALL moved to lay the amendment upon the table. Not agreed to. The question was then taken, by yeas and nays, upon the motion to fill the blank with the word "six," and it was not agreed to: yeas 16, nays 16, as follows: Yeas-The President, Messrs. Bunker, Clarke, of Henry, Clarke, of Johnson, Clark, of Alamakee, Ells, Gibson, Gower, Harris, Marvin, Scott, Skiff, Traer, Warren, Wilson and Young. Nays-Messrs. Ayres, Day, Edwards, Gillaspy, Gray, Hall, Johnston, Palmer, Parvin, Pat. terson, Peters, Price, Robinson, Seely, Solomon and Winchester. Mr. CLARKE, of Johnson, moved a call of the Convention, which was ordered. The following members answered to their names: The President, Messrs. Ayres, Bunker, Clarke, of Henry, Clark, of Alamakee, Clarke, of Johnson, Day, Edwards. Ells, Gibson, Gillaspy, Gower, Gray, Hall, Harris, Johnston, Marvin, Palmer, Parvin, Patterson, Peters, Price, Robinson, Scott, Seely, Skiff, Solomon, Traer, Warren, Wilson, Winchester and Young. The following were the absentees: Messrs. Cotton, Emerson, Hollingsworth and Todhunter. The PRESIDENT stated that Mr. Cotton was absent under leave. On motion of Mr. PARVIN, Mr. TODHUNTER was excused on account of sickness. Mr. MARVIN moved to lay the amendment on the table, which was not agreed to. Mr. CLARK, of Alamakee, moved to fill the blank with the word "four." Mr. EDWARDS. I desire to give my reasons why I shall vote against this proposition. I regard it as unjust and not equitable. It is a proposition calculated to break down the new counties, for the benefit of the old, wealthy, and populous counties. I think a proposition to confine the wealthy and populous counties to the same amount as the new counties, is not just, and I will vote against it. The question being taken upon filling the blank with the word "four," it was not agreed to. Mr. CLARKE, of Henry. I voted in the majority to strike out the word "five." As there seems to be difficulty in filling the blank with any other number, I move to reconsider the vote by which that word was stricken out. Upon this question the yeas and nays were ordered. Mr. WILSON was excused from voting, hav-. ing paired off with Mr. Solomon. The question being then taken, by yeas and nays, upon the motion to reconsider, it was not agreed to; yeas 9, nays 21, as follows: Yeas-The President, Messrs. Clark, of Alamakee, Clarke, of Henry, Ells, Gray, Marvin, Scott, Skiff and Warren. Nays-Messrs. Ayres, Bunker, Clarke, of Johnson, Day, Edwards, Gibson, Gillaspy, Gower, Hall, Harris, Johnston, Palmer, Parvin, Patterson, Peters, Price, Robinson, Seely, Traer, Winchester and Young. The question recurred upon filling the blank. Mr. GIBSON. I move to fill the blank with Mr. EDWARDS moved that Mr. Emerson be the word "eleven." The reason why I make excused on account of sickness. this motion, is this: I am opposed to any re Mr. CLARKE, of Henry, moved that Mr. Hol-striction in this matter. I believe it would be lingsworth be excused on account of sickness. Mr. CLARK, of Alamakee. Mr. Emerson is able to attend the Convention if necessary. Mr. PETERS. I know that Mr. Emerson does not consider himself able to be here, as he has been indisposed for two or three days. Mr. HARRIS. I met Mr. Hollingsworth on the street as I was coming up here, and I asked him if he would be here to-day. He said he was not able to come, and was out only to try his strength, perfectly safe with the people of the counties. I voted against having any restriction, and I have uniformly voted for the highest number that has been proposed. I voted for striking out the word "five," as it was a restriction. I have voted for all the numbers from "ten" down to "six." It has been decided here that there shall be a restriction, and I want the highest number put in here that we can get. I believe there are some members upon this floor who have voted against each number proposed here, because they are opposed to any restriction at all. I do not propose this number Em-"eleven" because I believe the citizens of all the counties would desire to take stock to the amount of eleven per cent. But I desire to give them an opportunity to take that amount, if they desire, or any proportion under, that they may think proper to take. Mr. TRAER. Mr. Hollingsworth told me he would try and come if it was necessary. Mr. CLARKE, of Henry. I suppose Mr. erson and Mr. Hollingsworth would both come if it was necessary for them to be here. Mr. CLARK, of Alamakee. Mr. Emerson told me he would come if it was important that he should be here. The question being then taken upon excusing Messrs. Emerson and Hollingsworth, it was agreed to. The question recurred upon filling the blank Mr. SCOTT. I am not in favor of throwing any such restriction about this matter in our Constitution. I do not believe any of us know the wants and wishes of any particular county in this State upon this subject. I myself do not know the wants and wishes of my own county. There may contingencies and emergencies arise that will change the features of this question. I am opposed to this Convention legislating. I see no propriety in it. It does seem to me as if members here thought this assemblage of thirty-six men were the wisest that had ever assembled in this State, and that so much wisdom could never be congregated in this State again. They forget that we are to have a Senate of thirty-six men, and a House of Representatives of more than twice that number; and that all matters must pass those two Houses before they receive the force and sanction of law. And without all the restrictions that can be thrown around this matter, may we not safely infer that the General Assembly will evince as much wisdom in regard to this matter, which is purely legislative, as will be shown about it in this body? [February 11th counties alike, according to their taxable property. But the proposition before us restricts old, wealthy, and populous counties to the same amount that the new counties of the State are allowed to subscribe, and we cannot consent to any such principle as that. I therefore move to lay the amendment of the gentleman from Henry upon the table. Mr. CLARKE, of Johnson. If the gentleman from Lucas, [Mr. Edwards,] will withdraw his motion to lay upon the table, I will move to strike out the restriction of two hundred thousand dollars. Mr. EDWARDS. I will withdraw my motion for that purpose. Mr. CLARKE, of Johnson. I now move to strike out the portion of the amendment restricting the indebtedness to the sum of two hundred thousand dollars. The amendment will then read: "Nor shall the bonds or other evidences of debt of any municipal or political corporation, be given or granted, or its credit loaned, directly or indirectly, or pledged as security for the benefit of any banking corporation; nor for any other corporation or purpose whatever, to an amount exceeding in the aggregate - - per For that reason, I am opposed to putting any restrictions about this matter. I do not feel at liberty to say what sum my county should raise for this purpose. We have no railroads built there now, but there are as many as three different railroads projected, and I am confident that five, or even ten per cent., upon the taxa-cent. on the value of the taxable property withble property of our county would not be as in the limits of such corporation, which value much as she would be willing to raise. I would shall be ascertained from the last state and counleave each county at liberty to raise such sum ty tax lists." as they may see fit and proper. I do not wish Mr. CLARKE, of Henry. From the course of to have this Constitution legislative in its char- the debates the other day, I supposed, and had acter, from beginning to end. I have been, from very good reason to suppose, that there was a the start, opposed to putting, either directly or large majority of the members here opposed to indirectly, guides and landmarks by way of re- this town and county indebtedness from princistricting the action of the Legislature, or in-ple. A number of them so expressed themselves. structing them in regard to their duty. I think A number said they were opposed to it in printhey will form a body of quite as much wisdom ciple, but the evil had grown to such an extent as we possess, and will have the common good that it could not now be eradicated. I was satof the State quite as much at heart as we have.isfied that every member here would go for some Taking that view of the matter, I would say, let kind of restriction; at least I judged so from the us confine ourselves to our own proper sphere, course of the debate. and let the Legislature do the same. The question being then taken upon the motion to fill the blank with the word "eleven," upon a division, it was not agreed to, ayes 11, noes 18. Mr. MARVIN moved to fill the blank with the word"nine." Upon this question the yeas and nays were ordered, and being taken, the motion was not agreed to, yeas 13, nays 16, as follows: Yeas-The President; Messrs. Bunker, Clarke of Johnson, Gibson, Gower, Harris, Marvin, Peters, Scott, Seely, Skiff, Traer and Warren. Nays-Messrs. Ayres, Clark of Alamakee, Clarke of Henry, Day, Edwards, Gillaspy, Gray, Hall, Johnston, Palmer, Parvin, Patterson, Price, Robinson, Winchester and Young. Mr. EDWARDS. I think the proposition of the gentleman from Henry, [Mr. Clarke,] with the blank filled with any amount, is the only difficulty in the way. There are members here who would have no objection to a proposition restricting to a certain amount, provided it would have an equally just bearing upon all the When the limitation of two hundred thousand dollars was proposed, some one got up and suggested that it should not be any given sum, but a per centage upon the taxable property. But others said to that, if you place this upon a per centage basis you will allow some counties to go into debt a half a million or more, and some cities in those counties will go into debt as much more. Another said, this State is growing in wealth from day to day, and what would be a good criterion now, will not be five or ten years from now. And it seemed to be the opinion that ten per cent. would, in a short time, be equiva lent to no limit at all in this matter. Now in order to compromise these conflicting views, and thinking gentlemen would be willing to compromise in this matter somewhat, I was willing, while I was totally opposed to municipal and political corporations taking stock at all, to meet gentlemen half way in this matter. As the gentleman from Des Moines, [Mr. Hall,] said, we have the wolf by the ears; what shall we do with him? We have him here, and cannot kill him, but we can confine him. I will |