Every stockholder in a bank is made individually liable to the amount of his stock at its par value in addition to the said stock.
A constitutional provision makes each stockholder in a state bank liable to the amount of his share or shares for all the bank's debts and liabilities.
The unfortunate results of this policy led many of the states, from about 1850, to put constitutional limitations upon the power of their legislatures to lend the state's credit or to involve the state as stockholder in the affairs of any corporation.
Thenceforward he became a specialist in marine ichthyology, but devoted much time to the investigation, superintendence and exploitation of mines, being superintendent of the Calumet and Hecla copper mines, Lake Superior, from 1866 to 1869, and afterwards, as a stockholder, acquiring a fortune, out of which he gave to Harvard, for the museum of comparative zoology and other purposes, some $500,000.
The city has, besides, numerous fine office buildings, including that of the Society for Savings (an institution in which each depositor is virtually a stockholder), the Citizens', Rose, Williamson, Rockefeller, New England and Garfield buildings; and several beautiful churches, notably the Roman Catholic and Trinity cathedrals, the First Presbyterian ("Old Stone"), the Second Presbyterian, the First Methodist and Plymouth (Congregational) churches.
No public debt (exclusive of the debt of the Territory of Idaho at the date of its admission to the Union as a state) may be created that exceeds 12% of the assessed valuation (except in case of war, &c.); the state cannot lend its credit to any corporation, municipality or individual; nor can any county, city or town lend its credit or become a stockholder in any company (except for municipal works).
Only the more customary restrictions are placed upon the legislature by the constitution; such, for example, as that it shall pass no laws impairing the obligation of contracts, no ex post facto laws, no law authorizing imprisonment for debt, no law restraining the freedom of the press or freedom of speech, and that it shall not lend the credit of the state or make the state " owner in whole or in part of any bank or a stockholder with others in any association, company, corporation or municipality."