The provisions on municipal corporations remained in Article XI after the other two parts were put in separate articles. For a while, this was identified as Article XIa. No city, county, town, precinct, municipality, or other subdivision of the state shall ever become a subscriber to the capital stock, or owner of such stock, or any portion or interest therein of any railroad, or private corporation, or association. The authors of the 1871 and 1875 Constitutions included this section in order to put an end to the reckless speculation by the frontier city-builders....
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