The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1850-06-26
JOHN LlDEY,
JOSEPH THOMPSON,
II N. GiLLETT,
SABIRT SCOTT
JAMES LOUDON,
DAVID BARNETT.
JUNE II.

On motion By Mr.. Hawkins the Convention
resolved itself into committee of the whole
upon the order Of the day, MIR. Sawyer in
the chair.
On motion Of Mr. Cutler, the committee
took up the consideration OF the report from
the standing committee ON
THE PUBLIC DEBT AND PUBLIC WORKS,
submitted by Mr.. Hawkins, on Tuesday, the
9TH instant.
The report was read through by the Char,
man, and it is as follows:
SEC. /. The State may, TO meet deficits or
failures in revenues, or for expenses not 9th
erwise provided for, contract debts, but snch
debts, direct and contingent, sngly oY in The
aggregate, shall not at any time exceed seven
b, ndred and fifty thousand dollars; and the
moneys arising from the creation of such
debts, shall lie applied to the purpose for
which they were obtained, or TO repay the
debts SO contracted, and TO no other purpose
whatever.
SEC. g. Ia addition TO the above limited
power, the State may contract debts 10 repeI
invasion, suppress insnrecton, defend The
State in war, or to redeem the present out
standing Indebtedness of the State; but the
money arising tiom The contracting Of sncl
debt, shall be applied to The purpose for which
il was raised, or to repay such debts, and tt
no other purpose whatever.
SEc.e3 Except The debts above specified
in sections one and two of this article, No
debt whatever shall hereofier be contracted
bv, o. on behalf of the State.
SEC. 4, The credit of the State shall mo-
in any manner be given, or loaned to, or IN
aid Of any individual, association, or corpo.
ration whatever, nor shall the State ever
hereafter become joint owner or stockholder
III any company or association in this State
OF elsewhere, formed for any purpose what
ever.
SEC 5. The Legislature shall never, on
behalf of the State, assume the deiis of any
county, city, town or township within this
State, OF Of any corporation whatever.
SEC. q. The Legislature shall never au-
thorize sny county, city, town OF township in
tais State, by voteof its citizens or other
wise, TO become stockholder in any joint
stock company, corporation or association
whatever, or to rIise money for, or loan it:
credit to, Or in all Of any such company
corporation or association.
SEc. s. The faith Of the Slate bei4
pledged to the payment Of all its existing ia
debtedDess, in order 10 provide therefor ther,
shall be provided an annual sinking fund
which shall be constituted OF the nett annua
income Of The public works and stocks owned
by the Slate, and such sum TO be raised BY
taxation, as shallin the aggregate make lht
SUN Of one million one hundred aud fifty
thousand dollars annually.
SRc. 8. The Auditor Of State, Eecretary
0f State and Attorney General, are hereby
created board of commissioners, TO be STYLED
The Commissioners Of The Sinking Fund ,
SIC. .. The commissioners Of the sinking
fund shall annually, previous 10 the first daj
u June, make an estimate Of the probable
amount Of lbe nett income Of lbe public work.
and stocks aforesaid for ihe ensuing year
and determine The per ,eRtum OF lax on the
grand liSl Of properly lable 10 tnxaton, me-
cessaFy there with TO produce The amount o
the fund above mentioned, and certify the
same to The Auditor of Stale who shall
iherenpon assess upon said grand list, tile
per centGn oflsx thus cerli6e1; which said
lax shall be collected jn The snme manner
with olherSia taxes, snd paid over TO the
epnmssioners aforesaid, for the purposes
safofesaid
SIC. 10. II shall be the duty of the com.
nissoaers sf the sinking fund faithfully to
spply said fond, together with all moneys thai
may be by The Legislature appropriated to
Tint object, TO the paymeus Of the interest az
II becomes due, and the redemption Of The
principal Of The public debt Of the State ex-
eepling only the school and trust funds held
BY lie State.
Size ! 4 The commissioners Of the sink
ing fsnd shall scmi,annualIy make full unC
desaied report Of their proceedings 70 The
G0vefnof, VIM shall Immediately cause III,
same 10 published, and shall also cemmuni-
cato 10 rho Legislature lorthwitlI.if il be il
esssion. aud Il moi. then 81 It's FIRST session
falsef such fepog phsI be made.
SErs IL. Uron The payment Of the entire
amoanl Of the pfinc pal mud Interest Of ihs
paDl,c dnbi above provided for, ths duties Q
sasd bpasd of eommissloaers, and 81 poweil
aftdxafen cahIeffej by section nine cf tbll
sinla. shall forever cetse.
sru. 10. There sha Ibc Boare Of Publlr
Uorks. 10 consist Of Ihtee members, who
sholI be elecied bY Ahe peopls al tbe first
aaasfal sleeiien after Tie adop'Ioa 0i lhe