The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-02-17
Constitutional Convention.

We are indebted to George Ceilings, ESQ.,,
for the following Report on Public Debts
and Public Works" which has been adopted
by the Constitutional Convention.
SEC. |. The Slate may, to meet casual de-
ficits or failures in revenues, or for expen-
ses not otherwise provided for, contract
debts; but the entire aggregate amount Of
such debts, direct and contingent, whether
contracted by virtue of one or more acts of
The General Assembly, or at different peri
ods Of time, shall never exceed seven hun
dred and fifty thousand dollars; and the
moneys arising from the creation OF such
debts, shall be applied to the purpose for
which they were obtained, or 10 repay the
debts so contracted, and 10 no other pur-
pose whatever.
Sec. 2. In addition 10 the above limited
power, the State may contract debts 10 re-
pei invasion, suppress insurrection, defend
the State in war, or to redeem the present
outstanding Indebtedness Of the State, but
the moneys arising from the contracting of
such debts shall be applied to the purpose
for which it was raised, or to rdpay such
debts, and 10 no other purpose whatever /;
and all debts contracted TO redeem the pres
ent outstanding indebtedness of the State,
shall be 50 contracted as to be payable by the
sinking fund hereinafter provided for, as the
same shall accumulate.
SEC. 3. Except the debts above specified
in sections one and two of this article, no
de BIT whatever shall hereafter be- contracted
by, or on behalf Of the State.
SEC. i. The credit Of the State shall not,
in any manner, be given, or loaned TO, or
in aid of any individual, association, or cor
pordlion whatever; nor shall the State ever
hereafter, become join; owneror stockhol'l-
er in any company or association in this
Stale OF elsewhere, formed for any purpose
whatever.
SEC. 5. The General Assembly shall nev.
er, on behalf Of the State, assume the debt:
of any county, city, town, or township with
in this State, or of any corporation whatev-
er, unless such debt shall have been created
for the purpose of repe.ling lnvasi on, or tt
suppress inSurrection, or 10 defend the STATE
in war.
SEC. 6. The General Assembly shall new
er authorizeany county, city, town, or town
ship, in this State, BY vote OF lis citizens, Of
otherwise, TO become stocbholder IN any
joint stock company, corporation, or associ
alton whatever, TO raise money Tor, or loar
its credit to, or in aid Of any such company
corporation, orassociation. or
SEC. Z. The faith Of the State being
pledged TO the payment Of all its existing in
debtedness, in order 10 provide therefor
there shall be created anannual sinking fund
which shall be constituted OF the nett annu
al income Of the public works, and stocks
owned by the Slate, and whatever othel
funds or resources are or may be provided
therefor by law, and such sum TO be raised
by taxation as shall be sufficient TO pay the
uccruing interest on the public debt OF the
State. and annually 10 reduce the principal
by "a sum not less than one hundred thousand
dollars, increased yearly, and each and every
yeur, by compound interest, al the rate ol
six per cent per annum.
SEC, 8. The Auditor Of State, Secretary
Of State, and Attorney General are hereb,
created a board of commissioners, 70 bt
styled "the Commissioners Of the Sinking
Fund"
SEC. Q. The commissioners Of the sinking
fund shall, Immediately preceding euch feg
ulnf session oil the general asssmely, MAKE
an estimate Of the probable amount of ths
fund provided for in section seven, from al
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