The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-12-25

prOporIy Wltluu tuo JuIlSN1CtOuOn tue
body imposing the same. All shares
of the stockholders in any bank OF
banking association located in this
State, whether now OF hereafter incor.
porated, or organized under the laws
of this State Of of the United States.
shall be listed lat their true value in
money, and taxed for municipal pur.
poses in the city, ward, town or incor.
porated village where such bank i
located, and not elsewhere Provided,
that the words true value in money
as used in line 12 Of this section shall
be so construed as to mean and in
clude all surplus or extra moneys.
capital, and every species of personal
property Of value owned or In posses
sion of any such bank: Provided, "A
like rule of taxation shall apply to the
stockholders of all corporations other
than banking institutions. And the
general assembly shall require that all
the property !, except that herein per
mitted to be exempted within the linn
Its Of municipal corporations, shall be
taxed for corporate purposes and Tor
the payment Of debts contracted under
authority OF law. The bonded debt OF
any county, township, school district,
municipal corporation or political di.
vision or subdivision of this State
shall never exceed 8 per centum OF the
assessed value of all taxable property
therein. And no county, township,
municipal corporation or other polili-
cal division Of this State shall hereaf-
ter be authorized to increase its bond
ed indebtedness if at the time of any
proposed increase thereof the aggre-
gate amount: of its already existing
bonded debt amounts to 8 per centum
of the value Of all taxable properly
therein as ascertained by the valua-
ton for State taxation. Il /.
And wherever there shall be several
political divisions or municipal corpo-
rations covering or extending over the
same territory, or portions thereof,
possessing q power to levy tax or
contract 8 debt, then each OF such po.
litical divisions or municipal corpora
tions shall SO exercise its power to in
crease its debt under the foregoing 8
per cent limitation that the aggregate
debt over and upon any territory pf
this State shall never exceed 10 per
centum of the value OF all taxable
property in such territory as valued
for taxation by the State: Provided,
That nothing herein shall prevent the
issue of bonds for the purpose Of pay.
ing or refunding any valid municipal
debt heretofore contracted in excess OF
8 per centum of the assessed value OF
all the taxable property therein. M
|. Sec. 6. The credit of the State shall
hot be pledged or loaned for the bene.
fit of any individual company, asso.
citation or corporation; ard the State
shall not become a joint owner OF OF
stockholder in any company, assocla-
ton or corporation. The general as
sembly shall not have power to auth
orize any county or township to levy
a tax or issue bonds for any purpose
except for educational purposes, to
build and repair public roads, build.
ings and bridges, to maintain and
support prisoners, pay jurors, county
etfcers, and for litigation, quarantine
and court expenses, and for ordinary
county purposes, to support paupers,
and pay past indebtedness.
Sec. z. No scrip, certificate or other
evidence of State indebtedness shall
be issued except for the redemption OF
stock, bonds or other evidences of in
debtedness previously issued, or for
such debts as are expressly authorized
in this Constitution.
Sec. 8. An accurate statement OF the
receipts and expenditures of the pub
lie money shall be published with the
laws of each regular session of the
general assembly, in such manner as
may by law be directed.
Sec. 9. Money shall be drawn from
the treasury only in pursuance of ap-
preparations made by law.
Sec. 10. The fiscal year shall com
mence on the first day of January in
each year.
Sec. II. To the end that the public
debt of South Carolina may not hereaf.
ter be increased without the due con-
sideration and free consent of the peo-
pie of the State, the general assembly
is hereby forbidden to create any fur.
ther debt or obligation, either by the
loan of the credit of the State by guar.
anty, endorsement or otherwise,
except for the ordinary and
current business Of the State, without
first submitting the question as to the
creation of such new debt, guaranty.
endorsement or loan of its credit to the
qualified electors of this State at a gen