The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1895-12-18

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 reminding any valid municipal
debt heretofore contracted in excess OF
8 per centum Of the assessed value Of
all the taxable property therein.
Sec. g. The credit of The State shall
not be pledged or loaned for the ben
eft of any individual, company, asso-'
citation or corporation; and the State
shall not become joint owner of OR
stockholder in any company, associa-
ton or corporation. The general as
sembly shall not have power to author
ize any county or township to levy a
tax or issue bonds for any purpose ex-
cept for educational purposes, to build
and repair public roads, buildings and
bridges, to maintain and support pris-
oners. pay jurors, county officers, and
for litigation, quarantine and court
expenses, and for ordinary county
purposes, to support paupers, and pay
past indebe eotedness.
Sec. 7. 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 y issued, or for
such debts as are expressly authorized
in this Constitution.
Sec. s. 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 gen.
eral assembly, in such manner as may
by law be directed.
Sec 9. Money shall be drawn from
the treasury only IN pursuance Of ap-
lropriations made by law.
Sec. 10. The fiscal year shall COM
mence on the first day Of January il
eachyear.
Sec. II. To the end that the public
debt of South Carolina may not here,
after 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
auty, 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 q.
loan of its credit TO the qualified cleo
tors of this State at g general State
election; and unless two-thirds OF the
qualified electors of this State, voting
Oh the question, shall be In favor OF IN
creasing the debt, guaranty, endorse
ment or loan Of it's credit, none shall
be created or made. And any debt con-
tracted by the State shall be by loan on
State bonds, of amounts not less than
$50 each, bearinginterest, payable not
more than 40 years after final passage
of The law authorizing such debt. A
correct registry of all such bonds shall
be kept by the treasurer in numerical
order, so as to always exhibit the num-
Der and amount unpaid, and to whom
severally made payable. And the gen.
eraf assembly shall levy an annual tax
sufficient to pay the annual interest on
said bonds.
Sec. II. Suitable laws shall be pass
ed by the general assembly for tho
safe keeping, transfer and disburse-
ment of the State, country and school
funds; and all officers and other per-
sons charged with the same shall keep
an accurate entry of each sum received,
and of each payment and transfer and
shall give such security for the faithful
discharge of such duties as the general
assembly may provide. And it shall
be the duty of the general assembly
to pass laws making embezzlement OF
such funds felony, punishable by fine
and Imprisonment, proportioned to the
amount of the deficiency or embezzle-
ment, and the patty convicted OF such
felony shall be disqualified from ever
holding any office of honor or emoiu-
ment in this State: Provided, however,
that the general assembly, by two
thirds vote, may remove the disability
upon payment in full of the principal
and interest of the sum embezzled.
Sec. 13. The general assembly shall
provide for the assessment Of all prop
erty for taxation; and State, county,
township, school, municipal and all
other taxes shall be levied on tie same
assessment, which shall be that made
for State taxes; and the taxes for the
subdivision of the State shall be levied
and collected by the respective fiscal
authorities thereof.