The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-12-18
centum of the value of all taxable

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.
Sec. 6. The credit of the State shan
not be pledged or loaned for the ben
eft CT any individual, company, asso-
ciatlon 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 anthor-
lze 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 courb
expenses, and for ordinary county
purposes, to support paupers, and pay
last indebebtedness.
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 issued, or fox
such debts as are expressly ly authorized
in this Constitution.
Sec. s. An accurate statement of the
receipts and expenditures of the pub
lie money shall he published with the
laws OF each regular session of the gen
eral assembly, in such manner as may
by law be directed.
Sec. 8. Money shall be drawn from
the treasury only in pursuance Of APP
ropriations made by law.
Sec. 10. The fiscal year shall COM
mence on tie first day OF January in
eas h year.
See IL. To the end that the public
dei,t, Sonth Carolina may not here
alter be increased without the due con-
sideration and Tree 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 o,her~ise, 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 elec-
tors OF this State at Il general State
election; and unless two thirds OF the
qualified electors OF tn!s State, voting
on the question, shall he III favor Of in
creasiny the debt, guaranty, endorse
ment or loan of its credit, hone shal&
be created or made And any deot con-
tracted by the State shall be by loan ON
State bouds, Of amounts not less than
$50 each, bearing interest, payable not
more than 40 years after final passage
Of the law authorizing snch debt A
correct registry OF all such bonds shall
be kept b, the treasurer IN numerical
order, SO as to always exhibit the nnna-
ber and amount unpaid, and TO whom
severaily made payable. And thegen-
eral assembly shall levy all annual tax
sufficient to pay tue annual interest on
said bonds.
Sec. u. Suitable laws shall be pass
ed by the general assembly for the
safe-keeping, transfer and disburse-
ment OF tue State. country and school
funds; and all officers and other lier-
sens charged with the same shall keep
IN accurate entry OF each sum received,
ana of each payment and transfer and
shall give such secirlty 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 embezziement of
such funds felony, punishable hy fine
and inn ,risonment, proportionedro TO the
amount OF the deficiency or emhezzie-
meut, and the patty convicted Of such
felony shall be disqualified from ever
holding any Office OF loaor or emolu-
mtut III this State: Provided, however,
that the general ass nhly, by two
thirds vote, may remove the disability
upon payment in tnll OF the principal
AMI interest OF the sum emheZZIed.
Sec. - The general assembly shall
provide for tue assessment Of all prop
erty for taxation; and STATE, county,
township, school, municipal and alb
other taxes shall be levied ON the same
ass essmelt, which shall be that made
lor S;;trte taxes; and the taxes for the
subdivision of the State shall he levied
and collected by the respective fiscal
authorities thereof.