5 therein; and such law shall impose and provide for a collection 6 of a direct annual tax to pay, and sufficient to pay the interest 7 on such debt as it falls due; and also to pay and discharge the 8 principal of such debt within eighteen years from the time of the 9 contracting thereof. No such law shall take effect until it shall 10 at a general election have been submitted to the people, and have 11 received a majority of all the votes cast for and against it at such 12 election. On the final passage of such bill in either house of 13 the Legislature, the question shall be taken by ayes and noes, to 14 be duly entered on the journals thereof, and shall be: "Shall 15 this bill pass and ought the same to receive the sanction of the 16 people?" The Legislature may at any time after the approval 17 of such law by the people, if no debt shall have been contracted 18 in pursuance thereof, repeal the same, and may at any time by 19 law forbid the contracting of any further debts under such law; 20 but the tax imposed by such act, in proportion to the debt and 21 liability which may have been contracted in pursuance of such 22 law, shall remain in force and be irrepealable and be annually 23 collected until the proceeds thereof shall have made the pro24 vision herein before specified to pay and discharge the interest 25 and principal of such debt and liability. The money arising 26 from any loan, or stock creating such debt or liability, shall be 27 applied to the work or object specified in the act authorizing 28 such debt or liability, or for the repayment of such debt or lia 29 bility, and for no other purpose whatever. No such law shall 30 be submitted to be voted on within three months after its pas 31 sage, or at any general election when any other law, or any bill 32 or any amendment to the Constitution shall be submitted to be 33 voted for or against. 1 § 12. Every law which imposes, continues or revives a tax, 2 shall distinctly state the tax and the object to which it is to be 3 applied; and it shall not be sufficient to refer to any other law 4 to fix such tax or object. 1 § 13. No deficiency loan shall be made by or on behalf of 2 the State, for a longer period than is necessary to enable the 3 sinking fund provided for its payment, to accumulate an amount 4 sufficient to discharge it; and in no case shall such loan be made 5 for more than six years. 1 § 14. No money shall be drawn from the treasury of the 2 State except in pursuance of an appropriation by law, and on 3 the warrant of the Comptroller, and all bonds, stocks and other 4 securities issued by the State shall be signed by the Comptroller 5 on behalf of the State. 1 § 15. Taxation on real and personal property shall be equal 2 and uniform in this State. A sworn statement shall be delivered 3 to the taxing officers by all persons and corporations who own, 4 possess or hold such property, specifying the ownership, quan5 tity and estimated value thereof; in which may also be specified 6 the particulars of the indebtedness of the persons and corpora 7 tions owning such property. The Legislature shall pass laws 8 giving effect to the above provision, subject to such deductions 9 which shall be equal and uniform as to real and personal 10 property, and to such exceptions as may be prescribed by law. 1 § 16. The Comptroller is authorized to renew the bounty 2 debt or any part thereof, by extending the time of its payment 3 to the first day of October, Anno Domini, one thousand eight 4 hundred and eighty-six, and to issue stock for that purpose, which 5 he may apply in exchange for the outstanding stock, or he may 6 sell the same in the usual manner, and in case of sale the pro7 ceeds thereof shall be applied to the purchase of the outstanding 8 stock. The stock so to be issued shall not bear interest to ex9 ceed seven per cent per annum, payable semi-annually, and 10 shall be exchanged or negotiated on the best possible terms, and 11 in no event at less than par, nor at a lower rate than the out12 standing stock can be purchased for at the time the sale or ex13 change shall be effected. The principal and interest of the stock 14 hereby authorized to be issued shall be secured by a direct an15 nual tax to pay and sufficient to pay the interest on said stock 16 as it falls due, and also to pay and discharge the principal thereof 17 within eighteen years from October first, eighteen hundred and 18 sixty-eight. The Legislature may appropriate, from time to 19 time, to the payment of the principal or interest of said stock 20 any funds of the State not otherwise appropriated, and in case 21 of such appropriation the tax to supply the sinking fund shall be 22 correspondingly reduced. No. 155. IN CONVENTION December 7, 1867. REPORT OF THE COMMITTEE ON INDUSTRIAL INTERESTS NOT OTHERWISE REFERRED. The Committee on industrial interests not otherwise referred respectfully REPORT, That they have had under consideration the subject of providing for legislation in reference to cruelty to animals, and deem it to be already under jurisdiction of local or general law. That they have considered the memorials referred to them, ask. ing for laws to equalize the legal interest on rents and loans, and are of opinion that the question has been decided by action of the Convention upon the article of finance. That, upon the resolution inquiring whether feudal tenures operate injuriously upon industrial jinterests in this State, they submit [CON. No. 155.] 1 |