SEC. 3. The property of the United States, the State and all Counties, Towns, Cities and School Districts, and other municipal corporations, public libraries, community ditches and all laterals thereof, all church property, property used for educational or charitabe - purposes, all cemeteries not use or held for private or corporate profit, and all bonds of the State of New Mexico, and of the counties, municipalities and districts thereof shall be exemp from taxation./

SEC. 4. Any public officer making any profit out of public monies or usin the same for any purpose not authorized by law, shall be deemed guilty of felony and shall be punished as provided by law, and shall be disqualified hold public office. All public monies not invested in interest bearing securiti shall be deposited in national banks in this State or in banks or trust og panies incorporated under the laws of the State, and the interest derive therefrom shall be applied in the manner prescribed by law.

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SEC. 5. The legislature may exempt from taxation property of each he of a family to the amount of two hundred dollars, f

SEC. 6. Lands held in large tracts shall not be assessed for taxation any lower value per acre then [than] lands of the same character or quali and similarly situated, held in smaller tracts. The plowing of land shall be considered as adding value thereto for the purpose of taxation.

SEC. 7. No execution shall issue upon any judgment rendered against board of county commissioners of any county, or against any incorpora city, town or village, school district or board of education; or against officer of any county, incorporated city, town or village, school district or of education, upon any judgment recovered against him in his official cap and for which the county, incorporated city, town or village, school dist or board of education, is liable, but the same shall be paid out of the proce of a tax levy as other liabilities of counties, incorporated cities, towns or lages, school districts or boards of education, and when so collected shall paid by the county treasurer to the judgment creditor.

be relinquished or suspended by the State or any subdivision thereof: 'Provided, Ti the legislature may, by general law, exempt new railroads from taxation for not m than six years from and after the completion of any such railroad and branches; railroad being deemed to be completed for the purpose of taxation, as to any oper division thereof, when the same is opened for business to the public; and new S factories, smelters, reduction and refining works, and pumping plants for irriga purposes and irrigation works, for not more than six years from and after their est lishment.

Sec. 9. All property within the territorial limits of the authority levying the and subject to taxation, shall be taxed therein for State, county, municipal, and purposes: Provided, That the State board of equalization shall determine the value all property of railroad, express, sleeping-car, telegraph, telephone, and other trans tation or transmission companies, used by such companies in the operation of their road, express, sleeping-car, telegraph, or telephone lines, or other transportation transmission lines, and shall certify the value thereof as so determined to the com and municipal taxing authorities.

Sec. 10. Any public officer making any profit out of public moneys or using same for any purpose not authorized by law shall be deemed guilty of a felony shall be punished as provided by law, and shall be disqualified to hold public office. public moneys not invested in interest-bearing securities shall be deposited in nation banks in this State or in banks or trust companies incorporated under the laws of State, and the interest derived therefrom shall be applied in the manner prescri by law.

Sec. 11. The legislature may exempt from taxation property of each head family to the amount of two hundred dollars.

Sec. 12. Lands held in large tracts shall not be assessed for taxation at lower value per acre than lands of the same character or quality and similarly ated held in smaller tracts. The plowing of land shall not be considered as addit value thereto for the purpose of taxation.

Sec. 13. No execution shall issue upon any judgment rendered against the board! county commissioners of any county, or against any city, incorporated town or villag school district, or board of education, or against any officer of any county, cit school district, or board of education, upon any judgment recovered against him his official capacity and for which the county, city, incorporated town or village, scho district or board of education is liable, but the same shall be paid out of the proceeds of a tax levy, as other liabilities of counties, cities, incorporated towns or villag school districts or boards of education, and when so collected shall be paid by the county treasurer to the judgment creditor.

ARTICLE IX. :

STATE, COUNTY AND MUNICIPAL INDEBTEDNESS.

SECTION 1. The State hereby assumes the debts and liabilities of the Terriory of New Mexico, and the debts of the counties thereof, which were valid nd subsisting on June twentieth, nineteen hundred and ten, and pledges its ith and credit for the payment thereof. The legislature shall, at its first ssion, provide for the payment of refunding thereof by the issue and sale of onds or otherwise.

SEC. 2. No county shall be required to pay any portion of the debt of by other county so assumed by the State, and the bonds of Grant and Santa Fe ounties, which were validated, approved, and confirmed by act of Congress January sixteenth, eighteen hundred and ninety-seven, shall be paid as hereafter provided.

SEC. 3. The bonds authorized by law to provide for the payment of such debtedness shall be issued in three series, as follows:

Series A. To provide for the payment of such debts and liabilities of the rritory of New Mexico.

Series. B. To provide for the payment of such debts of said counties,

Series C. To provide for the payment of the bonds and accrued interest. preon of Grant and Santa Fe Counties, which were, validated, approved, and afirmed by act of Congress January sixteenth, eighteen hundred and ninety

SEC. 4. The proper officers of the State shall, as soon as practicable, select d locate the one million acres of land granted to the State by Congress ⚫ the payment of the said bonds of Grant and Santa Fe Counties, and sell › same or sufficient thereof to pay the interest and principal of the bonds series C issued - as provided in section three hereof. The proceeds of rentals 1 sales of said land shall be kept in a separate fund and applied to the yment of the interest and principal of the bonds of series C. Whenever re is not sufficient money in said fund to meet the interest and sinking id requirements therefor, the deficiency shall be paid out of any funds, of State not otherwise appropriated, and shall be repaid to the State or to several counties which may have furnished any portion thereof under a eral levy, out of the proceeds subsequently received of rentals and sales said lands.

Any money received by the State from rentals and sales of said lands in cess of the amounts required for the purposes above mentioned shall be paid the current and permanent school funds of the State, respectively. SEC. 5. The legislature shall never enact any daw releasing any county, any of the taxable property therein, from its obligation to pay to the State y moneys expended by the State by reason of its assumption or payment of debt of such county.

SEC. 6. No law shall ever be passed by the legislature validating or legalng, directly or indirectly, the militia warrants alleged to be outstanding ainst the Territory of New Mexico, or any portion thereof; and no such arrant shall be prima facie or conclusive evidence of the validity of the debt rporting to be evidenced thereby or by any other militia warrant. This ovision shall not be construed as authorizing any suit against the State.

SEC. 7. The State may borrow money not exceeding the sum of two huned thousand dollars in the aggregate to meet casual deficits or failure in venue or for necessary expenses. The State may also contract debts to supess insurrection and to provide for the public defense.

SEC. 8. No debt other than those specified in the preceding section shall contracted by or on behalf of this State, unless authorized by law for some ecified work or object, which law shall provide for an annual tax levy suffient to pay the interest and to provide a sinking fund to pay the principal of ich debt within fifty years from the time of the contracting thereof. No eb law shall take effect until it shall have been submitted to the qualified ectors of the State and have received a majority of all the votes cast thereon

at a

general election; such law shall be published in full in at least one newspaper in each county of the State, if one be published therein, once each week. for four successive weeks next preceding such election. No debt shall be so created if the total indebtedness of the State exclusive of the debts of the Territory, and the several counties thereof, assumed by the State, would thereby be made to exceed one per centum of the assessed valuation of all the property subject to taxation in the State as shown by the preceding general assessment.

SEC. 9. Any money borrowed by the State, or any county, district, or municipality thereof, shall be applied to the purpose for which it was ob tained, or to repay such loan and to no other purpose whatever.

SEC. 10. No county shall borrow money except for the purpose of erecting necessary public buildings or constructing or repairing public roads and bridges, and in such cases only after the proposition to create such debt shall have been submitted to the qualified electors of the county who paid a property tax therein during the preceding year and approved by a majority of those voting thereon. No bonds issued for such purpose shall run for more than fifty years.

SEC. 11. No school district shall borrow money, except for the purpose of erecting and furnishing school buildings or purchasing school grounds, and in such cases only when the proposition to create the debt shall have been submitted to the qualified electors of the district and approved by a majority of those voting thereon. No school district shall ever become indebted in s amount exceeding six per centum on the assessed valuation of the taxab property within such school district, as shown by the preceding general assess ment.

SEC. 12. No city, town, or village shall contract any debt except by an ordinance, which shall be irrepealable until the indebtedness therein provided for shall have been fully paid or discharged, and which shall specify the pur poses to which the funds to be raised shall be applied, and which shall provide for the levy of a tax, not exceeding twelve mills on the dollar upon all taxable property within such city, town, or village, sufficient to pay the interest on. and to extinguish the principal of, such debt within fifty years. The proceeds of such tax shall be applied only to the payment of such interest and principe. No such debt shall be created unless the question of incurring the same shall at a regular election for councilmen, aldermen, or other officers of such city. town, or village, have been submitted to a vote of such qualified electors thereof as have paid a property tax therein during the preceding year, and a majority of those voting on the question, by ballot deposited in a separate ballot, box. shall have voted in favor of creating such debt.

SEC. 13. No county, city, town, or village shall ever become indebted t an amount in the aggregate, including existing indebtedness, exceeding four per centum on the value of the taxable property within such county, city, towa or village as shown by the last preceding assessment for State or county taxes: and all bonds or obligations issued in excess of such amount shall be void: Provided, That any city, town, or village may contract debts in excess of such limitation for the construction or purchase of a system for supplying water. or of a sewer system for such city, town, or village.

SEC. 14. Neither the State, nor any county, school district, or municipality except as otherwise provided in this constitution, shall directly or indirect lend or pledge its credit, or make any donation to or in aid of any perso association, or public or private corporation, or in aid of any private enter prise for the construction of any railroad: Provided, Nothing herein shall be construed to prohibit the State or any county or municipality from makit. provision for the care and maintenance of sick and indigent persons.

SEC. 15. Nothing in this article shall be construed to prohibit the iss of bonds for the purpose of paying or refunding any valid State, county, dis trict, or municipal bonds, and it shall not be necessary to submit the question of the issue of such bonds to a vote as herein provided.

ARTICLE X.

COUNTY AND MUNICIPAL CORPORATIONS.

1. The legislature shall, at its first session, classify the counties ries for all county officers, which shall also apply to those elected lection under this constitution. And no county officer shall receive ise any fees or emoluments other than the annual salary provided all fees earned by any officer shall be by him collected and paid sury of the county.

All county officers shall be elected for a term of two years, and served two consecutive terms, shall be ineligible to hold any county ⇒ years thereafter.3

No county seat, where there are county buildings, shall be removed -fifths of the votes cast by qualified electors on the question of an election called and held as now or hereafter provided by law of such removal. The proposition of removal shall not be sube same county oftener than once in eight years.

ARTICLE XI.

CORPORATIONS OTHER THAN MUNICIPAL.

1. A permanent commission to consist of three members is hereby ch shall be known as the "State corporation commission.”

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The members of the commission shall be elected for the term of Provided, That those chosen at the first election for State officers iately qualify, and classify themselves by lot, so that one of them ffice until two years, one until four years, and one until six years fter January first, nineteen hundred and thirteen; and thereafter foner shall be elected at each general election.

No officer, agent, or employee of any railway, express, telegraph, eeping car, or other transportation or transmission company, while such company, nor any person financially interested therein, shall s a member of the commission, or perform any of the duties thereof, missioner shall be qualified to act upon any matter pending before ion, in which he is interested, either as principal, agent, or attorney. The commission shall annually elect one of its members chairman ve one clerk, and such other officers, assistants, and subordinates rescribed by law, all of whom shall be appointed and subject to the commission. The commission shall prescribe its own rules of rocedure, except so far as specified in this constitution. The attorof the State, or his legally authorized representative, shall be the the commission.

The legislature shall provide suitable quarters for the commission or its lawful expenses, including necessary traveling expenses, witd mileage and costs of executing process, issued by the commission me court or the district courts. The salary of each commissioner e thousand dollars per annum, payable quarterly.

Subject to the provisions of this constitution, and of such requireand regulations as may be prescribed by law, the State corporasion shall be the department of government through which shall 1 charters for domestic corporations and amendments or extensions all licenses to foreign corporations to do business in this State; which shall be carried out all the provisions of this constitution corporations and the laws made in pursuance thereof. The com1 prescribe the form of all reports which may be required of corthis constitution or by law, and shall collect, receive, and preserve and annually tabulate and publish them. All fees required by nent proposed by the legislature of 1913 and ratified on November 3, xt of the original section is as follows:

All county officers shall be elected for a term of four years and no except the county clerk and probate judge, shall, after having served one eligible to hold any county office for four years thereafter.

law to be paid for the filing of articles of incorporation, reports, and other docu. ments shall be collected by the commission and paid into the State treasury. All charters, papers, and documents relating to corporations on file in the office of the secretary of the Territory, the commissioner of insurance, and alt other Territorial offices shall be transferred to the office of the commission.

SEC. 7. The commission shall have power, and be charged with the duty of fixing, determining, supervising, regulating, and controlling all charges and rates of railway, express, telegraph, telephone, sleeping car, and other trans portation and transmission companies and common carriers within the State to require railway companies to provide and maintain adequate depots, stod pens, station buildings, agents, and facilities for the accommodation of passen gers and for receiving and delivering freight and express; and to provide and maintain necessary crossings, culverts, and sidings upon and alongside of their roadbeds whenever in the judgment of the commission the public interests demand, and as may be reasonable and just. The commission shall also have power and be charged with the duty to make and enforce reasonable and just rules requiring the supplying of cars and equipment for the use of shipper and passengers, and to require all intrastate railways, transportation companies or common carriers to provide such reasonable safety appliances in connection with all equipment as may be necessary and proper for the safety of its em ployes, and the public, and as are now and may be required by the Feder laws, rules, and regulations, governing interstate commerce. The commissi shall have power to change or alter such rates, to change, alter, or amend orders, rules, regulations, or determinations, and to enforce the same in manner prescribed herein: Provided. That in the matter of fixing rates of tee phone and telegraph companies due, consideration shall be given to the earnings investment, and expenditure as a whole within the State.

The commission shall have power to subpoena witnesses and enforce the attendance before the commission through any district courts of the suprem court of the State, and through such, court to punish for contempt, and it shi have power, upon a hearing to determine and decide any question given to herein, and in case of failure or refusal of any person, company, or corp ration to comply with any order within the time limit therein, unless an onl of removal shall have been taken from such order by the company or core ration, to the supreme court of this State, it shall immediately become the day.. of the commission to remove such order, with the evidence adduced upon the hearing, with the documents in the case, to the supreme court of this Sute Any company, corporation, or common carrier which does not comply with order of the commission within the time limited therefor may file with commission, a petition to remove such cause, to the supreme court, and in event of such removal by the company, corporation, or common earrier other party to such hearing, the supreme court may, upon application, in discretion or of its own motion,, require or authorize additional evidence to taken in such cause, but in the event of removal by the commission, upon failu of the company, corporation, or common carrier, no additional evidence sha be allowed. The supreme court, for the consideration of such causes arisi hereunder, shall be in session at all times and shall give precedence to s causes. Any party to such hearing before the commission shall have the sam right to remove the order entered therein to the supreme court of the State as given under the provisions hereof to the company or corporation agrast which such order is directed.

In addition to the other powers vested in the supreme court by this co stitution and the laws of the State, the said court shall have the power, and it shall be its duty, to decide such cases on their merits and carry into effect, its judgments, orders, and, decrees made in such cases by tine, forfeiture, make damus, injunction, and contempt or any other appropriate, proceedings.

SEC. S. The commission shall determine no question nor issue any order in relation to the matters specified in the preceding section until after a publ hearing held upon ten days notice to the parties concerned, except in case of default after such notice.