The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-03-08


Resolved That our representatives Ia Congress be fur
ther Instructed to use every honorable exertion in
bringing to perfection the contemplated Atlantic and
ture convened and In session at San do most
heartily concur and will. by their aid and assistance
further the enterprise of aia railroad 1t being in their
opinion both feasible and practicable. Adjourned.
The state Lean.
From the Al q { alifornia Jan. II
On the 9th instant, an act was passed dt the capl-
tai of San Jose, and received the approval of the
Governor, aplhorising OF loan of money, to pay
lmme date demands upon the treasury, until per-
manent fund can be raised for the purpose" The
sum TO be raised is not TO exceed two hundred
thousand dollars, and tor time not less than SIX
nor more than twelve years, the whele sum paya-
bic at the pleasure Of the State, any time after
the expiration OF SIX years. The act provides for
the reception OF proposals, addressed TO the Trea-
snrer, TO furnish the whole amount, or any part
thereof and upon what terms The proposals
to be opened upon the 25th instant, by the Trea-
sarer and the Chairman of the Finance Committee
OF the Senate, and OF the Chairman OF Committee
on Ways and Means OF the Assembly, who shall
select the most favorable. and place them before
the Legislature for approval. The act further pro-
vides as follows
elf the Legislature shall decide to accept. or In-
struct The Treasurer to accept, any such Offer, tor
any part or the whole OF said loan of the said sum
oil money, II shall be the duty OF the Treasurer of
the State, and he is hereby authorised and re-
qured, TO prepare and execute bonds, In such form
as he may deem proper, tor such amounts as may
be agreed on between himself and the lenders, IN
sums not less than five thousand dollars, and made
pay able 10 the lender lenders al the time stpu-
lated by The parties, and bearing such rate of ln-
teres may be contracted for by the parties land APP
proved OF by the Legislature payable quarter yearly
out OF any money In the Treasury, not otherwise
appropriated said bonds shall be signed by the
Governor, and countersIgned by the Treasurer, and
shall be delivered the successful bidder tor said
loan whenever the money loaned shall paid into
the Treasury, and To the amount only of such pay
ment and at such time after the for the loan
ms as Tres hall
and II the lender shall fail such call to pay into
the Treasury the amount so agreed 10 be loaned,
his contact for said loan shall be forfeited or not
at the pleasure st the Legislature.
For the yment oil the interest, according to
the stpuaions OF this act, and the ultimate re-
dempuon OF the principal Of the loan hereby con-
tracted and authorised, the revenues, present and
prospective, and faith OF the Stale, are irrevocdby
pledged"
Deeply as We regret the necessity of this course,
we cannot zee how II can well be avoided. The
absolute necessity OF having funds IN the Treasury,
10 deiray the current expenses OF the government,
Is clearly manifest; for no government can 90 upon
tuck" and ats respective officers live upon en-
pectsncy, or, like the chame con, - feed on air -
more especially in California. The office Of the
Treasurer would be the same sinecure that King
Ahoune best~ed uron Fortune, which he
clearly debned;-
"'ris bot 70 hold the purse
There nothing it,
The speedy action of the Legislature should be
gwen 10 the compilation of an act to provide a
revenue permanently, for they may as well begin
at once, SINCE we know It must come. IL a. pro-
perry ard cayitaton tax TO be levied, Jet IL be
done now, the sooner the better. We believe that
II Will meet with approval, and know of no other
expedent which can be resorted TO. Before, how
ever, the benefit of such act could be felt, the
wheels Of the government coach would creak for
want of grCasng, and therefore a loan must be
had The act alluded 10 has been published ia the
papers Of this city, and fully brought To the notice
Of capitalists. Whether II has received their iavo-
rfnl He an mt do. k,f
a the money may be furnished in sums Of $1,000
we appTehend no difficulty. Reputation Is an ex-
poded doctrine, and no new State would ever
ugain have the euoacity TO repudlate her debts
There ls everything which gives promise q, C.li-
fonla being the wtalthicst State IN the Unlon and
her bonds will be promptly met. The Investment
oi iunds at reasonable interest IN State boads
would be 80 much securer and less troublesome
than the lOanng OF money at shou dates st usu.
nous intsres, than land specnlatlons Ia the pre-
cent Inflated state ot the market, as To commend
Itself, la our mind, To the attention of capt
talists IN money matters patriotism Is not geae-
rally looked tori but We feel that there are many oe
our "merchant princes" who could not but derive
satisfaction that they were adae the new State
by the Temporary use ct their purses. We shall
look anNiousy Tor the tsult, and trust the commit
nuy will not be disappointed in fading in this land
at mineral wealth, couple OF hundred thousand
dollars at the disposal of the State.
Al ACr, AUIHoRirfSG . LoAN OF MosFr TO Paw TgE
hMEniAtt DFMsNns On THE IEEasURY, UsTIL PER.
ssSrNr FrNp cav ~ Raisrp FoR rH.r PuRrosr.
me people OF the State % tAtfOrr In
ssnsts ana ks..mbiy. DO enact a. follows -
See The Itsssursr OF 90. Sta'e b. aud a hereby,
a1thouEed ard empowered 10 receive proposals Ia
writing until the tSsrty alta day Of January 1850 at
~ o'clock NJ 81 that oay from any and all p-r.on. TO
lean 10 his state son Of money not exceeding t~o
hundred thousand dollars. for tme not more than
twelve nor lees hsn Elk Years psshle OF the pleasure
Of the state ~ any tine after err years.
Sec 10 shall Be- the duty Of the rrra.urer at any
time after noon a. said twenty 9th day Of January
1870 10 open any aud all proportions hed With h for
ma ff mint nf H.. C.xs sA.t~
Ccnmitiee % Ways and Means q the Assembly aud
said Treasurer and the Charmen Of said mitte-s
shall proc,ed 70 select from ell Of said bids such
more they may deem most reasonable and best cal
oosfed 10 secure ,sid loan Provided however. that
tsid Treasurer tRa committee men shsi lay all such
proposals before the Leai.lature Tor their approval
sc 1.-THE Legislature shs decide 70 sccep, or In
srnct ne TREASURER 70 sccert any such cer for suy
part % the whole 81 ,ad lean q the ssid Of money
~ shal BE- the duty Of tie Treasurer Of the State aud
he Il hereby suthorzed and required TO prepar. AMI
such amounts may be ssresi on between himssf and
the lender, In suns notices than ave thousand dollars
srd made payable 90 he lender lenders ct the time
stipulated BY the parties snd bearing such rate Of in
tsrest b contracted for By the psrte. and ap-
proved q By the Lssatsre psy.,s quarter yearly out
ofany 10 the treasury
Said bind. sha be signed BY the Governor couu-
trssned BY the Trsasurer and shall be delivered to
60 loaned shs be paid into the treasury, ami 20 the
amount only Of such payment and at such time
after the contract for the loan IL made the treasurer
shall choose TO call for a. and the lender shall nail on
such cell 20 pay into the treasury the amount agreed
20 be lo.ped ~. contrast for ,sd loan shall be forfeit
Cd "a not az the pleasure Of the legislature
see tor the payment Of the interest according to
we stipusuons q this act aud the utinste redemp.
or ~ The principal Of the lean hereby contracted and
TIE revenues present aud prospective and
f-ith ~ he state. are irrevocsbly pledged.
Sec 3 This sst shai be 10 force from and After ts
p.ssse sod s.rtiasd copy thereof sled in the once
oi me Secr-tsrJ o. stats THOS J. WHITS,
Hfeskef % the House % Assembly.
JOHN McDOUGAL,
- President OF the senate.
PETER VI. BURNETT
we copy. Governor Of California