New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-03-01
state of the Finances 10 discussed at length. We
sathsr the following facts respecting the

funds in the state Treasury 10 dlsearge the demaA
against it, The result is the credit of the State 10
| impaired, and must so continue until such well ma
tured revenue measures are devised, as will not
only secure provisions for the speedy payment OF
the existing cebt, but meet, also, accruing liabilities
With view to present this question q, once for
YOUR cons liberation, the accompanying official state
ment OF the entire debt OF the state existing on the
3lt day OF December 1851. IL here With submitted
| The report OF the Controller accompanying the mes
sage OF my predecessor on this subject extends no
further than TO the close OF the fiscal year. ending
June 30, 1851, and Goes not, therefore sufficiently
! hibit our real financial condition. By an examina.
SEEN that the total amount Of outstanding civil ob
cations was, on the 3is December, $751; s796 900 95
that of this amount $3795C0 has been furnished I'M
| der an Act passed April %. 1851.
| The amount OF three p cent bonds outstanding
inclusive of interest $24i17l H. and Of Controllers
| Warrants $l66,l92 81. The Act above referred to
authorized the funding of sum not exceeding
100000. OF this amount, 1t will be seen, that
s37s SEQ have been funded being $3.50 500 less than
the amount provided for by law
War Bonds outstanding on the 3lst OF December,
together with the interest due thereon, amount to
| $4,000. War Loan Warrants outstanding, 1888.
SIS 49, Total amount Of outstanding adjusted civil
and military liabilities, $l242,339 a.
The War debt rose out Of several Indian Elk
petitions ordered by the Executive.
MEANS OF RESTORING CREDIT.
Next it becomes important to make provision to
relieve the State from the pressure present indeot
edness far that object can be effected by esls
lation At your last session. an act was passed and
approved to fund the oeot OF the State. BY the pro-
visions OF this act the Treasurer OF State autho
rzed to to be prepared Bonds to the amount Of
100000. in sums Of $780, bearing an interest of
seven per cent per annum from the date of their is
sue and all persons holding any Indebtedness of the
State ether IN the form Of Three per cent Bonds,
Controllers Warrants, were authorized, upon pre-
sentation ofthe same to the Treasurer to receive,
in exchange therefore, these Seven per cent Bonds
The amount Of Indebtedness funded under this act,
il will be SEEN by reference to the special report of
the Controller is $3.50 500, being 1920 500 less han
the authorized amount. The reason why so small a
portion OF the amount provided for has been funded,
IS to be found In the fact that the holders of Bonds
bearing an interest OF six per cent per annum did
| not desire to convert them into seven per cent
stock, ana the additional fac. that the treasurer so
construed the act as to exclude tie funding OF all
Warrants issued after the LIST day Of May, 1851.
Ample provision having heretofore been made to
discharge the accrulng interest upon the $700C coo
provided for, would recommt nd that the Treasur-
er Of State be authorized to issue Bonds TO the
tent of 1920 500 upon any Controllers Warrants
outstanding, without reference to the date of their
issue, and would further suggest that the Bonds
issued be In sums of $780, $500, $500 and $500, at
the option OF the holder.
The amount OF Interest Fund" now in the State
Treasury, is $22 9fS 30, being S. 90 more than
will be required, on the LIST Of July next TO pay the
accruiDg interest the amount $379 500, which has
been funded. By the llth section Of the Act 10
fund the cebt OF the State provision also is made for
State Sinking Fund, to be composed of the Sur
plus Interest Fund all moneys received by the State
Of California from the Government Of the United
States on account Of the Civil Fund, the proceeds
of the sale Of all lands with the exception Of those
set apart for Common Schools, the surplus funds IN
the Treasury on the LIST OF May 1884, and on the LIST
of May in every year thereafter. No additional
legislation wodld, therefore, seem to be required 10
provide for the payment OF these seven per cent
Bonds principal and interest.
Another measure which II is believed will tend to
secure An increased collection Of revenue, and at
the same time serve to improve the credit of the
Stafa pnt n N q
amount OF her Indebtedness but, as 1t also evidences
an intention on the part of the State to deal justly
with its creditors, IL that OF making Controllers
Warrants rece, able in payment OF public dues. The
hardship and injustice done to the holders OF ad
usted civil demands against the State IN refusing TO
receive these demands In payment OF claims held
by the State against them, is too obvious to be
Gwet upon for moment Equity and good faith
require that this shall not longer continue to be
the case.
In financial point of view, too, it cannot be
doubted that the system now in force operates in
juriously upon the pecunary affairs of the State
The injustice Of the requirement to receive nothing
but gold and silver, tWithstanding the payer
may hold an ascertained and adjusted Indebtedness
of the State Is by many deemed so fragrant, that
even well disposed persons In view of II, inclined
to resist wha. they very naturally regard illegal
and burden some exaction and seek TO avoid the pay
ment OF taxes, which, under other circumstances
would be cheerfully contributed. cahnot do less,
therefore, than to earnestly recommend that the law
be so changed as to authorize and direct collectors
oftaxes 10 receive these warrants.
PUBLIC LANDS
Itremains for me to now present for your consid-
Grafton and action one or two other questions of
public interest The subject of the disposition TO be
made of the Pubic Lands within the limits of Cali
fomla, will almost certainly engage the attention Of
the present Congress. Important interest are in
yolved IN this question, and tits therefore deserving
of immediate as well as grave and careful consider
alton. But little attention, comparatively has, as
yet been devoted 10 agriculture In this State the
consequence OF which 1s that ne are compelled to
derive our supply OF nearly all the necessares of life
| from Chill and the various island OF the Pacific
upon which duty OF twenty per cent ad valorem is
paid in addition 10 the freight, charges and original
| cost
This takes annually from urinfant State millions
OF money which might Otherwise be retained among
| US and expended IN necessary and local improve
ments. But We can reasonably anticipate little
change for the better In this respec. unit. there is
| definite settlement Of land claims. and Congress
adopts the wise and liberal policy Of donating the
| public domain in small tracts to actual settlers.
Congress az its last session donated win liberal
hanC 10 the people OF Oregon, and would seem that
| no good reason obtains why less liberal policy
should be adopted in the disposition of the public
laIds y ing within the State OF California. The in
terest OF both the State and nation will unquestiona
bly, be best subgeIyed by donating the public lands in
small tracts to actual settlers. Il will induce emf
grafton the State greatly increase the amount of
taxable property, and, above all. TO US an
| abundance OF the necessaries OF life produced at
home, and thus retain among US, to be applied
tending agricultural operations, the millions
annually expended forproddcts Of foreign gro WITH
Emigration TO this State Is PROFESSIONALLY reard-
ed by the prevailing impression In the other States
| of the Union that nearly all the valuable lands in
California covered by Spanish or Mexican grants
and that they cannot be obtained upon such reason
able terms as calculated 10 encourage agricAl-
turtts to seek home on the Pacific coast. Il can
not be denied that great portion Of our best lands
are thus claimed ano held but it s no less undenia-
bic that in the valley OF the San Joaquin and It's
tributaries, consisting OF the MERGED, ruolumne,
| Siani,laus, Calaveras and Moquelumne-the Sacra
INTO and lis tributaries consisting OF the Consum-
| nes, American, Yuba and Feather Rivers and the
coast region in the Counties OF Trinity and KIa-
maih, there are millions OF acres OF public land a
large portion of which will prove equal in product
iyeEess when irrigated and properly cultivated to
the far-faned prairlelsnds of the States OF Illinois
| and Missouri.
| The quantity Of arabic land within our limits is
| lmmeLse-not less than twenty millions OF acres
| The BouItles of San Diego San Luis Ooisno Los