The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-31
The California Legislei uYe.

ELL PROVIDING FOR THE STATE DEBT, Ere.
In The Senate on the 18th Of February Mr. Hubs re-
ported bill by the provisions of which the State j. to be
placed on specie basis from aud after the 3ls Of Deem
Der proximo.
the funding of all Of the civil debt Of the State
prior to the LIST Of May last per cent year in
toreet IL was contemplated that this would not only
provide fer the outstanding warrants but absorb all the
bonds previously issued ut three per cent month But
Of might easily have been foreseen the holders
of the three per cents prefer cd keeping bonds bearing
thrtysix per cent year funding them and receiving
others bearing only per cent year The censc-
auence il the first y fudipr act failed of its object
far the absorption Of the three per cents concerned
The number Of these bonds already out bearing about
four thousand dollars per month interest.
II is proposed therefore TO call them In and pay them
of The funding act Of the last session disposes Of all
the rest Of the State civil debt contracted prior to the 1
the debt s,mi annually and for the sinking Of the prnc
pal in tho Of ten In order to cancel the three
per cents win be to retain all cash that will
into the State Treasury to December next mean
while the current expenses Of the State must be paid in
Comptroller warrants. The first civil funding act.
therefore provides for the state civil debt contracted
prior co the Of May lat except the three per cent
ionds. The fscond civil fnndDg act now before
the senate. provides for the cancollng Of the
tb,.e nc, cents. and the funding Of all civil
indebtedness which has been shall be con-
tracted the rs Of May last and the Thirty first
~ December next. Ali the revenues Of the State will
then in in cash and the bill prov cs that no more
warrants shall be drawn the Treasurer, payable to
order. -.
Mr. Hubs BIZ provides for the funding Of 100000
AT r,r cent Ter annu. which win than cover the
warrants sucd since the frs. n May stand those
which must Of necessity he drawn between this time
and the lt Of December next IL provides for the pay
mont II three hundred thousand dollars Of The principal
either in New Nor. at She Treaeurers Office. on the
1st a July 1865 and the remaining three hundred
,housand dollars at the places ON the lst OF July
l61O.
ono az it provisions j. the collection Of ten cents on
every one hundred dollars be called the interest tax o.
1852 coupons falling due the lt OF July and the Isl
ef January Into the sinking fund are TO be PAID
1st Any and al surplus Of the interest a. ~ sreaid
Cd ANY and all moneys received by the state oi Cai
fOrna the United States government on account
Of the civil fund after the redemption 81 the bonds
this State issued in accordance with the act entitled
AN act 30 fund the debt Of the state passed Apf =
\ 1851.
I'd Tho proceeds Of the galcs % al lands now held o'
that may be hereafter acquired ny this state IN her owl
right except those reserved Tor schoo purposes shct
NAV lie received after The redo npon Of the bonds ISSUED
u DIR act az 2gh April 1851, horeinbofore mentioned
9th whatever surplus may remain in the general trea
gury accrung from the sources specified in this ACT o.
The lt day Of July 1853 and on the lst day OF JUL
ey,ry wear there otherwise appropriated by law
ali s1cb payments to be continued until the sinking funt
,taI Ic sufcicnt for the payment q The principal AM
! interest a. the bonds aforesaid. . -
shouia this excellent bill pass the entire civil debt
the state will be provided for and from anu atr te OF
~ p.cemior next California will be placed on strict
specie basis The bin read twice ana referred 70 VI
| Committee on Finance. It. ,d
uon MIR Ralston prtscnted joint resolution provo
Ing for the adjournment OF the bgisihtuFe On tnc "
I March ntxt. IL laid on the table