The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-04-01


from the san Francisco sunday Despatch Feb %
The civil debt of this State, a. agreed to by all
hands, Governor, Comptroller ana Legislature, Tas,
on the first Of January last as follows -
Comptrollers warrants. .... $50 1872 81
Seven per cent bonds. ...-.... 319, 800 90
Thrty-six per cent bonds ......... 1900 90
Interest due and unpaid .............. l0t.I!D III
Making total Of S196.963 95 drawing an annual
interest Of $3.50 50 The war debt is uuascer-
tanned. but if all the claims are allowed, il viii
reach the sum Of sos, l35 81. These two include
the whole debt of the State the first day Of Janu
AIRY. and make II total of s SOP 099 -. This is
heavy debt for a State bat two years old--three
quarters of million a year expended, over ana
above the amount Of our receipts il Is bad, very
bad, but not fightfd. We had to organize and
support an expensive state government, over 4
country which was but little if anything but
wilderness. We bad everything TO contend with.
e1travagant value placed upon mems services,
iaxity Of morals--we may almost say want of com
mon honesty. and that worst OF all the evils, want
of identity between the people and the government;
not want Of identity rs regards the form or
principles Of tho government, but want Of
identity with the country itsef--it was not home.
You might have called on your neigbbor. aud COM
planned that such and such officer was violating
his duties, and stealing the puhiicproperty- "Weu,
It can't hurt me- shant stay here more than ano-
Their year" With such feelings among their const-
tuents, what was to stop them from steaIing' Mo-
tling-and they did steal Under such circmusthn-
ces, and aboriug under all the Disadvantages which
our State labors under. we do rot wonder at her be-
of the sum. 1t might have been three times the
amount. But it is large enough, and oucrous enough
ms ii is yet il is not impossible 30 provide Cor the
funding and ultimate payment Of the whole Of il.
Seven per cent bonds are now selling ut sixty -tYe,
notwithstanding the vagucnese and uncertainties Of
our total debt: this rule would make ten per cent
bonds equal 10 nnty-three. or nearly par. We have
enacted that ten per cont shall be legal rule q
interest when no contract is plade therefore il Is
lair to estimate that that is tho valuo OF money
the best security, and that IL will be the rate the
State will have to pay for years yet 20 come. We
have no doubt, but that If an act. carefully drawn
that cur total debt Of all kinds might DO changed
into ten per cent bonds, with coupons attached,
interest payable half yearly IN either san FIaucsco
or New York, at the option Of the holder, and NE
principal Teedecmable in twenty years. the whole
would be at once absorbed, and Che State be re-
iieved from the incubus If floating debt. The
ouy thing in the way is the constitutional proyiso.
Our state debt cannot ever exceed 100000 without
direct vote Of the people, very good, we acllnow
ledge il cannot, bat sti does now exceed five
times the limited sum; YET we 80 not be-
ieyo that a single man in the state would be will
ling TO Iepudiate 1t, no matter how great the folly
~ fraud Tor which il was incurred; therefore we
think that the sooner the whole thing is put before
The people and regularly legalzed, The better The
total value Of property assessed t0r State taxation
IN 1861 was. including The four unreturucd countics
~ round numbers. SJ00O0O00 Thi. would make
the 80 cents q 500 for state putpoeas amount TO
$3.50 600, and thc interest tax Of IS cents on the
500 10 $4,000 This value must ucaessafilv IN
crease with the Increased settlement 81 tho 60 Ilry
btd Tho additional worth given to land W tho
Which, from ~ insuf.cicnsy IL the sw. IN not pro-