The Nevada journal., 1854-01-13

| in and by the Act entitled can Act to provide
for the disposition of certain property of the
State of California" passed March 26, 1851, be
so modified as to authorize the Board of Com
missioners appointed under the Act aforesaid
to dispose of the States remaining interest in
said property, in such manner and at such times
as they may deem proper and expedient.
| The right of the State to dispose of the re-
versionary interest in the property released to
the city by Act of Goth March, 1851, it is be-
lieved, cannot be questioned, and although ow-
ing to the fact that the property has been re-
leased to the city for long term of years, the
sum realized on each lot may be small, in the
aggregate it will constitute an important item
in meeting demands upon the State Treasury
| Persons who have purchased heretofore from
the city of San Francisco in good faith, cannot
reasonably object to the sale, because, by OBJ
tanning the states remaining interest, perfect
title to their property may be acquired On
the contrary, it is presumed that they will ca
gerly embrace the opportunity thus offered, of
extinguishing an interest adverse to their own
and which each year increases in Importance
while the value of their own tenure is being as
constantly decreased.
In addition to the amount derivable from the
sale of lots within the limits of the proposed
extension, the Government Reserves, and the
states remaining interest in the property re-
leased to the city, and sold in accordance with
the provisions of the Act Of March 26th, 1851
the sum of S299, ,437 accrues to the state, as her
portion of the amount realized from sales made
by the city, of this description of property, on
the 26th day of December, 1853. Add to the
above, the $473, AIS realized from sales of prop
erty made by the state Commissioners, and we
have the sum of S71l, ,912, of which amount at
least S650,O00 can be applied, as received, in
part payment of Civil Debt of the state
/ From all these sources the amount which
will be realized it is confidently believed, can
not be less than. SEVEN MILLIONS OF DOLLARS,
an amount sufficient to pay the entire debt Of
the state, civil and leave in the Treasury bal
ancc of more than THREE AND HALF Mil
LIONS
Before dismissing the subject I would re-
mark, that it may not be necessary, or advisa-
ble, to sell Immediately the whole of the prop
erty within the proposed extension, but only Sc
much as may be required to liquidate the ex.
isting state debt; leaving the surplus to be dis
posed of as the future wants of the state may
demand
If, however the prosperity Of the city, and
her rapidly increasing commerce, should de-
Alttiu tilc lHlHtculctc Sdlc Vi tIIc WHOlc OI JuC
property, | would respectfully suggest that the
balance derived, after the payment of the
Public Debt be invested in the United States
six per cent. Bonds. The annual interest on
the surplus of three and half millions, as es
timated, would, at six per cent, amount tc
$4,000.
This sum judiciously expended annually fol
necessary public works, at San Francisco III
rnmnyIpp obstacles n tho cafn n
our rivers, above ports of entry, and in improy
ing Public Highways and building bridges
where necessary for the public convenience
throughout the state in few years. would ef
feet mighty change in the condition of Cali
fornia.
Judicious legislation alone is now wanting tC
secure all that is claimed, and in the premises
more than realise the expectations of our com
: mon constituents.
To meet the accruing interest on the Civi
Debt, the sum of one hundred and sixty-fv,
thousand, eight hundred and fifty-fve dollars
and twenty cents, must each year, until tn,
debt shall have been paid, be colec ted in casl
! from the people of the state.
The amount of interest accruing annually o.
the War debt is $67 ,495 50, which added t
t the interest on the civil debt, amounts to TIN
, sum of $233, $50 SO.
+ With the ample resources legitmatey withir
your reach, and to which have directed you
attention, it is hoped that you will, withou
: unnecessary delay, adopt measures to secure tn
liquidation of the entire debt, as rapidly as tn
outstanding bonds of the state can be advanta
geously called in and cancelled.
} With sufficient funds in the Treasury, the in
' debtedness of the state, it is believed, can b
, discharged on favorable terms by advertisin;
for 'sealed proposals for the surrender of bonds,
: in the manner prescribed in the ninth section Q
the Funding Act of 1852, and thus relieve tn
people from the annual payment of an oner
t GUS special tax.
? Statement G. which is herewith transmitted
: has been compiled with much care, and exhih
its the important fact, that during the past fou
years, the average annual expenditures of tn
$ several Departments, collectively, and whic
includes the legitimate expenses of the stat
3 government have been five hundred and fifty
D three thousand, nine hundred and sixty-thre
; dollars and ninety cents
n The receipts into the Treasury for the fsca
! year, ending June 3Oth, 1854, are estimated a
: $78O,0O0 being an excess of 1925, 900 over th
a average annual expenditures as exhibited b.
i statement G.
The facts prove conclusively that by the ador
tion of the proposed reforms, the Government
+ will be enabled to meet, and in cash, accruin!
E demands on the Treasury, and justify grea
: reduction of the taxation now bearing heavil
on the people.
In my annual message, at the commence
ment of the last session, the attention of th'
Legislature was invited to the importance G
|; making an efficient effort to obtain from tb
general government. the entire amount of thi
"civil fund.- the collection of which was begul
e in the early part Of the year 1847 and a few
: days before the close of the session, transmit
, ted important papers in relation to the disposi
: tion made of this fund, (see document No. SO
appended to Senate Journal) and again urge
! the Legislature to give the subject thorough in
vestigation, and to transmit, without delay, tn
result of their researches to our delegation il
! Congress.
This fund, amounting to more than one mil
lion of dollars rightly belongs to the State G
e California, and would not, it is confidently be
L L. LII H. AZ