The Empire County argus., 1854-02-04

THE STATE DEBT-Wc learn from the MESSAGE
of the Governor, report Of the Comptroller and
other sources the gratifying fact that State in
debedness can, with little additional and iudicous
legislation, be promptly met both principal and in
terest, they become due. For pcrspicuity, we
will examine the condition of each issue Of bonds as
given in the documents referred to, and the means
by which they are to be lquidated. First will come
the three per cent bonds OF these there was
outstanding the 2Oth of December last, principal
and interest, the sum Of S057G 25. There is now
sutic ut funds in the treasury set apart for their
redemption, to pay them on demand. Holders may
draw the cash at once
Of the ''scven per cent bonds of 1851" there was
outstanding on Goth December last. the sum of
S3S4OOO. These are due in 55 and 81. There is
an ample fund set apart to meet the interest these
as it becomes due, and sinking fund to liouidate
annually portion of the principal, that it also
will be promptly paid on maturity, and perhaps
sooner if holders require it.
Of the "seven per cent bonds of 1852 there was
outstanding at the same date, the sum of 81, l22-
900. These bonds are payable in 1870. The Janu-
ary interest was promptly paid but there is no fund
that can be safely relied on beyond the amount Of
S5,OoO to 81 900 to meet the July interest of about
$4,000. The present Legislature will have to pro-
vide some certain means to meet this interest as it
becomes due
The bonds of 1854 also bearing per cent inter
est and payable in 1870, amounting to S262 900
te lhleIcSu on Wlcn becomes due at the time
Will also have to be more certainly secured If we
make ample provision for the interest coming due
ON these no State in the Union could then boast Of
better condition her civil Indebtedness Ofthcsc
last there were 100000 issue in payment for the
State prison building, some $4,000 of which has
already been received ly the late Treasurer in pay
ment tor the States property, sold in San Francisco
If the remainder Of these bonds and those vet to
be issued for the completion of this work be received
by the present Treasurer in payment for the further
sales OF this property it will Leave in the treasury
OF the amount already collected and set apart for
that purpose, at least $50 600 over and above the
amount necessary to pay the first and second inter-
est instalments on these bonds. This amount added
to that arising from the per cent. property tax
as provided for by act of May 1lth, 1858, author
ising the erection Of a State prison, will almost sup
ply tn deficiency likely 70 occur in the interest fund
tor July OF the present year There are with those
to be issued-somc S9,000,--but $4,000 State pr
son bonds to be redeemed to meet which, as we
before stated, there are $4,000 in cash now ready
beside q sufficient amount to meet the interest on
the whole.
Had we not, under this state Of the case, better
take up these bonds at our future property sales
and apply the State prison fund to the payment of
the interest due in "a" on the bonds of 81" ;" and
then provide for the liquidation of the bonds due in
"55' from the cash proceeds of the sales Of s,ate
property. The amount due in 55" is $I33 900, to
meet which there is now in the State Treasury
about $4,000 over and above the July interest on
the same --Stute Journal