Columbia gazette., 1854-02-25
REPORT OF THE STATE
TREASURER.
To HIS Ercellsueu. Cor John B;els,

TREASURER.
To His Ercellsney, Cor John Bigler:
SIR-The time Is rapidly approach
ing when the Legislature should!proceed
to consider such revenue measures as
they may deem necessary to secure the
prompt payment of the interest and
principal OF the civil debt of the State.
AS the late Treasurer's annual report
only extends to the conclusion of the
fiscal year ending June 30th, 1853, and
I am not aware that a supplementary
report has been submitted to your Ex-
cellency: and as some important chang
es have taken place in the condition OF
the State Indebtedness since that peri
cd, l desire to submit to you a brief
statements Of facts which may aid the
Legislature to some extent in determin :
ing the alterations necessary to be made
in the present revenue laws.
1t is deemed necessary to state that
the sinking fund now on hand which has
been provided by law to liquidate the
principal and interest on the 3 per cent
bonds or bonds issued under the provis-
ions of an act entitled Fan act creating
temporary State loan, passed Feb lst
1850, is ample for that purpose, and
therefore any further provisions for
these will be unnecessary.
There is at present sufficient amount
in the Treasury to meet the interest
falling due in July next on the 7 per
cent. civil bonds issued under the pro-
visions of the funding act of 1851 and
have a surplus of 80, ,476 % for the re-
demption Of the principal.
On January 9th 1854, I proceeded
to advertise for the redemption Of 49,
900 90 of said bonds, agreeablY to the
provisions of an act entitled can act sup
Elementary to an act to fund the debt
Of the State, &c.," approved May 4th
1859. @
The total amount of civil bonds issued
under the provisions he funding
net of 1851, accor- he records
in this Office was Sass, 500 90
Total amt redeemed to date ,9S 900 90
Amt now outstanding
exclusive of interest, $36O,5OO 90
Of this amt there will
fall due on the first
of March, 1850, Sl3l 500 90
Deduct from this amt
sinking fund now on
hand, exclusive Of
interest, SO, ATS %
Balance due lst March,
1888, exclusive Of
Interest, $92,o23 rs
To meet this we may reasonably cal
culatc upon whatever cash may be re-
ceived hereafter in payment Of State
property sold under the provisions of an
act''to provide for the sale Of the inter-
est Of the State of California in the prop
crty within the water line frcnt in the
city Of San Francisco, &c." approved
May IS, 1853, together with the pro-
ceods Of The l5 cent property tax, pro-
vidcd by the present revenue law.
But it should be remembered that
while the last Legislature had but sixty
ive millions of taxable property as c
source Of revenue to base their esleu!a-
ton upon, the present will have nearly
one hundred millions; therefore without
taking into consideration the cash pro-
ceeds Of the sale Of State property in
San Francisco, but little doubt could be
entertained Of our ability to pay the en-
tire Interest accruing on the per cent
bondsssof 1851 up to lst of January ls-
50, and of promptly meeting so much
Of the prineipal On the same as will fall
due the lst Of March, 1865. Hence
infer that the assessment of Is cents
might be reduced With safety a. least
one-third, lessening the burden of taxa
ton on the people. This opinion is
strengthened by the fact that 1927 900
90 Of the bonds issued in 1851 will rot
fall due until the year 1864.
Presuming that considerable amount
of cash will be received on the sales Of
the property above mentioned, which
Will be turned over to the sinking fund
OF 1851, reasonable calculation may
be made upon speedy liquidation Of
the funded debt of 1851.
The per cent, civil bonds issued
under the provisions Of an act approved
May lst, 1852, and the supplementary
act approved May II, ,52, constitute
the only portion Of our civil indebted
ness, which would appear to require ad-
ditional provisions for its payment.
The total amount of these bonds issued,
as appears by the records of this Of
fee is $l,4I9,O00 90
Total amt redeemed
to date, 24,5oO 90
Balance outstanding
exclusive Of interest 1894, 500 90
To omeet the interest which will fall