Columbia gazette., 1854-01-14
the necessary measures to protect and
render it perfectly secure.

the necessary measures to protect an
render it perfectly secure.
By an Act Of the Legislature, approx
ed Marah 26, 1851, property owned b
by the State known as the ''Beach an
Water Lot property" was release'
to the city Of San Francisco for tn
term Of nine years, the city to pay unit
the State Treasury twenty-five per cent
upon ali moneys arising from the dispo
sition made Of the property after th'
passage of the Act. On the first da,
of May, 1851, another Act was passed
rclinquishing to the city certain Beacl
and Water Lot property, upon the ex.
press condition that certain titles which
had been Heretofore granted by Justices
of the Peace, should be confirmed.
The requirement to confirm grants made
by Justices of the Peace, up to Ma .ch
18th, 1853, the date Of the repeal Of
the Act of May 1st, 1851, had been
wholly neglected, and up to the 25th
December, 1858, comparatively but a
small sum had been paid into the State
Treasury under the supervisors of the
second section Of the Act of March 26,
1851.
1 would therefore recommend that
the Acts approved May Is, 1858, enti-
tied can Act to provide for the sale of
the interest of the State of California
in the property within the waite. front
of the city of San Francisco, as defined
in and by the Act entitled can Act to
provide for the disposition of certain
properly of the State Of California" !"
passed March &c. 1851, be so modified
as to authorize the Board of Commits
sioners appointed under the act afore-
said, to dispose Of the States remaining
interest in said property, in such man
ner and at such times as may deem pro-
per and expedient.
The right of the State to dispose Of
the rcversionary interest in the proper
ty released to the city BY Act Of Goth
March, 1851, it is believed, cannot be
questioned, and although owing to the
fact that the property has been released
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 up
on the State Treasury.
Persons who have purchased hereto
fore from the city Of San Francisco. in
good faith, cannot reasonably objected to
the Sale, because, by obtaining the
States remaining interest, a perfect title
to their property may be acquired. On
the contrary, it is presumed that they
will eagerly embrace the opportunity
thus offered, Of extinguishing an interest
adverse to 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 Govern
ment Reserves, and the States remain
ing interest in the property released
to the city, and sold in accordance with
the provisions Of the Act of March 26th
1851. the sum of $29S,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, 1854. Add to the
above, the $473, ,475 realized from sales
of property made by the State Commits
sioners and we have the sum of S771,-
9l2, Of which amount at least $65O,OOO
can be applied as received, in part pay
ment of the Civil Debt of the State.
From all these sources the amount
which will be realized, it is confidently
believed, cannot be less than SEVEN
MILLIONS OF DOLLARS, an amount suf-
fcient to pay the entire debt of the State
civil and war, and leave in the Treasu-
ry balance Of more than three and a
half millions.
Before dismissing the subject, I would
remark, that it may not be necessary, or
advisable, to sell Immediately the whole
of the property within the proposed ex-
tension, but only so much as may be re-
quired to liquidate the existing State
debt; leaving the surplus to be dispos-
ed Of as the future wants of the State
may demand.
If, however, the prosperity Of the city
and her rapidly increasing commerce,
should demand the immediate sale of the
whole of the property, would respect
fully 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 estimated, would, at six per cent,
amount to $2lO,oOO.
This sum judiciously expended annu-
ally for necessary public works, at San
Francisco;-in removing obsticles to the
safe navigation of our rivers, above ports
of entry, and in improving Public High
ways and building bridges where neces-
sary for the public convenience through