The Nevada journal., 1856-08-08
IMPORTANT OPINION OF THE Ar

rican, of Wednesday, is published, with
sanctioning remarks by the editor, an
important opinion, if well founded, to
tax payers and scrip holders. The le-
gal advocate and advisor of the State
thinks Controllers warrants, and other
evidences of State indebtedness are re-
ceivable in payment of taxes. II ms
opinion is good, then is the FUNDING
Act oflast session perfect nulllty ne
object sought to be accomplished oy 'n"'
act is utterly defeated.
The design of the Bill, was not
the opinion implies, to allow tne 'I,ip
of speculators to snatch every ooii"f
from the General Fund before it reaches
the Treasury, until the last one IS Gluten
ed by Shylocks, and when no more ii'H-
eral is to be had, make the State pay
interest upon the remainder after oelng
bonded.
The evils of the Scrip system had
been seen and felt, and some remedy
was sought for by the Legislature a
vast amount of deprecated evidences of
the States Indebtedness lay at the door
of the Treasury, sweeping away the
funds as fast as they Arrived from the
various Counties, anH7eaviag the vaulfs
of the State plethoric everlastingIv with
nothing.
An effort was made in the the Fund
ing Act of last session to reduce the f.
nancial transactions of the State to
cash basis. All the outstanding Con-
troller's warrants already issued or
which might be issued prior to the first
day of January, 1857, were, by the
terms of the Act, to be paid in bonds
bearing seven per cent per annum in
terest payable semi-annually, and in no
other manner.
We are informed the Treasurer would
assume the responsibility of sending the
sum necessary to pay the interest that
fell due on the 1st of July, which the
financial agents of the State, Palmer,
Cook & Co. failed to at the proper time,
allowing the credit of the country to be
injured ruinously, but that there is not
enough money in the Treasury so to do.
The amount required is only about
$4,000. IfControllers warrants are re-
ceived for taxes, the whole sum that
would otherwise fall into the general
fund as was contemplated by the Fund
ing Act of last winter, will be swallow
ed up, leaving nothing but the small
amount now in the Treasury to com
mence operations with on the cash sys-
TEN, when the next Legislature con-
venes.
The object and design of the Fund
ing Act of last session was to satisfy the
holders of State Scrip in some other
way different from paying money, and
accumulate sutfieient money in the
Treasury to commence cash operations
on and after the first of January next,
and abandon the scrip system altogether
But if the opinion of Attorney Gene
raj Wallace is acted on, the country is
destined to be flooded a year longer, at
least, with deprecated paper, the State
compelled in consequence, to pay two
prices for everything she buys, and for
service done.
We have not the statutes OF 1885,
and cannot compare the opinion of the
Attorney General with the entire law,
but from the fact that he has fallen into
an error, or we conceive he has, in re-
gard to the payment of any portion of
the interest fund in gold dust, we are in
clined to doubt the soundness of the
whole opinion. The amendments to the
revenue law of 1854, passed last year,
provides that the interest fund shall be
paid in the legal coin of the U. s., or in
foreign coin at its value fixed upon by
the Federal Government
MODEL LETTER WRITERs.-A collec-