New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-01-14
STATE DEBT OF CALIFORNIA DECLARED
UNCONSTITUTIONAL
FROM The San Fydaei.co Buil<iiR.


The late decision of the Supreme ,urt the valid
ity Of the State debt has excited the deepest
The decision before the Court by bill IN equity
filed in the Court below 70 prevent the further extern
priaon Of 500 OOO made by the last Leg stature for
The survey of wagon road to the Sierra Nevada
Mountains.
The Court in citing the 9Th article of the Consttu
top which expressly prohibits the Lsgis sture from
creating any debt beyond the s1m of $500 600 unless
sanctioned by an express vote Of the people At gen.
era election, declares that the whole existing State
de5; over and above the said som OF $500 600 10 un-
&C nstu tiona no part OF the same having been sub
mitted to "vote Of the people" az provided TOR IN
said article and that consequently, the Commissioners
for the ,uryey Of the rosd In question hsd no power
to create any further debt for the cnarSes OF prosecute
ing the said survey.
Whatever stgn a and we hope but temporary may
rest upon the State under this decision Us egy and
al stract ustce cannot be mpugned The letter OF the
Constitution borne cut IN lts spirit by copous ex-
trscs from the records Of the debates its adoption
az cited by the Judges, and the blame rests with the
anecedent Legsa ures, and more especially with me
executives and their constitutional sdvfsrs, OF SUBJECT
ing the State TO the Ieproach of having for five years
pursued course which may lay il open - the imputa
ton of obtain ing funds which they might afterwSd To-
gsly repudiate.
The present amount OF the debt was stated oy the
Court TO be CO., but there floating debts and
Cont oilers warrants outstanding which may swell
the sum to nt airy three and half millions.
What will the people dol With them alone
rests the OF relieving VI
repudistioD; with them alone remains the power %
avert all the manifold evils which must flow from their
present position.
They have expended large sums OF money obtained,
not it IL true on false pretenses, bat on grounds 80
Kindred in their nature that unless they come at once
10 the rescue the fair fame Of the Golden State and
that of every individual claiming citizenship therein,
will be held up in kissing and reproach in every
quarter Of the world
But such a calamity we are sure the people VIII
promptly and nobly endesvor TO avert They have the
pow er TO legalze the debt by direct vote under ths
g aufe of the Constitution through which it us been
declared illegal. The people kneE that this debt was
crested by their legal representatives for the benefit of
the State.
The pt ople know that ii is justly due the
separae debts of individuals. The people will show
TO the world that the same sense of honor and coed
faith which guides them in the discharge of their per-
sona liabilities will inspire their representatives to
apply prompt remedy for the omission of necessary
formality Of law.
In this opinion we are borne out by the entire iute
gence and experience Of the city, and shall Indeed
Be greatly deceived II the whole Sae does not resp md
10 The same feelings.
In stocks there has been absolutely nothing done At
private sale. At auction 17S shares California State
Telegraph Company stock sold at SO IS so 50
per share In State Seven Per Cents nothing has been
done since the decsion of the Supreme Court was rem
deIed and it is impossible to make any quotations.