San Andreas independent., 1857-10-10

a9rThe Alta California gives the
law under which the State debt was SUBJ
mitted to the people, in the following
condensed form. 1t is worthy of perusal,
as it will give every one an idea, of the
amount of interest the people have to pay
before our present debt is liquidated.
According to the provisions of the Act SUBJ
mitting the question to the voters at the late
election, the amount of bonds to be issued in
payment of the debt, is not to exceed the sum
of So 900, 900, to be made payable in twenty
years, and bearing an annual interest of seven
per cent This interest will amount to $273,-
900 per annum; and the interest of the twenty
years added to the principal, will make the
amount to be paid in all, principal and inter-
est, $9,460,000. The bonds to be issued, are
to be in sums of not less than five hundred
dollars; and persons holding bonds represent
ing any portion of the unconstitutional indebt-
edness, are to present them to the Treasurer
of State, prior to the first day of January
1859, receiving new bonds of like amount
therefor; and all persons not making their
demand before that time, will be forever de-
barred from the provisions of the Act. The
interest on the bonds is made payable on the
first day of July and the first day of January,
at the office of the Treasurer, and the first
payment is not to be made until the lst day
OF January, 1852 The following are the
character of claims specified in the Act itself,
as being entitled to funding: First, civil bonds
of the State, issued under the funding Acts
passed in the years 1851, 1852, 1853, 1855
and 1856, which are now outstanding, wi til
interest on the same when presented, as APP
pears on the coupons. Second, Controllers
warrants drawn under sanction of law, for
civil expenses, prior to January lst, A. d.
1857, and now outstanding and unpaid but
the provisions of this Act shall not authorize
the funding of any of those warrants, the reg
istration and endorsement of which were can
celled, or required to be cancelled by the pro-
visions of an Act to CANCEL the registration
and endorsement of certain warrants, and pro-
hibiting the payment of the same," approved
January 30th, \. d. 1856, or warrants which
have been specifically adjudged illegal by any
Court, and all said warrants specified in the
last mentioned Act are hereby expressly cx-
cluded from all the benefits and provisions of
this Act. Third, just or legal claims against
the State, accrued prior to January lst 1857,
and which may be allowed and audited by
Act of the Legislature" For the payment of
the principal and interest on bonds issued, the
Act provides that an annual tax of thirty
cents on the hundred dollars of assessed value
of real and personal property in the State,
shall be levied, and the civil fund, amount
ing to nearly S3,O0O,OOO, and consisting of
duties collected in the ports of California prior
to her admission as u State, and which the
State claims from the General Government, in
case it is ever collected is pledged to the pay
mcnt of these bonds 1t is also provided that
when, after the semi-annual payment of in
terest, there shall remain in the fund the
amount of ten thousand dollars, the Treasurer
shall advertise for proposals to surrender the
greatest amount of bonds for the sum remain
ing; the proposals, however, not to exceed par
value. The provisions of the Act are to go
into operation on the first of November next.