San Andreas independent., 1857-08-22
Vote Upon the State Debt.

Vote Upon the State Debt
We copy the following from the Sacramento
/ Union, relating to the vote upon the State debt,
containing such sections of the law as Will be
of interest to the general reader, together with
the comments of that paper upon the same:
The law which authorizes this vote to he ta-
ken is published by authority in only one paper
/ in judicial district Whatever notice may be
taken of the matter by other papers must be
gratuitous AS our readers are deeply inter-
ested in the question, we propose to give so
much of the law. in substance. us will enable
the reader to perceive what is required to be
done in the premises. Section lst OF the law
reads:
For the purpose of lquidating, funding and
paying the claims against the State of Califor-
na hereinafter specified, the Treasurer of State
shall cause to be prepared suitable bonds OF the
! State of California, not to exceed the sum Of
three millions nine hundred thousand dollars
bearing interest at the rate of seven per cent
per annum from the date of their issue, paya-
BILE at the State Treasurers office the first
day OF July, one thousand eight hundred and
seventy-seyen the interest accrulng on said
bonds shall be due and payable at the Office of
the Treasurer of State on the first day OF jan
uary and of July of each year Procfded, That
the first payment of interest shall not be made
before the first day of January, one thousand
eight hundred and ffty-nne Said bonds shall
be signed by the Governor, and countersigned
by the Controller, and endorsed by the Trcasu-
rcr of State and shall have the seal of the State
affixed thereto
Sections 2, 3 and relate to the duties of
Controller and Treasurer Section provides
for the presentation of claims against the State
and the issuance of bonds for the same in sums
of not less than five hundred dollars, and for
all sums less than five hundred the Treasurer
shall issue certificates which certificates when
ever they reach five hundred dollars, may be
also funded.
In section six provision is made to raise
sinking fund to pay the principals OF said bonds
within twenty years, by laying an annual tax
of thirty cents on each one hundred dollars in
value of assessed property. ''and all moneys that
may be received by the State of California from
the United States Government on account Of
the Civil Fund, so called, are hereby irrevoca-
bly, pledged to the payment of the principal and
interest the bonds issued under this Act
\ wlful refusal or neglect by Supervisors or
any other officer to levy or collect the tax i'm
posed by this Act shall be Il misdemeanor, and
the person or persons convicted thereof shall be
removed from office, and punished by fine not
exceeding one thousand dollars. or by impris-
onment, in the county Jail, not exceeding six
months, or by both such fine and imprison-
mcnt'
Section declares that whenever $40. 900 ac-
cumulates in the Sinking Fund, after the inter-
est is paid. the Treasurer shall advertise for
| sealed proposals to surrender State bonds the
party who offers to surrender bonds at the low
est ig.re to take the money, provided if the
money is not SO exhausted that the Treasurer
shall advertise the bonds, with their number,
which said money is set apart in the TreaS aSury
| to pav and if said bonds are not presented
| within three months, they cease to draw inter-
| est.
Sections 8, 0 and 10, specify further the du-
| ties of the Controller, Treasurer and Governor.
| SEC. IL. The following are specified the
claims which are entitled to be received and
funded under this Act: First-Civil Bonds of
the State issued under the funding acts passed
in the years 1851, 1852, 1853. 1855 and 1886.
which are now outstanding, with the interest
due on the same when presented. as appears bv
the coupons. Second-Controllers warrants
drawn under sanction of law, for civil expen-
ses prior to january, 1857, and now outStand-
ing and unpaid but the provisions of this act
shall not authorize the funding Of any of these
warrants, the registration and endorsement of
which were cancelled or required to be cancel
led by the provisions of AN act to cancel the
registration and endorsement of certain war;
rants, and prohibiting the payment of the same,n
approved January 30th, A. D. 1856, or warrants
which have been specially adjudged illegal by
any Court, and all said warrants specified in the
last mentioned acts, are hereby expressly ex-
cluded from all benefits and provisions of this
act. Third-Just legal claims against the
State accrued prior to january lst, 1857, and
which may be allowed and audited bv act of
the Legislature. And if the Treasurer of State
shall wilfully issue bonds upon claims not here
Ill specified as receivable, it shall be deemed IL
misdemeanor, aud he shall be punished us pro-
vided in section of this Act, and such bond
shall be void
Section 2 provides that no bonds under this
Act shall be issued after the first of January,
1889, and section l3, that the Act shall take
effect on the first day of November, lS57-ex-
cept those sections relating to submitting the
question to the people
SEC. IA. This Act shall be submitted to the
people of the State for their ratification at the
next general election to be holden on the first
Wednesday of September, A. D. 1857, and the
qualified electors of this State shall at said
election on their ballots for State officers, vote
tor or against this Act; those voting for the
same shall write or have printed on their bal
lots the words, Pay the Debt and those vo-
ting against the same shall write or have print-
ed on their ballots the words g 'Rcpudatc the
State Debt
SEC 10. The votes cast for and against this
Act snail be counted, returned and canyassed
ana declared IN the same manner and subject
to the same rules rs votes cast for the Trcayu- |
rer OF State, and if it appear that majority Of
all the votes so cast for or against this law as
aforesaid, are in favor of this Act. then Tho
same snail have effect as hereinbefore provided
ana snail be irreparable until the PRINCIPAL and
interest OF the liabilities herein created shall ho
paid and discharged and the Governor shall
make proclamation thereof; but if a majority of
'he votes so cast are against this Act. then tho
same shall become void. '''NA ''''
a majority of the votes cast for and against
20 nnS S ene aeot decides the question. If only
oo,ooo votes ont of 100. 900 are cast for ond
against, and 26,0o0 are in the affirmative thev
VIII constitute majority of all the votes cast
upon the State Debt question Thosa rot;,o, :,