Mountain Democrat., 1857-07-11
fBY AUTHORITY. ]
A N A CT


SECTION l. For the purpose Of liquidatng, funding
and paying the claims against the State Of California,
hereinafter specified, the Treasurer OF State shall
cause to be prepared suitable bonds OF the state OF
California not to exceed the sum OF Shrce millions
nine hundred thousand dollars, bearing interest at
the rate Of per cent annum from the date
Of their ISSUE payable at the State Treasurers Office,
on the first day Of July, one thousand eight hundred
and seventy seven the interest accruing on said
bonds shall be due and payable at the Office OF the
Treasurer of State, the first day Of January and
july Of each year: PyOctded That the FIRST pay
ment Of interest shall not be made before the 6rSt
day Of January, one thousand eight hundred and
ffty-nine Said bonds shall be sgncd by the Govern
or, and countersigned by the Comptroller, and en-
dOrsed by the Treasurer G State, and shall have the
seal Of the State affixed thereto.
Src 2 Coupons for the interest shall be attached
to each bond, 80 that they may be removed without
injury or mutilation to the bond Said coupons, cUI
ecutively numbered shall BE- signed by the Trcasur-
er Of State.
SEC. g. II shall be the duty of the Treasurer and
Controller Of State, each to keep separate record Of
all such bonds as may be ssued showing the number
date and amount OF each bond and to whom the same
was issued and upon what claim, and Its amount; and
none Of the claims herein specified shall be li4uida'
| ted or paid but in the manner herein provided.
SEC T. The sum Of one thousand dollars Is hereby
appropriated out OF any money In the treasury not
Otherwise appropriated to pay the expense that may
be incurred by the Treasurer In having said bonds
prepared, but the Controller shall not draw his war
rant the treasury for this amount until there Is
money therein to pay the same.
SIC g. All persons having any OF the claims against
the State Of California, entitled to be funded rs here
matter specified SHALL upon the presentation OF the
to the Treasurer or State, receive In exchange
therefor bond bonds Of the State OF California,
provided for In the first section OF ills Act, but
bond shall be issued for less sum than five hundred
dollars, nor for fractional parts OF hundred dollars
hut the Treasurer may issue of such frac
tional parts not bonded, which said certificates shall
be transferable and entitled to be funded as before
provided. The Treasurer s,.all endorse the back
o. each claim received and qrtidutcd, the date
which he received the same, and from whom and the
number VI the bond issued In exchange therefor, and
such claim shall be filed iu the Office OF the Secretary
| Of State.
Sec. G. For the payment within twenty years Of the
principal and interest OF the bonds issued under this
Act, there shall be levied annually, until the bonds
are paid, and promptly collected In the manner
as Is may be provided by law for ordinary State
taxes, tax Of thirty cents on each one hundred dol
lars Of the assessed value Of real and personal prop
crty in the State, aud the fund derived from this ia
shall be set apart and applied exclusively to the pay
ment OF the interest OH the Donds erein provided and
the final redemption Of the principal OF said bonds,
cd for the payment as herein provided Of the bonds
issued by virtue Of this Act and the interest thereon,
and all moneys that may be received by the State Of
California from the United States Government ac-
count Of the Civil Fund, called, hereby rrevo-
cubly pledged TO the payment OF the principal and In
tcrcs the bonds issued under this act. willful
refusal neglect by Supervisors any other officer
To levy collect the taxes imposed by this Act shall
H. misleueanor, and the person persons cunvic-
ted thereof shall be removed from oGce and punish.
ed by fine not eaccclng thousand dollars, or by
| Imprisonment in the county Jail not exceeding six
| months, or by both such hne and Imprisonment.
Sec. T. Whenever on the first day Of January or .Tu.
ly In any year, there remains after the payment Of the
interest," as hcreinbefore provided, surplus Of ten
thousand dollars MORE 1t shall be the duty OF te
Treasurer to advertise, for the space Of one weck
one daily newspaper published in English in the city
Of New York, and for one month in one daily news
! paper published In English ut the State Capital for
| O ned
exvi, ton Of such publications by tc Treasurer, in
pre- Of the Governor Control. r, 1T the State
Capital for the surrender Of bonds issued under this
Act, which advertisement shall state the amount ui
money he has on hand for the purpose Of redemption
and they shall accept the lowest proposals. at rates
MT exceeding par value, us may redeem the greatest
amount ofbonds until the amount Of cash On hand
for redemption Is exhausted: prOrided, hoicerer in
case sun cicnt amount Of such bonds shall not be
offered, Aforesaid, tN exhaust the sinking fund to
less amount than ten thousand dollars then II is here
by made TIC duty ofthe Treasurer 70 advertise in
newspapers, one In New York and one at the Capital
this State for three months, which advertseme
shall state the amount In the sinking fund.- and the
number OF bonds, numbering them in the order oi
their issuance, which such fund is set apart TO pay
and discharge, and II such bonds, 80 numbered In
such advertisements, shall not be presented for pay.
ment and cancellation within three months from the
expiration Of such publication, then sus!. fund shall
remain In the Treasury to discharge such bouds
whenever presented, hut they shall draw interest
after such publication as last aforesaid. -
Sec. s. The Treasurer Of State shall keep full and
particular account and record Of all his proceedings
under this Act aud Of tile bonds redeemed and
dered, and he shall transmit to the Governor ab.
stract OF all his proceedings under this Act with his
annual report, to he by the Governor laid before the
Legislature and all hooks and papers pertaining tC
be open TO the inspection OF any party Interested
the Governor or the Attorney General, or commit.
tee Of either branch Of the Legislature or aont
mittec Ofboh.
sEc o. 1t shall be the duty ofthe Treasurer to pay
the interest OH said bonds when the falls due
out of said interest fund.- II sufficient and il said fund
b. not sufficient then to pay the deficiency out Of the
General Fund PrOridetl, that the Controller Of State
shall first draw his warrant on the Treasurer payable
to the order said Treasurer for the amount Of inter
est money about to become due which said interest
warrant shall be drawn Mt least one month previous
to the maturing oftbe Interest.
Sec. 10. 1t shall be the duty ofthe Governor and
Controller to attend, at least once in each month"; al
the Treasusers Office, willie said bonds being is-
sued TO examine oil claims received by the Treasur
or as aforesaid and cause the same 10 be registered
and Cancelled in such manner rs to prevent them from
being ressucd or put in circulation.
SIC. II. The following are specified rs the claims
which are entitled to be receive and frde- under
this Act First, Civil bonds OF the State issued under
the funding Aels passed In the years ST. ISL 1853
1859 and 1866, which now outstanding, with inter
est due on the same when presented, as appears by
| the coupons. Second, Controllers warrants drawn
under sanction Ofaw for civil expenses prior to Jan.
unry FIRST A. D. 1857, and now outstanding and un-
paid but the provisions Of this Act shall author
ice the funding Of any Of those warrants the rcgistra
ton and Endorsement Of which cancelled or re-
quired to be cancelled by the provisions Of An Act
to cancel the registration and Endorsement Of certain
warrants and prohibiting the payment OF the same -
approved January 30t A. d. 1856. or warrants which
have been specifically adiudGed illegal BY any Court,
sad waTTants specified In the last mentioned
Act hereby expressly excluded from all the bene-
fits and provisions Of this Act. Third Just or legal
claims against the State accrued prior to January lst
| 1851, and which may be allowed ana audited by Act
| Of the Legislature. And II the Treasurer Of State
shall wifuy issue bonds upon claims herein spe.
Gifted US receivable Il shall be deemed misdemea
and he shall be punished as provided In section OF
| this Act, and such bond shall be void
SEC. 12. The claims specified in this Act may be re
ceived for funding and bonds therefor may be issued
prior to the first day Of January 1880 but not after
wards; and oil claims not presented for funding prior
to that time, are excluded from the provisions OF this
Act, and such blank bonds prepared under the pro.
visions OF this>Act, as shall then remain hand,
shall be destroyed In the presence Of the Governor
Controller, and Treasurer.
SEC IS. This Act shall take effect on the rst day
Of November A. d. 1851 as to all its provsiona ex.
cept those relating to, and necessary for Its submiss-
ion TO the people, and for returning, canvasSnR and
proclaiming the votes-which will take effect imme.
| dlately.
Sec. II. This Act shall be submitted to the people
OF the State for their ratification, Of the next general
election, to be holden on the FIRST Wednesday OF Sep
tembcr, A. D. 1851, and the qualified electors Of this
State, SHALL at said election, their ballots for State
cers vote for or against this Act those voting for
the same, shall have written printed their bal
lots, thewords "Pay the Debt" :" aud those voting
against thesame shall write or have printed on their
ballots, thewOrds "Repudlate the Debt"
SEC IS. The votes cast for and against this Act,
shall be counted, returned and canvaSsed, and de.
clared, In the same and subject to the same
rules as votes cast for the Treasurer Of State and II Il
appear that majority Of all the votes 50 cast for or
this law as Aforesaid, are 10 favor Of this Act
then the same shall have effect herenbelOre provi.
ded and shall be irrepeaable until the principal and
Interest Of the liabilities herein created shall be paid