Mountain Democrat., 1857-08-15
fBY AUTHORITY.
A n A G. T


nine hundred thousand dollars, bearing interest at
the rate Of per cent per annum from the date
0f their issue, payable at the State Treasurers Office,
on the hrst day OF July, thousand eight hundred
and seventy-seven; the interest accruing on said
bonds shall be due and payable at the Office oil the
Treasurer Of State, the first day OF January and
July Of each year: PrOvtded, That the first pay.
ment Of interest shall not be made before the first
day Of January, one thousand eight hundred and
ty-nine. Said bonds shall be signed BY the Govern
or, and countersigned by the Comptroller, and en-
dOrsed by the Treasurer Of State, and shall have the
seal Of the State affixed thereto.
SEc. 2. Coupons for the interest shall be attached
TO each bond. so that they may be removed without
injury mutIlatiOn to the bond. Said coupons con-
secutively numbered, shall BE- signed by the Treasur
er OF State.
SIC. 3. 1t shall be the duty Of the Treasurer and
Controller Of State, each 10 keep separate record Of
all such bonds may be issue showing the number,
date and amount Of each bond, and to whom the same
was issued and upon what claim and its amount; and
Of the claims herein specified shall be liquda-
ted or paid but In the manner herein provided.
SEC. 4. The sum Of one thousand dollars Is hereby
Appropriated out OF any money in the treasury not
otherwise appropriated to pay the expense that mGy
be incurred by the Treasurer In having said bonds
prepared, but the Controller shall not draw his
rant on the treasury for this amount until there 10
money therein to pay the same.
sHC s. All persons having any Of the claims against
the State Of California, entitled TO be funded as here
matter specified, SHALL upon the presentation Of the
to tue Treasurer OF State, receive In exchange
therefor bond bonds Of the State Of California
provided for In the first section OF this Act but
bond shall be issued for less than five hundred
dollars, for fractional parts of hundred dollars
but the Treasurer may issue certificates Of such frac
thnal parts not bonded, which said certificates shall
be transferable and entitled to be funded as before
provided. The Treasurer sLAll endorse on the back
Of each claim 30 received and liqaidated the date
which be received the same, aud from whom, and the
hIDer or the bond Issued lii exchange nerefor and
such claim shall be filed In the office Of the Secretary
Of stGts
SEC. g. For the payment within twenty years Of the
principal aid interest Of the bonds issue under this
Act, there shall Nc levied ahn0aS, until the bonds
are paid, and rronaPty collected In the same manner
is or may be provided BY law for ordinary Sat-
taxks . tAN o. thirty eeuts on each one hundred dol
lars Tire assessed vaae Of rea and personal prop
ef In the State and the fhnd derived from this tax
a be set apaft Ad applied exclusively TO the pay.
ment Of the interest the bonds herein provided and
the final redemption Of the principal of said bonds
and the ith Of the State Of IN hereby pedg
ed for the payr1ent as herein provided Of the bonds
issued BY $re OF this Att, and the itcfekt thereon
and all moneys that may be received by the State Of
California ff6mthe United States Government on ac-
count Of the Civil Fund, 30 cae1, are hereby iErevO
cNby pledged to the payment a the principal and In.
ttreA on lie bonds isS1td under lhis act Wfilfu
refusal or neglect by Supervisors any other officer
to levy collect the taxes imposed by this Act shall
be FnisieMeaheri and the PERSON or persons convic
ted thereof sh6il be removed from Office and punsl
ed by fine not exceeding Thousand dollars or by
imprisonment b the county jail mot exceeding six
months, or by both such ine and imprisonment
fee. T. whenever on the fESt dav Of JanuASy y Ju-
" year. there remains after thspsyint n the
intefGS, as hereinbeiore prcxi1e1 surplus Of ten
thousand dollars or more, II shall be the duty OF the
Treasurer to advertise for the space Of one week. In
daily newspaper pNblibhed In English, In the city
OF New York, and for one month In one daily news.
paper published in English At the State Capital for
sealed proposals, TO be opened one month amer The
expiration VI such publications by the Treasurer in
presence OF the Governor or Controller, at the State
al Nk.a
Act which advertisement shall state the amount Of
money he has on hand for the purpose Of redemption,
and they shall accept the lowest proposals. at rates
not exceeding par value, as may redeem the greatest
amount ofbonds until the amount Of cash on hand
for redemption Is exhauSted DrOrided, hoTerer, In
a sufficient amount Of such bonds shall not be
offered as Aforesaid, to exhaust the sinking fund to
less amount than ten thousand dollars then Il II here
by made the duty ofhe Treasurer to advertise In two
newspapers one In New York and one at the Capital
Of this State, for three months which advertisements
shall state the amount in the sinking fund, and the
number OF bonds, numbering them In the order Of
their issuance, which such fund is set apart to pay
and discharge, and II such bonds, so numbered In
such advertisements, shall not be presented for pay
ment and cancellation within three months from the
expiration ofsuch publication, then such fund shall
remain In the Treasury TO discharge such bouds
whenever presented, but they shall draw nO interest
after such publication aS last aforesaid
SEC 8. The Treasurer Of State shall keep full and
particular account and record OF all his proceetnCs
under this Act and Of the bonds redeemed and surren
dered and he shall transmit to the GOvernOr an Rb
Stract OF all his proceedings under this Act with his
annual report, to he by the Governor laid before the
Legislature and all 6noks and papers pertaining
the matters provided for In this Act, shall at all times
he open to the inspection Of any party interested, or
the Governor, or the Attorney General, or commit
tee Of either branch OF the Legislature, Ajoint
miuee Of both.
SEc o. It shall he the duty Of the Treasurer to pay
the interest said bonds when the same falls due,
out Of said interest fund, II sufficient and II said fund
he not sufficient then to pay the deficiency out Of the
General Fund P0ptded, that the Controller Of State
shall first draw his warrant on the Treasurer, payable
to the order Of said Treasurer for the amount o inter-
est money about to become due. which said interest
warrant shall be drawn at least month previous
TO the maturing ofthe interest.
SEC. 10. II shall be the duty ofthe Governor and
Controller 10 attend, at least once in each month,
the Treasusers Office while said bonds being is
sued, to examine all claims received by the TreaSur
er as Aforesaid, and cause the same to he registered
and Cancelled In such manner to prevent them from
being reissued or put in circulation.
sEc H. The following are specified as the claims
which entitled to be received and funder under
this Act First Civil bonds Of the State issued under
the funding Acts passed in the years 1881, 1852 1885,
1855 and lS6 which now outstanding, with inter-
est due on the same when presented, as appears by
the coupons. Second Controllers warrants drawn
under sanction Oflav for civil expenses prior to jan
uAry first, A. d. 1851, and now outstanding and
paid but the provisions Of this Act shall not author
iSe the funding Of any OF those warrants the regstra
qured to be cancelled by the provisions Of An Act
to cancel the registration and indorsement Of certain
warrants, and prohibiting the payment OF the same
approved January SOth, D. 1855. or warrants which
have been specifically adudged illegal by any Court,
and all said warrants specified In the last mentioned
Act hereby expressly excluded from all the bene-
fits and provisions Of this Act Third, Just or legal
cans against the State accrued prior to January st
1851 and which may be allowed and audited by Act
Of the legislature. And If the Treasurer Of StatG
shall wIiuy issue bonds upon claims not herein spe:
and he shall be punished provided In section o
this Act, and such bond shall be void.
EEc. 12. The claims specified In this Act may be re-
ceved for funding, and bonds therefor may be issued
prior to the first day Of January 1852 but not after
wards and oil claims not presented for funding prior
to that time excluded from the provisions OF this
Act, and such blank bonds prepared under the pro.
visions Of this Act, as shall then remain on hand
shall he destroyed In the presence Of the Governor
Controller, and Treasurer.
SEC 10. This Act shall take effect on the first day
Of November, A. D. 1851 as to all Its provisions ex-
cept those relating to, and necessary for Its submss-
lon to the people, and for returning, canvassng and
proclaming the vOteS-whlch will take effect mme.
dIatey.
SIC. II. This Act shah be submitted to the people
Ofthe State for their ratification, at the next general
election, TO be holden the rs Wednesday Of Sep.
tembeF A. D. 1857, and the qualified electors Of this
officers vote for or against this Act those voting for
the same, ahA have written printed their bal
lots, thewords "Psy the Debit" and those voting
against thesame, shall write or have printed on their
ballots, thewOrds "Repudiate the Debt"
sEc. 16. The votes cast for and against this Act,
shall be counted, returned and canvassed, and de-
claFed, in the same manner and subject to the same
rules votes cast for the Treasurer Of Sate and II It
appear that majority Of all the votes 20 cast for or
aganstths law as Aforesaid are in favor Of this Act
then the same shall have effect hereinbefore provi.
ded and shall be rrepealable until the principal and
interest Of the liabilities herein created shall be paid
Av.A Nkan
nation thereof but II majority Of the votes 60 cast
agAlnat this Act then the ahall hAcnrna