Mountain Democrat., 1857-07-18
(BY AUTHORITY.
A N A CT

and paying the claims againa the State Of California
hereinafter specified, the Treasurer Of State shall
cause be prepared suitable bonds Of the State Oi
California, not TO exceed the Of three millions
nine hundred thousand dollars, bearing interest al
the rate OF seven per cent per annum from the date
Of their ISSUE payable at the tate Treasurers Office
the FIRST day Of July, one thousand eight hundred
| and seventy seven; the interest accrung on said
bonds shall be due and payable at the office Of the
Treasurer Of State on the first day Of January and
July Of each year: IrOvtdeJ, That the Arst pay.
ment Of interest shall not be made before the first
day Of January, one Thousand eight hundred and
ffty-nine Said bonds shall be signed by the Govern
or, and countersIgned by the Comptroller, and en-.
dOrsed by the Treasurer ~ State, and shall have the
| seal Of the State affixed thereto.
SEc. 2. Coupons for the interest shaH be attached
TO each bond, that they may be removed without
injury InutiatOn to the bond. Said eOu0iis, e0ii-
secuiivey numbered, shall be signed by the Treasur
| or OF state.
SEc. y. 1t shall be the duty Of the Treasurer and
Controller Of state, each TO keep separate record Oi
date and amount Of each bond and TO whom the
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.
SIC. 4. The sum Of one thousand dollars Is hereby
Appropriated ont of any money in the treasury not
otherwise appropriated to pay the expense that may
bc incurred b., 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.
SEc s. All persons LAvinR any OF the claims against
the state Of California, entitled to he funded here
matter specified shall, upon the presentation Of the
10 tl" Treasurer Of State, receive In exchange
tia nfor II bond or bonds OF the State Of California.
provided for in the hrs section Of this Act, but
bond tll be issued for less sum than Ave hundred
dollars for fractional parts Of hundred dollars,
but the Treasurer may issue certificates OF such frac
Onal parts not bonded, which said certificates shall
he transferable and entitled TO be funded before
provided; The Treasurer sLall endorse on the back
Of each claim so received and liquidated the date
which he received tie same, aud from whom, and the
number 81 the bond Issued ia exchange therefor, ard
such claim shall De Fled in the Office VI the eecretary
Of state.
SEC 6. For the payment within twenty years of the
principal and interest uf the bonds issued under this
Act there shall be levied annually, unt.i the bonds
| are pail, and promptly cOlcctrlD the same manner
as IL or may he provided by law fnr ordinary State
taxes, tax Of thirty ccnts each one hundred dol
lars Of the assessed vnlue OF real and personal prop
er;y In the State, and the fund derived from this tax
shall hc srt apart and applied exclusively to the pay
ment of the interest the bODds herein provided and
the final redemption OF the principal Of said bonds
and the faith NJ the state of California is hereby plcg
ed ur the payment as herein provided "f the hoInl>
issued by virtue 81 this Act and the interest trrcun
and NIL moneys n at may be received hy the Stat" OF
California from the United ttat.- Govcrihct on ar
count "f the Civil Fund, go called are hy rrevo
cably pledged to the payment Of tho prime ipa and IN
terest on the bonds issued under this act willfu
refusal or neglect by Supervisors Any other Officer
to levy collect the taxes imposed by this Act shall
be nisdemean0r, and the person or persons cOnvic
ted thereof shall be removed from Office aud punish
ed by fine not eXceeding.One thousand dollars, by
imprisonment In the county jail not Exceeding six
months, OF by both such hne and imprisonment.
Sec. 7. Whenever the first day Of January or Iu-
ly in any year, there remains. after the payment 81 the
interest, hereinbeforc provided surplus Of ten
thousand dollars or more II shall he the duy of the
Treasurer to advertise, fr the space of week, in
daily newspaper published in English in the city
Of New York, and for one nIUth In daily
paper published in English at the State Capital fnr
sealed proposals, t. be ueI,.d one month after tl.
ff kW
presence 0f the Governor Controller Mt the State
Capital FOR fhc surrender Of bonds issued under this
Act, Which advert 'ement shall state the amount Of
money he has on hand for the purpose OF redempton
and they shall accept the lowest proposals. at rates
net exceeding par value, may redeem the greatest
amount Ofbonis until the amount Of cash on hand
for redemption Is exhausted; JrOri'lpd hO1CeUeF, In
casr su icrnt AlUunt Of such bonds shall not be
offered, aforesaid, In exhaust the sinking fund to
less amnhnt than ten Thousand dollars then il il here
by made the duty Ofthe Treasurer 10 advertise In two
newspapers, one III NeY York aud one 1T llc Ca,,ita
OF this state. for three months, which al, rrtiscents
shall state the amount N the sinking fund, and the
number OF bonds numbering them ia Tive 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 he presented for pay
mrit and cancellation within three months from the
expiration Ofsuc'i publication, then scl, fund shall
remain in the Treasury to discharge such bouds
whenever presented but they shall draw no Interest
after such publication as latt Aforesaid.
1RC g. Tie Treasurer of State shall keen full and
particular account and record "ral his proceedings
under this Act, and Of the bonds redeemed sirren-
dcred, and he shall transmit to the Governor M ai-
Stract Of all his proceedings under this Act with his
annual report to be by the Governor laid before the
Legislature and all books and papers pertaining to
the matters provided for in this Act shall at all times
he open to the nspecton Of any party interested
the Governor, or the Attorney General, or u commit
tee OF etcr hrancl OF the legislature joint COM
Inittec Uf both.
SEC. 0. 1t shall he the duty ofthe Treasurer to pny
the interest "n said bonds when the same falls dine,
,kAN. f,,,I ns.. 4
be not Sufficient, then 10 pay the deficiency out nf the
General Pund fJOrtdfd that the Controller al State
shall first draw hir warrant on the Treasurer, payable
70 the order Of SAID Treasurer for the Of
est money about TO become due which said Interest
warrant shall be drawn at least one month previous
to the maturing ofthe interest.
SIC. ~. 1t shall lie the duty the Governor and
Controller to attend at least once IN each month at
the Treasusers office, Willie said bonds are being H..
sued, TO examine I'LL claims received by the Tresr-
er as aforesaid, and cause the same to be registered
and Cancelled IN such monnrr to prevent them from
being reissued or put In circulation.
SLc. II. The following are specified as the claims
which art entitled to be received and funder under
this Act First, Civil bonds Of the State issued under
the funding Acts passed in the years 1851, 1882 1855
lNsb and >!+i, which now outstanding with inter-
est due Oh the when presented, a. appears by
the coupons. Second, Controllers warrants drawn
under sanction law for civ" expenses prior to Jan
uary hrst, A. y. 1-51, and now outstanding and ur-
paid, but the provisions of this Act shall not author
ize the funding Of any AZ those warrants the regstra-
tOn and inderseIncnt Of which were cancelled or re.
quired to he 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 3mh A. u. 1853. or warrants which
have been specifically adju9ged Illegal by any Court,
and all said warrants specified n the last menoneA
Act, are hereby expressly excluded from all the bene
ITS and provisions Of this Act Third Just or leka
claims against the State accrued prior TO January ls
1851, and which may be allowed and audited BY Act
Of the Legislature. And II tile Treasurer Of State
shall wiully Issue bonds upon claims not herein spe
cned as receivable shall be deemed nisdem amor,
and he shall be punished provided In section Of
this Act, and such bond shall be void.
EEc. ~. 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 1889, but not after
wards and all 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 th.n remain hand,
shall he destroyed In the presence Of the Governor
Controller, and Treasurer.
REc. 18. This Act shall take effect on the first day
OF November, A. D. 1851 as to all Its provisions, exs
cept those relating tO, and necessary for Its submiss
ion to the people, and for returning, canvassng and
prOclaiming the VOtes-which will take eject Imme-
dlately.
sTC. H. 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 Sep-
tember, A. D. 1851 and the qualified electors Of this
State SHALL at eai election, their ballots for State
of cers, vote for or against this Ac those voting for
.e same, shall have have written T printed on their bal
against thesame, shall write or have printed their
ballots, thewOrds "Repudate the Debt"
SEC. 16. The votes cast for and against this Act,
shall be counted, returned and canVassed, and de.
cared, In the same manner and subject to the same
rules votes cast for the Treasurer OF Rae and II M
appear that majority Of all the votes 90 cast for or
against this law as Aforesaid, In favor Of this Act
then the same shall have effect hereinbeiOre prOv.
ded and shall be rrepealable until the principal and
interest OF the liabilities herein created shall be paid
and discharged and the Governor shall make procIa.
nation thereof but II majority Of the votes 70 cast
are nRnlnat this Act then the aana aha cnme Ynlh