Mountain Democrat., 1857-08-29
[BY AUTHORITY.
AN ACT

pAytnH CLAIMS
hereinafter specified, the Treasurer Of STATE shall
cause 70 Be prepared suitable bonds Of the STATE O
California, nok 70 exceed the sum Of three mlloni
nine hundred thousand dolars, bearing interest Al
the rate Of seven per cent per annun from the date
Of their issue, payable q The stato Treasurer Office
on the Arst day OF July, thousAnd eight hundred
and seventy y-ssven the interest accFuing on said
Treasurer Of state, on Ike frSt day o. January and
July Of each year: PrOOtded, That the hrst pay
mcnt Of interest shall not be made before the first
day Of January, one thousand eight hundred and
nfy-nne. Said bonds shall be signed by the Govern
or, and counteraigned BY the Comptrolcr, and en-
doFsed By the Treasurer Of State, aud shall have The
seal Of The State affixed thereto.
$50. 2. Coupons for the interest sha be attached
10 each bond, so that they may be removed without
injury or mutilation TO the bond Said coupons COLI
secuvely numbered, shall be signed BY the Trsasur-
er Of State.
SIC. 8. II shall be the duty Of the Treasurer and
Controller Of STATE each TO keep separate record O
ell such bonds may be issued, showing the number
date and amount Of each bond, and to whom the same
was ssued aud upon what claim, and lie amount and
none Of the claims herein specified shall be liquida'
ted or paid but In the manner herein provided
eHc. Z. The sum Of one thousand dollars Ia 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 Il
money therein to pay the same.
SEC. b. All persons having any Of the claims against
The state OF VsorHH, entitled to be funded aS here
matter specified, shall, upon the presentation Of the
same to the Treasurer Of State, receive In exchange
therefor bond or bonds Of the State OF California
provided FOR In the first section Of this Act but no
bond shall be issued for less than I've hundrc
dollars, nor for fractional parts of hundred dollars
but the Treasurer may Issue certificates OF such rac
tIona parts not bonded, which said certificates shall
be transferable and entitled 10 be funded 40 before
provided. The Treasurer shall endorse on the back
OF each claim so received aud liQuidatcd, the date
n1. ha ~.
number Of the bond issued In exchange therefor, and
such claim shall be led In the Office Of the Secretary
Of State.
SEC. 8. 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 same manner
as Is or may be provided BY Law for ordinary State
taxes, tax OF thirty cents on each hundred dol
lars Of the assessed value Of real and personal p1Op
crty In the State, and the fund derived from this tar
shall be set apart and applied exclusively TO the pay
ment OF the interest othe bonds herein provided and
the anal redemption Of the principal Of said bonds
and the faith Of the State OF In hereby pledg
ed 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 on Ac.
count Of the Civil Fund, called, are hereby rrevo
cAby pledged to the payment Of the principal and In.
tereSt on the bonds issued unde- this act wllful
refusal or neglect by Supervisors any other officer
to levy or collect the taxes imposed BY this Act shall
he nisdemeanor, and the person or persons cOhvc.
ted thereof shall be removed from Office and punish.
ed by fine not exceeding one thousand dollars by
imprisonment In tile county jail not exceeding elk
months, or by both such 0ne and imprisonment.
Sec. z Whenever on the first day Of January or Ju.
ly In any year. there remains amer the payment Of the
interest, as hereinbcfore provided. surplus Of ten
thousand dollars more, Il shall he the duty Of the
Treasurer TO advertise, for the spnce Of week. In
one daily newspaper published In English, In the city
Of New York, and for one month In one daily news.
paper published In English at the State Capital oF
scaled proposals, TO be opened month aflcr the
expiration Of such publications by the Treaaurer In
presence Of the Governor or Controller at the State
Capital for the surrender Of bonds issued under this
Act, which advertisement shall state the amount Of
money he has on hand for the purpose Of redemption
and they aha 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; presided, hOirSrer In
offered ~ aforesaid, to exhaust the sinking fund TO
less amount than ten thousand dollars then Il 10 here.
by made the duty ofthe 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 II set apart to pay
and discharge, and II such bonds % numbered In
such advertisements shall not be presented for pRy-
mcnt and cancellation within three months from the
expiration ofsuch PublIcaton 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.
SIC 8. The Treasurer Of State shall keep full and
particular account and record OF all his proceedings
under this Act aud ofthe bonds redeemed and surrcn.
dered, and he shall transmit 70 the Governor nm ab.
strAct OF all Ills proceedings under this Act With his
annual report TO he by the Governor laid before the
Legislature and all books and papers pertaining to
the matters provided for In this Act shall all times
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 Nont com
mttee ofboth.
the interest on said bonds when the same falls due
out Of said interest fund II sufficient, and II said fund
be not sufficient then TO pay the deficiency out Of Tho
General Fund yOrfded, that the Controller Of Stat'
shall rst draw his warrant the Treasurer, payable
TO the order Of said Treasurer for the amount o inter
est money about tn become due, which said Interest
warrant shall be drawn at least month pTeviOuI
10 the maturing Of the interest.
SDc. 10. II shall be the duty Of the Governor and
Controller to attend at IcKSt once In each month";
tho Treasuser's ofIce, while said bonds being 10
sued, 70 examine all claims received by the TreNsur
eF Aforesaid, and cause the same to be registered
and cAnceledin such manner 10 prevent them from
being reSsued or put In circulation.
Enc. II. The following are specified a. the claims
which are entitled 10 be received and funder under
this Act First, Civil bonds 0fthe State lssned under
1865 and 1885, which are now outstanding, with inter
est due on the same when presented 90 appears by
the coupons. second, Controllers warrants drawn
under sanction oflaw for civil expenses prior to jan
rald, but the provisions Of this Act shall not author
se the funding Of any Of those warrants the regIstra
ton and Endorsement OF which were cancelled or re.
re6 e S. &c SS the An A.
warrants, and prohibiting the payment Of the same,
approved January 3Oth, A. D. 1855, warrants which
have been specifically adiudged Illegal BY any Court
and ell said warrants specified In the last mentioned
Act ere hereby expressly excluded from all the bene
ts and provisions OF this Act. Third, just or lega
claims against the State accrued prior to January st
2-AN An nlAaAN A.
Of the LeglslAture. And II the Treasurer Of etatI
shall wliGy Issue bonds upon claims not herein spe
ched an receivable, ,it shall be deemed miAdemeAncF
and he shall DO punished aS provided In section o
eEc. -. The claims specified In this Act may be re
celved for funding, and bonds therefor may be Ssuet
prior to the FIRST day Of January 1852 but not After
wards and all claims not presented for funding prIo
Act, and such blank bonds prepared under the pro
visions Of this Act. As Shall then remain on hand
shall be destroyed in the presence Of the Governor
Controller, and Treasurer.
eEc. 10; This Act shsn take erect on the arst da!
Of OfNOvember, A. D. 1sS1, as to all itS pvsIonS, OK
cept those relating 60, and necessary or lts submss
ion to the people, and for returning, canvAssng
prOcalmlng the vONa0-Whlch viii take eject imme
dlAtely.
eHc. Il. This Act shAll be submitted TO the peopl,
ofthe State for their ratification, at the next genera
election, TO be holden on the rSt wednesday Of Dp
tember, A. D. 1857, and the qualified electors Of thl
State SHALL q said election, their ballots for Eas
officers, vote for against this Act those voting %
the same, shall have written or printed on their bel
lots, theWoFds "PAy the Debt;" and those voenG
against thesane shall write or have printed On ths
ballots, thewords " Espudiate The Debt"
FEC. 10. The votes cast for and aKalnsI thls Ace
shall be counted, returned and canVassed, and de-
clArcd, In the same manner and subject 10 the can't
rules ~ votes cast for the Treasurer Of eate and
appear that majority Of ell the votes 90 cast Scr Of
aganatt this law 90 Aforesaid, are In favor Of this Act
then the same shall have e0ect as herelnbeore prOvl
ded and shall be rrepealAble until the principal Nnt
interest Of the liabilities herein created shall be pAt
md Ianha audi ahA nrv.a hauu