Mariposa Democrat., 1857-06-11
VOTE ON THE STATE DEBT.
OFFICE OF SECRETARY OF STATE.
s AcRA AMENrn. Cnlifnrnin. NAV. 26. 1851.

Witness my hand and the great seal Of state, at my
Office Sacramento California the twenty sixth day Of
May, A. D. 1857. DAVID T. DOUGLASS,
tsKAIl Secretary Of State
CHAPTER CCxLIv.
An ACT TO PROVIDE FOR PAYING CERTAIN EQUITABLE
CLAIMS AGAINST THE STATE OF CALIFORNIA, AND
To CONTRACT FUNDED DEBT FOR THAT PURPOSE.
The People of the State Of California. represented in
Senate and assembly. do enact as toiiotcs.
SECTION |. For the purpose of liqudating, funding,
and paying the claims against the State OF California,
hereinafter specified the Treasurer of State shall cause
be prepared suitable bonds of the State Of Califor-
mia, not to exceed the sum OF three millions nine
hundred thous md dollars, bearing interest at the rate
of seven per cent per annum from the date OF their
ISSUE payable at the State Treasurers office on tire
first diy Of July. 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 on the first day of January and of July of
each year: Prorided, That the first payment of in
terest shall not be made before the first day of January,
thousand eight hundred and fifty-nne. Said
bonds shall he signed by the Governor and counter
signed by the Comptroller and endorsed by the Treas
urer of State, and shall have the seal of the State
affixed thereto.
SEC O. Coupons for the interest shall be attached to
each bond, that they may be removed without in
ju'y or mutilation to the bond. Said coupons, con-
secntvey numbered, shall be signed by the Treasurer
of State
SEC. 3. It snail he the duty of the Treasurer and
Comptroller Of State each to keep separate record OF
all such bonds may be issued 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 quidated
paid bat In the manner herein provided.
Sec. 4. The of one thousand dollars is hereby
appropriated out of any money In the Treasury not
ntherwise appropriated to pay the expense that may
be incurred by the Treasurer in having said bonds
prepared but the Comptroller shall not draw his
rant on the Treasury for this amount until there is
money therein to pay the same.
Sec. g. All persons having any of the claims against
the State of California entitled To I've funded as herein
after specified shall upon the presentation Of the
to the Treasurer of Stte receive in exchange there
for 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 sum than five hundred dollars, nor
for fractional arts OF q hundred dollars, but the
Treasurer may issue certificates of such fractional
parts bonded which said certificates shall be trans
ferabc and entitled to be funded as before provided
The Treasurer shall endorse, the back of each claim
80 received and liq1dated, the date which he
reved the same, and from whom, and the number Of
the bond issued in exchange therefor and snch claim
shall be fled in 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
or my be provided by law for ordinary State taxes,
tax If thirty cents each hundred dollars Of the
assessed vllne of real and personal property in the
State and the fund de ived from this tax shall be set
apart and applied exclusively TO the payment Of the
interest on the bonds herein provided and the final
redemption of te principal of said bonds and the faith
of the State Of California Is hereby pledged for the
payment as herein provided Of the bonds issued by
virtue Of this Act. and the interest thereon and all
moneys that he received by the State Of Caltur
mia from the United States Government on account Of
the Civil Fand called, are hereby irrevocably
pied red to the payment OF the principal and interest
ON the bond issued under this Act wlful refusal
neglect 10y Supervisors any other officer 10 levy
collect the tax imposed by this Act shall be mis-
de NOR and the person persons convicted there
of shall be removed from office and punished by fine
uot cS ,ee1ng one thousand dollars, or by imprson-
rne1t IN the county jl not exceeding six months, or
by both such fine and imprisonment.
SEC 7. Whenever. OH the first day of January or
Jny in year there remains, aiter the payment OF
the interest hereinbeore provided, surplus OF ten
thousand dollars or more. it shall be the duty Of the
Treasurer to advertie for the space OF one week, IN
une daily newspaper published in English in the city
of New York, and for one month ia one daily new
paper published in English at the State Capital, for
sealed proposals. to he opened one month alter the
piration Of such publications by the Treasurer in the
presence of the Governor Comptroller. 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
a they shall accept the lowest proposals. at rates not
ex 'eeding par valae, my redeem the greatest
amount Of bonds until the amount OF cash on hand for
redempti0n Il exhausted pr0rlded ho1rerrf IN case
sufficient amount Of sch bonds shall not he offered,
70 exhaust the sinking fund N less amount than ten
th,usind dollars then it is hereby made the duty Of
the Treasurer t, advertise in two newspapers in
New York and one at the Capital Of this State, for
three months, which advertisements shall state the
am,un, in the sinking fund and the number OF bonds
numbering them In the order of their issuance which
snch fund is set apart to pay and discharge; and
such bond so numbered in such Advertisements shall
not be presented for payment and cancellat on within
three months from w. expiration of such publication,
then snch fund shall remain in the Treasury to dis
charge srch bonds whenever prcSened-but they shall
draw no interest after such publication as last afoe
said.
See. s. The Treasurer of State shall keep full and
particular account and record OF all bis proceedings
under this Act and Of the bonds redeemed and sur
rendered and he shall transmit to the Governor an abb
sra,t Of all his proceedings under this Act, with his
annual report u be by the Governor laid before the
legislature and NIL books and papers pertaining to
the matters provided for in This Act, shall at all times
he open to the inspection Of any party interested or
the Governor, the Attorney General or committee
of e thcr branch Of the Legislature, or joint com
mtiee of both.
SEC 8. 1t shall be 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
no, sufficient then 10 pay the deficiency out Of the
General Fund P,ouided, that the Comptroller of
State slll fist draw his warrant the Treasurer,
payable TO the order of said Treasurer for the amount
ofinterest money about TO become due, which said
interest warrant shall be drawn at least one month
previous to the maturing Of the interest.
SEC. 10. II shall be the duty Of the Governor and
Comptroller 10 attend at least once in each month, at
the Treasurer's ofis, while said bonds being IS
sued to examine all claims received by the Treasurer
as aforesaid ad cause the same to be registered and
canoe led in such manner to prevent them from
being reissued or put in circulation.
SEC. IL. The following are specified as the claims
which entitled tn be received and funded und'r
this Act First Civil bonds of the State issued under
the funding Acts passed in the years 1851 1852 1853
1855, and 1856, which outstanding, with in
terest de on the when presented, appears by
the coupons. Second, Comptrollcrs warrants drawn
under sanction OF law, for civil expenses pri to Jan
uary lst, A. d. 1851 and now outstanding and IN.
paid, but the provisions OF this Act shall not authorize
tue funding Of any Of those warrants the registration
and endorsement Of which were cancelled or required
TO be cancelled by the provisions of An Act to cancel
the registration and endorsement of certain warrants
and prohibiting the payment OF the samer approved
January J0th, A. ID. 1856, or warrants which have
been specifically adjudged illegal by any Court and
all said warrants specified in the last mentioned Act
are hereby expressly excluded from all the benefits
and provisions of this Act. Third just legal claims
against the State accrue prior to January lst, 1857
and which may be allowed and audited by Act of the
Legislature. And ii the Treasurer of State shall will
fully issue bonds upon claims not herein specified
receivable it shall be deemed misdemeanor, and he
shall be pun he'd provided in section of this Act
and such bond shall be void
SEC. H. 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, 1859 but not after
wards and all claims not presented for funding prior
10 that time are excluded from the provisions OF this
f,o