Volcano weekly ledger., 1857-03-21
5 See Fourth Page. -6N
rinanoial Affairs Of the State.

Financial Affairs of the State.
The financial affairs of the State of Cali
fornia are in wretchedly unsettled and un-
certain condition. Notwithstanding the re-
peated decisions of the Supreme Court con-
cerning our State indebtedness, and the con-
tinued efforts of the Legislature to discover
the whereabouts of the thousands missing
from the treasury, the people are left about as
much in the dark as ever; and for aught we
can perceive as yet, they are likely to remain
in the same fix for some time to come.
First came the decision of the highest ju-
dcial tribunal of the State, declaring that
three millions or more of the State debt, (all
save three hundred thousand dollars) had
been unconstitutionally created. This, in the
ears of bond-holders, sounded like clap Of
thunder; and dark shadows of reputation,
with its attendant disgrace, fitted before the
vision of the people. Then came the annual
message of the Governor, recommending that
additional modes of taxation be resorted to,
in order to increase the revenue to sum SUI
ficient to meet current expenses, and thereby
prevent the further accumulation Of State in
debtedness. Tax payers, very naturally,
wondered to what extent, and in what partic-
ular new burthens were to be placed upon
them. Then came the discovery that large
sums of money which had been paid into the
treasury were missing-squandere stolen,
or illegally appropriated by the officers whose
duty it was to guard it sacredly, in order
that the provisions Of the funding act of
1856 might be carried into practical effect
The public pulse throbbed convulsively, and
public confidence was almost utterly destroy
ed. Then came another decision from the
Supreme Court, reterating their former opin
ion, and so pointed in its expressions concern
ing the power of the Legislature to make
appropriations, that, for the time, it seemed
as though the wheels of government would
necessarily stop. Then came the veto, by
the Governor, of the bill making appropria-
tions to carry on the State government--the
veto not founded upon the decision of the
court, it would seem, but upon grounds of
public policy. And so our financial affairs
rest for the present; certainly in very ques-
tionable and uncertain position.
Meantime, those who are invested with
Legislative authority are luboring with evi-
dent sincerity, yet with little progress to
solve and overcome the mysteries and difficult
ties that surround and beset them. They
have impeached the defaulting Treasurer but
they have not found the missing money and
cannot find it. They have passed resolutions
setting forth that every dollar of the States
Indebtedness should be honestly and honora-
bly, paid; yet public confidence dimnishes
rather than increases, both at home and
abroad. The last Atlantic steamer brings
the humlliating intelligence that the prospect
of California repudiatienp is being used in
London to depreciato all kinds of American
stocks in that market' They have, in their
speeches and otherwise, expressed desire
that this illegal Indebtedness should be sub
mtted to the people for their approval.
whereby an end might be put to the huefand
cry about repudation but this measure
would seem useless and impracticable until
they should first provide present means to
carry on the State government, and prevent
the further increase Of State Indebtedness
To accomplish This, bill for the sale of
swamp and overdowed lands was introduced
but the measure failed to pass the Assembly. !
Then came the "Stamp Tax bill, which has
not yet became law, and which meets with
opposition. In short, the Leg
Stature is just about where ~ commenced;