Mariposa Democrat., 1857-07-16

be incurred by the Treasurer in having said bonds
prepared, hut the Comptroller shall not draw his war
rant on the Treasury for this amount until there is
money therein to pay the same.
SEC 8. All persons having any of the claims against
the State of California entitled to be funded as herein
after specified shall upon the presentation OF the same
to the Treasurer Of State, 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,
for fractional arts of hundred dollars, but the
Treasurer may issue certificates Of such fractional
parts not bonded which said certificates shall be trans
erabe and entitled to be funded before provided
The Treasurer shall endorse the back of each claim
so received aud iquidated, the date on which he
lceved the same, and from whom, and the number of
the bond issued in exchange therefor, and such claim
shall be filed 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 he levied annually, until the bonds are
paid and promptly collected in the manner as is
or may be provided by law for ordinary State taxes,
tax Of thirty cents on each one hundred dollars OF the
assessed value of real and personal property in the
State and the fund derived from this tax shall be set
apart and applied exclusively to the payment of the
interest the bonds herein provided, and the 1na
redemption of the 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 may be received by the State Of Call0r
mia from the United States Government on account Of
the Civil Fund, so called, are hereby rrevocably
on the bonds issued under this Act. wilful refusal
or neglect by Supervisors any other officer to levy
or collect the tax imposed by this Act, shall be mis-
demeanor and the person or persons convicted there
of shall be removed from office and punished by fine
not exceeding one thousand dollars or by imprison
ment in the county Jail not exceeding six MONTHS or
! by both such fine and imprisonment
| SEC T. Whenever, on the first day Of January or
July in any year, there remains, after the payment Of
the interest as hereinbeore provided surplus of ten
thousand dollars or more it shall be the duty Of the
Treasurer TO advertise for the space Of one 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, for
sealed proposals. 10 be opened one month after the ex
piration Of snch 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
and they shall accept the lowest proposals. at rates not
exceeding par value, as may redeem the greatest
amount Of bonds until the amount of cash on hand for
redemption is exhausted Prouided, hoiceper, in case
a sufficient amount of such bonds shall not be offered
10 exhaust the sinking fund to less amount than ten
thousand dollars, then it is hereby made the duty of
the Treasurer TO advertise in two newspapers 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 If
such bonds so numbered in such advertisements shall
not be presented for payment and cancellation within
three months from the expiration Of such publication,
then such fund shall remain in the Treasury to dis
charge such bonds whenever presented-bu they shall
draw interest after such publication as last afore-
said
SIC. s. The Treasurer Of State shall keep full and
particular account and record OF all his proceedings
under this Act and of the bonds redeemed and sur
rendered and he shall transmit 10 the Governoran alb
stract OF all his proceedings under this Act with his
annual report % be by the Governor laid before the
Legislature and all books and papers pertaining TO
~ IL. .I..Nf.
be open u the inspection Of any party interested
the Governor the Attorney General or committee
Of thcr branch Of the Legislature, joint com
mt,ee Of both.
SEC o. II shall be the duty of the Treasurer to pay
the interest on said bonds when the falls due, out
Of said interest fund If sufficient and if said fund he
not sufficient, then to pay the deficiency ont OF the
General Fund Pro1ided, that the Comptroller of
State shall first draw his warrant on the Treasurer,
payable to the order of said Treasurer for the amount
Of interest money about to become due, which said
interest warrant shall be drawn at least one month
previous to the matnring Of the interest.
| SRC 10. II shall be the duty Of the Governor and
Comptroller to attend at least in each month, at
the Treasurcr's Office while said bonds are being is
sued, to examine all claims received by the Treasurer
aforesaid ard cause the same to be registered and
cancelled in such manner as 10 prevent them from
! being re issued or pat in circulation.
/ SEC II. The following are specified as the clnms
which are entitled 70 be received and funded under
this Act First Civil bonds Of the State issued under
1856 aud s56, which now outstanding, with in
terest due the same when presented as appears by
| the coupons. Second, Comptrollers warrants drawn
under sanction Of law, for civil expenses prior to Jan
! uary lst A. ID. 1857, and now outstanding and mn
paid but the provisions Of this Act shall not authorize
the funding Of any Of those warrants the registration
and endorsement Of which were cancelled or required
obe cancelled by the provisions Of An Actto cancel
the registration and endorsement Of certain warrants,
and prohibiting the payment of the same" approved
January 30th A. D. 1856 warrants which have
been specifically adindged Illegal by any Court and
all said warrants specified in the last mentioned Act,
are hereby expressly excluded from oil the benefits
and provisions of this Act Third Just orlegal Claims
against the State accrue prior 70 January ls 1851
and which may be allowed and audited by Act Of the
Legislature. And If the Treasurer Of State shall will
fully issue bonds upon claims not herein specified as
receivable it shall be deemed a misdemeanor, and he
shall be punished as provided in section Of this Act,
and such bond shall be void.
SEC. II. 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 all claims not presented for funding prior
to that time are exclnded from the provisions Of this
Act and such blank bonds prepared under the proyis.
ions Of this Act as shall then remain on hand, shall be
destroyed 1.-THE presence Of the Governor Comptroller
and Treasurer
SEC 49, This Act shall take effect on the first day
Of November, A. d. 1867, TO all its provisions eX-
cept those relating to, and necessary for, its submis
sion to the people and for returning canyassing and
lprocaiming the votes-which shall take effect i'm
mediatey
SEC. Ia 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. 1857, and the qualified electors Of this
State shall at said election, on their ballots for State
officers vote for against this Act those voting for
the same, shall write or have printed on their ballots,
the words Pay the Debt ~ and those voting against
the same shall write or have printed their ballots
the words Repudiate the Debt"
SEC. Is. The votes cast for and against this Act,
shall be counted returned and canvassed and declared
in the same manner and subject 10 the same rules as
votes cast for the Treasurer of State and fit appear
that majority Of all the votes cast for or against
this law as aforesaid in favor of this Act, then the
same shall have effect herenbefore provided, and
shall be rrepeaabe until the principal and interest Of
the liabilities herein created shall he paid and dis
charged, and the Governor shall make proclamation
thereof; but If majority of the votes cast are
against this Act, then the same shall become void
SEC. l6. It shall be the duty of the Secretary Of
State 10 have this Act published in one newspaper in
each Judicial District ofths State if be published
therein for three months next preceding the general
election TO be holden upon the first Wednesday Of Sep
tember next for which publication greater allow
ance shall be made than the rates allowed by law to
the State Printer.
Approved April 2sth, 1857. jell 3m
Arthur w. Joo,