Mountain Democrat., 1857-06-13
[IIY AUTHORITY. ]
A n A c. I

The IFopIe cf the &t,ite OfCHiif0rnih, represented
4" !SeHH'e ANIL ASSrH'Liy, DO cndrf as ToliOrS:
SECTION I. For the purpose Of qui'latirg, funding
and paying the claims against the State Uf California,
hereinafter specified, the Treasurer OF state shall
cause To he prepared suitable bonds Of the State Of
California, not to exceed the aW Of three millions
nine hundred thousand dollars, bearing interest ut
Tie rate0i seven per cent per annnm from the date
ot their issue, payable Mt the State Treasurers office,
on the FIRST day Of July, one thousand eight hundred
and stvcney-scvcn; the interest gccrIng Oh said
bonds shall be due and payable at the Office of the
Treasurer Of State, the first day Of January and
July Of each year: PtOrifed, That the first puy-
WcIi Of interest shall not be made bcfUre The first
day OF January. one thousand eight hundred aud
hfty-nine. Sid bonds shall bc signed by the Govern
or, and countcrsIgncd by the Comptroller, and en-
hOrsCd by the Treasurer Of State, and shall haye the
seal "f the State affixed thereto.
SEC. 2. Coupons for the interest shall he attached
to each bond. 50 that they may be removed without
injury mutilaiiOn TO the bond Said coupons con-
Sccutvcly numbered shall BE- signed by the Treasur-
er Of State.
SEC. 3. # shall he the duty Of the Treasurer and
Controller of State, each to keep separate record Of
all Such bonds may he Issued, showing the number
date aud amount Of each bond and to whom the same
was issued aud upon what claim, and its amount and
none Of the claims herein specified shall lie liqHida-
ted or pad but In the manner herein provided.
See. !. The sum Of ore thousand dollars IL hereby
appropriated out Of any money In the Treasury not
otherwise appropriate to pay the expense that may
he incurred by the Treasurer In having said bonds
prepared, nut the Controller shall not draw his war.
rant the treasury for this amount until there Is
mnhCy therein to pay the same.
SE' .. All persons having any OF the Claims against
the State "f CALIFORNIA; entitled 10 be funded here
matter fr"ciil'd shall upoiI the presentation of the
sine TO ihe Treasurer OF State, receive In exchange
therefor bond or bonds Of the State Of California;
provided fur In the first section Of this Act, but
bond shall I've issued for less sum than five hundred
dollars nor for fractional parts OF hundred dollars
hut the Treasurer may issue certificates Of such rac
tuHal parts not bonded. which said certificates shall
he transferable and entitled to he funded rs before
provided. The Treasurer snll endorse the back
Of each claim received and liquidated the date oh
which received the same, and from whom, aud the
ibeE nf the bond issued in exchange therefor, nnd
such claim shall be filed iIr the Office Of the Secretary
OF State.
Sts' a. Fnr 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 same manner
as Is or may be provided by law for ordinary State
taxes tax thirty cents on each one hundred dol
lars "f the assessed value Of real and personal prop
cTty in the State, and the fund derived from this
shall be get apart and applied exclusively to the pay
ment nf the interest the bonds herein provided, and
the iinnl redemption Gf the principal Of said bonds,
and the fa o the State Of California IL hereby plcdg
t 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 Oh ac-
count II the Civil Fund, called, ure hereby irrevO-
calypisdgrd To the payment of the principal and in
terest on thr bunds issued unde- this act. wiful
refusal or neglect by Supervisors any other cer
To levy collect the taxes imposed ny this Act shall
H. ms'lemcan"r, and the person persons cOnvic-
ted thereof shall be removed from of ice and punish
ed Icy fine not exceeding one thousand dollars, or by
Imprisonment In the county Jail not exceeding six
mouths. ar by both such fine and imprisonment.
See. I. Whenever Onthe first day Of January Ju-
~ in amy year, there FCatns after the payment nf the
interest, herenlefore provided. surplus OF ten
thousand dollars more, II shall be thu duty Of the
Treasurer to advertise for the space Of one week, in
one daily newspaper published Ia English. in the city
~ New York. and for one month in one daily ncwS-
paper published in English ut the State Capital for
sealed proposals, to he opened month after the
expiration " such publications. hy the Treasurer, in
presence of the Governor Controller, Mt the State
Capital, for the surrender of bonds issued under this
Act, which advertisement shall state the amount Of
m"r,y he has hnId for the purpose of re,cmption
and they shall accept the lowest proposals. ut rates
not exceeding par value, may redeem the greatest
amount 0fbnndS until the amount of cash on hand
for redemption Is VNhauStcd; IIOridtT, hOrereE in
case " sufficient amount of such bonds slm not be
offered. ~ aforesaid, to exhaust the SiGknH fund to
less amount than ten Thousand dollars then il l. here
ly made TIE duty nfihr Treasurer to advertise IN two
newspapers, One IN New York aud AZ the Capital
Of this state. ir three months, which advertisements
shall state the amount IN the sinking fund, nnd the
number Of bonds, numbering them in the order Of
their issuance, Wlsh such fund is set apart tn pay
and discharge, and II such bonds, numbered in
such advertisements, shall not he presented for puy-
mcnt and cancellation within three months from the
expiration Ot such publication, then such fund shall
remain In the Treasury I" discharge such bou,ls
whenever presented. but they shall draw no interest
after such publication aS last aforesaid
SIC. s. The Treasurer Of State shall keen full and
particular account and record Of all his proceedings
under this Act, aud Of the bonds redeemed and surrtl-
dercd. nndEc shall transmit tH the 4 OvernOr an ab-
stract OF all his 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 al all times
be open TO the inspection OF any party interested, or
tee Of either branch Of the Legislature, aOint
mittcc Of both.
SEc .. 1t shall he the duty the Treasurer To pay
the interest on said bonds when the same falls due
out Of said interest fund, II sufficient, and If said fund
he not sufficient, then to pay the deficiency but Of the
General Fund PtOriied that the Controller Of State
shall first draw his warrant on the Treasurer payable
to the order Of said Treasurer for the amount Of inter-
est money about to become due, which said interest
warrant shall be drawn at least month previous
to the maturing ofthe interest.
SEc. III. It shall he the duty Of the Governor and
Controller to attend at least once IN each month, at
the Treasusers Office, while said bonds being H.
sued, to examine all claims received by the Treasur.
cr as aforesaid, and cause the same to be registered
and canceed IN such manner to prevent them from
being rciSsued or put In circulation.
SEC. IL. The following are specified as the claims
which entitled TO be received and funder under
this Act First, Civil bonds of the State ssueduhter
the funding Acts passed In the years 1851, 1852 1853
lS55 and lSI6, which outstanding with inter.
est due on the sane when presented, as appears by
the coupons Second, Controllers warrants drawn
under sanction Oflaw for civil expenses prior to jan
uary first, A. ID. 1901, and now outstanding and I'M
paid hut the provisions Of this Act shall not author
izc the funding ~ any Of those warrants the registra
tiOn and hd0rseInent Of which were cancelled or re-
qured tO he cancelled by the provisions of" An Act
tO cancel the registration aud ndOrsement Of certain
warrants, ard prohibiting the payment Of the same"
approved January 3h, 4. 1855, or wafrans which
have been specifically adjudged Illegal by any Court
aud all said warrants specified In thu last mentioned
Net. hpFebv eyOFnhSIV excluded
fits and provisions Of this Act. Third, Just or legal
claims against the State accrued prior to January s
1881, and which may he allowed and audited by Act
Of the Legislature. And II the Treasurer Of State
shall wully ssue bonds upon claims not herein rDe
clfiet receivable, II shall be deemed
and he shall be punished as provided In section Of
this Act, and such bond shall be void.
SIC. l2 The claims specified In this Act NAV be re-
ceved for funding, and bonds therefor may be issued
prior to the first day Of january $780, but not after
wards and all claims not presented for funding prior
to that time, excluded from tie provisions OF this
Act, and such blank bonds prepared under the pro-
visions Of this Act, Rs shall then remain on hand
shall BE- destroyed In the presence of the Governor
Controller, and Treasurer.
Sac IL. This Act shall take effect on the first tIay
Of November, A. D. 1887, as to all its provisions, cX-
cept those relating to, and necessary fr ts sbmis-
lon to the people, and for returning, canvassng and
Proclaiming the yOtes-whlch will take effect inme.
llRtely. ..
eEc II. This Act shall be submitted to the people
othe State for their raticntiOn at the next general
SsStion, to be holden on the lrst Wednesday Of Sep-
tsfber, A. D. 1851, and the qualified electors Of this
State, Shall At said election their ballots for State
on icers, vote Tor or against this Act those voting for
the same shall have written or printed on their bal
lots, thewOrds "Pay the Debit" and those voting
against thesame, Shalwrite have printed on their
ballots, theyords "Repudate the Debt"
sEc. los Hhevotcs cast for and against this Act,
shall be counted, returned and canvassed, and de.
clared, ~ the same manner and subject to the same
rules as votes cast for the Treasurer Of State and il Il
appear thai minority Of all the votes 80 cast for or
again this law as Aforesaid, in favor Of this Act
then the same shall have effect rs hereinbefore proy
ded, and shall be rrepealable until the prncInal and
Interest OF the liabilities herein created aha h mid