Mountain Democrat., 1857-07-04
by AUTHORITY.
A n A G. r

The PeoPie Of the .State ofCaliJ1rhid, reDresented
IN Se"dte dhd AssembiN dO endCt an JOtLOUs:
SECTION l. For the purpose Of liquidatng, funding
ana paying the claims against the State Of California
hereinafter specified, the Treasurer Of State shall
cause to he prepared suitable bonds Of the State Of
California, not To exceed the sum of three millions
hlne hundred thousand dollars, bearing interest at
The rate OF seven per cent. per annum from the date
Of their issue, payable at the State Treasrers of ice
on the first day Of July, one thousand eight hundred
and seventy the interest accruinH on said
bonds shall he due and payable at the Office Of the
treasurer OF State the first day Of January and
July Of each year: IrOUided, That the first pay
crt VI Interest shall not be made before the first
day Of january, one thousand eight hundred and
hhynnc. Said bonds shall he signed by the Govern
or, and countersiyncd by the Comptroller, and en-
d"rscd by the Treasurer Of State, and shull have the
seal Of the State aHiXed thereto.
SIC. .. Coupons for the interest shall he attached
TO each bond, 20 that they may be removed without
injury or mliliaton to the bond. said coupons con.
sccnvely numbered, shall be signed by the Treasur
er Of State.
SIC. 3. 1t 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 and amount Of each bond and to whom the same
was Issued, and upon what claim and Its amount and
none Of III" claims herein specified shall be liquida
ted or paid but in the manner herein provided.
SIC. :. The of one thousand dollars Is hereby
appropriated out Of any money in the treasury not
otherwise appropriated Ia pay the expense that may
b" incurred by the Treasurer in having said bonds
prepared, bn the Controller shall not draw his war
money thercin TO pay the same.
SEA .. All persons having any Of the claims against
the state Of California, entitled to he funded here.
iHateF specified shall upon the presentation OF the
same TO the Treasurer Of State receive in exchange
therefor bond bonds Of the State Of California,
provided for In the first section Of this Act but no
bond shall he issued for less than five hundred
dollars nor for fractional parts OF hundred dollars
but the Treasurer may is-uc certificates Of such flac-
tona parts not bonded. which said certificates shall
bc transferable aud entitled he funded as before
ISL re- bark
Of each claim received and lilidated, thc date ON
which lie received the and from whom, and the
number ~ the bond issued in exchange therefor, and
such claim shall be filed in the Office Uft the Secretary
Of State.
Sh' 6. For the payment within twenty years Of the
principal and interest uf the londS issued under this
Act, there shall be- levied annually, until the bonds
are l"i'I' aud promptly collected in the manner
a. is or may be provided by law Tor ordinary State
taxes, tax of thirty cents on each one hundred dol
lars of the assessed value OF real and personal prop
crty i'll the State, and the fund derived from this tax
shall BE- set apart and applied exclusively to the pay
mcnt OF the interest Oh the bonds herein provided AMI
the final redemption Of the principal Of said bonds,
and the faith of the State of California is hereby pedV
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 Stat uf
California from the Cnel states Government on ac.
count of the Civil Fund, called are hereby rrevo-
caly pledged To the payment Of the principal and in.
tcrcst on the bonds issued under this act. wlfuI
refusal or neglect by Supervisors any other cer
TO levy collect the taxes imposed by this Act shall
h. inisdemeanor, and the person or persons convc-
ted thereof shall be removed from Office and punish
ed hy fine not exceeding thousand dollars or by
imprisonment In the county jail not exceeding six
months, or by both such fine and imprisonment.
Sec. Whenever on the first day Of January or Ju-
y In any there remains after the payment Of the
interest as hereinbefore provided, surplus Of ten
thousand dollars or more II shall be the duty Of the
Treasurer to advertise, for the space Of week in
on" daily newspaper published in English, in the city
q! New York, and for month in daily news.
palcr published in English at the State Capital for
s'l'd Pruposals, to be opened one month after the
expiration ot such publications by the Treasurer, in
presence nf the Governor 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 OG redemption
and they shall accept the lowest proposals., at rates
not exceeding par value, HAY redeem thc greatest
amount ofbondS until the amount Of cash on hand
for redemption Is eAhaustcd IFOrIded, hOtrerPP In
sufficient amount ~ such bonds shall not be
offered, a. aforesaid, to exhaust the sinking fund TO
less amount than ten Thousand dollars then IL s here
by made the duty Ofthe Treasurer To advertise In two
n'w,l apers, in New York and Mt the CAPITAL
Of thi- state for three months which ad Vcrtiseuients
shall state the amount in the sinking fund, and the
number Of bonds, numbering them in the order Of
their issuance, which snCh fund Is set apart TO nav
and discharge, and II such bonds numbered In
such advertisements shall not he presented for pay.
mrnt and cancellation within three months from the
expiration OF such publicati"n then such fund shall
remain in the Treasury to discharge such bouds
whenever presented but they shall draw no interest
after such publication n last Aforesaid.
SIC 9. The Treasurer Of State shall keen full and
particular account and record OF all his proceedings
under this Act and of the bonds redeemed and surren-
dcred and he shall transmit to the Governor an alb
stract n all his proceedings under this Act with his
annual report to he by the Governor laid before the
Legislature and all hooks and papers pertaining to
the matters provided for in this Act, shall at all times
he open to the inspection Of any party interested,
the Governor, or the Attorney General, commit
tee Of either branch Of the Legislature, Joint COM
mittce uf both.
SEC. o. 1t shall be the duty of the Treasurer to nav
he int nn aaih ul,n flp fall
out OF said interest fund, II sufficient and II said fund
be not sufficient, then To the deficiency out Of the
General Fund PTOcifed, that the Controller OF State
shall first draw his warrant on the Treasurer, payable
to the order 81 said Treasurer for the amount Of inter-
est money about to become due, which said interest
warrant shall he drawn at least one month previous
to the maturing Ofthe interest.
SEC. IL. 1t shall be the duty Ofthe Governor and
Controller to attend at least once in each month"; at
the TrcasuScr's Office, while said bonds being
sued, to examine nll claims received by the Treasur
as aforesaid, and cause the to he registered
and canceledin such manner to prevent them from
being rcissued or put In circulation.
SIC II. The following are specified as the claims
which are entitled to h. received and funder unJer
this Act First, Civil bonds of the State Issued under
the funding Acts passed in the years S5l 1892 1853
1Nb5 and 1853, which outstanding, with inter-
est due on the same when presented, az appears by
the coupons. Second, Controllers warrants drawn
under sanction Oflaw for civil expenses prior to Jan
uary first A. u. 1851, and now outstanding and uIl-
paid but the provisions Of this Act shall not author
z the funding Of any Of those warrants the regstra
tnn and Endorsement Of which were cancelled or re-
quired to he cancelled by the provisions of" An Act
to cancel the registration and Endorsement of certain
warrants and prohibiting the payment of the same"
approved January 30th A. u. 1856, warrants which
have been specifically adjudgcd illegal by any Court
and all said warrants specified In the last mentioned
Act, hereby expressly excluded from all the benc.
fits and provisions Of this Act. Third Just or legal
claims against the State accrued prior to January ist
1851 and which may be allowed and audited by Act
Of the legislature. And II the Treasurer OF State
shall wifuy issue bonds upon claims not herein spe
Gifted receivable II shall he deemed ms,l
and he shall be punished as provided IN section Of
this Act and such bond shall be void.
SIC. 19. The claims specified in this Act may be re-
ceved for funding, and bonds therefor may he issued
prior to the first day Of January, 1882 but not after
wards and all claims not presented for funding prior
to that time excluded from the provisions Of this
Act and such blank bonds prepared under the pro.
visions Of this Act, as shall then remain on hand,
shall he destroyed In the presence of the Governor
Controller, and Treasurer.
SEC. Is. This Act shall take effect on the first day
Of November, A. D.. 1851, as to all its provisions, ex-
cept those relating to- and necessary for its submiss
ion to the people, and for returning, canvassng and
proclaming the vOtes-whlch viii take effect imn,e-
diatcy.
SEC. II. This Act shall he submitted to the people
OF the state Tor their ratification, at the next general
election, to be holden the first Wednesday Of Sep
tember A. d. 1857, and the quAlihed electors Of this
state, SHALL at said election, their hallOts for State
Ocers vote for against this Act; those voting for
the same, shall have written printed on their bal
lots, thewOrds PAY the Debt;" and those voting
against thesame, shall write or have printed on their
ballots, thewOrds "Repudiatethc Debt"
SIC 10. The votes cast for and against this Act
shall be counted, returned and canVassed, and de.
clared, In the manner and subject to the same
rules votes cast for the Treasurer Of State and II II
appear that majority Of all tile votes cast for or
against this law as Aforesaid, are in favor Of this Act
then the same shall have effect as hereinbciorc prov.
ded and shall be rrepealable until the PRINCIPAL and
interest of the liabilities herein created shall he paid