Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-01-21
.,,,, Fin.nee. a.s Ta.a,Ion.

the financial condluon of the State, and
the estimated taxation required to meet
the obligations of the ensuing year:
To the Honorable, the Senate of the State Of
SerGGG:
In compliance with your resolution, in
s,ructing your Committee of WAYS and
Means 10 report at their earliest conye-
nience the general financial plan by which
thew propose to maintain the credit of the
State. and to provide for the payment of
;,s debts" said committee beg leave to
submit the following as their report:
On assuming the position of State,
The State of Nevada also assumed the out
standing Indebtedness of the Territory of
Nevada, amounting in round numbers to
twn hundred and sixty-seven thousand
dollars. The character of said indebted
ness was as follows:
VIVA, is known as the Refs bonds,
borrowed money. ...............S $4,000
What is known as Parrott bonds... 10000
What is known as Curry or State
wilson bonds for purchase Of Ter r.s,l 3,
ritorial prison. .................. $1,000
The floating debt Of the Territory for
which warrants have been issued
ON the Territorial Treasury, about 10000
Total ........................$ 267 900
OF the above the amount the PARROT
bonds bear interest at the rate of one and
a hall per ceut. per month, and fall due in
installments yearly within the next four
wears. The first installment of $4,000
falls due the first day Of February, A. D.
1856. The interest on said bonds falls
due on the first day of February and the
first day of August of each year. The
Refs bonds bear interest at the rate OF ten
per cent. per annum, payable semi-anuu-
ally on the first day of February and the
first day of August of each year, and falls
due as follows.
Five thousand dollars on the first day
February, A. d. 1865. and ten thousand
dollars on the first day Of February, A. D.
1866. What are known as the Curry
bonds are more in the form OF interest
bearing warrants on the Territorial Urea
sury than "bonds." They bear interest
at the rate of ten per cent. per annum,
PAYABLE semi-annually. Said bonds are
payable in installments, within the next
three years, tout of any moneys not
otherwise appropriated" and "the faith
and credit of the Territory OF Nevada
was not pledged to pay them in any other
manner. The floating Territorial debt
does not bear interest. The Constitution
of the State of Nevada provides that the
Legislature may levy tax of not to ex-
coed one-fourth of one per cent. lin addi-
ton to the taxes levied for other State
purposes which shall be applied to the
payment of Territorial Indebtedness, land
to that purpose only" This provision
does not, however, prevent the application
of any other portion of the State revenues
to the same purpose. The net proceeds
of the tax of oue-fourth of one per cent.
will amount to fifty thousand dollars per
annum. This amount would but little
more than pay the interest accrung on
the Territorial debt; and all but the Curry
bonds and the floating debt amounting
together to about Sl02, 500 is tor borrow
ed money, for which the faith and credit
of the Territory of Nevada has been
sQlemnly pledged to pay both principal
and interest as they fall due. This pledge
must be kept by appropriating money out
of the State Treasury, when the proceeds
of the tax allowed by the Constitution
falls short of meeting the demand.
Your committee propose to fund the
Curry bonds, and the interest due thereon,
and the floating Territorial debt, the
whole amounting, with interest added, to
about SlOS,0 900 - issuing State bonds
therefor, payable in five years, and bear
ing interest at the rate of ten per cent. per
annum and to set aside the tax OF one
fourth of one per cent, as allowed by the
Constitution, first to the payment of these
State bonds. and afterwards the proceeds
of said tax to go to the extinguishment OF
other Territorial Indebtedness. For the
fiscal year commencing January l, 1860,
and ending January l, 1866, it will be
necessary to raise the following amounts
of money to carry on the State Govern
ment and pay the principal and interest Of
Territorial bonds as. they fall due, as
shown by the report of the Controller Of
State to your committee, and hereunto
annexed and made part Of this report:
To meet the principal and in
terest of Territorial Bonds... s 1920 OO
Estimated expense of State
Government to January LIST,
1885,. lIZ,ioU w
State Printing not included IN