The Placer herald., 1870-01-15
THE STATE DEBT.


idly paid off, So far as the civil bonded
debt Of 1857 is concerned, the Legislature
and Slate officers have no power or control
over the matter, nor have the people Of the
State. That debt was created under the
constitution Of the State, the act provided
the ways and means for its pay yment within
twenty years. The bill was submitted TO q
vote Of the people Of The State and by them
ratified, and from that hour became ire
pealable until the whole debt, principal
and interest, is paid and discharged. This
debt must be paid and discharged by the
frs, day Of July, A. D. 1917, aud sooner il
the thirty cents on each 500 worth Of prop
eriy 10 the State, levied by th e bill, will pay
it prior to that date. 1t will be recollected
that when tho Legislature of 1857 met,
The State was absolutely a bankrupt. This
had been precipilated by the Know Nothing
administration then 10 authority. Palmer,
Cook & Co., had taken the money which
had been furnished tbem-near $780,
900 to pay the interest on the State debt
and expended it in securing the nomination
Of their partner in the Mariposs grant, it is
said, General Fremont, for President; Bates,
the Know Nothing State Treasurer, had per
United Roe g. Co. of The Pacific Express to
run bis office, and they had taken out
1924 900 to pay interest on the State debt,
and squandered it all. Controllers warrants
that had been redeemed at the Treasurer 8
office were taken out and again sold 10
County Treasurers to make their payments
With, and some $4,000 were unaccounted
for in any way. Added to all this the Su-
preme Court bad decided that the entire
State debt, over and above The first $780,
900, amounting to about So. 100000, was
unconstitutional and void. ln this condi-
lion Of things there was no other alternative
but to appeal 10 tho people to create coz
s'lutonal debt, by direct vote Of SO ,900,-
600 to meet and cancel the outstanding
equitable claims against the State, and put
the whole financial system Of the State on a
cash basis. The bill was passed and the
people responded aflrmaively, and the
civil bonded debt of 1857 wa, created,
amounting 10 So 100000.
This debt bad been reduced, on the first
day of November last, to $2,600,000. The
assessed value Of the property of the State
at s24o, 900 600 will, at thirty cents on the
800, the amour, fixed in the BILL bring in
some 100000 per aDnrm. This sum,
without calculating for the increase of tax
able property, will ex'inguish the civil deb,
Of 1857 by the close q the year 1874
This will reduce the taxes for State purpo
es thirty cents on the 500, or 50 per ST.
600 from and after that da'e. From this i,
will be seen that the parties who wish to
rake the Treasury cannot disturb or rs,ard
the payment Of the civil debt Of 1857. The
same is also the case with the bonded debt
Of 1860, which was also ratified by the peo
pie, and the law is irrepealable. We men
| tion these facts to let the scbemers, and the
newspapers in their interest know that the
civil debt Of the State is sacredly provided
for and beyond the power Of legislative in
reference in any form. So the schemsrs
will have to provide for increased taxation
in their bills and we think there are few
members bold and mean enough TO support
measures imposing additional taxation on
their already overburdensd constituents
STANDS BAD SHow.-An Immigrant Aid