The Daily state register. [volume] (Carson City, Nev.) 1870-1872, 1871-01-29

the termination of tho most remarka- I
bic war for many centuries. |
SENATOR HAZLErT'5 FUNDING BILLS.
Senator Hazlett's bills TO fund the in
debtedness of the State, and place the
finances on a cash basis, were carefully
considered yesterday in Committee of
the Whole, aud seemed to meet with
very general favor. The Senate j.
fortunate in possessing n member OF
the financial ability of DIR. I~Iazietl, one
with the talent 10 grapple, and the
time and patience to give to a thorough
investigation OF the intricacies OF .U@
financial problem which the misfor-
tunes of tho State, aud the rascal.ties
OF individuals have left a. a legacy {"
the present Legislature. The bills are
simple in their provisions, bat seem
10 cover the entire ground, and effect
uaily accomplish the desired results
of reconstructing the State finances,
and placing the STATE in a position in
which it can hereafter maintain its
organization free from the perplexi-
ties aud embarrassments of increasing
Indebtedness, and the w~as;efuiness
OF e~xtravagant charges and interest.
The total indebtedness o. the State
10 about $3.50, 900. The Con
~stitu.ion provides that the debs OF the
Territory OF Nevada, remaining an
mil nfnr .lnF. M tho LF.#a nFrR.f
cation, shall be assumed by The STATE,
but shall not De included in the lin
itation OF the State deb. 10 $500 900.
This Territorial proportion, which
was SO assumed, amounts to s3so.o00,
bonded. and due in March 1872.
Senator Hazleit proposes first 20 dis
pose OF this indebtedness by the issue
OF new bonds for tho amount rnnning
twenty years at ten per cent. payable
seini-annually. \ Territorial Inter
est and Sinking Fund is created for
the purpose Of paying the principal
aud Interest of these bonds, to be de
rived from q la of % cents on ea.h
Slo0.
Having disposed of this Terrific
rial debt there remains the balance 81
$4,000 10 be managed. or this
amount $500, 900 is in bonds issued uu-
der the Act of 1857, and $4,000 est.
mated floating Indebtedness. mostly
existing in tho shape of warrants.
There remains some bills and claim,
yet to be acted on by the Board of Ex.
aminers, for which 4 margin is lefl il
the estimate. The Indebtedness OF ID,
separate funds in warrants already
issued is as follows:
Support OF state Prison $3.50
Salaries fixed by aw.--...-........ i5,gr
support OF lO,13
Orphans l2.uD
Orphan Asylum -...-..-..........---.-.. -
Expenses, rents supplies, etc-..... $40
Total floating deb, .sIi1.>a
II is proposed to negotiate n loan 70
the amount Of S2S0,01O 10 cover thes
bonds and outstanding warrants, 10 b
paid within ten years, bearing il pc
cent. per annum-the bonds to be sol
for not less than their par value, il
gold coin. The state Treasurer ma,
exchange any Of these bonds for tn
floating indebtedness for o%utstandin
registered warrants, in sums of nc
less than 500. The $780, 900 bonds ,
1857 being not payable until Marcel
1872, need not be taken rip until ths
time. 4 fund Is created to he called III
State Interest and Sinking Fund, I
pay the principal and interest of thes
bonds, l2l3 cents on cacl 500 bcin
set aside for the purpose Of paying tn
100000 loan, aud after this year. :
cents. As the Capitol Fund Of ~
cents will expire after this year. N
total levy will not be increased exceI
in the sum of 1919 cents on the 500.
The bill is well guarded in its ds
tails. The duties OF the Treasurer an
Controller in negotiating the loan, j.
suing and redeeming the bonds, etc
arc clearly defined. Tho requiremer
that if any surplus should remain a
ter the payment of the scmi-aunu;
interest, above the amount OF the en-
suing payment, exceeding 5000, bic
Sbcuit W lttelNti lOf the shiteiGG
of bonds-is an excellent provision
Should the total assessment of Il
State increase, the reduction from tn
source will be considerable.
DIR Hazlclt has closely investigate
the sources of the state revenue an
the probable amount receivable du,
ing the next two years. The TOT
valuation of real and personal pro,
erty of the State, at present, is estim-
ted at s23, 900. \ levy of 81 - q
each slo0 ~Cr!4 raise in coin s2s7,5G
Out of this amount SCI, aside. say slcO
600, for the Interest and Sinking Fun,
and allow So 1000 for delinquent Ia.
and we have a fair revenue, to-wit:
from property 3D.
FROM proceeds OF mines-..........-. i5g
from 2u,l