The record-union., 1896-12-12

not authorize the payment of any cou-
pons from bonds issued prior to Janu-
ary l. 1854.
1t will be seen upon an examination of
these Acts that Congress did not by any
of them authorize the payment of any
coupons upon bonds issued prior to the
1st of January, 1854, and maturing sub
sequent to that date. and as matter of
fact the United States, as it paid off the
bonds presented, declined to pay any
coupons maturing later than January /,
1854. The coupons thus refused pay
ment are stated in plaintiffs brief to
amount to $179,563 81
1t is stated in the brief of defendant
(pages 10 and II, printed brief that
From June %, 1860, to June 80, 1868,
there was in this Federal appropriation
applicable to the payment of either or
any of the coupons in this action. an
unexpended balance ranging from SO
9I1 st to 10, 1SS 63. In other words on
June %, 1850, any person holding any
of these coupons not exceeding go
9I1 Sc could have presented them for
payment under these Acts of Congress
and received his money"
In this l think the learned counsel for
the State is clearly mistaken in his con-
struction of these statutes. The first
Act august ), 1851 expressly limited
the payment to expenses incurred
prior to January 1, 1854.
The second Act august IS, 1860 in
like manner limited the payment to
bonds issued prior to January 1, 1854,
and coupons maturing prior to or on
that date. This Act provided that said
bonds after redemption, and after TAX
ing off the coupons that may remain un-
paid, shall be delivered to the Secretary
Of War to be cancelled" It appears
from the facts in evidence that when
and coupons were paid to the amount
OF $914O71 OF the unpaid coupons ma
turing subsequent to January /, 1854,
were taken off, by the United States
and returned to the owners.
The third Act June %, 1S6O,), as we
have seen, provided for the payment of
such bonds and coupons only as We're
issued prior to August 5, 1854, and SUBJ
Sequent to January l, 1854.
There was no erroneous ruling" as
has been stated. The officers of the Gov
ernment followed the plain letter and
intent of the several statutes. The ap-
preparations did not permit the payment
Of the coupons of the bonds issued prior
to January 1, 1854, and maturing after
that date.
From the foregoing review Of the Acts
of Congress it seems clear that no ap-
preparation was ever made by the United
States out of which the coupons in suit,
OF any Of them, could have been law
fully paid, unless an exception can be
made of the Coupon No. from Bond
No. 33 for $40, which will be referred to
further on.
=. But if the above view be incorrect,
and If it be a true construction of the
Federal Act that any holder of cou-
pons maturing subsequent to January 1,
1904, had an equal right with the holder
Of coupons maturing prior to or upon
that date, then it becomes important to
know whether the sum Of S924, 259 IS
appropriated by Congress was sufficient
to pay the bonds and coupons authorized
by the California State Act of May 3,
1852, as we'll as the 100000 of bonds
issued under the Act of February 10,
1851, because upon this question depends
the effect of the declaration in the Act
of May 3, 1852, that then the bonds
authorized to be issued by this Act shall
be good and valid claims against the
State''
The evidence shows that on the 1st
day of January, 1854, the total debt Of
the State on the Indian war bonds
amounted to the sum of 1895, 800. This
Indebtedness arose under five several
Acts, namely: Act of February 10,
1851, Act of May 3. 1852. Act of April
16, 1858, Act of May 3, 1853, and Act
Of May Is, 1858, iteanized as follows:
Act of 1851. $500, 900
Interest at II per cent. ..... $4,000
Act of 1852. 800. 900
Interest at per cent. ........ "a 900
The three Acts Of 1853. 4S, 500
Interest .................. 6,190
Io,dl ........ So3o,Zoo
Thus it will be seen that the appro-
priation by Congress was insufficient by
the sum of 1000 30 to pay the in
debtedness existing on the 1st day of
January, 1854.
The appropriation by Congress was
made by an Act passed August ), 1854,
at which date further interest to the
amount of about SAL 900 had accumu-