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In view of this small balance, Congress, by Act of December 23, 1857, authorized the issue of $20,000,000 of Treasury notes. The Secretary of the Treasury, in his communication to Congress, under date of May 19, 1858 states, that, owing to the continued depression of business throughout the country, the receipts of the Treasury had fallen $10,000,000 below the estimates made in his report of December last; that Congress, having from various causes increased the expenditures $10,000,000, the issue of Treasury notes of December, 1857 is entirely absorbed, and that the fiscal year 1859 would commence without a dollar in the Treasury to meet the amount to be paid during the first two quarters of that.year, estimated at $10,000,000. To meet this deficiency, an Act was passed, authorizing a loan of $20,000,000, payable in fifteen years, with interest not to exceed six per cent. per annum. The recent close of the Utah War and the satisfactory adjustment of the Right of Search question with Great Britain, will materially reduce the above estimate, which, together with the present improving condition of business throughout the country, and the rigid system of economy now being introduced in the different departments of the Federal Government, will soon restore our national finances to the same prosperous condition that they were in at the commencement of the present Administration.

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Showing the amount of the Public Debt on the 3d of March, 1857; the amount redeemed and paid to July 1st, 1857; the amount since; the total amount redeemed and paid, and the amount outstanding on November 17, 1857.

[Compiled from the Report of the Secretary of the Treasury, December, 1857.]

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1. TAXATION AND REVENUE.

The State of California claims from the General Government the payment of moneys collected from her citizens by United States officers without law, at a time when no Territorial or State Government existed in accordance with

* Increased $1,150 by funding treasury notes.

+ Reduced $1,150 by funding treasury notes, and $150 by redemption.

any act of Congress. This sum of $2,706,512 13 is pledged by statute for the redemption of the funded debt of the State.

The State owns also in her sovereignty the tide lands, being that portion of land covered by water from the high water mark to the channels of the bays and rivers, and three miles into the ocean.

Also, the swamp and overflowed lands donated by Congress for the purpose of reclamation for agricultural purposes, amounting to about 5,000,000 *

acres.

Also, for Common School purposes, 500,000 acres originally, but now reduced by sales of school land warrants to 262,560 acres. This donation was made by Congress for purposes of internal improvement, but diverted by the Constitution of California, with consent of Congress, to school purposes.

Also, for Common School purposes, the sixteenth and thirty-sixth sections of each township of all the lands of the State, subject to relocation of such as have been settled upon before U. S. survey, or claimed by valid grants from the Mexican Government. The aggregate of these lands amount to nearly 6,000,000 acres. Also, 46,080 acres for the purpose of erecting a university, and 6,400 acres for the purpose of building a capitol.

Beyond these resources, revenue is raised by taxation upon the assessed value of the real and personal property in each county, which amounts in the aggregate, for the fiscal year ending June 30, 1857, to $125,859,461 82+, upon which is assessed sixty cents on each one hundred dollars of value.

Every resident over twenty-one and under fifty years of age pays a polltax of three dollars. A license tax is required to be paid by merchants, bankers, dealers in stocks, exchange, gold dust and similar occupations, insurance agents, passenger brokers, dealers in liquors, tavern keepers, peddlers, billiard tables used for public purposes, bowling alleys, theaters and other places of amusements; also, incorporated companies and associations for mining and other purposes of gain, and foreign miners. A stamp tax is imposed on bills of exchange, drafts, etc. payable out of the State, policies of insurance, passage tickets of persons leaving the State, and on licenses issued to attorneys to practice. There is also a commutation tax on foreigners arriving within the State, and one-half per cent. on sales of auctioneers and s ellers of consigned goods. There is no taxation on property belonging to the United States, to the State or any county, nor town-halls, council-chambers, market-houses or other public structures or edifices, nor colleges, school-houses, hospitals (public), asylums, poor-houses, benevolent institutions, libraries, churches, cemeteries, grave-yards, property of widows and minor orphans to the extent of one thousand dollars, nor growing crops and mining claims.

Report of State Surveyor-General, Dec. 15, 1854.

+ Exclusive of the counties of Colusa, Klamath, Los Angeles, San Bernardino, San Diego and Santa Cruz, from which no returns were received up to the close of the fiscal year. Estimating the taxable property in these counties at $6,500,000, and there is an aggregate amount of $132,359,461 82 in the State.

The revenue derived from merchants, whose business does not exceed five thousand dollars per month and from the sales of liquors at retail, is paid into the Treasury of the county in which it is collected, for county purposes.-Act of the Legislature, April 17, 1858.

2. CIVIL DEBT.

The outstanding debt of the State is $3,891,494 19, exclusive of a conditional debt of $984,678 70. Total indebtedness $4,876,172 89, as follows:

Funded Debt-Bonds 1850, Three per cent...

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1851, Seven"

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+$3,227,000 00

Total Funded Debt, (old).

Interest due January 1, 1858.

Warrants outstanding Jan. 1, 1858.

Audited accounts, claims, etc., etc., Jan. 1, 1858
State Prison Warrants, estimated...

Total Civil Debt

Conditional Debt-Balance War Debt unpaid

by Federal Government..

War Bonds, Act 1857

*226,016 00 $199,266 33 § 94,211 86 $145,000 00

3,891,494 19

228,938 02

Due School Fund for Sales of School Lands...

280,860 68 *474,880 00

984,678 70

| 4,876,172 89

Total Conditional Debt

Total Indebtedness of the State...

3. WAR DEBT.

The amount of Bonds issued under the Acts of the Legislature of 1851 and 1852, with the interest due thereon, as reported by the Board of Commisioners¶ is $1,153,197 67; for the payment of which the Federal Government has appropriated $924,259 65, leaving a balance unprovided for of $228,938 02, as follows:

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The amount of Bonds issued under Act of the Legislature,
April 25, 1857, as reported by the Board of Examiners ††

Total War Debt.....

* Treasurer's Report, Dec. 1857.

Amount reported by State Treasurer, Dec. 1857, $3,228,800. § Governor's Message, 1858.

The amount of cash in State Treasury, June 26, 1858, $286,152 80, of which $252,769 01, belonged to the General Fund, which if deducted from the amount above set forth would leave the debt of the State, including the conditional debt, $4,623,403 88.

¶ Report of Commissioners, January 5, 1857.

**Of this amount $840,648 65 has been paid, leaving a balance of $83,611 to the credit of the Fund. The amount of Bonds and interest of 1851 unpaid is, $46,302; of 1852, $105,126 11. Coupons for interest, subsequent to Jan. 1, 1854, returned to holders, $161,120 91. Total outstanding, $312,549 02; less amount remaining in fund, $83,611. Balance, $228,938 02.

+ Report of Board of Examiners, Dec. 15, 1857.

4. BONDS AND INTEREST THEREON.

For the purpose of liquidating, funding and paying the civil indebtedness of the State, the Legislature, by Act of April 28, 1857,* provided for the issue of Bonds, redeemable in 1877, to the amount of $3,900,000, bearing an interest of seven per cent. per annum, payable semi-annually, January and July, at the office of the Treasurer of State, the first payment thereof to be made on the first day of January, 1859. All claims must be presented before the first day of January, 1859, to a Board of Examiners, composed of the Governor, Controller and Treasurer of State. For the payment of these Bonds, the Civil Debt due the State, by the Federal Government, is set apart and a yearly tax of thirty cents on each one hundred dollars of real and personal property in the State is levied, to be applied: first, to the payment of the interest as it becomes due, and the balance remaining thereafter to the gradual extinguishment of the debt.

The debt authorized to be funded under the provisions of this Act are the Civil Bonds of 1851, 1852, 1853, 1855 and 1856, Controller's Warrants issued previous to Jan. 1, 1857, and any just or legal claims that may have accrued previous to Jan. 1, 1857. The War Debt, principal and interest, is payable out of any appropriation made by Congress for that purpose.

The amount due the School Fund is represented each year by the payment of the interest due thereon which is provided for annually by the Legislature of the State.

5. RECEIPTS AND EXPENDITURES. Receipts of the eighth fiscal year ending June 30, 1857 Expenditures, same period

Excess of receipts .

Receipts of the ninth fiscal year ending June 30, 1858.
Expenditures, same period..

Excess of receipts...

$799,795 90

719,103 50

80,692 40

1,215,128 61

992,553 35

$222,575 26

The amount received during the fiscal year ending June 30, 1858: from property tax, $710,212 63; from foreign miners' licenses, $129,967 91; from licenses, $147,563 08; from stamp tax, $90,755 32; from poll-tax, $81,872 43; and from all other sources, $54,757 24; total, $1,215,128 61. The expenditures of the past fiscal year comprise an indebtedness of $175,000, incurred during the previous year; but they do not contain any payment for the annual interest due on the seven per cent. State bonds,+ $3,223,600, amounting to $225,652, which should be considered as a part of the expenses of Government for that period.

This Act was submitted to the people of the State at the September election, 1857, and was ratified by them by a vote of Yeas 57,661, Nays 16,970. This action on the part of the Legislature and the citizens of the State was necessary, in consequence of the decision of the Supreme Court, October, 1856, declaring that the State debt beyond $300,000 was unconstitutional.

+ Total funded debt of the State (old) is $3,227,000, of which $3,400 are in Bonds of 1850 the interest on which ceased January, 1853. Amount of Funded Debt drawing interest $3,223,600.

6.

STATEMENT OF REAL AND PERSONAL PROPERTY,*

In the State of California, Assessed for the Year 1857, and the amount of State Tax thereon.

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*No returns from Colusa,

Klamath, Los Angeles, San Bernardino, San Diego and Santa Cruz

Counties, and they are consequently omitted from this table. The estimated value of these Counties is $6,500,000; making the total property of the State amount to $132,359,461 82. +Tax for 1858 reduced to sixty cents.

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