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.

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

Excess of receipts....

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.

* 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.

During the First, Second, Third, Fourth, Fifth, Sixth, Seventh and Eighth Fiscal Years.

Total Funded Debt, $1,098,541; Floating Debt, $1,726,094; Assets, $131,371. Total Actual Debt of forty-three counties, $2,693,264; Actual Debt of 1857, $2,365,260; the increase of debt, $328,004. San Mateo is the only county in the State out of debt.

The above table of the finances of the counties of the State, has been compiled exclusively from the returns of the Treasurers of the different counties; it is believed to be entirely correct. That this department of the REGISTER may hereafter present an accurate summary of the "Finances of CaliforniaState, County and Municipal," the correspondence of the different financial officers throughout the State is invited to communicate such information as will promote the object in view.

* For an exhibit of the Indebtedness of each County, see Organization of Counties, Part VII. + The Floating Debt includes registered scrip and audited accounts, which bear an interest of ten per cent. per annum, from date of presentation.

The Assets consist of cash, and in some instances the indebtedness due from Counties recently organized.

§ The period set opposite the receipts, etc., denotes the time for which the receipts, etc., were made. City and County consolidated. See Finances of Cities.

Amount allowed by Board of Examiners, August, 1858. Amount rejected, $541,775.