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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 bis 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.

3. STATEMENT 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.)

1846. 1847

LOANS, ETC. When Public Debt, Redeemed Redeemed Total amount Outstanding

Redeemable. March 3, '57. to July 1, 57 since. redeemed. Nov. 17, 1857| 1842..

Dec. 31, 1862 $3,656,941 98 $159,307 05 $614,270 82 $773,577 87 $2,883,364 11
Nov. 12, 1856 89, 400 00 55,400 00 25.300 00 80,700 00 8,700 000

Jan'y 1, 1868 11,545,450 00 373,950 00 1,759,950 00 2,133,900 00 *9,412,700 00 1848...

July 1, 1868 10,532,941 80 188,700 00 1,435,900 00 1,624, 600 00 8,908,341 80 Texan Indemnity. Jan'y 1, 1865 3,632,000 00 143,000 00 28,000 00 171,000 00 3,461,000 00 Totals.

29,456,733 78 920,357 05 3,863,420 82 4,783,777 87 24,674,105 91 Texas Debt, (Act of Feb. 20, 1855)

363,418 08 62,788 09 31,661 57 94, 449 66 268,968 42 Old Funded and Unfunded Debt. 114,118 54

114,118 541 Treasury Notes.. ::: 109,261 64 :::

+107,961 64 Totals.

30,043,532 04 983, 145 14 3,895, 232 39 4,878,377 53 25, 165, 154 51

* 150 000

**150 00

II.-CALIFORNIA.

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 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.

* Increased $1,150 by funding treasury notes. † Reduced $1,150 by funding treasury notes, and $150 by redemption.

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 $125,859,461 827, 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-balls, 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.

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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... *$3,400 00 1851, Seven

+150,000 00 1852,

+1,389,600 00 1855,

+700,000 00 1856,

1984,000 00 Total Funded Debt, (old).

1$3,227,000 00 Interest due January 1, 1858..

*226,016 00 Warrants outstanding Jan. 1, 1858..

$199,266 33 Audited accounts, claims, etc., etc., Jan. 1, 1858

$ 94,211 86 State Prison Warrants, estimated......

8145,000 00 Total Civil Debt

3,891,494 19 Conditional Debt-Balance War Debt unpaid by Federal Government.

228,938 02 War Bords, Act 1857 .

280,860 68 Due School Fund for Sales of School Lands... *474,880 00

Total Conditional Debt

984,678 70

Total Indebtedness of the State...

14,876,172 89

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: Bonds of 1851, principal and interest

335,625 97 Bonds of 1852,

817,571 70

1,153,197 67 Appropriation, Act of Congress, Aug. 5, 1854**.....

924,259 65 Balance

228,938 02 The amount of Bonds issued under Act of the Legislature,

April 25, 1857, as reported by the Board of Examiners tt 280,860 68

$509,798 70 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.

Total War Debt ...

Treasurer's Report, Dec. 1857.

+ Governor's Message, 1867. # 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.

** or this amount $840,648 65 has been paid, leaving a balance of $83,611 to the credit of the Fund. The amomt 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. 16, 1857.

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 $799,795 90 Expenditures, same period .

719,103 50 Excess of receipts .

80,692 40 Receipts of the ninth fiscal year ending June 30, 1858. 1,215,128 61 Expenditures, same period..

992,553 35 Excess of receipts...

$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, t $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 Tat thereon.

[graphic]

Number of Value of

State Taxt
Value Impr’ve. Value City and Value Impr’ve- Value of Per- Total Value of thereon at 70c.
Acres of Land.

the same. ments thereon. Town Lots. ments thereon.sonal Property. Property on each $100.
166,988 $1,358,466 00 $331,500 00 $175,513 00 $161,090 00 $994,267 00 $3,020,836 00 $21,150 50
341,509 34 290,745 00

1,448,980 00 238,359 539,276 00 1,200,206 00

2,258,494 34 15,809 32 168,947 00 207.308 00 1,829,125 00 27,095

3,944,862 00 27,614 03 10,390 00 212,175 00 93,730 00 502,690 00 1,666,813 00 2,485,798 00 17,400 14 550,700 00 246.668 00

1,052,037 00 13,344

1,869,405 00 13,085 84 93,776 00 98,954 00

27,240 00 287,195 00 219,523 00

507,165 00 3,554 96 715,205 00 49,616

2,194,790 00 78,067 00

3,129,518 00 21,906 62 56,105 00

5,750 00 243.735 00 383,730 00 11,621 34,571 00

2,686 22 14,520 00 55,181 00 146,593 00 583,785 00 834,650 00 332,012 540,576 00

5,842 50 40,050 00

4,810 00 774,988 00 45,500

1,473,187 00 10,312 41 1,070,000 00 414,770 00

552,819 00

14,263 12 228,972

2,037,589 00 54,204 00 87,140 00

670,377 00

811,721 00 5,682 35 804,446 253,398 50 52,390 00 11,172 00 61,216 00 503,011 50 881,188 00 6,168 31 218,521 775,671 00 300,955 00 29,375 00 93,440 00

1,055,960 00 2,255,401 00 15,766 71

3,037,946 00 21,265 23

2,226,236 38 15,582 87
134,370 00
388,811

1,199,238 00
983,561 00 662,030 00 3,421,780 00 2,186,111 00

1,333,605 00 9,335 25 25,600

3,940,463 00 11,193,945 00 78,357 61

16,106,890 00 7,814,920 00 15,784,295 00 39,706,105 00 277,942 00 349,639 587,050 00 387,210 00 569.325 00 595,575 00 1,963,655 00 4,102,815 00 28,719 70 123,858 50

59,325 00 1,035,741

283,687 00 466,870 50

3,268 13
265.400 00 43,407 00 16,510 00 87,200 00 612,126 00
201,093

1,024,643 00 7,172 50
1,414,750 00 680,320 00 284,458 00 449,225 00 1,675,575 00 4,504,328 00
62,965 41,654 00

31,561 78
183,856 00 1,170 00

406,644 00 1,354,085 00 1,986,864 00 13,906 98
549
77,075 00

2,140,951 00 2,218,026 00 15,526 18
711,915 00

2,089,455 00 2,801,370 00 19,609 59
147,652 478,366 00 169,558 00 186,925 00 242,190 00 1,425,393 00 2,502,432 00 17,517 02
96,486

4,346,320 00 30,424 24
98,598 00 106,177 00

460,407 00 665, 182 00 62,498 303,830 00

4.656 29 211,057 00 5,320 00

964,700 00
146,839
619,901 00

1,536,716 00 10,757 01
218,784 60 1,690 00 9,675 00 535,167 00 1,385,217 60 9,696 52
27,755 37,588 00 350,472 00 70,031 00 165,275 00 715,309 00 1,231,056 00 8,617 34
488 10,315 00 2,250 00

476,256 00 488,821 00 3,421 74
54,611 354,485 00 103,750 00

1,334,885 00 1,101,830 00 2,894,950 00 20,264 65 134,829 411,606 00 269,140 00

828,185 00 1,741,331 00 12.189 31

2,235,650 00 15,649 55 109,065 477,008 00 639,596 00 1,328,795 00 1,142,455 00 2,747,634 00 6,335,488 00 44,346 48 4,981,095 $12,339,543 34 $8,858,230 60 $22,526,812 00 $15,644,292 00 $54,156,293 50 $125,859,461 82 $881,031 00

* 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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