be carried, and their accumulative character at one per cent per month would, he felt sure, prevent any depreciation in their value.1

3

The bill with some modifications passed the Senate by vote of six to five, January 29th,2 was accepted in the House on the following day by a majority of nine in a total vote of twenty-seven, and was presented to the Governor and signed by him on February 1st. According to the terms of the bill the treasurer of the state was authorized, as soon as practicable, to issue bonds of the state in sums of $100, $225, $500, and $1000 payable six months after date at the rate of three per cent interest per month, the total issue not to exceed $300,000. The bonds were to be signed by the treasurer, endorsed by the governor, and countersigned by the comptroller. They were to be tendered in payment for any debts against the state, providing there was no coin in the treasury. The treasurer was not to pay out the bonds at less than their par value, but was to accept them "for the par value, and all the interest which may have accrued thereon, from all persons, including public collectors, up to the time of the receipt thereof." They were to be dated at the time of issue. "If any collector of the public revenue or state dues, having money in hand sufficient, shall refuse to exchange for such bonds when applied to for that purpose by any bondholder, he shall be fined . in a sum not ex

$400." The treasurer, as soon as he had sufficient In the treasury, was to advertise, "by giving six notice in some newspaper, requiring them to be in for redemption, and any such bonds which shall eturned to the treasury in that time shall cease to erest." 2

part of Green's report dealing with taxation apdid not receive consideration at this time, but the endations there made were partially embodied in er bills brought forward by Tingley of the ways and ɔmmittee in the House on January 30th. They were "a bill prescribing the mode of assessing and col›ublic revenue," and "a bill defining the amount of to be collected to defray the expenses of the governthe state of California for the year 1850." The ecame a law February 25th; the former was not ntil March 30th. The act defining the amount of to be collected to defray the expenses of the governthe state for the year 1850 says that "there shall be nd collected in the manner prescribed by law, the money hereinafter specified, to defray the expenses overnment of the state of California for the year wit: on each one hundred dollars' worth of taxable ', fifty cents; and a poll tax of five dollars on every abitant of this state over twenty-one years of age

s of California, 1850, 53-54.

54.

ls of the California Legislature. 1850. 736.

and under fifty years, and not exempt from the payment of a poll tax by law." 1

The statute of March 30th enacted that all real and personal property within the state should be liable to taxation except the following: real and personal property of the United States and of the state; lands sold by the United States until the term of five years from the date of sale; schools and court houses; jails and the land on which such buildings were located, not exceeding ten acres; churches and cemeteries; buildings erected for the use of literary, benevolent, charitable or scientific institutions and tracts of land on which such buildings were situated, not exceeding twenty acres, and the personal property belonging to such institutions; lands granted for the use of common schools, so long as the same shall remain unsold; the personal property and real estate of every manual labor school or college incorporated within the state, when used for the purpose for which it was incorporated, such real estate not to exceed three hundred and twenty acres; and the personal property of widows and orphans to the extent of $1000. The term real estate was defined as including "all lands within this state, and all buildings or other things erected or affixed to the same; and the terms land or real property" should be "construed as having the same meaning as the term 'real estate'." Personal property was "to include all household furniture, goods, chattels and moneys; all ships, steamboats, vessels and water craft of any and every description whatever . . . ; all moneys at interest owing to the person to be taxed more

1 Statutes of California 18-O br

ey pay interest for, and other debts owing to them Ivent persons more than they are indebted for, and ic stock in turnpikes, bridges, insurance companies nied corporations . . . ; also such portion of the of incorporated companies, liable to taxation on pital, as shall not be vested in real estate." Stockin corporations were not to be taxed as individuals 1 stock. Enlistments for poll tax and for tax on I estate and lands were to be made in the county he persons resided who were subject to such taxes. ersonal property was mortgaged it was to be conthe property of the person who had possession; in nortgage in real estate the mortgager was to be conthe owner until the mortgagee should take possession. n was also made for enlisting the individual real E deceased persons. The bill further contained direc- making out the assessment roll, directions for deg the value of property, directions for making out axable property in each county together with various rections, both general and detailed in character, sment, collection and auditing.1

e same day (January 29th) that the bill for a temstate loan was taken from the table where it had nsigned immediately after its first reading, another ught forward entitled a bill "authorizing a loan on and credit of the state, to pay the expenses of the ernment thereof." 2 It was considered in the House s of California, 1850, 135-42.

4

3

on January 31st,1 February 1st and 2nd, and on the 4th was amended and laid on the table. On the 6th it came up again, and vain attempts were made to amend and finally to table the bill. It ultimately passed by a vote of fifteen to fourteen. It was read in the Senate February 7th, and referred to the committee on finance.5 On the 11th the committee reported, recommending numerous amendments." It was up again on the 13th, 14th and 16th, when it finally passed, after other amendments were inserted, by a vote of eight to five. The original bill as reported by the committee in the House had provided for a loan of $750,000, but this had been changed in the Senate to $1,000,000. The loan was to be for twenty years, subject to payment by the state at any time after ten years, either in full or in part-and was to bear interest not exceeding ten per cent. The bonds to be issued for the payment of the loan were to have certificates for the payment of interest attached to them. Bids were to be received by the treasurer, the same to state the

1 Journals of the California Legislature, 1850, 744.

2 Ibid., 754-5; 773.

3 Ibid., 783. In the discussion Ogier of San Joaquin and Watson of San Francisco became involved in a difficulty and were conducted without the bar by order of the speaker. A committee was appointed to report on the case, and recommended that an apology be demanded from each one. Both members apologized and were readmitted to their seats, p. 788.

4 Ibid., 784.

5 Ibid., 135.

6 Ibid., 145-46; 457-58.

152 and 155.

7 Ibid.,

8

Ibid., 161.