FINANCES, ETC. 1. I.—UNITED STATES. STATEMENT OF THE DEBT OF THE UNITED STATES, NOVEMBER, 1856.* The public debt on the 4th of March, 1853, amounted to the sum of $69,129,937 27, and was subsequently increased, to liquidate the debt of Texas, by the sum of $2,750,000, which gives the public debt at $71,879,937 27. It has since been reduced, up to the 15th day of November, 1856, the date of the Register's last report, to the sum of $30,963,909 64. In making this reduction, the sum of $40,916,027 63 has been paid for the principal thereof, and $4,609,882 31 for premium on portions redeemed before maturity, thereby saving the sum of $14,606,441 39, by paying in advance, and leaving the public debt on the 15th day of November, 1856, $30,963,909 64. In addition to the public debt as above, there is due, under treaties with various Indian tribes, payable on time, the sum of $21,066,501 36. This debt, as it becomes payable, constitutes an item of annual expenditure, and is estimated for by the Department of the Interior. 2. RECEIPTS AND EXPENDITURES OF THE UNITED STATES FOR THE FISCAL YEAR ENDING JUNE 30, 1856. Receipts from Customs, quarter ending Sept. 30, 1855.. Receipts from Miscellaneous and incidental Receipts from Customs, quarter ending Dec. 31, 1855... Receipts from Lands, quarter ending Dec. 31, 1855.. .$17,085,238 28 2,355,725 87 333,495 98 $19,774,460 13 13,424,038 57 3,273,868 02 Receipts from Miscellaneous and incidental 195,840 33 16,893,746 92 18,347,300 25 * From the Report of the Secretary of the Treasury, December, 1856. Total sum for the services of the fiscal year, ending 288,183 52 $18,902,634 16 73,918,141 46 18,931,976 01 92,850,117 47 5,916,429 67 3,618,891 18 15,739,010 14 3,872,826 64 16,948,196 89 14,077,047 12 12,776,390 38 72,948,792 02 $19,901,325 45 The receipts into the Treasury for the first quarter of the present fiscal year, ending Sept. 30, 1856, amounted to $21,925,431 36. The expenditures for the same period amounted to $18,675,113 21. Excess, $3,250,318 15. Of the Public Debt, as follows: Stock issued of the Loans of 1842, 1843, 1846, 1847, 1848 and Texan Indemnity; the Debt of the Corporate Cities of the District of Columbia; the Texas Debt, Treasury Notes and Funded and Unfunded Debt; the amount redeemed before March 4th, 1853; redeemed since that time; the total amount redeemed and the amount outstanding this day, November 15th, 1856. [Compiled from the Report of the Secretary of the Treasury, December, 1856. Totals $79.032.897 01 $7,142,359 74840,918,427 63 $48,060,787 37 $30,963,909 64 * Increased by funding Treasury Notes, $8,200. Stock erroneously redeemed and subsequently reissued, $2,400. + Reduced by funding. 4. RECEIPTS OF DEPARTMENT OF CUSTOMS OF PORT OF SAN FRANCISCO, FROM NOV. 12, 1849*, TO DEC. 1856, INCLUSIVE, FRACTIONS OMITTED. September. October November December $216,453 182,179 131,576 182,477 176,257 175.352 167.193 Totals 219,334 137,865 229,760 137.228 192,708 206,497 94,817 229.393 119,648 100,016 84,637 99,229 $216,453 $1,908,220 $2,316,675 $2,008,410 $2,589,406 $1,563,103 $1,804,904 $1,713,408 5. EXPENDITURES OF DEPARTMENT OF CUSTOMS, PORT OF SAN FRANCISCO, FROM 1849 TO 1856, INCLUSIVE.+ 179,560 225.050 155.008 137,774 $59,597 $232,878 $197,480 $220,164 $176,472 $116,603 $110,259 65,824 288 908 147,688 150,984 169.007 122,468 115,679 December. $32,054 $303,033 $1,009,436 $655,694 $684,114 $646,288 $438,684 $441,678 II. CALIFORNIA. 1. REVENUE AND DEBT OF THE STATE. RESOURCES AND TAXATION.-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 aet of Congress. This sum of $2,706,512 13, is pledged by the statute providing to fund the debt of the State, to be used first for the redemption of the bonds issued. 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. *The amount collected from August 6th, 1848, the date of notice of the treaty with Mexico, was received by Col. Mason, up to November 12th, 1849, when Col. Collier assumed the duties of Collector, was $1,355,187. Governor Johnson's Message, 1857-Total receipts from August 6th, 1848, to December 31st, 1856, $15,485,766. + The above includes expenses of Marine Hospital, which is not properly in aid of revenue collections. + Report of State Surveyor-General, Dec. 15th, 1854. Also, for common school purposes, 500,000 acres originally, but now reduced by sales of school land warrants to 260,000 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 re-location 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 6,719,324 acres. Also, 46,080 acres for the purpose of erecting a university, and 6,400 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 July 1, 1856, to $95,007,440 97, upon which is assessed seventy 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 on billiard tables used for public purposes. Theaters and other places of amusements, insurance offices, bankers, dealers in stocks, exchange, gold dust and similar occupations, merchants, dealers in liquors, tavern-keepers and sellers of consigned goods, one-half of one per cent. Also, all incorporated companies and associations for mining and other purposes of gain, and foreign miners. 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 structure or edifice, nor colleges, school-houses, hospitals (public), asylums, poor-houses, benevolent institutions, libraries, churches, cemeteries, graveyards, property of widows and minor orphans to the extent of one thousand dollars, nor growing crops. 2. INDEBTEDNESS OF THE STATE.* The total debt of the State as reported January 1, 1857, is $3,910,906 40, exclusive of $218,020 91 of war debt not yet provided to be paid by Congress, as follows: Outstanding Bonds, Three per cent. 1850, and interest. $6,888 95 150,000 00 1852, due 1870. 1,389,600 00 Balance War Debt, not assumed by the Federal Government. 218,020 91 Outstanding Controller's Warrants. 464,000 00 404,447 12 * The Constitution of the State, Article VIII. p. 69, provides that no debt shall be created exceeding $300,000, excepting that provided by the first Legislature to carry on the government. A large excess having been created without specific regard either to the first or second restrictions, the Supreme Court has decided such excess, in one case of $100,000, and commented upon others, to be unconstitutional and void. It is probable that the people will be invited by legislative action to legalize or to repudiate the existing debt, which, in any event, is one of equity and honor. Salaries due for which Warrants have not been issued....... Total Amount of Cash in Treasury, Jan. 1, 1857. Total Debt*.. 3. RECEIPTS AND EXPENDITURES. Expenditures for fiscal year, ending June 30, 1856 Receipts for same period... Excess of Expenditures beyond Receipts.... $24,374 60 4,341,331 58 212,404 27 ..4,128,927 31 ..... 1,368,684 81 723,289 83 $645,394 98 It is believed that the expenditures of the present fiscal year will be materially lessened, and that by taxation of some additional sources of revenue and a careful lopping off of all unnecessary expenditures, the succeeding year will show a surplus of receipts over the expenditures of the State.. The Controller of State in his Annual Report, December 20, 1856, estimates the receipts and expenditures for the present year, as follows: Receipts for eighth fiscal year, ending June 30th, 1857.... Expenditures for same period.. Excess of Receipts over Expenditures... The State is sovereign and cannot be sued for debt. 4. BONDS AND INTEREST THEREON. .$753,000 727,990 $25,010 BONDS.-The first Legislature provided for the issue in the aggregate of $1,500,000 of bonds. Of this sum but $300,000 were issued, and that at the rate of three per cent. per month. Under the Funding Act of 1851, $458,500, were issued. The Act of 1852 provides for the payment in coin of the three per cent. bonds of 1850, all of which have been redeemed that will probably ever be presented. Of the seven per cent. bonds issued under the Act of 1851, those falling due in 1855 were generally anticipated, and all have been redeemed. The Sinking Fund of those payable in 1860, is large and constantly anticipating the time of their redemption, whenever they can be redeemed at par and interest. .... ..... INTEREST.-Amount of interest on Civil Bonds, $3,223,600, at Total annual Interest $225,652 32,480 .$258,132 The Treasurer of State has invariably remitted to New York City, the funds to pay the interest on the entire Funded Debt of the State, made payable in that city, long before the maturity thereof, and on the failure of the Agent of the State to pay the July interest of 1856, other funds were immediately forwarded for that purpose. * Total debt reported by the Governor $4,131,127 31. + No provision is made in this estimate for the semi-annual interest due July, 1857.-[EDS. |