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1873 California Budget

January 20, 2011

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On December 1, 1873, California Governor Newton Booth discussed the State’s budget and noted the following:

   The total of the funded debt of the counties is seven million five hundred and twenty-three thousand six hundred and eighty-six dollars and forty-one cents.  Much of this was contracted in the “flush times,” from an unfortunate habit of liberally discounting the future; a considerable portion of it is for subsidies to railroads and toll roads; and, in some instances, it is so heavy a burden as to threaten the bankruptcy and practical dissolution of the county governments.  I find in this the most gloomy outlook of the financial future of the people of the States, and the most difficult one for the Legislature to deal with.
   The revenues received by the State from all sources, for two years, . . . were four million nine hundred and forty-eight thousand nine hundred and thirty-seven dollars and twenty-two cents.  This does not include such receipts from lands as are invested in bonds for the School and University Funds, or the receipts from the San Francisco wharves, which are set apart and used only for the improvement of the water front—but does include two hundred and fifty thousand dollars from the sale of State Capitol bonds.