The prices of the land for sale are 75, and 100, and 150 dollars per
acre, according to position. Two-thirds of the purchase-money may remain
on mortgage as long as the interest is paid at 8 per cent, per annum,
which is the lowest interest payable in California. The mortgagor is
liable to the Government for the taxes, which amount to 1-1/2 to 2 per
cent, per annum, so that he would really only receive 6 to 6-1/2 per
cent, interest. All mortgages are publicly recorded, and so the
property is vested in the mortgagor till he is paid off, and when that
is done it also is publicly recorded. These taxes embrace all known to
us in England as rates and taxes, except a road tax of 2 dollars a head
per annum, chargeable to every male over twenty-one years of age. This
tax may be paid for in labour on the road if desired. A free conveyance
will be given, but the cost of recording the transaction in the county
office (there is no stamp duty), about 1-1/2 dollars, must be paid by
the purchaser. The recording of a mortgage would probably be 3-1/4
dollars because it is longer. The record is a public acknowledgment of
the title of the owner to the land made in the county books.
Foreigners can hold freehold property in California, but they have no
right to vote--indeed, they would have no right to vote until they had
resided five years in the country, and had become naturalized; then a
resident has before him the possibility of becoming Governor of the
State to which he belongs, or, indeed, Secretary of the Interior, which
corresponds with the position of the Premier in England.