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STATE TREASURER'S REPORT.
STATE TREASURER'S OFFICE,
Detroit, December 20, 1844. S To the Legislature of the State of Michigan :
In obedience to the provisions of law, requiring the State Treasurer to lay before the legislature at each annual session, a summary of the receipts and expenditures for the preceding fiscal year, and a statement of the balance of cash on hand at its close, I have the honor to submit the following report:
An abstract of the receipts and disbursements, and a statement showing the balance of cash on hand, are given in schedule A.Schedule B. gives the several ledger balances on the books of this office on the 30th ult.; and in schedule C., is given a statement of the amount of outstanding warrants on the several funds at the same time. In schedule D, is exhibited a comparison of the ledger balances on the books of this office with the balances on the books of the Auditor General, showing their agreement, when the outstanding warrants on the several funds are taken into account.
In addition to the ordinary disbursements for the current annual expenses of the State Government, which have all, or nearly all, been regularly and promptly met during the last fiscal year, as they severally fell due, there has been paid from the accruing receipts
to the credit of the general fund, several items of prior State indebtedness, amounting in the aggregate to upwards of fifty-five thousand dollars, all of which was bearing an interest of seven per cent. against the State. The delinquent tax State stock, originally amounting to $31,000, and which was reduced the previous fiscal year to $27,000 has the past year been reduced 10 $15,000. The amount of outstanding warrants on the general fund has been reduced from $24,330 78 to $5,461 68; and the tax bonds issued to counties, from $37,123 67 to $12,591. Of the $40,000 of treasury notes destroy. ed during the last fiscal year, much the largest portion was derived from receipts on account of the general fund, most of the payments to the sinking fund from the proceeds of the public works, having been made in warrants drawn in favor of engineers and appraisers, and paid from the proceeds of the several works under authority of a joint resolution of March 6th, 1843.
It is thus satisfactory to ascertain, as the experience of the last two or three years has demonstrated, that the light State tax of two mills on the dollar, which is all that has been levied for the last three years, and which has hitherto fallen considerably short of $60,000, in the aggregate for any one year, has been found sufficient, not only to meet the current Stale expenses, but with the other ordinary receipts to the credit of the general fund, to extinguish a large amount of State indebtedness, outstanding in the form of State stocks, tox bonds to counties, and warrants on the general fund, besides contributing to absorb the largest proportion of the treasury notes of 1841, which have been cancelled and destroyed. The only known demands on the general fund for the past year, which have not been met, are for interest on some general fund stock held by the U. S. War De. partment, and for the July last interest on a portion of the penitentiary stock, the coupons on neither of which have been presented for payment.
As it is to be hoped that during the course of the present fiscal year sufficient means will accrue to take up all the remaining outstanding general sund warrants, and the holders of many of them will be unknown at this office, it is respectfully asked of the legislature to invest this department with authority, which is not possessed at present, to stop interest on all or any portion of them, after giving two or
more weeks' notice in the State paper, that such warrants will be paid in specie or its equivalent on presentation. And in the event of those warrants being all, or nearly all, redeemed, and funds should accrue some time between January and July, or between next July and the following January, which it would be proper 10 apply to the redemption of the outstanding tax stock, or county tax bonds, it is respectfully submitted also, whether it would not be justly due to the holders, that authority should be given to allow interest for such time after the last half years' interest fell due, as might intervene up to the time of redeeming the principal, or giving notice that funds were on hand for their redemption.
The par funds received to the credit of the principal of the primary school and University funds, amounting to $6,000, have been applied as required by act No. 106, laws of 1340, to the extinguishment to that extent of a debi due Thomas Beals, for monies advanced on account of those funds.
The interest due on the University stock for January and July last, was remitted to New York in the month of May, about the same time that it had also been for the two previous years. It is found impossible to meet the January interest of each year, as it falls due, without authority to use other funds for that purpose, or without keeping on hand some three thousand dollars of University interest monies for eight or nine months. Almost the entire receipts to the credit of the University interest fund are received in March and April; and unless money received at that time of the previous year is retained on hand until the succeeding January, the January interest must be allowed to pass over until April or May. The latter course has therefore been followed for the last three years, and as the July interest is paid at the same time as that of January, the delay on one hali year's interest is about balanced by the advance in meeting the other, before it strictly falls due ; and no complaints have been made as to the arrangement by any one of the holders of the stock.
Under the provisions of acts No. 20 and 83, of last session, the University interest fund has been relieved from the payment of in*terest on the $100,000 loan to the University, to the amount of $1,432 80; transfers to that extent having been made from the sinking fund, on account of treasury notes and warrants received to the