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notice ufter entering on their duties, for the discharge of this portion of said duty.
3. When this duty shall have been completed, the said commissioners shall report to the Comptroller the amount applied by them to the purchase of bonds and mortgages as aforesaid, and the amount of scrip held by each bank; which amount of scrip thus held by the banks respectively, and not appropriated to the purchase of bonds and mortgages as aforesaid, shall constitute and be used by said banks as so much additional capital, and on which their discount line may be extended as now by law permitted.
4. The premium which may be paid by the banks on the scrip, shall be paid over to the different insurance companies, pro rata with the amount of their capital lost by the fire, to be by them distributed to such of their stockholders who may in their opinion require aid, giving a preference to females, orphans, and infirm persons.
5. The security to be furnished by the banks for the faithful payment of interest and final redemption of the scrip or bonds created by this law, shall be fixed on by the commissioners.
Which several duties being discharged, the commission ceases, and the Bank Commissioners assume the supervision in the usual course of their duties.
As the premium which the banks may be disposed to pay will mainly depend on the rate of interest the bonds may bear, and the facility of negotiating them, it would be agreeable to all parties, as it could be injurious to none, to allow each bank the privilege of indicating on the bonds the place of payment of interest and principal, and also to name a shorter term of payment than the law may allow, as said banks may prefer liquidating at a less remote period than 20 years. On the surrender of the bonds to the city or State, the liability of the banks originally receiving the same, ceases.
January 6, 1836.
of the Commissioners of the Canal Fund.
TO THE LEGISLATURE OF THE STATE OF NEW
The Commissioners of the Canal Fund, pursuant to chapter nine, title two of the first part of the Revised Statutes, respectfully submit the following Report:
ERIE AND CHAMPLAIN CANAL FUNN.
STATE OF The Fund. The surplus moneys in the hands of the Commissioners belonging to this fund, on the 30th of September, 1834, as shown in the annual report of last year; pages 1 and 2, 'amounted to the sum of
$3,002,576 30 The amount received by the Commissioners for the
year ending on the 30th of September, 1835, (as
given in Statement A,) from all sources, has been 1,911,555 44 Making a total sum to be accounted for by the Commissioners, of.......
This sum is accounted for as follows, viz: Paid for interest on canal debt,...... $260,957 08 For purchase of canal stocks, viz: 5 per cents of 1837,...... 873,820 81 6 61
1837,...... 287,007 71
Carried forward, .... $360,828 52 $260,957 08 $4,914,131 74 [Assem. No. 4.]
Brought forward, .... $360,828 52 8260,957 08 $4,914,131 74 5 per cents of 1845, 174,302 77 6 1845,... 247,029 29
782,160 58 To Superintendents of canal repairs,. 403,473 90 To Canal Commissioners,
52,109 05 To Weigh-masters.....
4,781 30 For sundry expenditures, as detailed in statement A,
Leaving a balance in the hands of the Commission
ers, on the 30th of September, 1835, applicable to the canal debt, of....
$3,406,809 72 Of this balance, there was invested, viz: In State stock, 5 per cent, issued for
the construction of the Cayuga
$183,933 59 Loan to city of Albany at 5 per cent,
8258,933 59 Loaned to sundry banks, (see State
ment S,) viz: At 5 per cent,..... $841,000 00 At 4)
1,515,284 38 Deposited in collecting banks, at 41 per cent,
735,636 88 Deposited in general de
positing banks, at 31
The whole amount of the surplus Canal Funds under the care and management of the Commissioners, is thus accounted for, by the bond of the city of Albany, the certificates of State stocks above referred to, and the sams deposited in the several banks, as detailed in statement S.
The bonds and mortgages for lands belonging to the Erie and Champlain Canal Fund, and remaining in the Comptroller's office at the date of the last annual report, have since that period, been transferred to the School Fund, by virtue of chap. 260 of the laws of 1835; and a certificate of five per cent Oswego canal stock, redeemable in 1846, being the item of $27,106 in the preceding statement, has been transferred to the Commissioners from the School Fund, in payment of the bonds and mortgages before referred to
The Comptroller having given notice to the Commissioners, as contemplated by thc second section of chap. 296 of the laws of 1832, that money was needed for the purposes of the government, they adopted a resolution on the 12th of June last, to purchase $100,000 of 5 per cent State stock, issued to the Delaware and Hudson canal company, then belonging to the School Fund. This stock was transferred to the Commissioners in trust for the Canal Fund, and the sum of $100,000 was paid from the surplus moneys of that fund into the Treasury. A part of this stock, which is reimbursable in 1847, and was purchased at par, was exchanged on the 23d of September, with Messrs. Bolton, Ogden & Co., for a like amount (846,925.36) of 5 per cent Erie and Champlain stock, reimbursable in 1845, and the latter stock has been cancelled. The item of $53,074.64 in the preceding statement of investments, is the other portion of the $100,000 certificate purchased of the School Fund.
The sum invested in stocks has been increased since the last annual report $80,180.64, as follows, viz: Purchase of Delaware and Hudson stock, (part of $100,000 certificate,) as before stated, ...
$53,074 64 Oswego canal stock transferred from School Fund in "lieu of securities for Canal Fund lands,..... 27,106 00
880, 180 64