After the money becomes due, the counties will be required to pay six per cent. interest upon the balances remaining unpaid if there shall be no further legislation on the subject. But as the State has to pay seven per cent. upon the bonds for which the Surplus Revenue is pledged, and many of the counties having paid up the whole or a large part of the sum originally loaned to them, while other counties have repaid no part of the principal, i. is submitted whether equity does not require that these counties shall be charged seven per cent. upon the sums retained by them. They have received seven per cent. from the individuals to whom the money was loaned, who will still be charged the same rate, while the state has hitherto required but five per cent. It seems, therefore, to be but equitable that the counties which have paid up as required by law should be placed on a footing of equality with the counties which still retain a large part of the fund. This can be done only by requiring them to pay the same rate of interest which the State has to pay upon the money retained by them. Whether any additional provision should be made for enforcing payment by any county which may fail to pay over the money when required by the Treasurer, is submitted for the consideration of the General Assembly. The condition of the State finances does not make it necessary that any harsh or severe measures should be resorted to for the purpose of enforcing immediate payment of the whole amount by the individual debtors, or by the counties. The object should be to secure the payment upon such terms as will be just and equitable within the current year, or when the Treasurers make their annual settlements in February 1851. The interest of the State does not require that any stringent measures should be adopted to enforce payment before that time. Where the counties have loaned the fund to individuals, it is believed that its collection should be left in the hands of the county auditor and treasurer, the county being bound to pay the money to the State when required. The payment of the one per cent. upon the sums repaid by the counties to the State, under the act of 13th March, 1843, will cease after the first of January, 1850. Five per cent. Interest Fund. Amount of 5 per cent. interest received from the counties upon the Surplus Revenue during the year en fing 15th November, 1849... Transferred to Common School Fund $68,131 59 2 68,131 59 2 Surplus Revenue Interest Fund. Amount paid for 1 per cent. interest to counties upon principal repaid to the State under the Act of 13th March, 1843.. Received from County Treasurers 1 per cent. upon amount retained by counties over their proportion upon re-apportionment of the fund in 1840 Paid County Treasurers 1 per cent.. $6,419 09 1 205 12 1 $6,624 21 2 NATIONAL ROAD FUNDS. Balance in the Treasury on the 15th November, 1849, viz : Bonds due to creditors of the road, remain in the Treasury to the amount of $797 16, which being added to the above overdraft makes the sum of $1,171 87 of overdraft on account of tolls. There has been paid out of the toll fund for interest on the bonds issued to the creditors of the road for the years 1847, '48 and '49, the sum of $10,283 90. It is claimed by the Board of Public Works that this sum shall be refunded to the toll account. The act for the settlement and payment of claims for work on the National Road passed March 2d, 1846, expressly pledges the revenues of the road over and above the expenses of repairing and superintending the same for the payment of the interest on the Bonds issued to the creditors. If it shall be found that the revenues will not be sufficient to pay more than the expenses, the interest must be provided from other funds. It was deemed proper, however, that the revenues of the road should be charged with the interest until it shall appear that they are not more than sufficient to pay the expenses. THREE PER CENT. FUND. Balance in the Treasury 15th November, 1848 Received during the year from Treasurer of the United States.. $634 51 6 13,246 57 0 Paid out during the year ending 15th Nov., 1849_. $13,881 08 6 634 51 6 It is supposed that an additional sum is due by the United States to the three per cent. fund. Any amount which shall be received on account of this fund, can be transferred and used during the year, as General Revenue, to supply, in part, the deficit in that fund, as the money will not be paid over to the counties before 1851. 6-PUB. DOC. IV. SYNOPSIS OF THE APPROPRIATIONS FOR 1849, INCLUDING BALANCES OF 1848, AND OF THE BALANCES UNEXPENDED NOVEMBER 15, 1849. Total amount of bills drawn upon the Treasury during the year ending Nov. 15, 1849 ... Amount of bills issued prior to the 15th of Nov., 1848, which were then outstanding Amount of bills redeemed during the year ending Nov. 15, 1849 Balance, being bills unredeemed Nov. 15, 1849 – $307,176 49 5,014 39 $312,190 88 307,166 41 $5,024 47 The above, $18,646 55, paid for State printing, includes $1,630 89 overpaid to Charles Scott, which he has repaid to the Treasurer. The appropriation of 1848, for the payment of costs and expenses in actions prosecuted by the State, was overdrawn $265 14, which being added to the sum of $279 36, drawn from the appropriation of 1849, leaves an overdraft for 1849 of $44 50. The appropriation for the expenses of special elections was overdrawn $170 76 in 1848, which, with the expenditures, being deducted from the appropriation, leaves the balance of $45 36. It will be seen that the appropriations for the salary and expenses of the Quartermaster General, for the Governor's contingent fund, and for the payment of wolf scalp certificates, have been each overdrawn a small sum. V. DEPARTMENT OF PUBLIC WORKS. STATEMENT of moneys paid into the State Treasury, and of dislursoments through this department during the year ending 15th November, 1849. General Statement of receipts and disbursements in the Department of the Public Works. RECEIPTS. Canal tax for 1848 transferred from general revenue $940,612 33 0 Tolls, water rents, and fines collected upon the Ca nals Turnpike and Canal dividends Amount collected and paid by the Attorney General Received on account of defalcation of former Collect- Surplus Revenue 720,275 42 0 38,049 10 0 5,502 51 0 152 30 0 100 00 0 183,426 16 7 42,195 04 0 |