The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-08

or the bonds held by the United States Bank and hy
pohecated with Hope Co.. Nos. Ill and liz Of ST. 900
and Nos lls to l22 inclusive, of $4,000 each, making
$1,000 were purchased in 1888 of the Farmers Loan and
Trust Company, by Geo. Griswold from whom they
passed to the United States Bank the whole amount Of
bonds originally held by the L. and T. Co.. by purchase
of the Morris Canal Co. in 1885, being 1907 OOO they
hold S6OoOO and have sold to other oOO
as will appear by the following schedule OF the So $685.
600 hypothecated by the bank there the hands Of
De Rothschids ST. 43l O00 Denson Co. $780, 600 Hope
Co. 81 ,2520Oe, and with Morrison Sons, S272, 900.
For all the above bonds in the hands of other holders
than the United States Bank and for Se97 900
of the laerOhe State has received consideration
ding to the amount ascerained have been received in
pursuance of the act and joint resolution of Feb 1912
The numbers of the bonds pledged by the United States
Bank as follows
BONDS OF 1000.
ls9-207 to 40OS0l to lO99-llOl to ll04-with Roths
100 2O605 to 495-50 to 56l-554 to 6OO62s to 6s5
6s7 to 64S-o45, 646-l05 to l6l4-I7Ol to 2OOO-with
4ol to 4O4-6ol to eOs-6I2 627-lloO-l6as TO 1900
with Morrison & Sons.
BONDS 900 EACH.
lSto l22357 to 35S4I9 433-44O to 449-492 to 499
SOS to 900-with Hope & Co.
1853 to s9s4Ol to ais $50 49l-with De Rothschilds
60O-sl3 to s67-90l-with Morrison & Sons.
sol to 6Ol-602 to $1,000 to llOO-with Dennison
&Co.
From these circumstances it appears that the largest
portion of the State debt, held identified
in the hands of the United States Bank by which nsttu
ton they were procured from the State and the failure of
which to pay the amount was the of the insolvency
OF the State by depvng her of the she relied
to meet her engagements As third party has interior
vened become interested in these bonds the State has
an undoubted right to cancel hem and will do So The
condition OF the State, otherwise, is sound She has
means OF meeting the remainder of her debt and her
finances for the fiscal year ending Nov 80. ls43
foows:-
g, FINANCES OF MICHIGAN FOR 1919
Other items 1900 Warrsnts, &C. SsSSS
Total, 222,4ge Ise-s7s
Surplus, 53Ils
The Committee remark as folio VS.
If reject all those items of Indebtedness to the State
as appearing too remotely available of doubtful
sponsibty and value and take the works of internal
pro in operation with their stock as estimated
And deduct the same from the am cunt of indebt-
edness aforesaid, which is 2,5ls,6se
There will then be deficit to provided for of s49 SAC
which deficit 100000 of the 600 of land relin
quhed 10 this state under the of Cong will qui
date and absorb. at price barely exceeding the
minimum of the United States lands
OF the estimated worth of the State railroads as aore
sad reasonable doubt exist for by the operations
Of the central road during the past year clearly de-
after deducng all repairs and he interest on
its entire cost and by this standard alone proving its
Woit 10 oe It's cost. ana when the said cad shall be
completed to Marshall which is supposed will be very
soon after lake navigation commences the proceeds
must be greatly enlarged, of its increased
LENGTH and greater capabity Of operation ferng ad
dtional facilities to the travelling public and with but
shght addition to- expenses. u.s. therefore, co vfdently
the current year.
So with the southern road when it shall be o ned to
Hliisdaie which 1t is supposed will he done abo the
same time as above mentioned; and opening as then
WILL favorie thoroughfare through OF the most beau
ul and fertile portions of that agricultural which
w settla d rte Of tha W.
populated by an industrious and thriving people, it il
reasonable to expect fair, large profits from that
work also.
There then remains, domestic Indebtedness in war
rants against the internal improvement fund.- the amount
near as may now De estimated of 1852 372 which in
debtednsss can be than exnguished by the remain.
ing 100000 acres of land granted by late act of Con-
gess as aoresa lands under sales last
year. amounting to about 900 acres; and lands and inn
provements received through the Michgan State Bank