Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-12-30

Bonds issued for Wabash and Erie Canal
fund, I,727,OOO 90
Bonds issued for State Bank Of Indiana, 24l2O00 90
Bonds issued for fourth instalment Of Sur
plus Revenue, $4,000 90
Railroad, $4,000 90
Bonds issued for Lawrenceburgh and Indi-
annapolis Railroad, 22I 900 90
Bonds issued to pay interest bonds q
per cent? 100000 90
Total issued, Sl5,l2s 900 90
The foregoing statement of bonds is taken from
tabular statements prepared this Office in 1S43 and
which accompany the Auditors report Of that year.
They believed to be correct and have been adopted
the basis of all calculations made since in this Office
in regard to the public debt The auditors report of
1915, we'll of 1876, varies SIT 900 from these
statements, but in the former reference is express
made to them the variation is supposed be acct
dental In subsequent parts of this report the
stated in the calculation above alluded to is assumed
correct, without positively deciding it to be
Owing to the manner in which the board Of fund
commissioners organized, or to the manner in
which sales were effected, 1t does not appear that this
Office was furnished at any time with the amount of
sales of bonds and consequently the books proper of
the Office show nothing concerning the bonds but the
amount cancelled. Had a regular account of sales
been furnished from the beginning, il would have pre-
vented the difficulty now encountered in ascertaning,
with that degree of certainty which its importance de-
mands the exact amount of our Indebtedness.
The arrangement effected with the holders of our
bonds under the act of 10Th January, 1916, and the
supplementary act of 18th January, '1647, will no
doubt produce the surrender of the greater portion of
bonds, and the surrendered and cancelled
when noted upon the register of bonds, will enable
this Office to open correct accounts under this head.
The amount OF bonds returned and cancelled at the
end of the financial year. has yet been received
from the State Agent, but will no doubt be furnished
by him at as early period practicable
The amount of bonds issued above is, S5 900 90
BONDS CANCELLED.
AT the close Of the fiscal year ending Octo-
Der 31st, 1916, the amount of bonds
deemed and cancelled was as follows, to-
Surplus Revenue bonds, 1894 900 90
Lawrenceburgh and Indiana
apolis Railroad. ,..ds. 10000 90
Internal Improvement bonds
by Gov. Noble, Fund Com
missioner, 900 90
Internal Improvement bonds
by Nj. c. Bright, State
Seven per cent bonds signed
but not put in circulation. 1904 900 90
Irregular bonds for Internal
Improvement purposes not
- 265syOOO 90
Leaving the amount outstanding Oct. 81,
From this should be deducted the amount Of "
bonds on which the State Bank pays
Balance; Sll, Os5 900 90
Deduct for the paid into the treasu-
ry during the last year by the Lawrence
burgh and Indianapolis Railroad Compa-
ny in bonds, yet uncancelled, about 10000 90
SIIO65,OOO 90
The amount of bonds issued account Of
State Bank, it will be seen by the above,
is -2,412, 900 90
The amount on which the Bank pays nte-
rest is, 100000 90
Difference, Sl,O22, 900 90
This sum, although loss by the Bank, is trans
ferred to the internal improvement system, with what
propriety, or by what authority does not appear by
any record of this Office The loan was made for the
purpose of obtaining funds with which increase the
capital stock of the bank. 1t proved unfortunate,
small part only having been realized. With what
propriety il turned the internal improve
ment account, am unable to determine. Although
in either it is loss by the State, yet it would
proper that in winding up both the internal i'm
have been kept to show that each had borne its
own disasters.
INTEREST ON BONDS FROM l641 TO lS47.
The amount of interest which became due on the
1st day of January last, ION of interest on
outstanding bonds which the State is to pay inte-
rest from January LIST, 154l, to January LIST, 1S47
having failed to pay within that period) is follows
to-wit:
On 100000 Wabash & Erie Canal bonds
for six years, at per cent $780, 900 90
On $4,000 at 2 per cent, for four and a
On $40 for six years, at per cent, sa7soO 90
Total of interest due January L. 1847 1896 GAO 90
The amount Of annual interest State bonds, on
which the State has provide for the interest," fol-
lows, to-wit:
On 100000 at six per cent for one year, $4,000 90
On $50, 700 at per for year, $500 90
On 900 at i've per cent for year, $40 90
s554,g7O 90
Under the first section of the act of 9th of Janu-
airy, 1S47, supplementary to the act of 18th January,
for funding the public debt Of the State, and enablin
her to resume the payment of her interest her
standing bonds, it is provided, that for all bonds
rendered, q new issue of certificates in exchange
therefor shall be issued the holders, each certificate
to be for equal moety of the principal of the bond
bonds surrendered and to bear interest at and after
the of FIVE per cent. per annum, provided also
in the 32d section of the act of 18th Of January,
1896 the interest to be computed from the 1st day OF
January, 1917. That one Of the two certificates so
to be issued is to be PAID principal and interest,"
Of the revenues of the State, and may be redeemed
by the State at its pleasure any time after twenty
years; and the other Of said certificates, with nte-
res. thereon to be paid out Of the canal lands and the
tolls and of said canal is also provided by
the sd section OF the act of January IS, lS46 The
second section Of said supplemental act provides that
for the arrears of interest from the first day of Janu-
ary 154l, to the trst day Of January, l647, cert-
Gates shall in like manner be granted one for one hall
of said interest, payable of the Of the
State, and the remaining moty in like to be
paid out Of the canal lands tolls and revenues of the
canal. These certificates to be denominate ted
Icfoc nd