The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-07-17
Leaving a balance in Treasury Of ss,5.5 IS


In abiding to the fact OF the loans having for
several years past been confined to Connecticut
and New York, the Commissioner remarks that
he would not recommend that the amount OF loans
in the State of New York should be diminished
inasmuch as they carry per cent interest, which
spunctually paid by the debtors at the Treasury
office in Hartford, without the employment of an
agent The amount carrying that rate of interest
is about $600,000 To withdraw 1t, and loan the
money liz Massachusetts or Connecticut, at 6 per
cent, would diminish the income of the fund
about Sc, 0O0 and thus reduce the annual dividend
about cents to each child in the State
In conformity to the recommendation of the
School Fund Committee OF the Legislature of 1886,
the commissioner has, since he took charge OF the
fund, extended the investments in bank stocks
from n, 600 10 $4,000, which is now invested in
twenty-one banks, instead of bel g confined to
two as formerly
BY provision in the charters of most OF the
banks, the State Is authorized to subscribe from
her School Fund to their stock at par, at any
time, and to receive the same dividends as other
stockholders, with liberty to withdraw the
amount subscribed whenever she deems proper
So that unless the capital of the bank wholly
wasted the School Fund investments In these
banks therein are safe, although the other stock
holders may lose their whole capital The State
is, IN such case, merely exposed to the temporary
loss of the dividends on the sum subscribed till the
capital is Withdrawn. The School Fund invest
ments these banks, are ther. fore, the nature
OF deposes, carrying interest equal To the rate
OF dividend paid TO the private stockholders
The average rate of dividends received the past
year from these banks, has exceeded seven and
threefourths per cent on the whole amount OF stock
standing in the name OF the fund One bank has
paid per cent; seven have paid per cent one
has paid u per cent eight have paid per cent,
and two per cent. The number Of children be-
tween the ages OF and is, In the State, as
merafed and returned In August last, was 81 3D.
being an increase of Sl5 in one year
The dividend to the schools, during the past
year, have been 81 As to each child, and are ex-
peced to increase during the ensuing year to 81 50
| for each child enumerated.
Though addition OF five cents to each child
appears in itself to be small, yet it will be readily
perceived that 81 900 Children it requires $435)
of annually to pay 1t, and capital OF more
| than $72 900 at per cent to produce it.
The sales of real estate belonging to the School
Fund, during the past year, have amounted to
$4,000.
With view of making our readers more clear
ly understand the character OF this school fund, it
| may be proper here to state, that in September,
1896 certain lands in the north east part of OHIO,
| then belonging to the State OF Connecticut were
sold for 200 900, for which the purchasers gave
their respective bonds, and that the avaIls of that
sale were constituted fund, the annual income
of which was afterwards appropriated bv the con-
stiuon OF the State to the SUPP ort OF the common
schools since when the receipts and dividends
| have been as follows, viz
| Divided by the Committee and Board Of
| Managers during the first thirteen
years (being an average OF S35, l35 IL
Divided by the first Commissioner, dur
log the next fifteen years (beng an
| average Of s52.O6l IS per annum. -. 10000 "a
| Divided by the present Commissioner
during the last twenty-three years
(beipg an average Of S962oe a. per an
NUM-. .................... 22l4197 30
Total amount Of dividends in ffty-one
years S3451,s74 9s
In the year 1926 the rate of dividends to each
child was eighty five cents, which has been gra-
dualy increased about five cents every two
three years up to the present time, when the rate
of dividends 81 45 TO each chlld, as before stated.
The number of children returned in 1929, in
accordance with the passage of an act requiring
! enumeration, was 81, 49, the number returned at
| the last enumeration, in 1917, was S7,5l2.
| The commissioner, alter giving an Interesting
| and detailed statement of the management OF the
fund during the long term which he has held this
1 responsible offlce, communicates to the General
| Assembly his determination TO retire from his la.
bors soon after the close Of the fiscal year, on the
| first of April next
| REMOVAL OF TIE WINNEBAGoRs From the Off
| GERS OF the steamer Senator we learn that there
is not likely TO be any further difficulty in rcmoy-
| ing the WDnebagoes though many of the tribe
| had scattered, and II would take some time to get
| them together The Senator and the DIR. Frank
| lin took up $50 Indians, with Gen. Fletcher the
| agent 100 head Of horses and cattle their wagons
&c. from Wabashaw' TO the point Of debarcatlon