Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1848-01-12
l,9l7,133 81
+13,467 II
And the present indebted
ness OF the state on
account of internal
improvements is
S2,39O,59) 81

The unpaid balance on the sale of the Soutlr-
ern Rail Road, payable by instalments, semi
annually, with interest, now amounting to
Si25,O00, is consdered'a AN available credit, and
may therefore be propeN deducted from the 81,
$4,000 81. The amount of the present re-
sources and assets o. the Internal improvement
funi. which, it is believed, will ultimately be
made available, towards the payment of this
debt, exclusive of other credits of the state, snow
of doubtful availability, is estimated by the Au-
dtor General at 1898.
The interest on all the full paid bonds, and
interest bonds, to the first of July last. has been
paid, or provided for, out of the proceeds ofcer-
tain payments made by the Central Rail Road
Company, and for the payment of the coupons
on said bonds, outstanding and falling due in
January and July, annually, amounting. now,
to the sslsvf Sl0,I75 % only: provision is maize
by the "act to lIquidate the public debt and to
provide for the payment of the interest thereon
and for other purposes" approved March s,
lS43, but as the amount cannot De assessed un-
I'll the next annea session of the Boards ofSu-
pervisofs in October 1913, and as the entire a.
mount of it cannot, under the present provisions
CT law, be collected, and made available for the
purdose intended, until the lapse of more than
two years thereafter, suggest the expedency
of paying the coupons, as they fall due, out of
the treasury ia anticipation of the receipt eff the
tax alluded to, provided it can be done without
prejudice to claims thereon, which may be en-
titled to preference.
To the condition of that portion of the Inter-
nal Improven eut debt, which consist of the
bonds delivered to the late United States Bank,
and for which the State received partial pay
ment only, the special consideration of the Leg
islature is invited.
To make early provision for the ultimate pay
ment of this debt, both principal and interest,
appears to me, to be an imperious duty, which
we should neither attempt, nor desire, to avoid.
Such measure Is, in my judgement, dictated,
alike, by wise and prudent regard for the hon.
or and interest of the State, and by proper ap-
probation of the just rights of our creditors.
That the people of Michigan intend, in good
faith, to pay the public debt, cannot doubt, and
in my view, their interest will be best subserved
by proceeding with out unnecessary delay to
provide for its liquidation and extinguishment
1t is apparent, that if the situation, of this
debt, be suffered to remain unchanged for any
considerable term of years, the result cannot
butbe prejudicai, as the payment of the origi-
nal amount, largely augmented by the annually
accruing interest, will have still to be provided
for, and with no additional resources. The faith
of the State is solmnly pledged to pay all she
owes, aud her citizeLs will fulfil the sacred OBJ
legation. To you gentlemen, her chosen Re-
presentatives, is entrusted the high and of vim
dicating her honor, and feel assured that you
will discharge the duty with the most scrupu-
lous fidelity.