The examiner. [volume] (Louisville, Ky.) 1847-1849, 1848-01-08

Thus il will be perceived that the fupded |
debt OF the State has been increased the present
year, above what II was at the commenccIntnt |
Of the last General Assembly, the amouns of
$40, SO sc. But there remains after the paytrtnt
of all interest which has accrued and which 1ay
accrue up to the first Monday in January, ] f45,
an unexpended balance Of the means OIL the
sinking fund greatly more than sufhciest TO
cover the increase of the State debt and which
would have been applied to the reduction Of
that debt, had not the commissioners 3eea lrs-
vented from so applying it by. the failuf, Of
holdarst to present their bonds for payment
DESTROYS TO ertinguish as soon as possibts all
the six years bond which had become PAYABLE,
as required BY the 9th section OF the act of AS
sembIy, approved 23d OF February, lS46, is
sued and had Published proclamation, ncEfy-
ing the holders of such bonds, that the govsrn-
msnt would, on the first Monday 10 Aatust,
l647, al the treasury, make payment aud re-
deem all of said six year bonds, aud that not
more than four per cent per annum interest
would be thereafter paid on bonds mol prestnt-
ed for payment on thai day. The efett upon
the bond holders was not such as had hoped,
nor such as was doubtless anticipated by the
passage of the act The bonds we're not all
presented on the day designated, nor haya they
yet been all prssented.l Thare stu semain out
standing, 500, 500 Of those bonds; so that under
the law as now in force, the State is bnrthened
with four per cent. interest upon bonds due
and payable, and which the State has long been
ready TO redeem, bat which has been prove nted
by the failure Of bond holders to present them
for payment, though notified to do SO This Is
unjust to the State and should not longet be
tolerated. / therefore recommend the repeal
Of that clause Of the act, which subjects the
State to payment Of four per cent. interest
Funds have been transmitted to the city Of
New York adequate to the payment Of the in
stalment of interest, which becomes payable at
that place on the firs. Monday in January,
1913. After the payment Of that install ment,
and after the payment Of all other demands for
interest or otherwise, which in the present year
came against the sinking fund, there RENAL ned
in the treasury on the first Of Decsmber, lS41,
subject to the order Of the commissioners Of the
sinking fund, an unapplied residue OF S4O,-
599 81. Including this sum, am happy 10 as
sure you, that If not Withdrawn and applied TO
other objects, the means Of the fund will be
more than sufficient to pay all the outstanding
six years and railroad BONDS, which may be pay
able the coming year, amounting TO s69,SOO.
1t is estimated that there will in In: present
fiscal year, be received from all sources by the
sinking fund, S326, 500, which, when added &c
$40,59 81 in the treasury, as already stated
makes an aggregate amount OF $500 ,ls9 "a.
Including the iustalulent of interest, which
will become payable on the LIST Monday in Jan
nary, lS49, there will be required in The same
year TO meet liabilities for interest ana cOntin-
gent expenses, $264, $50. This latter sum de-
Quoted from the former, leaves TO be applied Il
objects other than the payment Of interest anc
contingent expenses, the sum Of SlOl,949 81
| This amount will Of course be applied to the
| reduction Of the public debt, in such manne
! as is before indicated, aud by the purchase, /
possible, OF other bonds Of the State.
| An estimate more in detail, Of the resources
aud demands upon the fund for the coming
year will accompany the report of the commits
/ sioners, aud be laid before you, aud 20 which
Won are referred for more full information.
/ is. think, not al all probable, thst any item o
| the supposed receipts Of the coming year wal
| fall below the estimates. The receipts oerlya
| Bile from turnpike roads and the river naviga
| tons, hang upon more uncertain contingencies
than those derivable from ether sources, sn'
we have no good reason to apprehend that les
than the amount estimated will be receives
from either.
/ The receipts from the Kentucky River NavI
CATION, which had, each preceding year, beeI
/ incre asing, have. in the fiscal year ending tn
10Th Of October last, experienced a further in
rease, and will likely continue 10 increase TN
present fiscal year. The gross receipts from
that navigation, IN the last fiscal year, exceeded
the gross receipts Of the year ending the lou
of October, 1886, the amount OF 81 ESQ oo.-
After deducting all expenses, swelled, as l IN
derstand they were, by the unusual need Of re
pairs on the public works, beyond what vii
probably be needed in the present hsc'l year
there Was received Iu the year ending he lou
of October last, by the treasury, from that nav
Al
070 30. The receipts OF the precediig year
from the same source, after deducting exPen
SEES, amounted TO S29,l73 So.
The gross receipts from the Green and Bar
rem River navigation, have also, in the hscs
wear ending the 10Th Of October, lS47. exceede
the receipts Of the preceding year, $3.50 81 :
In the year ending 10th Of October last, afte
deducting what was received in thai year 70
previous years, amounted to 50 400. The gro'
, receipts Of the preceding year amounted
about SS,T27 l3. The expenses Of the yea
/, ending the 10Th Of October last exceeded III
amount Of receipts, but il is, understand, M
/ probable that the expenses will be so great
future, and we have reason 10 believe that M
|, less than the amount estimated will be realize
from that navigation by the sinking fund in u
+ present year. 1 refer you, for more full lnio
, | nation as 10 the river navigation, TO the rePo
n
The receipts from the turnpike roads, for ii
!. fiscal year ending the 10Th Of October last, e.
! cesded the receipts of the preceding year, al
as have said, we have no reason to aateiPa
a decrease in the present year.
Nor will the demands on the sinking fund,
/. feel sure, exceed the estimates. More thu
: 1854, 900 cannot be needed to pay interest, al
. $3.50 will cover all contingent expenses.
: larger amount was needed the last fiscal year
!, pay contingent expenses, but a consldersb
y part Of those expenses grew out OF the setti
4 ment with the commissioners OF the slnki
. fund, under the act Of the 10Th Of Februar
? ls45; and with no outstanding claims agaiR
the fund, am satisfied that not more tian 81
q will be required to pay contingent expenses
!. the present fiscal y-ar- a
a /. must therefore be a source OF peculiar "a
:, isfaction 10 witness the fiatterng ooad'.'eA-
= the sinking fund The annual contingent .
y penses Of the fund, including exchange aud )
- terest on bank loans, which in succession
A. former years averaged upwards OF so,OVV, a
a. which in some years ran up as high as ,
- 900, have been brought down to the inconsid
!, rable sum Of $3.50 for the present year. The
!, sources of the fund, at first inadequate to me
A. the objects proposed, have become not only SUI
q. Gent to pay all the interest accruIng annual
:, ON the public debt, and all incidental expe ms
:. but in the two preceding years have enao'
the commissioners 10 commence reducing
n amount Of the public debt, and in the Prest
- fiscal year will yield them the very considera
~ surplus Of SlO2, $40 "a, to be- applied TO it's f
"a =, Their reduction. The funded debt Of the Sta
~ which had for series Of years been accun
~ lating, until in 1874 it annotated TO s4,6Il .
he has since that time been undergoing grad
"A bat steady reduction; and during The pres
7 fiscal year the means will be possessed 10
ba duce the debt to 4,5O5, 25o, which reductl
A. agreeable es it must be to the people OF
~ State, / confidently expect will be made bcf
n. the termination Of my administration Of
q . IT.