The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-05-25
DEBTS OF DIFFERENT SrArEs.-The following table
may prove interesting TO some OF our readers.

The above table, which find in the columns of the
readers win hat astonish citizens Of Michigan
BY what figuring the State debt is made reach the
Of millions and half of dollars, does not
appear nevertheless il stated fact the cacuao
per head proves. This statement makes debt, per
Capita equal Louisiana and Penny the States OF
Maryland and Illinois only exceeding us.
BY the annual of the auditor general the legs
deb,edness is $2,sis,939 O5 Available sources $3.50
2S 81 leaving actual State debt, 81 7l0 G which
assuming population be 10000, given the re
port OF Patents for is47 makes our
capita de BIT five dollars and twenynine cents instead
primary school fund.- gas part OF our debt MOI
emily set down owing five millions than ouI
we are confident single individual of the State would
aspire to- the interest OF the deo has not been met with
required 1t has been rom dishonest motve but from
utter and absolute mposbiliy do, owing the fail
ure Of the second parties the negotiating
loan to perform what they undertook
The action Of the State towards the bondholder. ha,
been exceedingly liberal, and shows concusvey deter
mination To meet all Just demands against her.
BY the act providing for the sale of the State railroads
provision was made Tor the payment of the interest the
u paid bonds to and including the July to
1871 The interest aecruing since that time has been
vided for by acts OF the legislature and has been promptly
paid Thus IL will be seen that the full paid bonds
are Punctually meeting the interest.
State authorities upon the surrender the State
OF any ff the pastPaid iye-milon loan bonds still out
stock bonds at the rate of ou hundred and three dollars
and eighty eight cents each thousand dollars of said
Of January 1886 and adding for subsequent interest the
rate OF six per cent per three hundred and
dollars and seventy cents for each Thousand dollars
bonds, to be computed up the first day of January
after the surrender thereof provided the since
July, 1871, remain attached the above of fouI
hundred and three dollars and eighty Weight being
the full of principal received by the State upon
III 900 of the partpad bonds and the thereon
to the LIST of January and the above of
hundred and dollars and three being the
amount of pfncpa! received by the State for each thou
sand dollars OF such bonds.
That State debt will be met it becomes due
confident We had hoped that, in accordance With the
recommendation of the auditor general, a sinking fund
would have been created by the last legislature pay
debt The last payments the bonds due in January
1870. BY table accompanying the auditors report it is
shown that sinking fund OF $50 900 without increase
or S3ooo with increase of surplus at per cent, would
extlnguish the debt IN wenryoue For
the suggestion acted upon provision of this
nature will undoubtedly be made in short time.
The gloom which spread through every portion of the
STATE and parayz for time her trade, brought by the
robbery of her bonds has disa ppeared The free labor
free people is fast developing her enabling
her 10 assume position with the States OF the Union, in
honesty second TO none and in every other respect an
equai her taken in consideration To place Michigan
as non paying STATE is blot on her reputation When
me rePudates another will have upon the stage
are a,sfed the people anxious Iii the load from
| The work. "