Hillsdale Whig standard. (Hillsdale, Mich.) 1846-1851, 1850-01-22

aware OF any source from whence any addition
isto DC anticipated TO H. unless il be from notex-
linguishing annually an amount of our indebt-
eahess equal to The annually accrung inieresson
our parl-paid bonds, until they are all funded.
II = galiiying 70 be able 10 remark thar the
Items grouped uDcer the first class in the above
table, which last year amounted to $5jIi5 81,
nave this year been reduced 10 SIT 7Ij Is; aud
pul Tor The advances 10 the U. s.. on account Of
lhc regiment OF volunteers raised in this state
during The late war with Mexico which Offsets
lhe interest on bonds helj'by them would be but
anoui $50 600, and MOI one item of this arises
ellher rom inability or unwillingness cn the
part ol IhesIate TO meel il when called for.
Oi The school monies on hand 81 22s 50 is on
account OF receipts since the last aprortohins
and So Sj3 ID IS on account of a transfer from
the General fund for interest fIom MAY /, Nov
so inclusive, on the amount due 10 the princi-
PAL OF The school fund from The treasury. This
together with the receipts from time TO lime, un-
lil May next and the Interest due from the state
nom Dec TO April 80 1850, must lay over of
course, until The ensuing annual abportOnment
otschool monies in May next. The Outstanding
treasury notes OF scrip, OF lS4l was all called
IN ana the interest stopped in July 1877; aad
inc outstanding General Fund Warrants were
caiiea IN about year ago and the in rest stop
4
ana redemption monies, due individuals and the
Michigan Z. Il. X. dtposiis, arc and always have
,seh on hand at any time subject 10 the order ot
those entitled TO them, whenever the proper you
chers are presented to authorize their payment
al lhc state treasury.
In the liable OF our fupded debt, given in my,
ias- annual report, smal error occurred, not ia
thc aggregate anounto OF that class OF indebted
ness olt IN the amonnt ofOulstanding interest
bonas, dGe Jan. l. 1850, az 81 900 100 much, AMI
ne lail-paii hve million loan bonds due Jany,
1913, al he same amount too littlp. This arose
from grouping Gin the reporl, not upon our books)
a i 600 iaterest bond, paid in by The S. r. X.
Co along with some iull-paid five million loan
hohdS paid IA al The same time, and was not dis
covered until after the printing Of The report,
upon revision Of oar oooSs, for The purpose OF
craving on statements OF our Outstanding bonds
upon 4 new Register prepared during the last
fiscal year. h. $40 00O Palmyra and Jackson
X. 4. stock, past due Nov l942, and Outstanding
last year has been taken up and cancelled, and
the back interest from Nov. lS4l, to the time of
cancelment, all paid up Since The proceeds of
the last annual lax sales began to come in find
ing that The State Treasurer would probably,
and as IL is much TO be hoped that he will be able
10 take up nearly all the $40 979 20 ofihe inter
est bonds, due in January next; outstanding last
year, and deemng it good policy 10 stop he in
teres on them as soon as possible, / notified the
holders OF most parcels of them SO far as known
paid by draft on New York, including interest
from July lsl last to the time o. their surrender
here, if forwarded to the Stale Treasurer before
The first OF January next. Under that call, how
ever, only Ss2.652 have been received up TO this
date Dec !, leaving still outstanding TO be met
next January, at the Phoenix bank iu New York,
| (it not forwarded here this month"; the sum CT
5s41 327 90
Since The close OF the last fiscal year, the s r.
X. Co has paid in on account OF the heseni-aunual
insiallmenis and interest due from them Ss35 600
IN ull-paid i've million loan bonds, and $50 600
of the pari-pad bonds, at the rates prescribed by
law. There has also been surrendered by the
holders, for new bonds; 1913 600 Of Inc part paid
bonds, which have been funded at the rates re-
cognZed as due upon them, leaving the nominal
amonnI Of So 53l 600 oflhat class of bonds ont
Standing which, IL funded before Jan. i. 1850.
wonld as stated in table Z, amount to 81 6S2 G45
so in adjusted bonds; if funded between Jan. |,
1850 aud Jan. 1851 as il is anticipated that some
portion at least OF them will be, they would a '
mount 10 81, 7i6, 7S2 Is one years interest on
the amount Of principal due, being added TO the
| amount due Jan. |, 1850.
OF Internal Improvement Warrant Bonds,
! there had been issued, and were all outstanding
last year, The sum OF Sis 900, during the fiscal
year just closed there have been issued $40 400,
making issued in all Sl97 800; of which there
/ has been paid Ia for school and university, or
state building lands sold the sum of 30 S00 leav-
ing outstanding ! &C. lst The sum of SiS1 800.
there is still liable 70 be issued for outstanding
internal improvement fund warrants, il not paid
in by the :. X. r. Co or redeemed by sale OF as
set lands, &c. about $50 coo more of that class
of bonds.
The amounts due 10 The Primary School and
University funds have increased since last year,
anu viii continue 10 increase from year 10 year,
On account of payments OF principal 10 the cred
/ il of those funds which are made In bonds or
warrants, or in money. Experience has abund-
a.. a., 90 a..
much more secure, when loaned to The state, than
when loaned oui TO individuals or otherwise
Besides large losses both of principal and inter-
est on loans made from those funds to individu-
ais the interest on The loan 10 the Wesleyan Sc
minary, which was considered we'll secured, and
the institution well able 10 pay, has not been paid
for the last two years; but il is to be hoped that
there will eventually be no loss To the school fund
| from the loan o. 50 600 10 that apparently sue
cessful and flourishing institution. Although
the state pays 10 the school fund seven per cent
interest upon principal paid NJ the treasury, in
some cases, in per cent bonds, yet the legisla-
ture or The tax payers OF the state will certainly
hardly deem he additional one per cent paid 10
thai fund as any real loss TO the state when dis
tributed as 10 is annually, for The support oil our
primary schools.
IN The statement OF our funded debt I have not
Included the 500 600 of University bonds he
cause Il they should be considered as assumed
By ,he state, or to be met from The other resour-
ces 81 tle stale, and not by the University fund
Itself then ,ha state instead of owing The Uni
ycrsi,y fund 3l0i l92 IS, would owe il & 100000
less, or only Sllg2 3S Ether way the debt
proper Of the slate would not be fftced, beca use
II stated in The olher form il would owe the Uni
varsity fund 500 600 more in outstanding bonds.
In the estimate OF our state resources Gable F)
IN the present report as in that OF last year, the
uusold Internal Improvement lands are not Ia
ken into consideration, because they have all
been appropriated, and some OF them more than
once appropriated for the construction OF roads
bridges and o,hcr Improvements in different
paris oil ihe slate. By reference to the different
acts making appropriations OF these lands. since
lhc grant o ihc 500 900 acres by Congress, in
S4l, is viii b. found that prior 10 lS4S there had
been Appropriated 3jo 7lj acres aud by The Leg
islature OF ISIS further appropriations were
made amounting 10 lSj COO acres or in all the