The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-01-08
*Under section 4, act OF 1851, chap $50.

%Under section 4, act OF 1851, chap. $50.
No unusual change has taken place in the affairs
Of this fund during the past year; From the reve'
piled to keep good the principal this being, strict
~ speaking, q trust fund.- for the original amount
Of which, Being $4,04.50l al, the State holds its
self responsible to the United States government,
whenever called upon for it. OF this fund.- S3,65l,-
ISL 30 is loaned mortgage, to persons in the diff
ferent counties Of the State, through the Conmis.
sioners of the Opposite Fund.
Owing, sometimes, to defective titles, but moro
frequently to over estimates of the value Of the
property mertgaged, losses have from time to time
been sustained. These overvaluations are not al.
ways the effect OF carelssness, or design, or defect
ofjudgment. Many Of them can be clearly traced
to expectations, caused by the changes constantly
taking place in our great thrcughfares and in our
various business ESTABLISHING ns and relations. AS
the mana cement Of these loans becomes better I'M
derstood, and real estate gradually acquires more
known and fixed value, the losses it is hoped, will
be still less serious.
Considered as a nero question of finance, it may
be doubtful whether the State could not as pre6ta-
bly, vest the fund in public stocks yet the invest
ment in mortgages has value not to be dsreg gard
I'd in the benefit derived by the citizens from the
redt thus extended to them.
The sum Of over three and half millions, 10
the HANDS OF our enterprising business men, forms
no contemplate auxiliary to their wealth pro-
Gucii < power.
Instead Of delaying the use Of this fund, till its
accumulations have reached an amount rendering
n aproftoDment adviEable among the different
ounties, ii has been deemed better to receive APP
locations, from time to timc, and authorizs the
cans os they were wanted, In this way, d less SUM
as lain On hand compaI atively unproductive, aud
pPlicants have generally been supplied when they
esired assistance.
The appropriations from this fund, had for 90
ve1al years invariably exceeded its revenues, al.
though they had been estimated with good do.
gree of certainty, until the expiration of this year
when the books OF this office show balance in the
treasury belonging to this fund Of 1886 Il. 1t is
also gratifying to find that the amount transferred
from the revenue Tor dminution loans, is far less
than formerly, and less than any preceding year.
being 81 $50, as above stated
The statement also shows decreasing list Of the
unsold property. which the commissioners had been
compelled to bid in for the state. Several OF the
purchases thus made have been dis posed OF the past
year The affairs Of this fluid are generally well
conducted by the respective commissioners and ap-
pear TO be IN sound and prosperous condition. It's
net Ievefue equals an interest OF 81 TO o. per cent,
which cannot, perhaps, re said OF any other like
iuI q, unoer state management since the organize
ton OF The government The precise revenue of
this uId for the year ending 30sh September 1850,
was Szol o25 %; ana for the year ending 30 h Sep
tember, 1901, ii was S2j3, "a
FRtMIsis BIZ ~ roR STATE nv The CospnsHoxsRs
or THE Y 8 DtrostIE FuSp, uNpsR FoHycIosgnE o.
Moh1oAcE' wBt,H kiM.iNLp UssoLD o. rng c0rn