The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1854-01-31

that tho magnificent donation of 750 900 acres
of land would have boon amply sufficient III
have secured the oarly completion Of the canal
without any such supplemental bill.
The amount of funded and fundablc dcbts
not vet duo Tut OWING by mo Srars, gnmE'
las follows:
| STATE INDEBTEDNESS.
Tho funded and fundabIe dobt not due Is as
follows:
General Fund Bonds due May is5e, 100000 90
| University Bondsdue July, 1858, 10000 90
Det. * Pontiac r.. r. Bonds due July 1858. 1900 0U
Peni,eniiary bonds, January, 1850. 10000 90
1890. 10000 90
Full paid loan bonds due Jan is63 I77OOo 90
Adjusted Bonds due January, 1868. sia.asi 90
Total, ss75,3si 90
The part paid $4,000 900 loan bonds out
Standing will iffunds previous TO January
/, 1854, amount to si,457, ,0oi 0f
say, 1000 90
Making the total funded and fundable debt
not yet due,and for the payment Of which
no provision is made, 81 339 392 90
The amount due the tr1st funds, is 466.g36 27
The repor: contains somo very excellent rec
concentrations relative to giving Inducements 10
to holders of part paid bonds to present them
for payment or adjustment. But this sinks
into insigniflcanco before the disclosures made
in the following paragraph, which deserves
tho attention of tax payers throughout the
State:
All the State indebtedness, (oxccpt what
arc termed Part Paid Bonds,) redemption
of which can be compelled, or interest stop
ped, was called in last year; and as our bonds
are above par none can be purchased under
our present laws. There is therefore, no fur
ther opportunity of liquidating State indebted
ness with the surplus on hand except by pay
ing up what few Part Paid Bonds may be vol
unfairly surrendered. The prospect of 80
largo a Surplus lying idle in the treasury was
a source of much anxiety during the last sos
sion of the Legislature In view OF tho exi-
gencics of the case, that body passed, and the
late Governor, Hon. r. McClelland, approved,
on the 9th day of February last, an act roqui-
ring tho repositories of these funds to pay In
terest thereon at tho rate of not less than five
per cent,per annum; but tho samo Legislature,
at the solicitation of tho repositories, or by
"some strange and unaccountablo ovorturn of
Justice on the 18th day Of February, only
three days after tho passage of the above act,
passed a supplementary act which was also
approved by tho late Governor, reducing the
rate of one per cent, per annum.
The result is, the banks in which the surplus
is deposited, pays interest to tho State at the
rate of six per cent, on her funded debt, and
seven per cent, on her unTunded ucDt. ihiB
is all wrong--the Legislature should have pro-
vidod for some disposition ofthe surplus funds,
whereby the State would realize the same a.
mount of interest that she pays until those
funds could bo used in liquidation OF State in
debtedness.
The Legislature which passed these supple
mentarv acts of which Mr.. Swegos speaks
with il. concealed indignation, is the one which
it was proposed to call together again.
We have given those extracts at length from
the report of the Auditor General, who, with
fea-lossnoes and ~ honccty which the people
of Michigan ought to appreciate, has not hesi-
tated to expNse the trickcry that has been re-
sorted to for the purpose of swindling the
State. and whice has met the sanction of an
executive whom tho people find out had no re-
gard for their interest. What must be thought
of the Governor who signed these supplement
tai bills to which rcferronce is made abovei-
Must it not he at once admitted either that no
was lcaguod with those whose designs on the
State treasury was thus promoted, or that he
was without the ability to fill tho place to
which no was elcctcd. We have not room 10
refer farther to tho able report to day but will
again return to it. At the Same time, we can
not but express our salts sfaction that The finan-
ciul officer of Tho State has had tho courage
to expose tho legislative and executive ras-
cality which has sought TO rob the peoplo.
Detroit Advertiser.