The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1855-03-03

referred sundry resolutions, and n commu.
nicatou from his excellency, the Governor,
In relation to the account Of the Senate with
Wadsworth a Sheldon, have, in conjunction
with the finance committee of the House Of
Representatives, investigated the matters
thu, referred to them, and ask leave to re-
port That at the time when the State com,
menced toe payemnt Of installmcnts, MS in
terest, it WAS found that all the bonds Of the
State upon which interest WAS payable were
not presented for the payment OF such install
nent Of interest at the time such INSTALL
ment was made payable, and that a portion
oi such interest fund must necessarily re-
,nain idle for an indefinite period Of time,
guch idle fund constantly increasing. or the
whole amount Of the fund must be paid upon
the bonds and coupons prcsentcd-relying
upon the natural increase OF the interest fund
to provide for the payment Of arrears Of in
tercst as they should be presented. This
last course was adop,el, and has hecn, as far
as your committee arc Informed, the nyara-
bic practice since. From this state of facts
resulted the necessity Of providing q fund
for the payment OF the outstanding install
ments Of interest, as the bonds should be
presented.
This has been the course adopted, AMI
your committee find that upon bonds pre-
scntcd for the payment Of such outstanding
instalments Of interest, such instalmentS
have sometimes been paid for a number Of
years together, the funl provided for that
purpose having sometimes been exhausted,
and allowances having been made thereon
by the agent Of the State.
On the 1st day Of July, 4. d. 1854, the
amount ofthc fund in the hands Of the State
Agent for the payment Of such outstanding
insta.lmcnts Of interest was the sum Of
$5l ,l99 -.
For the payment ofthc stalmcnt Of inter.
est payable July LIST, 1854, there was placed
in the hands of the State Agent, the sum Of
Sl20, 600, making the amount Of Sl77, 1879, e
Y, from which was paid the amount of the
instalIment of interest due at that date,
amounting to about $i26, 900, leaving a bal
ancc of Si5, ,l92 II, to which should be add
cd the sum Of 8, ,06T II, which was sent from
tho regular revenue Of the state to pay the
| interest upon the liquidation bonds to Nc
| Alister K Stcbbins, aud others, making a
! fund in the hands Of the Agent Of the State,
( to be applied upon the arrearages above re
icrrcd TO, amounting 10 The sum Of 81, 2G6,
| So What portion ofths sum was actually
paid out upon said arrearages of interest
/ prior to January lst, lsj5, your committee
/ have no means Of knowing; AS the current
account Of WadswOrth q Sheldon, from July
/ 1854, to 1850 has not been received, the
| regular report and account Of said agent be.
1 ing made up to lst July each year The
committee, therefore, submit as the only
! basis they have or forming conclusion on
/ this point, the following facts lst. The
amount called for upon such arrcaragcs OF in,
1 tcrcst has been regularly increasing during
each half year, which has arisen partly from
I the fact that the rate Of interest PAID has
been regularly increased, so that while the
first payment upon each coupon Of $500 wa,
( but s. 20, the payment provided for on the
/ lst Of January, 1850, was SO Oh cach ol SAID
coupons.
/ 9 The account current Of MeSsrs Wals.
worth & Sheldon Shows that the amount
7 paid on arrearages Of the Interest from JUly
lst, 1853, TO Jsnuary ISt, 1904, was abou
/ the sum Of $50 900 and the amount paiI
J on the same eccsurt from The st OF January
| 1854, TO the lst Of July, 1864, was aboU
the sum OF $4,000. From these facts youl
committee infer that large proportion o
J the Shlu sum OF SOV,-op ~ Hau btch palI
out upon back interest prior to January lst
1855, and that the amount uncXpcnded vii
fall short, rather than exceed, the sum o
100000, estimated by his EXccllency, tn,
Governor, in his communication to the Sen.
. ate.
There was placed in the hands of the
Agent Of the State the sum Of s2l2, 900 fo'
the purpose of meeting the installment 0
interest payable on the lst day of January
1856, and for the keeping up the fund loi
the payment Of the arrears of interest. Tn,
installments Of interest to be paid on tha
date amounted to the sum of Sl5j, 0G7
which taking the estimate above referred to
would have left fund Of S76,933, TO be ap
piled in paying the arrearagcs OF interest Q.
all bonds that might be presented between
January lst and July LIST, lSjj, the balance
if any, TO be applied on the payment Of in
terest due July lst, 1865.
Your committee further report that tn,
amount Of the surplus revenue for the yea
1853, sent forward to the State Agent to b
used in the purchased state Indebtedness, wa