The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1856-02-05
HILLsDALE MICH, TUESDAY, FEBRUARY s. 1856
REPORT OF THE STATE rREAsuRER.

REPORT OF THE STATE TREASURER.
The Annual Report Of the State. Treasurer
sets forth in an able, succinct and clear nan
ner the general financial condition Of the
State and the transactions Of the Department
for the fiscal year ending Nov. 30th, 1866,
together with an exhibit Of the condition of
the trust funds and ledger balances. The
amount in the Treasury on that date was
$5l6,623,13. All demands upon the Treas
ury for the appropriations for the Asylum,
House Of Correction for Juvenile Offenders,
together with disbursements for current ex-
penses and interest upon public debt, have
been promptly met. Pursuant to the terms
of notice of advertisement made by virtue
Of an act of Legislature approved April 12,
1866, the part paid, or unrecognized SIS, ,OOO-
900 loan bonds, have been surrendered and
adjusted, in accordance with the Constitution
and the laws Of ls48, TO the amount Of S2,-
$4,000. The rate at which these bonds are
adjusted, together with the interest, is 1885,
81 for each one thousand dollars, there re-
main outstanding $364,O00 of these bonGs,
on which interest has ceased, for which reason
they will doubtless be surrendered for adjust
ment The surrender and liquidation of these
bonds is an event of no ordinary interest to
the State, Us it will terminate all the unfor-
tunate events and heavy taxation whichsprang
out of the S5,OOO,0 900 loan and the Temporal
ry bankruptcy of the State government incl
dent thercupon. There has been paid during
tho fiscal year. on general bonds, $2l 900;
internal improvement bonds, $l3,l40; ad-
al A ,aly in
534,s4. The present indebtedness of the
State is as follows:
General Fund Bonds, due May /. IS $4,000
Pontiac Railroad, due July !, SO $1,000
Penitontiaiy due Jan. Use - 5000
do do do do 20 10000
Full paid IS, 900 900 loan due 1868 i77,000
Adjusted do do do do ,65J. .235
Internal Improvement Bonds. due on demand, 1880
Unrecognized. outstanding part paid nomi
nally 1904 600. the value of which, Janu.
ary l. 1856. was al3 ias s5
Fallinedue Jan. |, 1853, Internal Improve
ment Warrants
Total sa,Sss 95s 70
The Bonds falling d;,e in May next will be
paid on presentation. The interest on public
adjusted bonds payable semi-annualy in the
city of New York, is sl43,397 ,4s.. The
public funds in the several depositarics arc
amply secured The rate of interest on de-
post of State monies, which was changed
from one TO five per cent. on the 18th Of May
last, has been regularly and promptly met.
The amount received from this source dtiring
the fiscal year is $29, ,92s,43, which is clear
gain to the State Of about $4,000, which,
under the former act, went into the pockets
of individuals or banks.
ha c,nnoit,o foxoe ,,nar r,;lroaIo ,n,n,no.
and manufacturing companies and the pro-
cceds of primary school, swamp and other
lan'ls, now constitute a fund amply sufficient
to meet the principal and interest of the fund
cd debt Of the State at maturity, to carry
out the liberal plans for popular education,
and for completing and sustaining the clecmo-
synary institutions of the State.
GOVERNMENT STOCK BANK.
This institution, having failed to redeem
IFS circulating notes, and the late State Treas
urer, Hon. b. G. Whittemorc, having deliv-
cred to the Metropolitan Bank United Statcs
stock securities in his possession to the
amount Of $4,000, which, with premium
of nine per cent. current at that time, made
UP the amount of $3S,695, there remained
in the Treasury of the State only the sum of
$37, 800 in stocks toredecm the remaining cir
culation. Mr.. Holmes, suspecting the unsound
ndition of the bank, and being convinced
by circumstances that there was an ovcrissuc,
examined the books in the Treasury Depart
ment belonging to the bank, and finding that
the journal and ledger had been SO imperfect
ly kept as to afford no reliable information
with regard to the fact, determined upon
the advice ofOMr. Howard, Attorney Gencr-
cl, TO advertise for a surrender of the circula-
ting notes to the 2sth April, 1855 up 10
which time there had been surrendered $685.
42O,25. The avails of stock securities sold |
by the late State Treasurer were $4,000, |
leaving deficit of S56,36O,25 The divi-
dcnd declared on the circulation surrendered |
was forty per cent. which exhausted all the
funds arising from the sale of stocks, except |
small amount reserved to defray the expen-
scs of lawsuit pending against E. Bclknap,
OF New York, as an alleged stockholder in
said bank From frequent applications still
made at the Treasury for the further recep-
tion of these notes, Mr.. Holmes is led to be-
lieve that there must be yet several thousand
dollars of the bills outstanding, which will
leave the ovcr-issuc, illegally made, much
larger than as above stated.
The general anxiety and attention excited
by this subject induced the Treasurer to ad-
dress note Of inquiry to the Attorney Gene
raj, asking for a statement of the ipycstiga-
ton made in reference thereto, to which that
officer replied under date of Dec. l3, 1855.
Mr.. Howard states in this reply that an ex-
cess of circulation, beyond the amount Of
stocks deposited in The hands of the Treasnr-
er, is legal impossiblity, and consequently
a direct and gross fraud upon the biIl-holdcm.
He suggests four hypotheses upon which the
excess may be accounted for:
First-That it was produced by forging the
name Of the President and State Treasurer
Sccond-The State Treasurer countersign-
cd and delivered an illegal issue of the bills.
Thifd-That the State Treasurer parted