Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-02-12
Annual Report Of the Auditor OF State

The Report Of the Auditor Of State is 4
yoluminoos document, embracing variety
of information Oh subjects pertaining to
that Office The detailed statement Of re-
ceipts and expenditures for the last year,
need not be referred to, as they have al
ready been given in or abstract of the e
port of the Treasurer.
At the time Of the passage Of the act of
Jan. 10, 1916, providing for an adjust
men. of the Indebtedness Of the State, the
total amount Of the bonds outstanding
was S11,O48,0OO. Under this acs an
arrangement was effected for the pay
meut Of one-half Of the debt and interest
by surrendering to the bond holders the
Wabash and Eie Canal, is lands and
revenues. For the various kinds Of canal
stocks that have been issued on account Of
that portion of the public debt, the State
is in no way responsible.
For the other half of the debt, for
which the State was liable, the old bonds
were surrendered, and new stocks issued
rs follows:
lst Five per cent, State stock for the
principal Of the bonds surrendered
Cd. Two and half per. cent. State
stock for the accrued, and one per cent. of
the occruing interest on those bonds.
The total amount Of FIVE per cent.
stocks issued on account of the bonds 50
surrendered, was $5,30G, ,596-leaying Of
bonds outstanding, $425.0o0.
) OF the two and a half per cent. stock
there has been issued, S2,C40,3l1.
The amount of the stocks redeemed,
since the State debt arrangement, is $378,-
354, Of which 81 50, ,000 are five per cents
and 1923, 233 are two and a half per cents.
The amount paid for interest on the
State debt for last year was 53lG,674 81.
Whole amount paid since the commence
ment of The arrangement under The act oi
'46. $2,913,397 IS.
The report presents an abstract of the
condition of the suspended Free banks, BIZ
/. which it appears there las been redeeme,!
of the outstanding circulation Of those
banks, during the year, 800, G29-lea,ng
yet outstanding 500, l39. All the securi-
ties and other assets tulnelsover to the
Auditor by his predecessor for the re
dempiion of the outstanding circulation Of
those banks have been exhausted.
\ full tabular statement IS given of the
kind and amount Of Bonds en- deposite by
each Of the specie paying Free Banks re-
naming under the General Banking Law
Of 1882, and the amount of the circua.ino
of each outstanding.
The aggregate circulation Of these banks
is seven hundred and seventy thous
and and thirty nine dollars. Their secu-
rites deposi.c, consisting Of the bcsb
State stocks, amount at their par value to
!. nine hundred and three thousand nine
hundred and ninety four dollars. This
class OF banks have. until the first day Of
March, 1857, TO wind up or accept the pro-
visions of the General Banking Law as
amended and passed, March 3, 1955.--
There are twenty six Of these banks, two
of which, the Gramercy and Shawnee,
have failed since the report Of the Auditor
WAS published. The facts connected with
these failures are already so well known to
the public, that any reference to them here
Is unnecessary.
The number Of specie-paying Free
Banks which have conplied with and o.
gained under the General Banking Law of
1855, is fourteen. These fourteen banks
! have an outstanding circulation of nine
hundred and eighty-eight thousand and
twenty-one dollars. They have on depo
I site as securities for the redemption of their
circulation, bonds whose aggregate par
value is one million three hundred and
twenty two thousand five hundred and six
ty-seyen dollars, and the aggregate market
value of which, is one million eighty-nine
thousand nine hundred and eighty-seyen
dollars.
The Auditor closes this portion of his
remarks by expressing the belief that the
Free Banks of Indiana are organized upon
a most safe and reliable basis; that they
are ablesto redeem all their circulation at
par, and are known to be in the hands Of
men of honor and responsibility. Further
Legislation may be necessary in regard TO
some of the details of the system, but nolh-
ing further is required to insure its safety
and security
The ordinaryexpenditures for tie year
1857 are estimated at SilO9, $50 The es-
Innate for extraordinary expenditures. in
Guiding the interest on the State debt; the
salary of State Agent and incidental ex-
pensss of Agency; appropriations on ac
count of Insane, Deaf and Dumb and
blind Asylums, and inereston Uniyerity
bonds, is 1922, 40 10-making an aggre
gate of expenditures, ordinary and extraor
binary. of 1852, ,285 10. The total osti
mated receipts for 1857 are @8i6,64G.
Estimated expenditures, ordinary and
extraordinary, for 1853, S4i6, 635.
Total estimated receipts for 1858, &747,
500
The value of all taxable property in the
State for 1856, was 1896, 6,787, 7,3t9-show-
ing an increase of 81. 039, 1916 over that of
the previous year. There having been no