The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1859-01-13

age in the Treasury Of $2s5,ooO, yet
the interest upon that loan unpaid was
yearly increasing the principal of our
public debt, until it had reached the
sum of $965, $50 s3.
The following is statement of in
terest annually accruing on the Sun
recognized" (part paid) 100000 loan
bonds, by reason of the accumulation
of interest and its incorporation into
the Adjusted Bonds:
The amount issued May, 1888, known
as "Unrecognized Bonds, is S3, 3d. -
900 90 on which the State received e
only 1856, $50 "a the annual inter-
est ON this amount would be = &57 ,357 go
But the adjusted Bonds, when all the p 1
part paid bonds outstanding are e, - ~ f
called in, viii amount to 81, ,92l ,6l1-
on up on which amount interest sil
will amount to -@ss-. "-o- ll5,es7 IS
An excess over the former amount, of
interest upon the interest incorpora-
ted into the Adjusted Bonds-viz, 7's
interest on $685., $50 .ss, 7,sss 05
The Legislature of 1885,. upon my
Recommendation, passed an act requir-
ing these paid bonds TO be surrendered
for adjustment, or that the interest
should stop. 1t will be perceived that
most of them have been returned, and
new bonds at the adjusted rate have
been issued in their stead At that
time the public debt had reached its
maximum, and from that period the
surplus moreys on hand in the Treas
,,r,, loro hao,, o,,,ol;o1 70 ,tc ro1,,.t;,r
The total amount of State debt on
/ the 1st of December, 1850, was $2,4es, ,49e 66
On the 1st of December, 1854, was 2,5Sl, ,545 20
1t had therefore increased, in four
istration, -.- 4s,o47 o4
Total State Indebtedness, December
1854 253l SAC 20
Total State indebtedness, Novem.
ber 80, 1858. - 1851 .s2s 81
From which is to be deducted bonds =
redeemed lst January, instant, 10000 90
-. f., Total, - s2.Sl7, ,629 81
! Diminution in four years, 2l3,9l6 03
For more minute particulars in ref.
erence to the condition of the Treas
ury and management of the financial
affairs of the State, respectfully refer
you to the Reports of the Auditor
General and State Treasurer, in which
the whole operations of those depart
ments are given in detail.
About eighty-fve thousand dollars
was levied the last year for the sup.
port of the State government, by di
rect tax. This at the rate Of 49-lOOths
of mill upon the dollar Of valuation,
and about ten or twelve cents to the
person. 81. ..a ..r.. ra-
1t will not fail to attract your atten.
ton, that the expenditures for the op
erations of the State government ex.
ceed its fixed and ordinary income, and
to avoid taxation, resort has been had
to meet the appropriations of the Leg
islature, to the principal of the Uniyer
sity, Common School and Swamp
Lands, commonly known as the Trust
| Funds, and upon which the State pays
the annual interest. l.
j Respectfully submit to your consid.
Grafton, whether sound economy and
correct statemanship does not require
that the revenues of the State should
meet its ordinary disbursements, and
whether it will not be necessary, tC
accomplish that object, to increase the
rate of taxation. A State, like an in
dividual, would feel far more indepen
dent, and able to accomplish much
greater amount Of public good, if she
were entirely relieved from debt. A
vigorous effort in the ght direction
would relieve us OF burden which re
wives a painful recollection of youth
ful folly in incurring debt of more
than two millions, for which we have
derived little or no benefit. 81
i l respectfully refer you to the repor
of the Superintendent of Public In
struction, for a detailed statement il
] relation to the condition of the variou.
Educational institutions of the State
The University, the Agricultural Col
!, lege, the Normal School, and that still
more useful institution, the Common
School, are all in fourishing and sat
isfactory condition, each indispensable
and endeared still more and more il
the hearts of the people. 1t is be
lieved that no State of the same ag'
, and population with ours, has exhibited
T the same liberality in the construction
e of commodious school edi6ces, ant
voluntary taxation of great severit.
for the support of teachers and the con
struction Of school buildings, is no un
common thing among our people
Wise and liberal appropriations, OF
! YOUR part, to sustain such institution
as rely upon your fostering care, viii
be, therefore, sure to receive the ap
, probation, of discriminating and en-
: lightened constituency. is- =,
The Revised Constitution of 1885,
, contemplated the establishment of al
Agricultural College, and the Legisla
ture of 1855 took the initiativs in al
: enterprise, which, / trust, will accom-
plish much for the welfare of the Stat
i in the improvement and elevation oft
/: most valuable class of citizens. TIL
o idea of combining mental with physi
Q cal training, and applying them to tina
great branch of labor which produce
o our food, and which supports and sus
o tains all other classes, is worthy of tn
o age in which we live; and, if it sue
4 ceeds, we cannot estimate the benefc
. ial results which will flow from it.
: The College wis organized upon
7 new farm, year ago last May, and
although it has encountered unprop
tious seasons and other embarrass