, 1859-02-23

Report of the Senate Committee On
Finance for the Year 1853.

The committee On finance. pursuant to the
general du;ies deyolyinr upon them, beg lesve
tn renort ~ foIlows: First. az TO The organiza.
zion and sfsi1s of the fund commissioners Of.
6ce
u,t,o.o n IT, car,,.o~ voouada
o5 'ae ID" u Ao7A-o' A"e "''eAa'1 "Ns
ex,otGcio fund commissioner, and slnce shat t1ne
ha. in connaction with secretory. exercised
N .N.:-- n,;n.nag.srd
'"o power ol pas'!oe op'H .ne hDa
valielty OF any evidence ol otate 'noeo'eoaes"
presented for funding, or exchanging it tor
a.ha- ar;daccsa NJ State indebtedness. under
o'As. e go ~...h..;,;.o 49, ~ Ia
any 1A"s u Ruo '9'ate no'ao4'@to4 'A"' ~ ~
done.
No provision has heretofore been made By
..ha-.;sa Inv tha aa5a teeninr md nre.
-" " o'A~- "~ e
ssrvation Of Ice hooKs aou soueaeso VI tna1 ~
fee. and they have been kept, aud still are in
.bo hax., ,nd uncn ,be vonden ahevea nf the
'1o os ~. c..;.o, Tha.a hn,l.
executive onee III 'ne espno'' Anese 'o'Ao
contain most, if not oil, OF the accounts which
ha,a taa, ta,t If tha different kind of S,ste
.A'. :.a;.~...,h,at ~ o,,x.,t
taueoteuneses auo 0e 4no'openo"''e - Soih~'
understanding Of the history and present cond'-
finn of the nr,hlic debt.
,;.t,. d.o,, = in,no,,,n+ IN n,srarra
1our rcolnn1''ee oeep4 ~ I'LL p'' 'An' ~ ~
these books in the most secure manner, and re-
commend that such provision be u,nde for that
Ill, haot sacrro that nh;srt and a.
p'tfSoe r.-,as .., 49,,
soe puohc oeot &c se' 4'i Ao''su1e~e "Pe1 "a"s
actions and evidenced by oecurltles dated, IN
,art a. 1eaat many vears avo the Repuineness
r. cor,ec,ness of which Cannot be determined
~ ~ ~. ona n,on Ynnr cnmnttee rnu1d fur-
Ia rarnmnend that The auditor and treasursr.
to,athsr c;th Tho f;nvernor. be required to ex.
a,tne and determine. esch for himself, the val
;J;tv ~ .nv nvidrnre os nublic Indebtedness
.5 !sh;.b ,aav ba nressn,ed riiner for ppymeut or
IN e4chnnye for nav nu5iic yecuritjes.
ltv the nreamhIe IN The act If Februarr 2stb.
1es1 Mf.us naue 16l it IL recited That the
s's,s hah st 1ar;nns f. t;mes issned isree nun.
her of internal Improvement bonds Of different
cla,sca heaf;n,. the ssme number. having in.
t1ss tares. connans a at,ach.a having simi,nr num.
hers and de.c-;ntion. rendering it difficult tn
NV ,ha interart fherann. and nith Il view CT ns
rs;,ar;na tuG shs sclu.l amonnt md character Of
~. nnh1,c daht nrenaratorv tn a more united
md v,poroun e3ertiou for lis payment By ade-
,,oee Ia he mad. hv the constitutional conYen-
I'M 4ban ahont Ia aaaemblp the Governor wus.
hv the suhsennent nroyis.ous Of that l4w au.
thori4ad tn rpceire from The holders Of evidence
n nnhlic d+ht WIN sere wiling 10 surrender
the .ams md ;esne nav evidences of rublic in.
;ndsh. .adness to he dennminn,ed "New Interest
stuct of tha sts,e of fliIuoi," The principal Of
.,ot ;ssahta3rsss ~ ha nnvah}e at the .nme
t;rns r-;,h 80 a-;dsncs, ~ indehtedneas an mr..
=, Vt. 'sf sa n au.snd dnilnrs each
apd bearing ths same Interest IS the originals.
I'D ~ ths o-raare ~ interes- then due certi.
t;ratss r. interest s.ccs shonId ba i,sued of tiIe
hundreds dojlsrs eaco. bearing interest alter
he t;rst dav of January 1857 redeemah}a at the
nl-,sure Of 1hr STATE at INV time after The year
1857. all ceruficstes issued under the PROVISIONS
Of lhst Law to be transferable ut the transfer OF
ices ia the cities Of New York and Spring
! feld,
Fran paoa IL treasurer's report to the 2lst
General Assembly. It arrears that, under the
prxvisjorg Of this Law, there hpye been funded
es follows:
t,e rear 1870. bearinq six per cent semi.annual
;ntarast
"a ae.,r,+ NJ arrsa-, of in.are.t Il ss8 43s
| NJ rcdssmsh,e altar ,ha rear 1871 bearln9 q
| ~ 1;ts ;n,c,est
| Ali the evidences Of public Indebtedness now
or,s.and;no nnrsnant tn the nroTisions Of this
iaw amount In Il 422 sol IS port OF the in.
t.re.t hearing drht OF the State at The present
| s;,ns
From the sar,e report. it appears there arc
tb;r,r o,d State bonds. of ri 900 esch. outstsnd.
/ ipg. due in 1860 and Of bank and internal i'm.
| nToyemeut STOCK. and internal improvement
scrin one hundred and three thousand do!lars is
Ta, a,en,s,sndine and Of ioudgtiou bonds i.fued
| undar the pro3 3.sions of the &C. oE Feb, o. 1s47
ulaws. M q 1863" there srs vet due the amount
of 3o7l l.s49 due IN the year 1865.
Pursuant to the law of February Is, 1857,
law., page ::1o4, providing finding arrears of
io,erest IN tne State indebtedueas. there have
h.en iesued cRrt,ticntea Of internal stock draw
| ;ro ;ntere.t after 1anuary 1st 1850. and redeem.
a5,a altar fhat date at lie MEASURE Of lhe State
- AKA si4 IS. and an Estimated amount OF
sr,asrs NJ ;n,erea, mt yet funded of 1858 600.
TIKI c1a.s of nub;ic indebtetness il based uo.
m tha fact thut 1he state did not pay tbs inter-
! 81 m har nnhfic dtht from Iufy /. lS4l. until
some time IN 1s5C-57; that The arreafs OF IN"
terekt we're ACCOMPLISHING during that period,
| part Of thp 1iGae unpaid, but daring the later
| years, partially paid from the proceeds Of the
Interest tax, until those proceeds became sufi
Gent to pay in tull the accruing interest, but
while partial payments we're made they were ap'
piled not to the Oldest arrears, but to the install
| ment of interest then falling due and so there
we're attached to tie bonds great numbers Of
partielIY paid coupons, which have been funded
nnder the provisions Of the Inv last referred 10,
and will BE- interest bearing public indebtedness
| m and after Ju}y l. l66Q.
Frnm tha treasurer,s renort. last aboye re-
ferred 10. it appears bat tbs ontro public debt
ia NOW Ri. 1888 46s e3 less any payments made
therein since the date Of the last report.
This Indebtedness is erideuced either BY the
4rigiae. evidences thereof, issued a various
tim,a. bv virtue Of different Laws, OF b. the new
evidences substituted Ls ,ac Eand Commission
rr at d, ,Herent times. No pFovleion hcs been
m.da hv law "a far Al this topmittee IL aware
~ ei,h.r .he safa nreserya,iou or authorized
dsstru1t;nn of The evidences OF pnol;c indebted
| ness which have bseu from time to time sur
} rendered on p4yment, OF when funded, bnt Jou1
rnmm;t,,e have not had tins 70 exsiuine hor
~ snch surrendered ey,deuces Of public in.
;.d.b edres. nan bn found among tbs archives
t.hs S,a,s hn. vour Comm;,tea deem it prooe,
a.. ,rrb ORGANIZATIONS should ba made. end