New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-21
The Premium Paid for Coin by the state
Controller 10 Pay state Indebtedness.

STATE OF NEW YORK. CoSTRoLLyR's OyVCE,
ALBASr Jan. H. 1868.
To ns Pycrd,nt Of n, Senate
Sin: have received from the Senate the follow.
ing resolution:
Rrsd Th. the Controller be repeatedly requested to
inform tho senate his earliest convenience the aggregate
paid during the last year in pemum on coin to pay In;
erss principal Of the public deot OF this State. and
IN such payments In coin any distinction
msds among tho holders State ook Controllers bonds
or other eydsnces Of STATE Indebtedness and such dis
tine lion made the for H. and also the authority Of
law ind which such purchase Of coin was meds also. In
wins, funds the niee., the Conirolers bond, paid
and the state stock redeemed the past year known
- the Asiof stock
In compliance with the request contained In the
foregoing refolutIon have the honor TO inform the
Senate that no sum whatever has been paIf ont OF
the Treasury FOR premiums on coin. The payments
made m January and April, 1867, were made by the
Manhattan Company from the specie and specie
funds deposited with it before the suspension OF
specie payments by the banks.
For The payment Of interest due 10 June, and for
subsequent interest, the deposit banks were re-
quesied 10 contribute in coin certain percentage OF
the amounts deposited with them before the suspen-
sion upon the condition that all OF them should so
contribute All Of them, Il in number, promptly
complied with this request for The June payments,
with the exception Of the Bank OF Havana in Schuy-
Ter County, and the SusQuehanna Valley Bank at
Binghamton.
These banks having declined and the premium
having risen rapidly II was found impossible to
procure the coin for the subsequent payments with
ont purchasing il. But a. the Legislature had made
no appropriation for that purpose 10 premium could
DO pail sfom the State Treasury. The Manhattan
Company however in order to protect the credit of
the State offered 10 make The purchase upon lts own
responsibility. 10 the extent niece rary Tor the pay
nlent OF the interest upon the funded debt OF the
state nnd take upon itself the risk OF the requisite
appropriation being msde by the Legislature. With
The concurrence and advice OF the Commissioners OF
tho Canal Fund and OF the Controller II has made
such purchases. The aggregate sum paid for the
premiums upon the coin thus purchased ne appears
by the account rendered by the Manhattan Compa-
nv, was for Canal stocks, sS9 433 "a for General
Fund stocks, 81. Ssl %.
| am not aware OF any express authority OF law
which either empowers or fOrbds the Manhattan
Company 10 make such purchases II 1t chooses 10
do so.
The current expenses Of the State and the Com
troers revenue bonds Issued in anticipation OF the
tax levied by the act of April 10, 1861 for the pur-
pose Of raising troops To be mustered INTO the service
Of the United States, paid in the same descr p
ton Of funds which were received for the taxes and
tOlls due the State.
The reason why the Manhattan Company was adj
yised to pay the interest the funded debt IN coin
was because such was the practice Of the United
States OF Massachusetts, PENNEY lyania, Ohio, In
diana and Illinois and such had always been the
practice Of New York and 1t WAS believed that the
credit the interest and the honor Of the State re-
quired it. The reason why the current expenses
ordinary Indebtedness. aud revenue bonds were paid
in such funds as were received, was because there
were no other funds with which they could be paid.
There was no sum known as the Astor stock re-
deemed during the pas, year. During the present
month Mr. Astor has transferred TO the Commission
ers of the Canal Fund }iJ0,22 ", and they have
paid HIM that amount for II by check upon the Man
haitian Company. 1t is presumed that this payment
i, the one intended to be inquired into by the reso-
luton.
Respectfully yours
l.. ROBINSON Controller.