The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1865-01-17
TUX TRUST FUND pKBr.

Making q total OF funded and fun-
dsbls debt OF. $J,54l. i49 6O
d. a. glTux TRUST FUND DKBr. isN sii4
10 made up Of the following amounts and
funds respectively, 10 wit:
Primary School Fuud. -. -. Isl 032 63s as
University Fund. ............s..p 2i7lia6 80
Normal School Fuad. 33 oO0 33
Railroad deposits. .......... ''' 2,i57 8!
uOf L1u LlJ LGG sllo ------- = = =
$I,3ls,y43 40
SINKING FUNDS.
War Loan Sinking Fund. from
Il 10th mill tax........,.....E, $40 753 80
War Loan Sinking Fund trom sur ,i N .tsil..
Oplu- VI taxes leSici for lut-est. 30,G74 90
Two Million Loan Sinking Fund. obot Zoo.
Rom 18th mili tax ........... q SOC 80
Primary Sehool Fund reeeipts from n D .a
July. 1863 to July /. te6l.. l3l l.ss. 10
University Fnni receipts frorn Ju..
" l. 1868 to luly |. .i-6i......u.,, Il, f54 SO
N"rnIsi Scboui r-ceipts from July
I. 1853 oJuly l. 1861. 2.5l0 SO
5a saai 1893 10
My predecessor has recommended in
his valedictory continuance of the f.
nancial policy adopted by the Legisla-
ture of 1861, upon the recommendation
made by him in his Inaugural, and
which has since been steadily pursued,
viz: That we, raise by taxation, from
year to year, the funds required to meet
all the ordinary and Incidental expenses
of the State, leaving the mixing fund
to CLEAR of the State debt. This poll
cy for the management of our financial
affairs, l should hope might become a
permanent one, as it recognizes the obli-
CATION OF prompt payment of all our
debts |; and its tendency will be to pro-
vent the incurring of any Indebtedness
for schemes aud enterprises of doubt
ful expediency. BY paying az we go"
all the ordinary and incidental State ex-
penses and assuming the responsibility
and burden of all expenditures made by
us, We shall be much more likely to ex-
anime carefully the character of our ap-
preparations than though they were to
be met at the present time by creating
an Indebtedness TO be pal ! in the future.
A rigid adherence to this policy will
preserve the credit and honor Of our
State; and her finances will never be-
come ,deranged or embarrassed. BY
the ordinary and incidental expenses of
the State / do not mean to include any
appropriations which it may be deemed
advisable and necessary TO make for
the payment Of war bounties, or any
other purely war expenses.
The question of State bonnties to
volunteers will undoubtedly engage
your attention but as it is more appro-
priately the duty of my predecessor
than of myself, in connection with what
has already been done, to make specif.
ic recommendations in regard to this
subject, shall defer an expression of
my own views to a subsequent commu-
nication, should hereafter deem such
expression material and necessary. 2
REVISION OF THE CONSTITUTION.
The Legislature of 1861 adopted an
amendment to article XX. Of the Con-
stitution, in the following section: 7Gf
SEC. 2. AT the general election to
be held in the year one thousand eight
hundred and sixty. six,a aand in each six
teenth year thereafter, and also at such
other times as the Legislature may by
law provide, the question of the gene.
raj revision of the Constitution shall be
submitted to the electors quplilied to
vote for members Of the Legislatu ;
and in such cases n majority of the elec-
tors 40 qualified, voting at such election,
shall decide in favor OF a convention for
such purpose, the Legislature, a; the
next session, shall proyi le by law for
the election OF such delegates to such
convention. All the amendments shall
take effect at the commencement of the
year after their adoption"
The same having been voted upon
and ratified by the people at the gene
raj election IN November, 1862, it would
seem to be necessary that some legisla-
tive provision be made to govern the
manner in which the question of the
general revision shall be submitted to
the electors, at the general election to
be held in the year 1866. / submit the
matter to your consideration.
RESOURCES OF THE STATE.
The State of Michigan, although hav-
ing at the present time population of
little less than one million, and an
amount of accumulated personal wealth
that will compare favorably with many
OF the older States, is nevertheless in
her infancy. The area Of her territory
is more than $4,000 square miles; being
more than 10000 square miles larger
than either of the great States Of New
York or Pennsy sylyania, and more than
10000 square miles larger than Ohio,
and nearly as large rs the whole of New
England. When as thickly settled as
Massachusetts now is, her population
would reach nine millions. Surround
ed on almost all sides by noble inl md
seas, her shores are washed by at least
400 miles Of navigab.e waters. Her
soil is varied, but rich and fertile; and
Notwithstanding the severity of our eli
mate, produces in abundance every va
riety of fruit, grain and vegetable be-
longing to this latitude. Her agricul.
tural resources are as yet undeveloped,
and have never been appreciated either
at home or abroad. Her immense for
ests Of the choicest timber are Of great
value, giving employment to large num-
bers of hardy and robust men, in con.
verting it into lumber and conveying it
to market, thereby creating home de.
mand for much Of her surplus agricul-
tural products. Her fisheries, another
important item in the catalogue Of her
resources, are Of too much value to be
overlooked, having reached for the year
ending June lst, 1860. as appears by