The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1875-01-15


those purposes st an extremely low rate.
Faithfully milling every requirement of
the organic law. paying every obligation ns it
natures, providing IN advance for every APP
preparation, creating no new debt, aud renew
ing no old one, the State furnishes an example
to its citizens in its financial affairs we'll
worthy of imitation.
Constant efforts have been made By the
State Treasurer during the past four years to
purchase the unmatured bonds OF the State,
with only partial success. The law only per-
mits the purchase at par. and private parties
are constantly Offering more for them.
therefore rec Jmmend that the State Treas
urer, Governor, and Auditor General be au-
thorized TO use the sinking fund in the pur-
chase of any of the bonds of the State at such
| rates as they may deem for the interest of
the State. The sinking fund being trust
| fund devoted by the constitution 10 par
ticular purpose should be taken out of the
an entirely distinct and separate fund. This
would prevent any use Of it for any other
purpose than that for which it is dedicated,
and would give the State officers and Legisa-
ture thorough knowledge OF the exact
amount of money subject TO use for general
purposes at all times.
The act creating the Agricultural College
fund says it shall remain a pervetual fund,
| the principal Of which shall remain forever
undimrnished, but the State must pay to the
college fund per cent interest annually
thereon (see Sec 1894, @. Id. This is a pc
culiar provision of law, and should be changed,
placing 1t in the general fund, on the same
footing with the other educational funds.
For the faithful assessment and collection
of the revenues of the State, and their care :
full supervision and disbursement the retir-
ing Auditor General, VIM. Humphrey, and
the retiring State Treasurer, Victor Z. Collier,
deserve heartiest commentator.
BANKS AND BANKING.
There are now in the State twenty-four
banks organized under it's lave. OF these
fourteen are banks Of deposit and discount.
They report Sept. 80, 1874. capital and surplus
OF 1891, 32S.57, with deposits of $2,z47,
260. &C.
The number Of savings banks is ten, with
capital and surplus Of 1886, 697S5, and deposits
of 81, 30. 6S4 %.
We have upon the statutes two distinct bank
ing acts, one known as the general banking
law, also containing provisions for the organ
izaton Of savings banks, the other applies to
savings associations alone. The latter permits
the organization of savings banks with
psid-in capital OF only $4,000 There is nc
necessity for the two acts, and this should be
repealed. No savings banks should be- allowed
to transact business on so small capital.
annot refrain from repeating theiecommend-
atoms of my message Of 1873, on this sub
| ject
II would respectfully recommend revision
of the general banking law, with additional
| legislation, providing for the establishment
lin the Office OF the State Treasurer. of Blu
reau of Banking; the examination of banks
| by the head of the Bureau and requiring re-
ports to be made and published, similar to the
provisions OF the National Banking law. II
very questionable whether ordinary banks
of deposit and discount should have the pow
ers and privileges of savings banks and
whether savings banks should be permitted &c
do general banking business. With our fast
| increasing population, growing wealth, and
rapid industrial development banks will nlul.
tiply in a corresponding ratio, and believe il
to be one OF the most important Legislative
duties to enact a strong and stringent bank
ing law"
There is not a safeguard commended in
this that is not to be found in the " National
Banking act"
No complaint is made by any national banl
Of the stripgency Of these provisions. They
| are Of service to the banks and the public
giving additional security to stockholders anC
depositors and stability to the system itself
| STATE LANDS AND ROADS.
During the two years ending Sept. 80, 1874
$50, 1855 acres of State lands were disposed
Of as follows:
| ORIGINAL SALES PoR CASH or PART PAYMENT.
Acres. AMOUNT.
Primary School land. .... 32,2ss.l2 sl29,O42 AS
|
| Asylum land. .............. 80 800 0C
| Internal improvement land. 40 80 0C
Asset land ................. 100 $50 0C
" Monroe city lot. ..... 800 OC
Swamp land. ......... 6l,0s6.3S 76,343 "a
Being. ................ 112,s6O.2o 266,9Os 81
Patented for roads and
bitches. ...... 1921 ,972.25 4iOa6O 81
Total original sales. =. 43i s32.54 s677, 1854 4C
SALES OF FORFEITED LAND
A creS. Amount.
Primary School land. ...... 3O6s.21 1858 Ii
| Agricultural College land. 80 PCS 0C
Asylum land. .............. 100 ,4s0 0C
State building land, Lansing
city lots -. ........... w lag OC
| Salt Spring land ....... Gee. 40 100 OC
Swamp land. 3,535.1S 3,7O7 81
Total Sales forfd lands. Gsi3.39 1926 7C
Total sales. .......... .4ll.G759s s69G1el IL
Acrcs.
| Patented 10 settlers under
| Homestead acts. ......... 14,209.57
Patented TO settlers under
ac; 1es, laws 1859. ....... 5,962.O2
| Patented to settlers under
act 206, laws 1861 go. =. 75,546.53
| p tented 90 settlers under
| act 239, laws 1858. ...... 13,594.50
Patented to settlers under
act oil, laws 1867. 400
Total amount of lands
disposed of. $50 1885
The lands belonging to 70 State at the
close OF the fiscal year of 1874 are classified as
| follows:
Salt Spring. OBSERVATION-DISCLOSURES. 1865
| Salt Spring forfeited. 80. 49,. 2sO
Asylum Observation-Disclosures. ESQ
Asylum forfeited ................... $40
Agricultural College ............ ..... lG9153. Sc
Agricultural College forfeited. ......!.. $40
Internal Improvement. 3SO.3l