STATE TREASURER'S ANNUAL REPORT, 1873. STATE OF MICHIGAN, STATE TREASURER'S OFFICE, LANSING, Sept. 30th, 1873. TO JOHN J. BAGLEY, Governor of the State of Michigan: SIR-Agreeably to the requirements of law, I herewith submit the Annual Report of this Department for the fiscal year ending this day. The balance of cash in the Treasury September 30th, 1872, was --- The receipts for the fiscal year were: Cash Land Warrants. $977,224 03 -$1,958,982 01 2,192,431 52 $3,169,655 55 The demands upon the Treasury now due, and those maturing on or before Agricultural College interest due January 1st, 1874.-- $450,844 33 36,130 53 4,227 46 16,205 00 37,080 00 1,800 00 12,000 00 $558.287 32 The following amounts have been received and are held in trust for the purposes named: Sinking Fund for purchasing bonds when they can be obtained at par and accrued interest... $275,134 45 Canal Fund for retiring Bonds and for Expenses. 77,529 04 Military Fund, subject to the order of the Military Board, approved by the Governor....... 85,168 29 Primary School Interest Fund to be apportioned to the Counties May 1st, 1874..... 82,815 89 Trust Funds received since July 1st, 1873, to be transferred to the Sinking Fund July 1st, 1874. 29,573 58 Agricultural College Fund received under Act No. 68, Session 103,192 39 $653.413 64 The following balances of the various appropriations remain unpaid: There has been received during the year from the Treasurer of the United States $28,723 20 as five per cent of the proceeds of cash sales of Government lands lying within this State, which amount has been paid to Francis B. Gilbert, agent and trustee of William Beard and others, in compliance with the provisions of Joint Resolution No. 12, Laws of 1869. This makes a total aggregate of $68,839 83 paid on this claim, while there is still due about $22,000 00. The total amount of specific taxes, including $18,655 88 of mining taxes. from the Upper Peninsula, received during the year, was $347,595 79, an amount sufficient to pay the interest on the Trust Funds and on the bonded debt of the State, leaving a balance of $29,646 78 to be credited to the Sinking Fund. There is still about $250,000 00 railroad taxes unpaid which are bearing 7 per cent interest. There is now $79,719 04 to the credit of the Canal Fund, an amount which, if not diminished by necessary improvements to the canal during the coming winter, is more than sufficient to pay the outstanding bonds of the fund. In February last Internal Improvement Warrant No. 5329 for $20 00, dated May 3d, 1842, was presented and paid, together with $42 79 interest, making a total payment of $62 79. There is still ontstanding of this class of warrants $5,792 37, bearing date mostly from 1845 to 1850, which would make their amount now, including interest, about $15,000 00. During the year there was received from the Governor, for the sale of ordnance stores under Joint Resolution No. 4, Laws of 1871, $583 50, and from the Quartermaster General, for the rent of military offices in Detroit, $700 00, which amounts have been credited to the Military Fund. The State tax of $27,976 05 has also been credited, making the total credits for the year. $29.259 55. The payments from the fund were as follows: To the Treasurer of the Military Board, under the provisions of Act No. 35, Laws of 1869, for the benefit of the Soldiers' Aid Fund, $500 00; to the Quartermaster General, on estimates of the Military Board, approved by the Governor, $4,000 00; for Roll of Honor, under Joint Resolution No. 1, Laws of 1873, $1,339 50; for salaries of military officers, $1,675 03. Total payments for the year, $8,514 53. The balance now standing to the credit of the fund is $S5,168 28, an increase for the year of $20,745 02. The transactions in Swamp Land Scrip for the year were as follows: Balance outstanding Sept. 30th, 1872--- There was issued during the year.... $144,629 18 233,449 51 $378,078 69 The net amount charged on the books of this office was. 214,935 44 Balance outstanding at this date_______ $163,143 25 Of this amount over $115,000 00 was issued in August and September, 1873. During the year we have surrendered to the various townships, on the written order of their respective boards, verified under seal by their county clerks, Railroad Aid Bonds to the amount of $1,065,842 50. On page 7 we give a detailed list of those still remaining in the office, amounting to $985,733 30. The Bonded debt of the State has been reduced during the year $510,000 00, including $140,000 00 not due till 1878, 1879, and 1883. All bonds that could be reached at par and accrued interest have been taken. SINKING FUND. The credit to this fund on the Trust Fund ledger is $1,663,802 83. The debit on the main ledger is $1,388,618 42, which gives a net credit of $275,184 41. This amount includes $50 for a War-Loan Bond drawn for payment January 1st, 1863, which has never been presented. The credits to the fund during the year were Trust Funds............. Balance of Specific Taxes.. $193,358 87 31,061 82 Making the total amount of credits... $224.420 69 This leaves the transactions in the fund since its inception as follows: One-sixteenth mill tax, 8 years levied, 1861 to 1868... One-eighth mill tax, 10 years levied, 1862 to 1871. Excess of taxes levied for interest.. War expenses refunded by the United States. $111,511 06 357,256 57 1,068,066 42 266,828 40 Discount on bonds purchased............. 3,069 17 Trust Funds received from February 1st, 1863, to July, 1873.......... 1,663,802 83 The funded and fundable debt of the State is as follows: Interest-Bearing Bonds. Sault Canal Loan Bonds, 6's, due July 1st, 1879. 66 66 66 1883. War Bounty Loan Bonds, 7's, due May 1st, 1890--- $73,000 00 111,000 00 353,000 00 699,000 00 463,000 00 $54,000 part-paid Five Million Loan Bonds, adjust able at $578 57 per $1,000.... 31,242 78 34,292 78 Total bonded debt.... $1,733,292 78 The cash now in the Treasury set apart for the payment of the bonded debt is as follows: Sinking Fund.---- $275,184 45 Trust Funds received since July 1st, 1873. 29,573 58 Canal Fund.............. 73,000 00 Balance from sales of Two Million Loan Bonds to pay adjusted and Five Million Loan Bonds... 34,242 78 $412,000 81 Newark Which leaves the total bonded debt of the State, less the cash in the Treasury applicable to its payment, $1,321,291 97. TRUST FUNDS. The trust debt of the State is composed of the following funds and amounts: Primary School Fund.... Five per cent Primary School Fund. University Fund Agricultural College Fund Normal School Fund... Railroad and other deposits.. List of Railroad Aid Bonds on deposit: TOWNSHIP. Concord.. Constantine. Columbia Bangor Deerfield. Bingham.. Bethany $2,116,426 89 284,771 97 331,234 03 103,192 39 50,138 22 4,227 46 $2,889,990 96 AMOUNT. $15,000 00 50,000 00 Kalamazoo & South Haven. 20,000 00 15,000 00 Emerson ..Gratiot. Chicago & Michigan Lake Shore... 28,960 00 16,000 00 40,000 00 11,678 00 8,000 00 12,000 CO 10,000 00 .Lansing, St. Johns & Mackinac.. 9,998 40 8,000 00 15,579 00 21,224 00 5,613 90 20,000 00 25,000 00 40,000 00 15.800 00 Ronald Ionia Jonesville, Marshall & Grand River.......... Michigan Lake Shore. Paw Paw Valley. East Saginaw & Ann Arbor.... 19,985 00 6,400 00 11,200 00 6,000 00 Owosso & Big Rapids. Michigan Lake Shore.. Michigan Lake Shore.. |