The Treasurer of the State of Michigan has the honor to submit to the Legislature his annual report: The balance of cash on hand, Nov. 30, 1865, was.. The total payments for the fiscal year were,..... Leaving a balance in the Treasury, of. . . . . $468,401 81 1,901,990 69 $2,370,392 50 1,791,385 18 $579,007 32 Annexed hereto is a statement of the sources from which the money was received, and the accounts for which the payments were made. I also add the ledger balances, showing the condition of the various funds and trusts. WAR FUND. During the past year I have issued $370,000 of "war bounty bonds," under the provisions of "an act authorizing a war bounty loan," approved March 2d, 1865. Of this sum, $118,000 was exchanged for soldiers' bounty certificates, by an arrangement with the Quartermaster General, as stated in my last annual report, and the balance, $252,000, I purchased for the sinking funds, and for the investment of the proceeds of the educational trust funds, as provided by act No. 134, of the laws of 1863, and act No. 309, of the laws of 1865. As the expenditures for the war are now nearly closed, it is not probable that any further issue of bonds will be necessary; but in case the amount now in the hands of the Quartermaster General, and to the credit of the war fund, is insufficient to pay the bounties yet due, provision of law should be made for supplying the money from the general fund. As the Auditor General's signature to the coupons, on the "war bounty bonds" last issued, was engraved, they could not be used hereafter, and I have destroyed all the remaining sheets. A new bond will have to be engraved and printed, in case you decide to issue new bonds, for any deficiency that may occur, rather than supply the money from the general fund. STATE DEBT. On the 1st day of January, A. D. 1861, the funded and fundable debt was as follows, to wit: 8. Part paid five million loan bonds, adjustable at 9. Outstanding Int. Imp. warrant bonds,...... 91,992 63 3,615 16 .$2,388,842 79 Making a total amount of.... Since January 1st, 1861, the following new loans have been issued, to wit: Two million loan, Act of March 11, 1861, issued in liquidation of adjusted bonds, and 5,000,000 loan, ... War loan, Acts of May 10, 1861, and March 14, 1863,.... ..$2,000,000 00 1,249,400 00 500,000 00 War bounty loan, Act of Feb. 5, 1864,.... Adding the debt as per the preceding statement, 2,388,842 79 $6,853,242 79 During the above period the following amounts of the above bonds, have been redeemed and canceled, to wit: War bounty bonds, (Act of Feb. 5, 1864,)...... 500,000 00 War bounty bonds, (Act of March 2, 1865,)... 252,000 00 Total of payments, . $2,873,321 54 Which leaves the funded and fundable State DEBT AT THIS DATE, as follows: Sault Canal Bonds, 6's, due January 1, 1878,.... $100,000 00 216,000 00 250,000 00 War Loan Bonds, 7's, due Jan. 1, 1886,.. War Bounty Bonds, 7's, due May 1, 1890,...... Adjusted Bonds, past due,... ..... Full paid Five Million Loan, past due, War Loan Bonds, called in Jan. 1, 1866,. . . . . . $125,000 of Unrecognized Five Million Loan |