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The finances of our State are in good condition. By the timely and wise legislation of your predecessors, the financial panic which threatened us in the early part of last year was successfully avoided, our people were saved from loss, and the state was enabled to meet promptly all demands against it. Our credit is good, and our state debt so small that it can be easily paid whenever it is necessary.

The constitution makes it my duty to communicate to you the condition of the State, and to recommend to your consideration such matters as seem to me expedient.

The reports of the various officers, made as required by law, are herewith submitted.

FINANCES,

The whole amount of state debt is as follows:
State bonde held by individuals, ....
State bonds held by trust funds,..
Certificates of indebtedness, trust funds,
Temporary loan from trust funds,
Currency receipts issued by treasurer,..

$747, 700 194, 100 700,000 663, 000 359, 753

Total state debt, .......
Of which there is due to the school fund...........
Of which there is due to the normal school fund,..
Of which there is due to the university fund,..

Whole amount due trust funds.................

$2,664,553 1, 156, 100 313, 000 88,000

$1,557, 100

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$558,200 of the state bonds have been taken up and cancelled by the state officers charged with that duty, during the past year, in accordance with the provisions of section 3, chapter 282, general laws of 1865.

Provision has been made for the payment of $528,000 of the temporary loans from the trust funds, and the currency reccipts (8959,753) issued by the state treasurer, from the taxes collected for 1865.

Both amounts will be paid in February of this year, and when paid, the state debt will amount to $1,776,770, a little more than two dollars for each indiviJual in the state.

The balance of the temporary loan from the trust funds,$155 ,000, was made after the levy of the tax for 1865, as it was not definely itknown at the time the lesy was made, how much would be necessary for the paý. ment of the extra pay to soldiers' familine, consequently there is no provision made for its payment. I recommend that the time for the payment of the certificates of indebtedness given for that balance, be indefinitely extended, thus making it a permanent loan to the trust funds.

By the terms of section 13, of chapter 320 of the general laws of 1865, the stato agrees to take up at par, its bonds owned by any insurance company, and on deposit with the state treasurer, as required by the same law, on the 1st day of January, 1870, should the owner of the bonds so olect.

This will, in effect, be readily accomplished before that time arrives, by the commissioners of school and university lands, who will, under author

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ity of prosent laws, as rapidly as possihle, invest the trust funds ander their charge in the outstanding bonds of the state. They have already advertised for six hundred thousand dollars of them for the investment of those funds, and when this amount is so invested, there will remain but $147,700 of state bonds in the hands of outside parties.

The receipts into the trust funds during this year will, in all probability, be sufficient to retire this amount; so that the whole amount of the state debt will then be due to the trust funds, where I hope it will permanently remain, as recommended in another portion of this message.

I recommend the passage of a law authorizing the cancellation of all state bonds now held by the trust funds, and all others which may hereafter be so held, and that certificates of indebtedness, running to the funds each separately, according to the amount dye from the state to each, not negotiable or transferable, be issued in their stead, by the proper officers. This will be a great convenience to the financial officers of the state, and a mea-, sure of safety.

The revenues of the state for the fiscal year are estimated as follows:

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It is confidently expected that the state authorities will be able to effect a full settlement with the United States during the present year, and that the state will be fully reimbursed for all moneys expended for war purposes, which properly belong to the General Government to pay. Vouchers for a large amount are already filed with the proper auditing officers at Washington, and in process of settlement, and other vouchers are now being prepared for transmittal.

Congress will probably enact laws during its present session, which will facilitate the final adjustment of all claims of this nature.

There was received during 1865, from the United States, on account, the sum of $300,238 26.

The secretary of state estimates that the whole amount of expendi. tures from the state treasury for this fiscal year will be $1,677,900 00, for the following purposes, for current expenses of state government, viz: Salaries and permanent appropriations,...

$64, 450 00 Legislative expenses,...

70, 000 00 Miscellaneous expenses.

57, 650 00

$192, 100 00 Balance due on appropriations,.

61, 800 00 Appropriations not anticipated,..

30, 000 00

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160,000 00 528, 000'00

Interest on state debt...............
Payment of temporary loan from the trust funds, for war purposes,
Due on currency receipts issued by the state treasurer, pursuant to

chapter 282, laws of 1865......
State prison and charitable institutions,..
War expenses, (extra pay to soldiers,).

384, 000 00 122, 000 00 200, 000 00

............

Total expenditures,.......

$1,677, 900 00

GENERAL FUND.

The whole amount received into the general fund during the last fiscal year was.........

$1,618, 615 49 Balance in the fund September 30th, 1864,..

32, 349 85

$1,650, 965 84

The disbursements amounted to $1,491,536 20. Balance in the fund September 30th, 1865, $159,429.14.

The whole amount expended during the year for ordinary state expen. ses was $231,687 14, of which sum $88,000 were for the expenses of the last legislature.

There was paid to the state prison and charitable institutions, the sum of $127,325 50.

The balance of the disbursements were for transfers to other funds, payment of state debt and interest, and for other extraordinary purposes not connected with the usual expenses of the state, for the details of which, I refer you to the report of the secretary of state.

The amount of productive normal school fund on the 30th day of September, 1865, was:

Due on certificates,....
Due on mortgages, .....
Due on state bonds and certificates of indebtedness,..

$180, 547 87

186, 034 00 278, 000 00

Total,

$594, 681 87

The receipts and disbursements of this fund during the last figcal year were : Receipts-transferred from other funds,..

mi...

$95, 653 89 Disbursements—$88,000 00 being loans,

91, 805 55 Balance Sept. 30, 1865,.

$4, 845 05 The receipts of the normal school fund income for the last fiscal year amounted to,..

12, 225 34 Disbursements for the same time, for clerk hire, printing and protecting lands, were,....

1, 955 05 Leaving a balance in the fund Sept. 30, 1865,.....

$10, 270 29 The amount of productive drainage fund was, at the close of the last fiscal year,................

$56, 399 72 The receipts during the year were.........

27, 824 24

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....................

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The disbursement were : Loane, .........

12,628 00 Transferred to normal school fund,

14, 824 22 Delinquent tax and printing, ......

257 49 Total..........

$27, 209 71 The receipts of the drainage fund income for the last fiscal year were : For interest,........

$4, 989 38 Transferred from swamp land income,..

7.701 25 Total,

$12, 690 63 The disbursements were as follows: Apportioned to counties .........

$9,621 21 Clerk hire, appraising and protecting lands, and printing,

1, 638 29 Refunded,...

268 54 Transferred to normal school fund income,......

1, 334 65 Total, ........

$12, 872 69 The amount of the school fund at the close of the fiscal year was: Amount due on lands sold..........

$675, 037 11 Amount due on mortgages,....

289, 122 75 Amount due from state on bonds and certificates of indebtedness,... 1,000, 700 00 Total,...........

$1,964, 859 86 The receipts of the last fiscal year were: For sales of land........

$31, 029 31 Dues on lands paid,

188, 495 62 Loans paid..........

132, 176 95 From the United States-5 per cent,...

148, 784 06 Taxes............

22, 628 06 Penalties, fines refunded aud transferred.......

5, 186 30 Tota), ..........

$528, 300 30 The disbursements were for : Loans,

$180, 778 00 Delinquent taxes,..

21,309 20 Advertising and printing,.

3, 329 82 Refunded items,.............

1, 746 79 Transferred to normal school fund,........

14, 170 58 Total,.........

$521, 334 19 The interest accruing from the school fund, together 'with twenty-five per cent. of the income of the normal school fund, constitutes the school fund income, the receipts of which, during the fiscal year, were: For interest, .......

$158, 042 47 Transferred from swamp land fund,..............

3, 224 49 Penalties, sales of dictionaries and timber,.....

2, 014 52 $163, 281 48

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The disbursements were as follows:
Apportioned by the state superintendent,........
Transferred to other funds,..
Refunded interest,.....
Dictionaries,...
Clerks in land department,..
Protecting lands from trespassers,....
Appraising forfeited mortgaged lands,...
Printing, advertising and costs of suits,...

$151, 816 84

4,237 46 8,551 26

800 Od 8,552 32 2, 739 89

221 40 891 20

$177, 809 87

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The cost of the care of the school lands and of the management of the fund during the year, amounted to $15,734 43.

The receipts of the swamp land fund during the last fiscal year, were $91,411 40.

The disbursements for the same period, mostly transferred to other funds, were $95,391 13.

Leaving the fund overdrawn $2,625 26. The receipts of the swamp land fund income for the fiscal year amounted to......

$19, 463 20 Balance in fund Sept. 30, 1864,...

2,683 72

$22, 146 92

The disbursements for the same period amounted to $21,964 07. These disbursements were mostly transferred to other funds. The proceeds of the sale of lands granted by congress for the support of a state university constitutes the university fund. The amount belonging to this fund September 30th, 1865, was as follows: Amount due on certificates,..

$96, 870 55 Amount due on mortgages,..

10,910 00 Amount due from the state,.

53, 000 00

........

.......

$160, 780 56

The receipts of this fund on account of sales of land, dues paid and taxes and penalties for the last fiscal year, amounted to $47,581 42,

The disbursements for the past fiscal year were : For loans

$42.750 00 Delinquent taxes, advertising, printing and refunded items,.....

1, 406 56

$44, 156 56

The receipts of the university fund income, for the last fiscal year were, for interest, $11,757 77. Disburgements to the university were,..

$10, 300 00 Clerk hire, ...............

900 00 Refunded items, eto.....

1,518 39

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$12, 718 39

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