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sale of war bonds, this sum augmented yearly after 1863, will be annually available to this fund. For the year 1863 the amount will be somewhat less, or $39,645 99, for the reason that full interest on the loan is payable January 1, 1863, which was not required while the sale of bonds was progressing.

The General Fund Receipts are also extraordinary, as compared with the average of the preceding three years; showing an increase of 70 per cent. It must be borne in mind, however, that all classes of State taxes are levied and assessed together, and are received into the Treasury without distinction, and are, with all specific taxes, credited to General Fund, and from this fund are transferred to their appropriate funds. The amounts • 80 transferred during the last year, are as follows: To Primary School Interest Fund,..

$51,168 15 " University

19,323 72 « Normal School,

1,238 75 “ Interual Iprovement Fund,..

108,744 15 All the above from Specific taxes.] " War Loan Siuking Fund,..

40,072 99 “ Military Fund, ....

7,301 39 « War Fund for Interest on Loan,.

40,680 50 " Asylum Fund,..

43,000 00 " Normal School Interest Fund,..

6,500 00

Total,.....

$318,029 65

INTEREST ON STATE DEBT.

The interest falling due within the past year on the funded debt of the State, including Canal Bonds, guaranteed was $178,401 60, besides which, there were at the commencement of the year, outstanding coupons, due $5,564 48.

The funds appropriated to meet this interest were, From Specific Taxes,..

$108,744 15 War Loan Interest Tax,..

40,680 50 Canal Tolls,..

6,000 00 General Revenues,...

22,976 95 The outstanding coupons were provided for in former years,...

5,564 48

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July 1st.

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The interest falling due in 1863, is as follows:

January 1st. On Full Paid $5,000,000 Loan Bonds, $ 5,310 00 Adjusted Bonds,..

52,378 21 “ Temporary Loan Bonds,.. .... 1,750 00 « Renewal Loan Bonds,

6,480 00 « Canal Bonds,...

3,000 00 * War Loan,....

21,255 50 * $2,000,000 Bonds,..

$1,750 00 6,480 00 3,000 00 19,852 00 62,500 00

Totals,....

$90,173 71 $93,582 00 Total falling due within the year, .....

$183,755 71 Provision is made for meeting this amount as follows: From Specific Taxes, after paying interest on Educational Funds, say..

$105,000 00 From the War Loan Interest Tax,...

41,107 50 Canal Tolls,....

6,000 00 General Revenues,.

31,648 21

$183,755 71

Total,.....
Besides outstanding coupons, provided for in for-

mer years,...

$2,516 75

STATE DEBT.

At date of this report, the total interest bearing debt of the State, including part paid bonds at legal rate of adjustment, and Canal Bonds guaranteed by the State, is (see schedule "A") $2,981,038 55.

On the 1st day of January, 1863, it will stand, after paying War Loan Bouds advertised for, thus: Temporary Loan,.

50,000 00 Renewal Loan...

216,000 00 War Loan (without further sale),..

567,200 00 Two Million Loan,..

2,000,000 00 Canal Loan, guaranteed,.. ..

100,000 00 Outstanding Int'l Impr't Warrants,

3,553 75

Total,.....

$2,936.753 75

Under existing provisions of law, this debt is subject to rapid reduction through the appropriate Sinking Funds; or, in case the bonds cannot be purchased, the Sinking Funds are subject to rapid accumulation, amounting at the close of the year ensuing, in all probability, to $140,000 During the year, the State debt was increased by the amount of War Bonds sold $158,200, and reduced by the payment of Penitentiary Bonds $13,000, and Internal Improvement Warrant Bonds $50, taking up the last of these two classes of bonds.

WAR FUND AND WAR EXPENSES.

During the past year, War Loan Bonds have been sold to the amount of $158,200, adding to the War Fund,.... $150,539 94 The Fund has been further increased by accrued interest on bonds at date of sale,.....

2,578 80 Premium on gold,.....

31 88 Transfer from General Fund of am't of int. on the loan falling due within the year,.

40,680 50

Total amount available,..

$193,831 12 The Fund was overdrawn at the com

mencement of the year to am't of,.. $16,345 40

The expenditures from this Fund for which I have drawn my warrants on on the State Treasurer, are as follows: On estimates of the Paymaster Gen'l, 3,600 00

" Quartermaster 48,500 00 For War Loan int. coupons presented, 39,219 25 For payment of vouchers presented at this office for war expenses, ...

68,582 50

176,247 15

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Leaving amount to credit of Fund Dec. 1, 1862,... $17,583 97

The total amount expended from this fund since its commencement may be summed up as follows:

For pay of troops and State Military Departments, $113,173 17

recruiting officers and necessary recruiting expenses, horses, clothing, subsistence, transportation of troops and stores, and for all

classes of hospital and military stores, &c.,... 533,011 38 Expenses of draft commission-say,..

11,000 00 Interest on War Loan,....

39,219 25

Total,

$696,403 80

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There is a balance in the hands of the Paymaster
General,......

$2,714 83 There is also a balance in the hands of the Quartermaster General,....

212 03 Of the above amount expended there has been sent forward to the proper department at Washington claims for reimbursement to the amount of,.......

$632,992 29 Deduct our quota of the national tax, $426,498 84 And anıount reimbursed by gene:ål government,....

92,003 00

518,498 84

Gives balance in favor of the State,....

$114,493 45 subject to adjustment, aside from expenses of the draft commission, and other expenses not yet sent forward. The claims sent forward not having been adjusted, it is impossible to form an estimate of the amount which will finally be placed to the credit of the State at Washington.

MILITARY FUND.

During the year a small amount only of claims against this fund have been presented, and these were for expenses incurred prior to Dec. 1, 1861. The balance to its credit is $10,050 90. In view of the fact that no organization of the State Militia, under the law of 1862, has been entered upon, and the further fact that when organized, the fund gives promise of being sufficient to meet the necessary expenses, it is elieved that the levy of State tax for 1862, on account of this fund, will prove ample to meet its requirements. The State tax for 1863, devoted to this purpose will be $19,628 70.

SPECIFIC TAXES.

This is becoming an important branch of the State revenues. The amount received during the year, aside from mining taxes, is $180,474 77; paying as contemplated by the State Constitu. ton, the interest on the educational funds, and $108,744 15 of the interest on the State debt. The receipts during the past year on this account are somewhat extraordinary, by reason of the payment towards their arrears by the M. S. & N. I. R. R. Company. The amount so paid is $26,213 22. The amount still unpaid and in contest before Supreme Court, by them, is $14,895 90, including balance of interest computed to July 1, 1862, and amounting to $5,954 10, which I have charged them in accordance with commercial usage and the practice of this department. An early decision of the case by Supreme Court is anticipated.

The case of the reported arrears of the D. & M. R. Company remains as at the date of my former report.

The insurance specific tax promises a fair addition to the State revenue, amounting during the past year to $3,767 68.

Act No. 198, of 1861 (Laws of 1861, page 408) requires that certain taxes shall be refunded which may have been paid upon lands exempt from taxation by reason of having been located with land warrants issued for services rendered in the war of 1812, and also provides for the canclement of sales and deeds made for the non-payment of this class of taxes, and the return of the money to the purchaser.

I have found myself embarrassed in the effort to act under this law, for the reason that no provision was made of a fund from which to meet this class of demands. Were the amount of the claims likely to be made under the act small, no inconvenience would arise; but in view of the fact that the question involves probably not less than $25,000.00 to $30,000 00, I

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