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STATE TREASURER'S OFFICE,
Lansing, Dec. 1st, 1862. To the Legislature of the State of Michigan:
GENTLEMEN-I beg to submit herewith a statement of the financial transactions of this department, as also an exhibit of the various funds of the State, for the fiscal year ending November 30th, 1862. The total amount of receipts of the office for the fiscal year, is...
$1,124,595 10 The balance against the treasury, and in my fa
vor Nov. 30th, 1861, was..... $27,179 79 The total of payments for the year is. 896,620 69 Leaving a balance in the treasury of. 200,794 62
During the past year, I have sold $158,200 of the war bonds authorized by “ an act authorizing a war loan," approved May 10, 1861. These bonds were mostly sold early in the year, to meet the war expenses incurred in 1861. The amount received for the bonds sold was,... $150,539 94 To which add for accrued interest,...
2,578 80 And for premium on gold received for bonds,... 31 88
The funded debt of the State is as follows: 1. Full paid “$5,000,000 loan” bonds, 6 per cts., due January 1st, 1863,...
$177,000 00 2. Adjusted bonds, 6 per cts, due Jan. 1st, 1863, 1,746,185 00 3. Temporary Loan, 7 per cts., due Jan. 1st, 1878, ។
50,000 00 4. Renewal Loan, 6 per cts., due Jan'y 1st, 1878, 216,000 00 5. Canal Bonds, 6 per cts., due Jan'y 1st, 1879,- 100,000 00 6. War Loan, 7 per cts., due Jan'y 1, 1886,.... 607,300 00 7. Outstanding Internal Improvement Warrants, 3,553 75
FUNDABLE DEBT. 8. $140,000 outstanding part paid " $5,000,000"
Loan, which, when funded, will amount to, 80,999 80
Total of funded and fundable debt,..
THB TRUST FUND DEBT
Is made up of the following items, to-wit:
$753,801 73 185,887 33 22,453 47 2,217 32
During the past year, the balance of the “Penitentiary Bonds,” amounting to $13,000, has been paid.
Under the provisions of Sec. 7, of " An act authorizing a war loan," approved May 10, 1861, and of Sec. 1, of "An act to pro• vide a tax for interest on the war loan," approved May 10, 1861,
the sum of $40,072 99 has been received, which is applicable to the War Loan Sinking Fund. The requisite drawings of the numbers of our small war bonds, to be redeemed, was made on the first of October, and the numbers drawn, have been advertised for redemption on the first day of January next. (I annex a statement of the numbers designated for payment.) This will
reduce the “war loan" debt to $567,227 01. It will be further reduced by about $43,000, which will be applicable to the sinking fund at the close of 1863.
In pursuance of Sec. 9, of " An Act to provide means for the redemption of the bonds of the State, maturing January 1st, 1863, approved March 11, 1861," I issued a circular to the holders of such bonds inviting an exchange of the six per cents. an. thorized to be issued by the act. In response to this circular a portion of our bonds have been exchanged, and sealed proposals invited for the purchase of the balance. Under the law, these proposals are to be received on the first day of December, in the city of New York. Upon the completion of this negotiation, it will be made the subject of a special report to the legislature.
TWO MILLION LOAN SINKING FUND.
Under the provisions of section 4, of Act No. 122, approved March 11, 1861, the sum of $21,506 98 has been levied in the State tax of 1862, which will be applicable to the sinking fund of the “two million loan” at the close of the year 1863. Section 6 of the same act also provides “that all moneys which may be paid into the Treasury after January, 1863, to the credit of the Primary School, Normal School and University Funds, shall be set apart and in like manner applied to the purchase of bonds issued under this act. This wise and liberal provision for the gradual but certain retirement of our bonds has had the effect to advance their value in the market, and to materially promote the credit of our State, which is soon to take rank among the most favored in the land. It is therefore respectfully suggested that no legislation hereafter should be permitted, the effect of which would alienate these funds from the object contemplated under the law above referred to. All of which is respectfully submitted by
J. OWEN, Treasurer of the State.