To the Honorable the Legislature of the State of Michigan: In obedience to the requirements of law, I have the honor to present you herewith my Annual Report: The receipts into the Treasury during the fiscal year ending Nov. 30, 1862, are as follows: From sales of University and School Lands,.... $51,473 51 "War Loan bonds,... 153,160 62 At the commencement of the year the Treasury was overdrawn to the amount of..... $28,334 53 During the year I have drawn my warrants on the State Treasurer, as follows: For expenses of the War Fund,.....$159,901 75 "other expenses, 736,151 33 $ 924,387 61 $200,207 49 Of this balance there will be required to meet Leaving balance in the Treasury subject to warrant, Dec. 1st, 1862,.... Interest on State debt, January 1st, 1863,.. $92,690 46 It will appear from a comparison with preceding years, that the receipts during the past year on account of Primary School, Normal School and University Funds, exceed the average of the preceding three years, by more than 62 per cent. The same ratio of increase for the ensuing year, will produce from these three sources more than $82,000 00. After Jan'y, 1863, this class of receipts is to be applied to the $2,000,000 LOAN SINKING FUND, in accordance with Section 6, of Act No. 122, 1861, (Laws of 1861, page 165). Taken with the proceeds of the 3 of a mill tax, which, as required by Section 4, of the act above cited, I have levied with other State taxes of 1862, and amounts to $21,506 98, an ample fund is constituted for extinguishing this, the principal class of our State indebtedness. WAR LOAN SINKING fund. The tax of 1-16th of a mill required by Sec. 6 of Act No. 5, of the extra Session of 1861, (Laws of 1861, page 608) has been levied for each of the years 1861 and 1862, and the amount realized to this fund from the levy of 1861, is ..... $10,753 49 The fund is further increased by the surplus of the assessment of $70,000 required by Act No. 4, same Session, (Laws of 1861, page 605) over amount necessary to pay interest on War Loan,. 29,319 50 Making a total amount to the credit of this fund, and immediately available for the retirement of bonds, $40,072 99 Under the existing provisions of law, if there be no further |