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Esq. acting commissioner, I would respectfully refer you to his printed o: of the current year, to the president of the board of internal improvement commissioners.
The amount advanced D. C. McKinstry, Esq. was in the ordinary prosecution of his duties as acting commissioner, and which, I have been recently informed, will nearly or quite be liquidated by claims which Mr. McKinstry has now in progress of settlement with the present board of commissioners.
The advances made to the commissioners superintending the erection of the state prison, were made at their urgent solicitation and representation, that the amount they wished advanced was absolutely necessary to render useful to the state the sum which had already been expended.
The advance to J. D. Pierce, Esq. Superintendent of Public Instruction, was for the purpose of enabling that officer to complete the distribution to the several counties of the amounts due them respectively, for the support of primary schools, and was considered at the time, as only anticipating the dues to his department for interest accruing on lands sold; a part of which have since been received and placed to his credit.
In answer to the resolution inquiring how the $77,000, as reported by the bank commissioners, has been advanced, the number of individuals to whom advanced, when advanced, the security therefor, the authority for advancing it, and whether it was advanced out of any of the funds of the state-the undersigned believes the Senate will deem sufficient and satisfactory his statement, that the advances comprising this sum, were made upon satisfactory security furnished to the bank, and are considered as a part of its current business, for which the state is in no manner liable, nor the funds in deposite to the state in any pledged for their payment.
All which is respectfully submitted.
- F. H. STEEVENS, President. Honorable E. MUNDY, President Senate.
Advances made to Public Officers by the Michigan State Bank, as per statement of 21st January, 1839.
To James B. Hunt, acting commissioner of internal improvement, in the month of March, 1838, $29,347 00
To D. C. McKinstry, acting commissioner internal improvement, balance between commencement of account to expiration of his office, as commissioner, 4,270 37
To Porter and Gibson, state prison commissioners, between September 23, 1838, and January 10, 1839. 23,358 37 To J. D. Pierce, Superintendent of Public Instruc
tion, since 1st January, 1839, 14,778 89 Amount paid since statement of above date, 771 69 $72,526 32
F. H. STEEVENS, President. Honorable E. MUNDy, President of Senate.
Report of the Ypsilanti and Tecumseh Railroad Company.
To the Hon. Edward MUNDy,
The Ypsilanti and Tecumseh railroad company have the honor herewith to transmit to the legislature their annual report.
The company would at the same time, 1espectfully refer to the resolution now pending before the Senate, authorizing the transfer from the internal improvement fund to the Ypsilanti and Tecumseh railroad fund, of the balance of the loan made by the state to this company, and beg leave to present to your honorable body the facts in the case.
The loan having been granted to the company by the state upon such conditions as the legislature thought proper to impose, the conditions were fully complied with, amply securing to the state the repayment of the money with semi-annual interest; fifty thousand dollars of the loan was received the last summer, and the assurance was had of the receipt of the whole of the balance by the first of January last. The company, to indemnify themselves for the interest accruing on the money not wanted for immediate use, made propositions to several banks to receive it in deposite, allowing interest on such amount as should remain in deposite, and to disburse for the company as they should re
q An arrangement was finally effected with the Bank of Tecumseh, at seven per cent interest, upon the agreement that a proportionate part of the disbursements should be made out of the remainder of the state loan, the bank refusing to enter into the arrangement if required immediately to disburse the whole amount of the expenditures of the company. The arrangements for prosecuting the works on the railroad have been made with a view to economize in the expense of engineering, by avoiding a protracted system of operation, (the yearly expense of that department being the same, whether more or less work is done on the road,) and having the one hundred thousand dollars provided for, almost the entire work is under contract and is now progressing accordingly, with great despatch, and the faith and responsibility of the company is pledged to the contractors, upon the faith of the state pledged to the company, the payments to be made for the work upon monthly estimates. The company are informed that by some inadvertence of the Governor or Treasurer, the forty thousand dollars remaining of the loan was not passed to the credit of the Ypsilanti and Tecumseh railroad fund on the 1st January last, which renders it necessary to have the sanction of the legislature now, to transfer that amount from the internal improvement fund, and unless that transfer is made, the company cannot receive it before April or May. In the present condition of the work, should the company be subject to this delay, they will be subject to great embarrassment and sacrifice, and the contractors to great disappointment; for the company could not meet its engagements. The bank with which their deposites are made, refuses to advance contrary to the agreement, which only requires a proportionate part, being disposed to guard its own interest and safety, and that of the public in the present excited state of public feeling about banks, by curtailing its circulation instead of increasing it, and consequently the question is now proposed to the Senate whether the funds granted by the state and fully secured by the company, shall be withheld at the loss of the interest to the state, without any advantage, and contrary to the faith pledged to the company, and the company be compelled to violate their contracts and be subjected to the consequent sacrifice. The company have not presented any petition or asked of the legislature the exercise of their liberality in making any new grant, nor have they deemed necessary to employ agents in any manner to press the subject upon the legislature, but simply ask that the state officers may be enabled, by the consent of the legislature, to fulfil to the company what they would have done of right, but for inadvertence, and what the state has already guaranteed. S. BLANCHARD, President Company. S. L. SPAFFord, Secretary. Tecumseh, February 2, 1839.
To the Honorable the Legislature of the State of Michigan.
The Ypsilanti and Tecumseh railroad company, in pursuance of the provisions contained in their charter, and also in the act entitled “An act authorizing the loan of a sum not exceeding one hundred thousand dollars for the benefit of the Ypsilanti and Tecumseh railroad company,” respectfully report to the legislature the following statement of the receipts and expenditures of said company, including the cost of said road already paid by the said company, to wit:
Receipts. Amount received on account of the state loan, $60,000 00 Expenditures.
For the right of way for the railroad, 4,313 21 grubbing, clearing and grading, 5,133 77 timber, &c. for superstructure, 5,686 78 expenses of engineering and contingencies, 6,325 45
- $21,459 21 Add interest on loan paid State Treasurer, 1,530 00
$22,989 21 Dated February 12, 1839. S. BLANCHARD, President and Director. S. L. SPAFFORD, Director. G. W. JERMAIN, Treasurer.
STATE of MICHIGAN,
I, Ebenezer Anderson, a justice of the peace in and for the said county, hereby certify that on the thirteenth day of January, 1839, Stilman Blanchard, Samuel L. Spafford, and George W. Jermain, whose names are subscribed to the foregoing report, appeared before me and made oath that the facts stated in said
report are true. EB. ANDERSON, Justice of the Peace. Tecumseh, 13th Feb. 1839.
Report of the Committee on Incorporations, relative to the Berrien county mutual insurance company.
The committee on incorporations, to whom was referred the petition of certain inhabitants of the county of Berrien, praying for an act incorporating the Berrien county mutual insurance company, ask leave to submit their report. That they have had under consideration said bill and petition, and given it that deliberation which it should receive, and would respectfully submit their views in relation to it. The object to be obtained, as set forth in the petition, is to form a mutual insurance company for the benefit of the community in which it is located, against the loss of property by fire. Your committee believes there are good and valid objections why the prayer of the petition should not be granted. First. If the object is to protect against losses under the mutual insurance plan, your committee believes, that a county society would be inadequate to the object to be attained. In case of severe loss, the amount to be raised would subject the members of the mutual insurance company to inordinate taxation promptly to raise the means, which, if not raised, would defeat the whole object of the insured; thereby the very benefits to be derived would be wholly lost. There are other objections to the granting of other acts for this purpose: there are now three acts of incorporation for similar purposes, with power to establish agencies in any and every portion of this state. Notwithstanding the long period of time that has elapsed since these acts of incorporation have been passed, published and incorporated in our statute book, your committee believe they grant but few policies of insurance compared with foreign agencies among us. It would naturally be inquired why it is The only reason that suggests itself to the committee is, that from too frequent legislation upon this subject, that the people have no confidence in the acts of incorporation or the corporators, to carry out the intentions of the legislature, in granting them these special privileges; and if this is the case, your committee can see no reason why another act should be added to the list. If the system of mutual insurance be good, which your committee believe it to be, they can see no cause for creating a new act, when the object can be attained through an agency of those already established. By adding one act of incorporation to another, on the mutual insurance plan, destroys the usefulness of all. By the division, the several companies or members thereof are liable to greater taxation for the expenses of carrying out the objects and intentions of the legislature. In case of losses their