STATE TREASURER'S ANNUAL REPORT, 1874. STATE OF MICHIGAN, STATE TREASURER'S OFFICE, To HON. JOHN J. BAGLEY, Governor of the State of Michigan: SIR-In compliance with the requirements of law, I have the honor to submit herewith the annnal report of this Department, for the fiscal year ending. this day. The balance of cash in the Treasury September 30,1873, was.... $854,713 44 2,044,908 52 The cash payments for the year were Balance September 30th, 1874.. The transactions in Swamp Land Warrants were as follows: $2,899,621 96 1,829,347 64 $1,070,274 32 $163,143 25 166,257 21 $329,400 46 201,290 81 $128,109 65 The demands upon the Treasury now due and those maturing on or before January 1st, 1875, are as follows: Past due Bonds and Coupons.. Trust Deposits due on demand.. $34,849 64 2,590 35 -- $12,810 00 34,054 30 Semi-annual Interest due November 1st, 1874. The following amounts have been received and are held in trust for the purposes named: Sinking Fund for the purchase of Bonds.. Canal Fund for retiring Bonds and for expenses- Primary School Interest Fund. Military Fund............... $563,862 90 85,615 86 68,754 76 85,177 39 9,153 72 107,879 14 $920,443 77 There has been received during the year from the Treasurer of the United States $26,241 76 as five per cent of the proceeds of cash sales of Government lands lying within this State. The total receipts from Specific Taxes were $471,263 71. Of this $22,885 75 was received for Mining Taxes from the Upper Peninsula; the remainder $448,377 96, is an amount sufficient to pay the interest on the Trust Funds and on the Bonded Debt of the State and leave $149,360 89 to be credited to the Sinking Fund. The balance in the Canal Fund September 30th, 1873, was.. $79,719 04 27,333 77 $107,052 81 $12,000 00 4,199 90 1,750 00 3,247 00 240 05 21,436 95 $85,615 86 This will be largely diminished by the cost of improvements now being made. The balance in the Military Fund September 30th, 1873, was... $85,168 28 33,382 50 In December, 1873, two of the $5,000,000 00 Loan Bonds, issued in 1838, were presented and paid. There are now outstanding of this class of bonds, $52,000 00, called part paid Five-Million Loan Bonds, and are adjustable at $578 57 per $1,000 00, or $30,085 64. STATE DEBT. The Bonded Debt of the State has been reduced during the year, by the purchase of unmatured bonds at their par value and accrued interest, to the amount of $144,000 00. To accomplish this I have, with your advice and at your earnest solicitation, made two trips to New York and other Eastern cities. The following table shows the bonds purchased since January 1st, 1871, and the amount of interest saved thereby : This statement does not include $313,000 00 of Two-Million Loan Bonds paid in 1873, nor $5,892 85 of Five-Million Loan Bonds, issued in 1838 and paid in 1871 and 1873, which, added to the total amount purchased, makes a reduction in the principal of the State Debt, during the past four years, of $800,892 85. The interest upon the State Debt for the fiscal year just closed was $95,400 91, while the interest received during the same time was Upon Surplus Funds... Past due Specific Taxes..... $41,639 70 16,397 89 $58.037 59 Making.. Deducting this amount from the amount paid there is a difference of $37, 363 32, that the State paid in interest more than it received. The funded and fundable debt of the State is as follows: Interest-Bearing Bonds. Sault Canal Loan Bonds, C's, due July 1st, 1879. Total Interest-Bearing Bonds.__ Non-Interest Bearing Bonds. $61,000 00 105,000 00 333,000 00 690,000 00 366,000 00 $1,555,000 00Q Adjusted Bonds due January 1st, 1863... $3,000 00 War Bounty Loan Bond due January 1st, 1863.... $52,000 00 part paid Five-Million Loan Bonds, adjustable at $578 57 per $1,000 00... *50 00 30,085 64 33,135 6+ Total Bonded Debt.... $1,588,135 64 The cash in the Treasury applicable to its payment is as follows: Sinking Fund... $563,915 93 Trust Funds received since July 1st, 1874.. 9,153 72 Canal Fund.. 85,615 86 Balance from sale of Two-Million Loan Bonds to pay adjusted and Five-Million Loan Bonds.. 33,135 64 $691,821 15 Which leaves the total Bonded Debt of the State, less cash set apart for its payment, $896,314 49. The Trust Debt of the State is composed of the following funds and Normal School Fund........... Railroad and other deposits.. SINKING FUND. $51,038 66 2,590 35 $2,943,862 37 The credit to this fund on the Trust Fund Ledger is $1,734,785 84. The debit on the main Ledger is $1,170,869 91, which gives a net credit of $563,915 93. This amount includes * $50 for a War Loan Bond, drawn for payment January 1st, 1863, which has never been presented. The credits to the fund during the year were: Trust Funds............ $70,983 01 Transfer from General Fund, Joint Resolution No. 7, 1869. 200,000 00 149,748 47 The transactions in this fund since its inception are as follows: One-sixteenth Mill-tax, 8 years levied, 1861 to 1868.. One-eighth Mill-tax, 10 years levied, 1862 to 1871. Excess of taxes for interest.. War expenses refunded by the United States. $111,511 06 357,256 57 1,217,814 89 266,828 40 Trust Funds received from February 1st, 1863, to July 1st, 1874. 3,069 17 1,734,785 84 200,000 00 The following table shows the condition of the Bonded Debt of the State for each year since 1835: * Paid October 20, 1874. |
