REPORT. AUDITOR GENERAL'S OFFICE, To the Honorable the Legislature of the State of Michigan: In obedience to the requirements of law, I have the honor to submit the following, my annual report for the fiscal year ending Nov. 30th, 1864: At the commencement of the fiscal year there was a balance in the Treasury of.... The receipts during the fiscal year are as follows: $353,603 95 883,045 28 From Canal Tolls,... From all other sources, State Tax, &c.,..... By the above statement it will be seen that the amount on hand in the State Treasury, at the close of this fiscal year, exceeds the balance on hand at the end of the last fiscal year by $86,443 32, showing a prosperous and encouraging condition of the finances of the State, especially when we take into consideration that a large portion of the receipts has been invested in War Loan Bonds, as will be seen by reference to the further details of this report, and that more than half a million dollars have been paid for bounties to volunteers. It is owing to the fact that the receipts into the Trust Fund have been by far larger this year than in any previous year, that it has been possible to expend such large sums in liquidation of War Bonds, and to increase at the same time the amount of cash in the Treasury by over $86,000. In compliance with Act 134, Laws 1863, these moneys were applied to the purchase of State Bonds; first, for the redemption of the outstanding bonds of the "Temporary Loan," amounting to $5,000, and for the purchase of bonds of the War Bounty Loan, to the amount of $230,000, (which loan was authorized by Act 24, Session Laws 1864.) WAR FUND AND WAR EXPENSES. According to my report of last year, the War Fund was overdrawn to the extent of ....... $120,387 04 During the fiscal year the following amounts were paid out of the Fund: For estimates of the Quartermaster General,.... 767,500 00 For interest on Bonds,.. 54,376 00 For National Cemetery at Gettysburg, (Act. 1, The following amounts were received into the und during the fiscal year: For Bonds sold with premium,..... $811,145 50 The total amount of outstanding War Bonds is $1,123,150, including the smaller bonds for $50 and $100, to the amount of $1,150, which have long since been advertised for liquidation, and on which no interest has been paid since 1863. The interest bearing bonds, therefore, amount to $1,122,000, and the interest thereon, accruing due on the 1st January, 1865, to $39,270. The amount of War Bounty Loan Bonds unsold, being $270,000, deducting the amount to which the fund stands overdrawn, $73,218 43, there would be a balance in the War Fund of $196,781 57, after the sale of said bonds at par. It is impossible to say whether this sum will be sufficient for the payment of bounties and other purposes, in the future. In my opinion it will be sufficient to pay all bounties yet due, under former calls, and all other minor expenses. Since, however, a new call for troops has been made, and a draft ordered, the Legislature may adopt measures for the payment of bounties hereafter, and in such a case it would be necessary to provide for a new loan. Circumstances will, perhaps, take place during the session which may influence the Legislature in their action on this subject. In accordance with various legislative provisions, I have issued my warrants on the War Fund, by virtue of the esti mates made by the Quartermaster General, approved by the Governor. This arrangement is a good one, inasmuch as it always places in the hands of the Quartermaster General the necessary funds with which to pay bounties and meet other expenses; but the estimates of the Quartermaster General should be made carefully, and strictly in proportion to the demands of his Department-in one word, they should not be "over-estimates." During the last fiscal year, the estimates of the Quartermaster General were so frequent, and for such large amounts, that he often closed his monthly accounts with a balance on hand of $50,000. Estimates were sometimes forwarded for twenty or twenty-five thousand dollars at a time, when the Quartermaster General had still the same amounts in his hands, unaccounted for, and in such cases I have deemed it prudent to decline to issue my warrant for such estimates. While, on the one hand, I deem it unjust to refuse the Quartermaster General the necessary funds to meet the expenses of his department, I would, nevertheless, consider it imprudent to make him, in fact, the depository or Sub-Treasurer of the State. It will be for you to decide whether any amendments to our present laws are needed in this direction. Out of the Soldiers' Relief Fund, created by Act 31, Session Law, 1863, I have issued my warrant, at the request of the Governor, in the fiscal year 1863, for $5,000; and during the fiscal year 1864 for $13,000, leaving a balance of $2,000 in the fund. According to accounts and vouchers, filed December 1st, 1864, the Governor has expended $14,783 18, out of the $18,000 received by him. There was, at the commencement of the fiscal year, in the State Military Fund, created by Act 16, Session Laws 1862, a balance of.... The transfer from the General Fund, being Mili tary tax provided for in Section 93 of said Act, amounts to..... $7,530 15 Total,... 19,628 70 $27,158 85 No warrant has been drawn on the fund during the fiscal year. Whether our present circumstances are of such a nature as to require an increase of the fund for our State Militia, it will be for you to decide. |
