Connecticut Western Reserve School Fund. Amount of said fund loaned to the Fund Commissioners prior to the 15th November, 1848 Amount of interest accruing on said fund up to Jan. 1, 1849--- Interest overdrawn- $158,659 00 8 $9,519 54 0 9,618 89 0 $99 35 0 School Section No. 16. Amount of said fund loaned to the Fund Commissioners prior to the 15th November, 1848--- Amount paid to County Treasurers during the year Total amount loaned to the State-- Amount of interest accruing on said fund up to Jan. 1, 1849 --- Moravian School Fund. Amount of said fund loaned to the Fund Commissioners, prior to Amount of interest accruing on said fund up to Jan. 1, 1849--- Ministerial Section No. 29. Amount of said fund loaned to the Fund Commissioners, prior to the 15th November, 1848 - Amount paid by County Treasurers during the year -$1,074,418 88 2 43,265 56 9 -$1,117,684 45 1 $63,944 53 7 63,944 53 7 $2,562 97 0 $150 16 4 150 16 4 $33,302 79 3 1,520 85 S Total amount loaned to the State $34,823 65 1 Amount of interest accruing on said fund up to Jan. 1, 1849--- Amount of said fund loaned to the fund commissioners prior to the 15th November, 1848 $1,897 39 0 Amount of interest accruing on said fund up to July, 1849--- $113 84 0 $113 84 0 Total amount of irreducible school and trust funds loaned to the fund commissioners, and constituting part of the State domestic debt $138,939 29 7 120,034 77 4 158,659 00 8 41,024 05 2 2,562 97 0 1,117,684 45 1 34,823 65 1 1,897 39 0 $1,615,625 59 3 Special school and trust funds distributed during the year, to the several districts, being interest on the irreducible funds, and rents on Virginia military school lands. Amount of special school and trust funds paid during the year ending November 15, 1849--- 150 16 4 89,444 58 1 1,951 75 7 113 84 0 3,714 29 3 $95,224 47 1 Add common school fund distributed and paid to the countiesTotal amount of school and trust funds paid out of the State treasury during the year ending on the 15th Nov., 1849-- 200,000 00 0 $295,224 47 1 SURPLUS REVENUE FUND. Amount received from the treasurer of the United States - $2,007,260 34 0 $1,151,441 22 9 16,806 43 0 Amount paid to the fund commissioners of counties and remain- Amount loaned to canal fund commissioners- the act of March 13th, 1843, prior to 15th During the year 1847-- During the year 1848 During the year 1849-- -$272,990 10 5 183,426 16 7 839,012 68 1 $2,007,260 34 0 Appropriations of Surplus Revenue. Appropriated for the redemption of turnpike bonds -- Appropriated for the redemption or purchase of State bonds 7 per cent. stocks --- Appropriated for payment of faith and credits bonds, to be re funded out of sinking fund--- Balance in the Treasury 15th November, 1849 $337,369 86 208,312 08 92,742 90 200,587 85 The whole of the principal of the Surplus Revenue loaned to the counties will be due to the State on the first of January 1850, and subject by the provisions of the law to the draft of the Treasurer of State; with the exception of the balance due by the counties which availed themselves of the condition of the act of 13th March, 1843, providing for annual payments until the year 1852. After the money becomes due, the counties will be required to pay six per cent. interest upon the balances remaining unpaid if there shall be no further legislation on the subject. But as the State has to pay seven per cent. upon the bonds for which the Surplus Revenue is pledged, and many of the counties having paid up the whole or a large part of the sum originally loaned to them, while other counties have repaid no part of the principal, it is submitted whether equity does not require that these counties shall be charged seven per cent. upon the sums retained by them. They have received seven per cent. from the individuals to whom the money was loaned, who will still be charged the same rate, while the State has hitherto required but five per cent. It seems, therefore, to be but equitable that the counties which have paid up as required by law should be placed on a looting of equality with the counties which still retain a large part of the fund. This can be done only by requiring them to pay the same rate of interest which the State has to pay upon the money retained by them. Whether any additional provisions should be made for enforcing payment by any county which may fail to pay over the money when required by the Treas urer, is submitted for the consideration of the General Assembly. The condition of the State finances does not make it necessary that any harsh or severe measures should be resorted to for the purpose of enforcing immediate payment of the whole amount by the individual debtors, or by the counties. The object should be to secure the payment upon such terms as will be just and equitable within the current year, or when the Treasurers make their annual settlement in February, 1851. The interest of the State does not require that any stringent measures should be adopted to enforce payment before that time. Where the counties have loaned the fund to individuals, it is believed that its collection should be left in the hands of the county auditor and treasurer, the county being bound to pay the money to the State when required. The payment of the one per cent. upon the sums repaid by the counties to the State, under the act of 13th March, 1843, will cease after the first of January, 1850. Five per cent. Interest Fund. Amount of 5 per cent. interest received from the counties upon the Surplus Revenue during the year ending 15th Nov. 1849 Transferred to Common School Fund- Surplus Revenue Interest Fund. Amount paid for 1 per cent. interest to counties upon principal repaid to the State under the Act of 13th March, 1843-Received from County Treasurers 1 per cent. upon amount retained by counties over their proportion upon re-apportionment of the fund in 1840 Paid County Treasurers 1 per cent. $6,419 09 1 205 12 1 $6,624 21 2 NATIONAL ROAD FUNDS. Balance in the Treasury on the 15th November, 1849, viz: Balance of tolls-- Balance of bonds Outstanding draft Tolls received during the year ending 15th November, 1849-- Bonds issued $297 24 134 76 371 00 803 00 46,253 38 3,668 78 $50,725 16 $44,660 36 3,433 13 3,006 38 51,099 87 $374 71 Bonds due to creditors of the road, remain in the Treasury to the amount of $797 16, which being added to the above overdraft makes the sum of $1,171 87 of overdraft on account of tolls. There has been paid out of the toll fund for interest on the bonds issued to the creditors of the road for the years 1847, '48 and '49, the sum of $10,283 90. It is claimed by the Board of Public Works that this sum shall be refunded to the toll account. The act for the settlement and payment of claims for work on the National Road passed March 2d, 1846, expressly pledges the revenues of the road over and above the expenses of repairing and superintending the same for the payment of the interest on the Bonds issued to the creditors. If it shall be found that the revenues will not be sufficient to pay more than the expenses, the interest must be provided from other funds. It was deemed proper, however, that the revenues of the road should be charged with the interest until it shall appear that they are not more than sufficient to pay the expenses. THREE PER CENT. FUND. Balance in Treasury 15th November, 1848 Paid out during the year ending 15th November, 1849 Balance in Treasury 15th November, 1849----- $634 51 6 13,246 57 0 $13,881 08 6 634 51 6 $13,246 57 0 $155 84 2 COMMERCIAL HOSPITAL AND LUNATIC ASYLUM. Amount paid into the Treasury by Cuyahoga county-- $232 00 0 It is supposed that an additional sum is due by the United States to the three per cent. fund. Any amount which shall be received on account of this fund, can be transferred and used during the year as General Revenue, to supply, in part, the deficit in that fund, as the money will not be paid over to the counties before 1851. IV. SYNOPSIS OF THE APPROPRIATIONS FOR 1849, INCLUDING BALANCES OF 1848, AND OF THE BALANCES UNEXPENDED NOVEMBER 15, 1849. |