the Senators elect, and has ordered the same to take immediate effect by a vote of two-thirds of all the Senators elect. Secretary of the Senate. The bill was referred to the committee on engrossment and enrollment for enrollment. The Speaker also announced the following: SENATE CHAMBER, Lansing, March 21, 1874.{ To the Speaker of the House of Representatives: A bill to amend section seven, of title ten, of act number four hundred and ninety-seven, of the laws of eighteen hundred and sixty-nine, entitled, "Au act to revise the charter of the city of Lansing," approved April third, eighteen hundred and sixty-nine; In the passage of which the Senate has concurred by a majority vote of all the Senators elect, and has ordered the same to take immediate effect by a vote of two-thirds of all the Senators elect. Very respectfully, JAMES H. STONE. The bill was referred to the committee on engrossment and enrollment for enrollment, The Speaker also announced the following: SENATE CHAMBER, Lansing, March 21, 1874.) To the Speaker of the House of Representatives: SIR-I am instructed by the Senate to re-transmit the following concurrent resolution: Resolved (the House concurring), That the publisher of any daily or weekly newspaper published in the State that shall publish the proposed amendments to the Constitution, with accompanying notes of reference, as passed by this extra session of the Legislature, shall be entitled to receive the sum of twentyfive dollars therefor. The Board of State Auditors are hereby authorized to allow said amount on proof of such publication by the proprietor of such newspaper; For which the House adopted the following substitute: Resolved, By the Senate (the House concurring), That each newspaper in this State, which shall publish and circulate to its subscribers, at any time between the 15th day of August and 15th day of September next, the Constitution and amendments as submitted by the present Legislature, with the compiler's notes to the electors, shall receive a compensation of twenty-five dollars,, the same to be paid by the State Treasurer on the warrant of the Auditor General, after said Auditor General has received satisfactory proof of the publication of the Constitution and amendments as aforesaid, by any publisher of a. newspaper; And to inform the House that the Senate has amended the substitute by striking out the words "between the 15th day of August and 15th day of Sep tember," and inserting in lieu thereof the words "on or before the 1st day of June," In which amendment the concurrence of the House is respectfully asked. Very respectfully, On motion of Mr. Hosner, JAMES H. STONE, The House concurred in the amendment made to the resolution by the Senate. COMMUNICATIONS FROM STATE OFFICERS. STATE TREASURER'S OFFICE, To Hon. C. M. CROSWELL, Speaker of the House of Representatives: SIR-In response to the resolution of the House, of the 19th inst., requesting me to report the names of the banks in which money belonging to the State is deposited, the amount in each respectively, the bond or bonds taken to secure the State from loss, the names of the signers of said bonds, and the amount of liability of each signer thereof, I beg leave to say that while the publication of the information sought could not affect this office or me personally, it might, for reasons that are apparent to every business man, be productive of great personal injury to individuals. In every case the security taken is at least four times, and in some cases twenty times the amount of money deposited; and the obligations are of the strongest nature, holding each boudsman individually for the entire amount. But to reveal their names might injure their general credit, and injure with it the security of the State, while it is not apparent how the public interest could be in any way promoted by such publicity, any more than the welfare of a business community could be promoted by publishing the names of every indorser, and the amount for which he was liable on notes given to a bank. Having no desire to withhold from the Legislature any information in relation to the business of this office, I respectfully ask that a committee of the House, or a joint committee, be appointed to examine the securities given by the respective depositaries, and look into any and all of the matters that may be desired. And I hereby beg to assure the House that such committee will be cordially received, and every possible facility furnished for as thorough an investigation as may be wished or sought. It cannot be deemed improper, since the financial affairs of the State have become a topic of general discussion, to say that the amount of money now in the State Treasury is all there by the operation of law. It has come from taxes levied by acts of the Legislature, and from interest received on deposits in banks. If the sum is too large it is not the fault of the Treasurer. It is his duty to take care of it all until payments are made upon the warrant of the Auditor General. During my three years' service as Treasurer, I have purchased $440,000 of State bonds, not yet due, being $180,000 more than have been purchased of this class of bonds in any previous four years. I have also paid $313,000 of bonds at maturity, and $7,157 14 of past due bouds. More unmatured bonds would have been purchased but for the legal restriction on the Treasurer, that he shall not pay a price above par and accrued interest for such bonds. A large balance is necessary to purchase bonds in lots of $133,000 and $96.000, as I have done. Great labor, watchfuluess, and perseverance, have been required to find these bonds in the hands of parties willing to sell at par; and in this work I have been constantly and materially aided by Governor Bagley. With money plentiful in New York on call at one per cent, and large sums offered at two per cent without borrowers (as stated by the Wall Street Journal of March 14), it is plain that the difficulty of taking up Michigan 6's and 7's is greatly enhanced, while the further difficulty of obtaining more than four per cent for funds of the State loaned on call in perfectly secure hands is also enhanced. The specific taxes of the State are becoming more and more productive, and the Legislature is devising new sources for specific taxes which rapidly increase the revenue. Our people have paid their taxes more promptly than ever before. No State in the West collects its taxes with so little loss. While other States are renewing their old bonds or negotiating new ones, and some of them cannot sell their bonds at half their face value, Michigan stands ready to-day to redeem $500,000 of her debt not yet due, if she could only find men who would accept par and accrued interest for her obligations. Contrary to the old practices in this State, the appropriations to institutions receiving money from the Treasury for new buildings or running expenses, are not now paid over to the officers of such institutions in a lump, but are kept in the State Treasury, and paid out in amounts as wanted, on vouchers through the Auditor General's office. This is of itself a great safeguard, devised by the wisdom of the Legislature. The money remains where it will bring interest to the people, instead of being scattered all over the State and in the hands of parties who give no bonds. This explains why a considerable balance remains in the Treasury. Many of our taxes are collected and paid into the Treasury six months before the money is needed; but for this, the law alone is responsible. The Treasurer must receive the money whenever paid. While large amounts of revenue come in during the winter and spring, the various appropriations are spread over the whole year; and the balances on hand will be very greatly reduced before the end of the year. For example, the balances of appropriations made by law payable prior to January 1, 1875, are as follows: State Library, act No. 20, Jaws 1873. $1,500 00 Geological Survey, joint resolution 62, of 1869, and joint resolu tion 3 of 1872.. 23,000 00 Also to be paid May 1st, Primary School apportionment, at least $200,000 00 Agricultural Fund interest... Also to be paid quarterly, University Fund interest Normal School interest, payable on demand. Salaries for remainder of the year, estimated. Awards of Board of State,Auditors, estimated. 30,000 00 8.000 00 3,000 00 111.000 00 130,000 00 95,000 00 Total amount of appropriations and payments for which the Sinking Fund now in Treasury, required by law to be kept unexpended... $1,367,521 12 $282,000 00 Canal tolls required by law to be kept unexpended, for final redemption of Canal bonds... 69,000 00 Proceeds of $2,000,000 loan to pay adjusted and past-due $5,000,000 of loan........... 33,135 64 Agricultural College Fund for use or appropriation, for which there is no law.. 106,200 00 $490,335 64 An appropriation made by the Legislature becomes at once a debt that the State treasury must pay, and it must be satisfaction to every citizen to know that from wise and careful legislation, and from the prompt manner in which our people meet their taxes, we are ready at all times to meet demands upon the treasury that are due, and fortunately for us, not due too. I have felt, since I have been entrusted with the management of the financial affairs of the State, that my position was a business one, and that the conducting the finances of the State was simply a business operation. Having now communicated all the information pertaining to the treasury which in my judgment can be made public at this time without serious injury to parties whose interests are entitled to careful consideration, I renew my assurances of the utmost readiness to offer to any committee of the House of Representatives or any joint committee the fullest opportunity for investigation of any matter whatsoever pertaining to my department. Very respectfully, The communication was laid on the table. V. P. COLLIER, SENATE CHAMBER, To the Speaker of the House of Representatives: SIR-I am instructed by the Senate to return to the House the following concurrent resolution: Resolved (the Senate concurring), That from and after Saturday, March 21, 1874, at 10 o'clock A. M., the two Houses will transact no business other than for the President of the Senate and the Speaker of the House to sign enrolled bills for the approval of the Governor, and the entry of the same on the jour nals of the proper Houses by the Secretary and Clerk, and the time of final adjournment of this Legislature shall be on Tuesday, the 24th day of March, 1874, at 12 o'clock noon of that day; And to inform the House that the Senate has amended the same so as to read as follows: Resolved (the Senate concurring), That from and after Saturday, March 21, 1874, at 6 o'clock P. M., the two Houses will transact no business other than for the President of the Senate and the Speaker of the House to sign enrolled bills for the approval of the Governor, and the entry of the same on the journals of the proper Houses by the Secretary and Clerk, and the time of the final adjournment of this Legislature shall be on Thursday, the 26th day of March, 1874, at 12 o'clock noon of that day; In the passage of which as thus amended the Senate has concurred. On motion of Mr. Fey, JAMES. H. STONE, The House concurred in the amendments made to the resolution by the Senate. The Speaker also announced the following: To the Speaker of the House of Representatives : SENATE CHAMBER, LORNAT, March 31, 1874.} SIR-I am instructed by the Senate to re-return to the House the following: joint resolution: House Joint Resolution, entitled, Joint resolution proposing amendments to the Constitution of the State of Michigan, And to inform the House that the Senate concurs in the recommendation of the House, that the joint resolution be referred to the engrossing and enrolling. committees of the Senate and House. Very respectfully, JAMES H. STONE, Secretary of the Senate. The joint resolution was referred to the joint committees on engrossment. and enrollment for enrollment. Mr. Lockwood offered the following: Resolved, That the Clerk of the House be requested to forward by mail to the members one copy each of the daily journal of this House for the last six days of this session, and that he be hereby directed to procure the postage stamps necessary to forward the same, and draw his order for the payment. thereof. Which was adopted. On motion of Mr. Grant, The House took a recess until 5:45 o'clock 5:45 o'clock P. M.. The House met and was called to order by the Speaker. Roll called: not a quorum present. On motion of Mr. Green, The House adjourned until Monday next at 11 o'clock A. M. |