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LANSING:
W. S. GEORGE & CO., PRINTERS TO THE STATE.

1869.

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REPORT.

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AUDITOR GENERAL'S OFFICE,

Lansing, Michigan, November 30, 1869.
His Excellency, HENRY P. BALDWIN,

Governor of the State of Michigan i
The Auditor General submits the following report for the
fiscal year ending this day:
The total Treasury receipts from all sources during the fiscal
year amounted to....

1$2,116,586 59 To which add balance in the Treasury at close of last fiscal year.-

1,130,227 15

And there appears, as the amount of funds
available during the year.

$3,246,813 74
Against which am't warrants have been drawn
and charged, amounting to.

2,412,724 02 Leaving a balance charged to the State Treas

urer at the close of business this day of.... $834,089 72

STATE INDEBTEDNESS.

The total bonded debt of the State matured and unmatured,

amounted, on the 30th day of Nov., 1868, to..$3,614,078 49 This day it amounts to

33,043,578 49

Showing a reduction since Nov. 30th, 1868, of..

$570,500 00

1 Including $2 52 charged State Treasurer under Joint Resolution No. 25, Laws of 1869.

Of this amount, $42,578 49 being past due bore no interest. 3 This inclndes $84,078 49 past matured, on which the interest has been stopped. Vide Appendix, p. 4.

66

This reduction has been accomplished as follows:
By purchase :
Two Million Loan, due Jan. 1, 1873

$28,000 00 1, 1878

44,000 00 War Loan, due Jan. 1, 1886

6,000 00 Renewal Loan, due July 1, 1878 ..

8,000 00 Canal Loan, due July 1, 1879..

2,000 00 By payment: Two Million Loan, due Jan. 1, 1868.-

3,000 00 War Loan, due Jan. 1, 1886, drawn, and paid from War Loan Sinking Fund.

479,500 00

Total as above..

$570,500 00

As was shown possible by the Auditor General, in his last annual report, the State debt has, during the fiscal year just closed, been virtually reduced by an amount considerably in excess of one million dollars—virtually—for, though the actual payment thereof, as shown above, amounts to but $570,500 00, yet the funds with which to meet the yet outstanding War Loan Bonds—$596,600 00—are now at hand waiting the presentation of said Bonds for payment. When presented they will be paid and cancelled, and thus the war loan indebtedness will be extinguished. This large reduction in the State debt will be appreciably felt in the supplemental reduction of the annual interest thereon, amounting to upwards of $80,000 00. By the passage of Joint Resolution No. 7, Laws of 1869, it

1 was made the duty of the Governor, State Treasurer, and Auditor General, to jointly examine into the condition of the Treasury, and to determine the maximum amount of funds that could be used for the purchase of Bonds of this State.

1 Auditor General's Report, 1868, pp. 8 and 81.

This resolution was construed as providing for the investment of any surplus over and above the balance to the credit of the Sinking Funds. Under this construction of the intention of the Legislature in the passage of said resolution, the officers therein designated acted at their first meeting on the 26th day of March, 1869. It was there expressed as the opinion of said officers that the amount of funds? then in the Treasury, together with the justly anticipated receipts thereto during the year, would warrant the use of $200,000 00 -in excess of the amounts accruing to the Sinking Fundsin the purchase of outstanding Bonds of this State. And

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The law provides the manner by which the balance to the credit of the Sinking Funds shall be invested. Senate Joint Resolution No.5 (7) provides for the investment of any surplus over and above the balance to the credit of the Sinking Funds.

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On the 26th of March, ultimo, the State Treasurer proceeded, in pursuance of law, to draw for redemption $300,000 of war loan bonds. In addition to that sum, he has authorized, and hopes to be able to purchase $200,000 of the first maturing bonded indebtedness of the State.

HENRY P. BALDWIN."

“ AUDITOR GENERAL'S OFFICE,

Lansing, March 25, 1869. 2 Statement of the condition of the War Loan and Two Million Loan Sinking Funds this day, as shown by an examination of the books of this office, showing the amount now standing to the credit of said Funds; also, the receipts to the Trust Funds since July 1st, 1868, but which have not yet been credited to the Two Million Loan Sinking Fund: Balance to credit of Two Million Loan Sinking Fund, Nov. 80, 1868. $75,402 04 Deduct am't expended in purchase of Bonds to date....

60,000 00 Balance in said Fund this day.

$15,402 04 Balance in War Loan Sinking Fund, Nov. 30, 1868, (same to-day,).. 420,038 07 Aggregate credit to Sinking Funds this day

$435,440 11 Add receipts to Trust Funds since July 1st, 1868, not yet transferred to Two Million Loan Sinking Fund

139,595 07 Am't this day in Treasury pledged to the payment of the State debt. $575,035 18"

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