« ForrigeFortsett »
A Statement, showing the condition of the School, College, and Seminary Funds, on the 1st day of December, 1840.
Amount of School Fund, on the 1st day of Jan
Amount received into the Treasury, on the 24th
Amount received into the Treasury, on the 1st
Amount of surplus revenue, which was constitu-
Amount of College Fund, on 1st day of Janua-
Amount received into the Treasury, on 24th
Amount received into the Treasury, on the 1st
Amount of Seminary Fund, on 1st day of Jan-
Amount received into the Treasury, since that time,
Total amount of School, College, and Seminary Funds,
The amount of interest to be apportioned on the 1st of January next, is $46,053 61.— This sum is required to be apportioned under the new census, and as all the returns may not be reoeived by the 1st day of January, I would suggest the propriety of extending, by aw, the time of apportionment until the 1st day of February next.
A Comparative Statement of the Revenue of 1839, and of the year 1840.
No reports have yet been received of the amount of taxes assessed for the present year, in the counties of Stephenson and Winnebago.
The following is a statement of the present condition of the Treasury, in regard to the ordinary resources and expenditures: Amount due the Bank, on the 1st day of December, 1840, $ 194,921 44 Amount of outstanding warrants, ... 88,940 76 Amount of redemption money, due individuals, - 1,184 42
$ 285,046 62
To meet this sum, the State has the following resources, viz:
Amount of revenue,assessed for the year 1840,
(nett) say - • - - $ 110,000 00
Amount due from Revenue collectors, under
the old system, say - - 6,743 70
Amount of Revenue, due for the year 1839, say 19,000 00
Amount due from the citizens of Springfield, 16,666 66
Amount due from the Shawneetown Bank, for
Excess of Expenditures over Resources, for the year 1840, $ 112,040 81
The above sum of $285,046 62, embraces the appropriation of $128,300 00, expended in the building of the State House; deducting which, there would be resources, over and above the expenditures, to the sum of $ 16,259 19—supposing the above mentioned resources to be all available. I had hoped that the proceeds of the Bonds sold on account of the State House would have been realized before this time; but nothing has as yet been received from that source. What is the situation of that loan at this time, or what is the ability of the Poughkeepsie Locomotive Engine Company to comply with their engagements, I am unable to say. If there be no reasonable prospect of obtaining the money from them, immediate measures should be taken to re-possess ourselves of the Bonds, if they are still held by the Company, in order that another loan may be effected, and that the State may be protected from any loss. In the above estimate of the amount due from the Shawneetown Bank, I have charged one half per cent. on the whole ot her capital stock, as well that owned by the State as that owned by individuals. There is, however, a difference of opinion between myself and the Bank as to whether they ought to pay a bonus on the State stock; and I herewith submit to you the copy of a letter marked A., received from the Cashier of the Bank, in relation to this subject. The charter of the State Bank provides that a bonus of one half per cent. shall be paid on the capital stock owned by individuals; but the provision in relation to the Shawneetown Bank is general, and, in my estimation, applies to all the capital stock. The Bank is manifestly willing to do what may be legally right in this matter, and I have deemed it my duty to submit the matter to the Legislature. I presume, however, it would be better to have it judicially settled, by agreement of parties. The bonus due annually on the State stock, is $ 5,000.
The quantity of land which will become taxable, for the year IS 11, in addition to the quantity already taxable, is 2,229,227 acros, and for 1842, about 3,000,001) acres; there will, consequently, be a considerable increase in the revenue, from this source, in the next two years, unless property should greatly decrease in value. The revenue, for the present year, it will be perceived, is not so large as it was anticipated, and from the statement herewith exhibited, it will be perceived, that in many counties in the State, the revenue is net so great ns it was last year. Owing to this fact, and to the facts that the Slate House loan was not realized, and that the expenditures of the last session of the General Assembly and other expenditures greatly exceeded the estimates made by me, it is, that the condition of the Treasury at this time is not so good as Iliad supposed it would be. Under the present revenue laws, the Legislature will perceive that the revenue of each year does not become due uutil the succeeding spring and summer; and it will also be perceived that the heaviest expenditures of the State are made in the commencement of the year, viz: The expenses of the General Assembly, and the interest on the School, College and Seminary funds; whilst a considerable period must elapse before the revenue necessary to meet them can be collected. Heretofore the Bank has advanced to the State, on Auditor's warrants, in anticipation of the revenue, and no inconvenience has, consequently, been felt; but should the Bank be unwilling to do so hereafter, the warrants issued for the ordinary purposes of Government, will at once depreciate, unless the wisdom of the Legislature shall be able to devise some means for their more immediate payment.
I will submit to the committee on Finance such amendments of the revenue law as experience suggests to me to be necessary, as also a statement of the probable expenditures of the State,for the next two years. Respectfully submitted.
Auditor of Public Accounts.
Auditor's Office, Illinois,
Springfield, Dec. 10, 18-10.
Bank Of Illinois,
Shawneetown, I8(h Nov. 1840.
Dear Sir: Under date of the 5th of November, 1838, I made a statement to you of the bonus due from this Bank on the capital stock paid in on the 1st of January, 1838 and 1S39, amounting to $ 6,981 01; in which calculation was taken the amou.it of capital stock paid in by individuals and the State. After making this statement we understood that the bonus was not required to be paid on the State stock by the State Bank; or at least it was not paid by them; and believing that the Legislature would not require more from this Bank than the State Bank, in the shape of bonus, the whole matter has been suffered to remain until this time, without making payment according to be above mentioned calculation. We were in hopes that long ere this the question would have been settled, whether we had to pay oae half per cent, on the amount of the State stock or not; but as we are not aware of that fact, and there appears to be considerable doubt on this point, we have concluded to adjust the one half per cent. on the individual stock up to January next, and leave the bonus on the State stock subject to future investigation. In accordance with this arrangement, I herewith furnish you a statement, annexed, of the bonus due from this Bank on the capital stock paid in by individuals on the 1st of January, 1838,1839,1840, and 1841, amounting to $ 5,595 45, which amount we will forward to you by first private opportunity, in warrants issued by you which have been paid by this Bank, on your request so to do.