Deferred Five Per Cent. Canal Stock. The amount of one-half the principal of Bonds surrendered chargeable to canal, for which 5 per cent. stock issued to non-subscribers to $800,000 loan to canal, is as follows, viz: Stock to non-subscribers prior to July 1st, 1847,.... Total stock issued to Aug. 5th, 1850,... $344,000 106,000 49,500 81,000 54,000 67,500 $702,000 Special Preferred Two and One-half Per Cent. Canal Stock. The amount of one-half of the interest on Wabash and Erie Canal Bonds surrendered chargeable to canal, for which 24 per cent. stock issued to subscribers of $800,000, as loan to Canal, is as follows, viz: Stock to subscribers prior to July 1st, 1847,. $1,106,725 Stock to subscribers to July 1st, 1848, 98,950 Stock to subscribers for one-half of coupons surren dered to July 1st, 1848,.. 7,950 Stock to subscribers for one half of coupons surren dered to Aug. 5th, 1850,.. 2,625 Total issued to Aug. 5th, 1850,.. $1,216,250 Special Deferred Two and One-half Per Cent. Canal Stock. The amount of one-half the interest on Wabash and Erie Canal Bonds surrendered, chargeable to Canal, for which 2 per cent. Stock issued to non-subscribers to loan of $800,000 to Canal, is as follows, viz: Stock to non-subscribers prior to July 1st, 1847,.... $101,212 50 30,587 50 13,725 00 Stock to non-subscribers, for one-half the coupons, to 1,325 00 Stock to non-subscribers, to July 1st, 1849,. 22,250 00 ... 15,950 00 Stock to non-subscribers, for one-half the coupons to Feb. 4th, 1850,... 2,762 50 Stock to non-subscribers to Aug. 5th, 1850,.. 19,500 00 87 50 ..... Total stock issued to Aug. 5th, 1850,. Deduct 2 per cent. State Stock redeemed,. Total outstanding Aug. 5th, 1850,......... $4,781,500 00 1,736,727 50 4,079,500 00 702,000 CO 1,216,250 00 207,400 00 $12,723,377 50 20,000 00 $12,703,377 50 Interest is paid by the State on State 5 per cents. only, and that at a rate of 4 per cent. until 1853, after which the rate will be 5 per cent. After 1853 the 24 per cent. State Stock will bear that interest. The Canal stocks are thrown upon the Canal for their redemption, principal and interest, under the arrangement of the Public Debt of the State with the bondholders. INTEREST ON STATE DEBT. The amount of Interest due and paid to the 5th Aug. 1850, under the arrangement with the Bondholders, is as follows: Former reports from this department erroneously stated the amount of the issue of quarter per cent. Treasury notes at $100,000, the Auditor being misled by the blank Register in his office. It appears upon examination that this sum was prepared by the Auditor for circulation and countersigned by the clerk, but the last $30,000 from No. 14,001 to No. 20,000, were never signed by the Treasurer or accounted for by him, the amount not being wanted for the pur. pose for which this description of notes was designed, the redemption of Fifties of the six per cent. issue. The sum of $70,000 only was charged to, and accounted for by the Treasurer of State, Geo. H. Dunn Esq., in his report of Nov. 22d, 1842. He also reports that he had paid out of these funds the sum of $41,250 in the redemption of 50's, leaving in his hands the sum of $28,750, which was kept in original packages, transferred by Mr. Dunn to Mr. Mayhew, and by Mr. Mayhew to Mr. Hannah, and was finally destroyed by the Committee of Ways and Means in January, 1848. It will be seen that the amount redeemed already exceeds the amount issued and accounted for in the sum of $5,940, to which is to be added the probable amount still in circulation, say $2,000, making a total excess of $7,940, all of which is a loss to the State. It was found on registering the notes received during the last year that a large portion of them, although genuine, were duplicate numbers, and notes of this description have from time to time been registered amounting to about this excess. The attention of former officers was called to this subject, but they were unable to throw any light upon it. An examination of the matter by a committee of the Leg islature is respectfully suggested. INTEREST ACCOUNT. The following sums have been paid at the State Treasury as Interest on Treasury Notes: Add Interest on notes on hand, 6 per cents, Total,..... • ... $258,676 04 82,263 33 572 54 $341,511 91 35,000 00 25,000 00 $401,511 91 |