The preceding statements show the operation of the General Fund in connection with the other Funds of the state. The receipts of the General Fund on its own proper account, are exhibited in the following statement: Moneys received into the Treasury, on account of the General Fund, during the fiscal year ending Sept. 30, 1844, viz: Auction duties,.... Salt duties, (of this sum there was paid for expenses at the Fees of Registers and Clerks in Chancery, Clerks of Sup. Interest on arrears of County Taxes,. 66 on Treasury deposits,. Tax on foreign insurance companies,. For pedlar's licences,. Fees of Sec. State's office and other State offices,. being half of the proceeds of the tax assessed in 1843, Miscellaneous receipts consisting of sundry small sums,... Moneys passing through the Treasury on specific accounts, and not forming any part of its general means,. Total amount of receipts, $174,749 36 146, 130 09 45,075 51 3,789 93 11,800 24 2,407 15 1,770 00 1,464 38 100,000 00 492,501 05 6,754 15 109, 177 15 $1,095, 619 01 For the Common School Fund look under the head of Common Schools. LITERATURE FUND. Capital. The capital of the Literature Fund consists of State stocks of this State, and shares in certain Banks and Insurance Companies, as follow: Certificates of 5 per ct. stocks of this State amounting to,. 100 shares, at $60, in Albany Insurance Company,. 579 shares, at $28 in N. Y. State Bank,. 23 shares, at $20, in Canal Bank, Albany,. 2554 shares, at $50, in Merchants' Bank, N. Y.,. Money of this fund in the State Treasury,. $117,720 87 Total productive capital,.. 6,000 00 16,212 00 460 00 127,700 00 897 70 $268,990 57 To this Fund, also, belong about 11,000 acres of land, valued at $5,000; but this will continue unproductive till the lands are sold. The Receipts and Disbursements during the fiscal year ending Sept. 30, 1844, were as follows: Disbursements. Apportioned to academies, including incidental expenses,. Contingent expenses of Regents of the University,.. One year's interest on $4,825 of State Stock held in trust for Delaware Academy,..... Total Disbursements..... Balance in Treasury, Sept. 30, 1844,. BANK SAFETY FUND. The means of this Fund, for the fiscal year ending Sept. 30, 1844, were as follow: There have been paid from this Fund, up to Sept. 30, 1844, for the redemption of bills of the following banks, the annexed sums: Balance due the General Fund, 30th Sept. 1844,...... $369,664 67 343,716 80 $25,947 87 In the preceding statement the item of $250,665.61 includes the appropriation to the Common School Fund of $165,000; to the Literature Fund, of $28,000; the various sums granted to colleges, medical schools, and other institutions, the pay of County Superintendents of Schools, &c., &c. The item of $343,216.80 is made up chiefly of $275,206.41 for interest on loans of capital in the several counties; and sales of lands for non-pay. ment of interest, to the amount of $64,816.50. During the fiscal year to which the whole statement relates, the sum of $326,257.29 of principal loaned was paid back to the fund. Receipts and disbursements for the fiscal year ending Sept. 30, 1844. To Marine Hospital, Staten Island, .... 9,000.00 For salary of Secretary, and other contingent expenses, 1,150.00 Total,. $18,150.00 TONAWANDA RAILROAD COMPANY SINKING FUND. Amount invested 30th Sept., 1844, $5,793.15 69.78 $5,862.93 HUDSON AND BERKSHIRE RAILROAD CO. SINKING FUND. Amount invested 30th Sept., 1844,................ Money in the Treasury,. Total, $13,369.31 161.56 $13,528.87 LONG ISLAND RAILROAD COMPANY SINKING FUND. Amount invested 30th Sept., 1844, Money in the treasury, $3,000.00 31.25 $3,031.25 Total,..... The investments referred to in each of the statements of the foregoing sinking funds, consist of stocks of this state and Comptroller's bonds. DEBTS OF THE STATE. Direct Debt of the State, as it stood Sept. 30, 1844. Taken from the Comptroller's Annual Report, dated Jan. 20, 1845. GENERAL FUND AND RAILROAD DEBTS. State stock issued at 5 per cent to J. J. Astor,.. Principal. $561,500 00 348,107 00 State stock issued to the Ithaca & Owego R. R. Co. viz: at State stock to the N. Y. & Erie R. R. Company, viz: at 41 Indian annuities at 6 per cent,. do Temporary loans to the Treasury at 6 per cent, do do at 7 per cent,. Due for loans from specific Funds, at 6 per cent... Total, $5,634,507 68 The aggregate yearly interest on this total sum, is $310,535.35. In explanation of the preceding statement it should be observed that the sum of $122,694 87, stated as the principal of the Indian annuities, has no actual existence. It is a mere nominal principal, found by computing what would be the sum necessary to produce, at the rate of 6 per cent per annum, an amount of interest equal to the sum of $7,361.69 paid as annuity. These annual payments, called annuities, are the only sums for which the state is, or ever will be, liable under this head, unless, at the request of the annuitants, the state should consent to convert the annual payments, or any portion of them, into a sum equal to their present worth, and, by paying that amount, extinguish the annuity, and all further de mand on the state to the extent of the yearly payment thus converted. The nominal principal, therefore, is no part of any actual debt of the state, and finds place in these fiscal exhibits only as appertaining to the form of presenting the account. So, also, in reference to the sum stated as I due to specific funds," much of it constitutes no real debt to any actually existing creditor, but only represents the condition of accounts between different funds created by stat ute, but each alike the property of the state. Indeed, a very considerable portion of what appears as public debt, in the above exhibit, is in reality exactly the reverse, being part of the means of the state for paying its debts. This remark applies particularly to the sum of $617,385.06, which is included in the total amount" due to specific funds," but is in fact, as ap pears by the Comptroller's Report already cited, so much money derived from the revenues of the Canal Fund, and denominated a loan. As between the two funds, namely the General Fund and the Canal Fund, and as appertaining to the form of keeping the accounts, the exhibit is right; but it is obvious that the sum referred to, is part of the resources of the State, not of its debts. |