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On account of State Debt Sinking Fund 30,522 26

On account of interest on State Debt 316,674 34

On account of State Agent expenses 3,980 93

On account of Revenue 1S55 refunded 12,337 65

On account of Revenue 1854 refunded 559 79

On account of Revenue 1S53 refunded i7 58

On account of Attorney General 1,000 00

On account of interest University Bonds 3,935 10

On account of Township Library Fund 91,494 91

On account of Professors' salaries 4,967 66

On account of Saline Fund 217 64

On account of Common Schools 333,777 34

On account of Wabash and Erie Canal 200,524 S7

On account of State Prison 53,S56 03

Add balance on hand Nov. 1, 1856 624,735 03

Total 81,963,7 11 14

All of which is respectfully submitted.

W. R. NOFSINGER,

Treasurer of State.



I



Doc. No. 3. ] [ Part I.

ANNUAL REPORT



OF



THE AUDITOR OF STATE



OF THE



STATE OF INDIANA.



SHOWING THE RECEIPTS AND EXPENDITURES OF THE TREASURY
DEPARTMENT FOR THE FISCAL YEAR ENDING OCTOBER 31, 1856.



TO THE GENERAL ASSEMBLY.



INDIANAPOLIS:

WILLIAM J. BKOWN, 8TATE PKINTEB.
1856.

1 D. J.— 9



REPORT.



OFFICE OF AUDITOR OF STATE, j
Indianapolis, Nov. 1, 1856. j

To the General Assembly :

The thirteenth clause of the second section of the act " prescri-
biDg the powers and duties of Auditor of State," approved May 27,
1852, requires the State Auditor to "report and exhibit to the
General Assembly, at its biennial meeting, a complete statement
of the revenues, taxables, funds, resources, incomes and property
of the State known to his office, and of the public revenues and
expenditures of the two preceding fiscal years, with a detailed
estimate of the expenditures to be defrayed from the Treasury,
for the ensuing two years," &c. In obedience to these requirements,
and other laws relative to the duties of his office, the following re-
port, showing the operations of this Department for the year ending
October 31, 1856, is respectfully submitted :






120



A GENERAL STATEMENT of the Receipts and Expendi-
tures during the fiscal year, commencing November 1, 1855, and
ending October 31, 1856.

RECEIPTS.

There was remaining in the Treasury
at the close of the last fiscal year,
thesumof $468,224 15

During the year ending October 31,
1856, the following amounts were
received, viz :

REVENUE.

On account of revenue of 1855 $544,673 29

On account of delinquent revenue of

1855 24,856 75

On account of delinquent revenue of

1854 41,588 70

On account of delinquent revenue of

1853 »-.. 273 50

On account of delinquent revenue of

1852 34 27

611,426 51

SWAMP LANDS.

On account of sales of swamp lands 74,860 89

BENEVOLENT INSTITUTIONS.

On account of Asylum for the Blind- • $2,132 08
On account of Hospital for the Insane 1,686 98
On account of Deaf and Dumb Asy-
lum, 5,022 01

8,841 07

BANK TAX FUND.

On account of principal $3,562 52

On account of interest on loans 167 07

3,729 59



121

UNIVERSITY FUND.

On account of loans refunded $5,519 02

On account of interest on loans 5,053 45



$10,572 47



SALINE FUND.



On account of principal * $3,475 40

On account of interest 867 92



SURPLUS REVENUE FUND.



G -



4,343 32



On account of principal $300 00

On account of interest 165 94

On account of excess of sales of lands • • 79 00

544 94



CONGRESSIONAL TOWNSHIP FUND.

On account of interest on loans 45 74

TREASURY FUND.

On account of loans refunded •• • $384 50

On account of interest on loans 78 17

462 67

TOWNSHIP LD3RARY FUND.

On account of delinquent tax of 1853* • $1,006 54

On account of taxes of 1854' 84,485 35

On account of delinquent taxes of

1855 4,771 01

1 1 u< «, - 90,262 90

•lydo" STATE DEBT SINKING FUND.

On account of taxes of 1855- $46,434 85

On account of taxes of 1854 935 19

On account of delinquent taxes of

1855 2,144 72

On account of delinquent taxes of

1854 4,008 87

On account of delinquent taxes of

1853 27 35

53,560 97



122

COMMON SCHOOL FUND.

On account of delinquent tax of 1854 • $20,453 24

On account of tax of 1854 11,806 87

On acconnt of delinquent tax of 1853 • ?80 88

On account of delinquent tax of 1842- 148 08

On account of tax of 1855 286,337 43

On account of delinquent tax of 1855* • 14,898 31
On acconnt of interest collected by

treasurers - 53,446 33

$387,371 14

MISCELLANEOUS .

On account of sales of Revised Stat-
utes $28 70

On account of estates without heirs- * • 313 45

On account of interest on State bonds • 4,760 13

On account of sales of lots in Indianap-

apolis 444 15

* . 5,546 43

WABASH AND EKIE CANAL.

On account of tolls and water rents- ■ • • $128,486 59

On account of lands East and West Tip-
pecanoe ;• 1M08 50

On account of lands in Vincennes Dis-
trict 87,760 07

Miscellanous 150 00

Interest on Deposites 1,087 18

r 238,892 25

STATE PRISON.

On account of State Prison 5,026 11

Total receipts from November 1, 1855, to October
31, 1856, including balance on hand November 1,
1955 • $1,963,711 14



123



EXPENDITUKES.

The amounts audited during the fiscal year ending October 31st,
1856, were as follows, viz:

ORDINARY EXPENDITURES.

On account of Supreme and Circuit

Judges $18,983 87

On account of Executive Officers, in-
cluding Attorney General 5,150 75

On account of Public Printing, Paper

and Binding 12,729 91

On account of Fuel and Stationery- • • 4,772 54

On account of State House 1,418 56

On account of Governor's House 784 42

On account of State Library 947 94

On account of Militia 317 06

On account of Governor's Circle 63 00

On account of State Prison • • • 6,512 84

On account of distribution of Laws,

&c 186 25

On account of Contingent Fund 2,807 61

On account of Specific Appropriations, 1,070 15

On account of Prosecuting Attorneys, 3,777 68



$59,522 68



REVENUE.

On account of revenue of 1853, re-
funded $17 58

On account of revenue of 1854, re-
funded 365 00

On account of delinquent revenue of

1854, refunded 190 94

On account of revenue of 1855, re-
funded .... 6,598 80

On account of delinquent revenue of

1855, refunded 5,742 70



12,915 02



SWAMP LANDS.

On account of payments for drainage, &c 117,318 62

BENEVOLENT INSTITUTIONS.

On account of Blind Asylum $25,463 59






124

On account of Hospital for Insane- • • $42,240 04
On account of Deaf and Dumb Asy-
lum 31,345 28

$99,048 91

UNIVERSITY FUND.

On account of professors' salaries • • • • $4,700 83

On account of loans to borrows 4,250 00

On account of expenses of rand 266 83

9,217 66

BANK TAX FUND.

On account of expenses of fund 72 71

SALINE FUND.

On account of expenses of fund $137 14

On account of interest refunded 80 50

217 64

I

TREASURY FUND.

On account of expenses of fund 11 50

SURPLUS REVENUE FUND.

On account of expense of fund 32 26

CONGRESSIONAL TOWNSHIP FUND.

On account of expense of fund $10 03

On account of fund distributed 17 50

27 53

TOWNSHIP LIBRARY FUND.

On account of expenses of libraries* • $91,460 95

On account of taxes refunded 33 96

91,494 91

STATE DEBT SINKING FUND.

On account of purchase of stock and

exchange $30,476 32

On account of taxes refunded 45 94

30,522 26



125

PUBLIC DEBT.



On account of interest and exchange • • $3,260 00
On account of interest on State debt- • • 316,674 34
On account of expenses of Agency* • • • 3,980 93



COMMON SCHOOL FUND.



On account of distribution of fund* • • • $331,942 18

On account of expenses of fund 1,485 15

On account of taxes of 1854 and 1855

refunded 350 01



$323,915 27



MIOELLANEOUS.

On account of Porter's Indiana Re-
ports $3,773 84

On account of interest on University

Bonds 3,935 10

On account of Colonization of Free

Blacks 238 00

On account of miscellaneous items • • • • 1,044 80

On account of expenses of Supreme

Court 1,972 04

On account of Free Banking 2,250 00

On acount of New State Prison 47,343 19



WABASH AND ERIE CANAL.

General expenses of Canal $15,333 61

Ordinary repairs of Canal 71,551 43

Extraordinary repairs of Canal 25,183 91

Rebuilding Bridges 2,890 58

Cost of superintendence 8,765 72

Cost of collection 8,521 56

Construction, Terre Haute to Point

Commerce < 13,493 43

Construction, Petersburgh to Evans-

ville ,1,325 00

Expense of engineering 3,505 21

Damages and water power* • 3,896 48

Expense of Land Office, East and West

Tippecanoe 277 87

Expense of Land Office, Vincennes

District 1,313 74

Interest on W. & E. Canal Bonds 5,240 00



333,777 U



$60,356 93



126

Interest on advance of $S00,000 and

exchange 838,826 33

Bondholders' subscription, first install-
ment 400 00

200,524 87

Whole amount audited, from Nov. 1, 1855, to Octo-
ber 1, 1856 ,.- 31,338,976 11



STATE OF THE TREASURY.

Balance in the Treasury on the 31st of October, 1855, $468,224 15
Receipts into the Treasury on account of all Funds

during the year ending October 31, 1856 1,495,486 99

Total $1,963,711 14

Amount of warrants drawn on the Treasury on all

accounts during the year ending Oct. 31, 1856- • • 1,338,976 11

Balance in the Treasury on the 31st of October, 1856 , $624,735 03



STATEMENT of the several appropriations , the amounts expend-
ed, balances unexpended, and appropriations overdrawn, on the
Zist of October, 1856.

EXECUTIVE OFFICERS.

Balance of former appropriation unex-
pended $11,152 81

Appropriation for 1856 8,000 00

$19,152 81

Expended during the year 4,150 75

Balance unexpended $15,002 06






JUDICIARY.



Balance of appropriation unexpended • $7,562 82

Appropriation for 1856 20,000 00

$27,262 82

Expended during the year 18,983 87

Balance unexpended $8,578 95



;



127



PUBLIC PRINITNG.



Appropriation for 1856 $5,000 00

Expended during the year $12,729 91

Former appropriation overdrawn 46 87

12,776 78



'J '



Appropriation overdrawn $7,776 78



STATE HOUSE.



Appropriation for 1856 $501) 00

Expended during the year $1,418 66

Former appropriation overdrawn 1,392 45

2,811 11

Appropriation overdrawn $2,31 1 11



STATE LIBRARY.

Appropriation for 1856 • $1,000 00

Expended during the year $947 94

Former appropriation overdrawn 501 42

1,449 36

Appropriation overdrawn $449 36



PROSECUTING ATTORNEYS.

Appropriation for 1856 $3,600 00

Expended duiing the year $3,777 68

Former appropriation overdrawn I,3b0 14

5,167 82

Appropriation overdrawn $1,567 82



MILITIA.

Former apppropriation overdrawn $1 17 67

Expended during the year 317 06

Appropriation overdrawn $434 73



128

governor's house.

Appropriation for 1856 My* w $ 600 00

Expended during the year $'°* ffti

Former appropriation overdrawn i 155 42

Appropriation overdrawn $555 42

FUEL AND STATIONERY.

Balance of former appropriation unex- _

pended |t if . v. •. 1'ftriO <W>

Appropriation for 1856 • • • •• v • rf ^. J - l - *> UU V uu $6 173 33

Expended during the year *'"* °*

II li.< ....... . awB'jbi9vo iron; <_i ^nn ^q

Balance unexpeded 1 ffl,4UU TiJ

STATE PRISON.

Appropriate for 1856- $5,000 00 ,*™qjA

Receipts during the year- • • •• • v; • • \____ l ^___ *H 026 11

OKI _________ — — — — — sp i

Expended during the year ^o'ona a!

Former appropriation overdrawn . • • • • __^ a __^ m : m 97

Appropriation overdrawn — $42,098J 86

DISTRIBUTION OF LAWS AND JOURNALS.

snTP^ . ... .xti'ry nh ganuo bobnsqx—

. 3alanee of former appropriation m^m<m^'<VV> $666 14
Expended during the year l»OjJD

Balance' unexpended- .V.V.V^«&WW Jioii* oq^|___79£9

governor's CONTINGENT fund.

79jfiU^priati6n for 1856 • • • ; - • " • ■ • • $3,000 00

Expended during the year- - • • • $2,807 <il >a a(p3.

Former appropriation overdrawn l,5o7 6Z

■ awBi faovo noiitojraq oiqq&374 \36

Appropriation overdrawn $1,374 93



EXPENSES SUPREME COURT.






Appropriation for 1856i- $1,000 00

Expended during the ygar ..,,,,,.,. •. •, v • • 1,772 00

, <'•■ «.,„■ nft

Appropriation overdrawn #772

' • WOX Oil:!

SUPREME COURT REPORTS.

Appropriation for 1856 $2,000 00

Expended during the year 3,773 84

Appropriation overdrawn • • $1,773 84

... ■ ■ • | .. /

»Id8I 'io v.a1 in

governor's circle.

Balance of former appropriation unex-
pended $92 06

Appropriation for 1856 100 00

$192 06

Expended during the year 63 00

Balance unexpended $129 06



MISCELLANEOUS.

Appropriation for 1856 $1,500 00

Expended during the year $1,044 80

Former appropriation overdrawn 1,157 41



2,202 21



Appropriation overdrawn $702 21



HOSPITAL FOR THE INSANE.



Appropriation for 1856 $53,000 00

Former appropriation unexpended • • • • 5,248 03

Keceipts of the Institution 1,686 98



$59,935 01



Expended during the year 42,240 04

Balance unexpended $17,694 97



130



INSTITUTE WOH THE EDUCATION OF THE BLIND.

Former appropriation unexpended* • • • $11,221 65 .

Appropriation for 1856 15,450 00

Receipts of the institution 2,132 08

$28,803 73

Expended during the year 25,463 59

Balance unexpended $3,340 14



DEAF AND DUMB ASYLUM.

Former appropriation unexpended $2,302 78

Appropriation for 1856 25,500 00

Delinquent tax of 1851 3,200 00

Receipts of the Institution 5,022 01

$36,024 79

Expended during the year 31 ,345 28

Balance unexpended $4,679 51

UNIVERSITY FUND.

The receipts and disbursements on account of this fund during
the fiscal year ending October 31, 1856, were as follows, viz:

Receipts.

Balance on hand Nov. 1, 1855 $977 91

Loans refunded during the year 5,519 02

Interest on loans 5,053 45

$11,550 38
Disbursements.

Loans made to borrowers of fund $4,250 00

Professors' salaries 4,700 83

Expense of fund 266 83

$9,217 66

Balance on hand Nov. 1, 1856 $2,333 72



131

LOAN ACCOUNT.

Amount outstanding on loans Novem-
ber 1, 1855 $79,015 59

Loans refunded during the year 1856,* 5,519 02

$73,496 57
New loans made during the year 4,250 00

Making the outstanding loans- • • • $77,746 57



SALINE FUND.

Receipts.

Amount on hand November 1, 1855 $6,406 20

Principal received during the year 3,475 40

Interest on loans, &c 807 92



$10,749 52



Expenditures.

Interest refunded $S0 50

Expense of Fund 137 14

Balance on hand Nov. 1, 1856 10,531 88



$10,749 52



LOAN ACCOUNT.

Outstanding on loans at close of year ending Octo-
ber 31, 1855 $12,451 72

Eefunded during the year ending Oct. 31, 1856 2,762 50

Total outstanding on loan Oct. 31, 1856 $9,689 22

By an act of the General Assembly, approved Jan. 13, 1845, it
was provided that all the funds which had arisen, or which might
thereafter arise from the sale of saline lands in this State, as well
as all funds that had accrued or might accrue under the 15th section
of the Bank Charter, should be distributed on the 1st of March of
each year among the several counties of the State, according to the
latest return of taxable polls. Under this act, the following distri-
bution of the Saline funds was made, viz :

Amount apportioned for 1845 $6,499 07

Amount apportioned for 1846 7,808 54

1



132



$4,421


71


4,418


83


4,905


14


6,107 60


3,001


36


1,534


21


6,301


00


$44,997 46



Amount apportioned for 1847-
Amount apportioned for 1848
Amount apportioned for 1849
Amount apportioned for 1850
Amount apportioned for 1851
Amount apportioned for 1852
Amount apportioned for 1853



BANK TAX FUND.

Receipts.

Amount on hand Nov. 1 , 1856 $6,950 95

Amount from banks under 15th section of Charter* • 3,362 52

Loans refunded 200 00

Interest on loans 167 07

$10,680 54

Expense of fund $72 71

Balance on hand Oct. 31, 1856 10,6u7 83

. $10,680 54



By the 15th section of the charter of the State Bank of Indiana,
it is provided that a tax of twelve and a half cents should be le-
vied on each share of stock, other than that owned by the State, to
constitute a part of a permanent fund to be devoted to purposes
of common school education, under the direction of the General
Assembly. The whole amount received from the banks under
this provision of the charter, up to the 31st of October, 1855,

was $58,122 13

The amount received from the same source during

the year ending October 31, 1856, was as follows,

viz :

From Indianapolis Branch Bank $584 24

From Richmond Branch Bank 271 88

From New Albany Branch Bank 217 75

From Michigan City Branch Bank 157 50

From Lawrenceburgh Branch Bank • • 246 87

From Bedford Branch Bank 129 41

From Lafayette Branch Bank 538 75

From Terre Haute Branch Bank 765 50

From Evansville Branch Bank 183 88

From Vincennes Branch Bank 147 12

From Fort Wayne Branch Bank 121 62

Total receipts for last fiscal year • ■ • 3,362 52

$61,484 65



133

LOAN ACCOUNT.

The amount outstanding on loans at the close of the

fiscal year ending October 31, 1S55, was $6,8:26 85

Amount refunded during the year 1856, 200 00



Total outstanding October 31, 1850, $6,626 85

Bank Tax Fund apportioned under the act of 1S45.

Amount apportioned for 1845, $1,749 89

Amount apportioned for 1^46, • • 22,344 43

Amount apportioned for 1847, 4,071 04

Amount apportioned for 184^, 5,818 5S

Amount apportioned for 1849, 3,815 15

Amount apportioned for 1850, 2,876 06

Amount apportioned for 1851, 2,251 02

Amount apportioned for 1852, 4,602 63

Amount apportioned for 1853, 4,174 00



$51,704 80

No general distribution according to the act of 1S45 has been
made, either of the Saline Fund or Bank Tax Fund, since 1853.
In 1854 a distribution was made of the surplus then on hand of
both funds to the counties of Benton, Howard, Jasper, Pulaski,
Starke, Tipton, and Whitley, those counties having received no
part of the Surplus Revenue. There is now on hand for distribu-
tion, as will be seen by the foregoing statements, of the Saline
Fund, $10,531 88, and of the Bank Tax Fund, §10,607 83.



COUNTY SEMINARY FUND DERIVED FROM MILITIA

FINES.

Amount on hand Oct. 31, 1S56, $445 00



SURPLUS REVENUE FUND

Receipts.

Balance on hand Oct. 31, 1855, $1,087 15

Loans refunded during the year, 300 00

Interest on loans, 165 94

Excess of sales of lands, 79 00



$1,632 09



ID. J.— 10



134

Expenditures.

Expense of fund, $32 26

Balance on hand Oct. 31, 1S56, 1,599 83.



$1,63-2 09



LOAN ACCOUNT.



Amount of loans outstanding October

31, 1855, $2,574 65

Loans refunded during the vear, 30; • 00



Balance outstanding, $2,274 65



This fund belongs to the counties of Lake, Dekalb and Wells,
in equal proportions. At the time of the distribution of the Sur
plus Revenue Fund, allotted to the State of Indiana under the ac;
of Congress, approved June 23, 1836, the counties above named
did not draw the amounts to which they were entitled ; and the
fund thus left in the Treasury belonging to them was loaned out
by the Treasurer of State, in conformity with the provisions of the
17th section of the act of February 6, 1837, providing for the dis-
tribution of the Surplus Revenue. The amount originally belong-
ing to those counties was $6,376 80, or $2,125 60 each, which,
as above stated, was loaned by the Treasurer and the interest paid
over to the counties when called for. An act passed January 24.
1842, requiring the Treasurer of State to collect the fund and pay
it over to the Surplus Revenue Agents of the counties to which it be-
longed, and since that time no loan has been made, but the prin-
cipal and interest received have been annually distributed. On
the 31st of October, 1855, there was due to each countv the sum
of $302 38. The net receipts of this fund, during the last fiscal
year, were $512 68, giving to each county the additional sum of
§170 89. There is therefore now due to each of the counties of
Lake, Weils and Dekalb the sum of $533 28.

CONGRESSIONAL TOWNSHIP FUND.

Receipts.

Balance on hand October 31, 1855, $176 65

Interest on loans, • • 4 > 73

$222 38



135

Expenditures.

Expense of fund, $10 03

Distributed to Greene county, 17 50

Balance* on hand, 194 85

$822 38

This fund belongs to two townships, one in Ripley and the other
in Greene couiry.

THREE PER CENT. FUND.

Balance in the Treasury Oct. 31, 1854, $32 13

The account with the General Government on account of this
fun ' -till remains unsettled.

COMMON SCHOOL FUND DERIVED FROM SINKING

FUND.

Amount teceived of this fund to Oct. 31, 1S53, $780,886 66

Since the above date nothing has been paid over from the Sink-
ing Fund Commissioners to the State. The foregoing amount is
due from the Sia'e to the Common School Fund. The sum stated
wa-i on account ol profits of the Sinking Fund, which, by the char-
ier, i- set part as a permanent fund for Common School educa-
tion, under the direction of the General Assembly. The above
annum! reported to be in the Treasury, except the sum of $27,-
0(1 51, wis received in Bank Scrip, issued by the State under an
an passed January 31, IS42, to pay the Bank for advances made
lornrry on the internal improvements at that time in progress in
the Stale.

INDIANAPOLIS FUND.
Amount outstanding on loan, $483 30

TREASURY FUND.

Receipts.

B -lance on hand Oct. 31, 1855, $4,591 23

L<»ans r funded, 384 50

Intei est on loans, 78 17

$5,053 90



136

Expenditures.

Expense of fund, $1 1 50

Balance on hand Oct. 31, 1850, 5,042 40-

$5,053 90



FUND FROM ESTATES WITHOUT KNOWN HEIRS.

Balance in the Treasury October 31, 1855, 83,859 10

Amount received during the year, 313 45

Amount on hand Oct. 31,1850, $4,172 55



HOSPITAL FOR THE 1 N SANE.

Receipts.

Balance on hand Oct. 31, 1855, $5,248 03

Amount received during the year, 1,08(3 98

Appropriation for 1856, * 53,(00 00

$59,935 01

Disbursements.

Current expenses and Hospital build-
ings, $42,240 04

Balance due Oct. 31, 1S56, 17,694 97

$59,935 01



DEAF AND DUMB ASYLUM.

Receipts.

Balance due Oct. 31, 1855, $2,302 78

Receipts during the year, 5,022 01

Appropriations for 1856, 29,700 00

$37,024 79

Disbursements.

Expenses during the year, $31,345 28

Balance due, Oct. 31, 1856, 5,679 51

$37,024 79



137

In addition, the Superintendent claims a balance of $3,200,
being on account of a specific tax some years ago, for which the
Institution has not been credited.

BLIND ASYLUM.

Receipts.

Balance due, Oct. 31, 1855, $11,221 65

Receipts during the year, 2,132 OS

Appropriation for 185(5, 15,450 00



$28,803 65



Disbursements.

Expenses during the vear, $25,463 59

Balance due, Oct. 31, 1S5G, 3,340 06



$28,803 (5



STATE DEBT.



The nature of the public debt of the State has been so often ex-
plained that it is presumed to be understood by all who take any
interest in public affairs ; and therefore it is deemed unnecessary,
at this time, to do anything more than to make a very brief ex-
planation. The debt was created by the sale of State Bonds, in
the first plnce for the construction of the Wabash and Erie Canal,
and in the second place to raise means to progress with the public
works, the construction of which was authorized by the act of the
Legislature, approved January 27, 1S36, entitled, "an act to pro-
vide for a general system of internal improvements " The Fund
Commissioners continued to sell Bonds from year to year until
some time in 1839, when, in consequence of the derangement of the
monetary affairs of the country, no more would sell on the terms
prescribed by the General Assembly, and, as a matter of course,
operation* on the Public Works were soon after suspended. The
interest on the Bonds sold was regularly paid up to 1841. when, in
consequence of the taxes being for the most part collected in State
Scrip, no means were in the Treasury to meet the demands for
that purpose, and it. was therefore for several years unpaid. The
holders of the Bonds, becoming somewhat impatient on account of
the non-payment of interest, (the nominal value of our Bonds, as
well as those of a 1 ! the States upon which interest was not paid,
becoming in the meantime greatly depreciated,) petitioned the Leg-
islature to take action in regard to the matter. In 1 S4 T, at the
instance of a large portion of the Bond holders, the Legislature
passed an act supplementary to an act on the same subject, ap-



13S

proved Jan. 19, 1S4C, providing; for an adjustment of the indebted-
ness of the State. The object and effect of this arrangement was



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