State, it will be but just and equitable for the State to deduct from
the amount expended on such finished portion, such sum as it will
cost to construct such new line at the southern termination; or to
abate from the length of line so finished, and forming the basis of
calculation, that portion which may remain south of the point of
mtersection of said new line, and for which said new line will be sub-
stitoted« The latter may with the more propriety be done, as, by
the close of the present season, the whole of said road that will re-
main south of said point of intersection will have been rebuilt by the
company.
The prayer of your memorialist therefore is that your Honorable
body, if disposed to change the form of consideration for the pur-
chase, by the company, of said contingent interest, will so provide
by law; fixing such an amount as will enable the company, to eom-
ply widi the views of the State, without, as compared with its ability
to purchase in the other form, too great a pecuniary sacrifice ; and
that, in either event, a deduction may be made, upon just and equit-
able premises, either from the original cost of the portion finished
by the State, or from length of line, equal to the expenditure which
taeooBipany must be compelled to make, in order to avoid the plane
constructed by the State.
And your memorialist as in duty bound, dec.
ij order of the Board of Directors of the Madbon and Indian-
apohs Rail Road Ciompany.
JNO. BROUGH,
Prerideni.
Office Madison & Indianapolis R. R. Company, )
Madisoii, January 21st, 1851. )
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Doc.Jifo. 16.] [Part. I .
REPORT
OPTRX
STATE BANK OF INDIANA.
TO THB
GENERAL ASSEMBLY.
INDIANAPOLIS:
J. P. CHAPMAN, STATE PRINTER.
1851.
1D39
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REPORT.
State Bank of Indiana, )
Indianapolis, 3d Jan., 1851. )
To the General Assembly of the State of Indiana:
In compliance with the requirements of the '< Act establishing a
State BanK/' I have the honor herewith to lay before the General
Assembly, a report of the condition of the Bank, and each of its
Branches, on the 3d Saturday of November last.
The aggregate of the dividend in all the branches for the past
year, was 10 per cent, on the capital stock; and over and beyond
whicli, there was carried to the Surplus •Fund, $142,685 46.
The dividends declared were as follows, viz.:
To the Branches at Indianapolis, Lawrenceburgh, Richmond,
Madison, New Albany, Terre Haute, Lafayette, Port Wayne and
Michigan City, each 11 per cent.
To the Branch at Evansville, 10 per cent
To the Branch at Yincennes, 9i per cent.
To the Branches at Bedford and South Bend, each 6 per cent.
The suspended debt has been reduced $53,569 92.
The circulation of the Bank exceeds the amount stated in the last
annual report, $118,185, being, however, less than the amount car-
ried to the Surplus Fund.
Very Respectfully,
J. MORRISON, Preset.
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277
STATEMENT OF THE STATE BANK OP INDIANA,
NOVEMBER 16, 1850.
V KESOCRCES.
Notes discounted, $1,709,935 38
Bills of exchange, 2,414,951 06
$4,124,886 44
Suspended Debt, 270,213 77
Banking Houses and Furniture, 175,610 22
Other Real Estate, 188,623 32
634,447 31
Funds in the Eastern Cities, 449,153 09
Dae from Banks other than Eastern,- 14S,S61 17
Remittances and other Resources,- • • • 247,048 01
Indiana Treasury Notes, 108,485 00
953,547 27
Notes of other Banks, 224,842 00
Gold and Silver, 1,197,880 58
1,422,722 58
$7,135,603 60
LIABIMTIBS.
Capital Stock of the State of Indiana,
under the charter, $880,000 00
From investments of the Sinking Fund, 120,888 00
From Bank Tax and Saline Fund,- • • 5,716 27
4
$1,006,604 27
Capital Stock of Individuals, 1,076,346 32
$2,082,950 59
Surplus Fund, 750,678 17
Profit and Loss, 97,258 59
Dividends undrawn, 27,661 91
Suspended Interest and other Items,- • 34,600 66
910,199 33
Due to Banks, 112,175 47
Branch Balances, 6,168 75
118,344 22
Due Commissioners of the Sinking
Fund, 43,467 83
Due School Fund for Taxes, 2,763 93
Due Depositors, 556,432 70
602,664 46
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Notei in CSratlatioii» ondar Five IM-
J^:, $643,53550 !
FiTaDolhni and upwards, 2,904,732 00 -,
, . 3,548^867 50 ^nk
Uamotes on hand, 126,822 50 a.a
3/iaS44r-
»7J35,60t T
^4
1 4
a 2
c
C z
4 4
9 i
9 ]
:i {
7 ;
5 (
1 :
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^9
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1
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:aa
3.
3
7
66 -
47
1
45
7
38
O
Ol
e
50
4
42
6
40
9 65 1
9
18!
3
04
•7
17
'5
05
n^
^
D3 37
23 031
:)4 83
71 4S|
{33 3]i
.)o 5a
27 94
91 61
47 9(
73 Of
D2 2]
63 5{
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279
OFFICERS AND COMPENSATION.
STATE BANK.
James Morrison, President, $1,500 00
James M. Ray, Cashier, 1,500 00
BRANCHES.
INDIAN APOUS.
Calvin Fletcher, President, 800 00
Thomas H. Sharpe, Cashier, 1,600 00
James P. Southard, Clerk, 800 00
James Gore, Messenger, 400 00
Stephen M^ajor, Attorney, 250 00
LAWRENCEBUKGH.
Elzey G. Burkam, President, 1,000 00
Henry K. Hobbs, Cashier, 1,100 00
Columbus S. Stevenson, Teller, 900 00
Philip L. Spooner, Attorney, 250 00
KICHMOND.
Albert C. Blanchard, President, 700 00
Elijah Coffin, Cashier, 1,000 00
Charles F. Coffin, Teller and Clerk, 800 00
MADISON.
James F. D. Lanier, President, 500 00
Joseph M. Moore, Cashier, 2,000 00
MarkTilton, Teller, 900 00
George T. Fitzhugh, Book-keeper, 900 00
William B. Thurston, Discount Clerk, 900 00
NBW ALBANY.
James R. Shields, President, ' $1,300 00
Victor A. Pepin, Cashier, 1,200 00
Tmiotby D. ^w, Clerk, 700 00
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2S0
EVANSVILLE.
John Mitchell, President,
George W. Rathbone, Cashier, 1^00 00
Robert R. Roberts, Clerk, 1,000 00
VI'NCEN.NES.
William Burtch, President,
John Ross, Cashier, •. . 1,200 00
J. F. Bayard, Jr., Clerk, 300 00
BEDFORD.
John Vestal, President,
Isaac Rector, Cashier, 800 00
James D. Farmer, Clerk, 400 00
TERRE HAUTE.
Curtis Gilbert, President, 700 00
Joseph S. Jenckes, Cashier, 1,000 00
William R. McKee, Teller, 400 00
LAFAYETTE.
Joseph S. Hanna, President,
Cyrus Ball, Cashier, 1,000 00
Austin P. Linn, Teller, 1,000 00
William W. Devault, Clerk, 300 00
FORT WAYNE.
Allen Hamilton, President, 200 00
Hugh McCulloch, Cashier, 1,200 00
Melancthon W. Hubbell, Teller and Clerk, 1,000 00
Stephen B. Bond, Assistant Clerk, 300 00
SOUTH BEND.
Samuel C. Sample, President, 1,000 00
Horatio Chapin, Cashier, 1,200 00
MICHIGAN CITY.
Edmund D, Taylor, President, $1,000 00
Edmund D. Woodson, Cashier, 1,000 00
Urial C. FoUet, Teller and Book-keeper, 800 00
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Doc. No. 16.] [Parti.
REPORT
OFTHS
SINKING FUND COMMISSIONEBS,
TO THE
GENERAL ASSEMBLY
OF TBS
STATE OF INDIANA.
900 COPIES ORDERED TO BE FRINTBD.
INDIANAPOLIS:
P. CHAPMAN. STATE PRINTBR.
1851.
1D30
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f
i
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REPORT.
Sinking Fund Office, )
INDIANAFOU89 3d January, 1851. )
To the Cteneral Assembly of the State of Indiana:
The Commissioners of the Sinking Fund respectfully herewith pre-
sent their annual report of the condition of the Sinking Fund, to
the 23d December last.
The statement A, is an exhibit of the receipts and disbursements
of the Fund, for the past year, up to, and including the date above
mentioned.
Statement B, exhibits the whole condition of the Fund on said
day.
Within the year, thirty-seven bonds of the State for $1,000 00
each, issued for the Bank loan, have been purchased.
Very Respectfully,
J. MORRISON, ^
WILLIAM DAILY, Vcnmmi.snnn^.
JOHN F. CARR, >^<^^tsst(mers.
GEORGE HENRY, j
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985
[A]
EXHIBIT
Of the Income and Appropriations of the Sinking Fundffor the year
commencing on December 4, 1849, and ending December 23, 1850.
MEANS AND INCOME.
Amount of Deposites in the Branches of
the State Bank ; invested in the year* -$35,796 98
Received of Principal of Stock
Loans, $15,207 59
Received of Principal of other
Loans, 32,270 88
$47,478 47
$83,276 45
RECEIPTS OF INCOME.
Dividends on State Stock, in the State
Bank, $102,621 30
Interest on Loans, 45,788 77
Damages on sales of forfeited Lands,- • • • 239 85
Rents of forfeited lands, 46 00
: 148,695 92
$231,971 37
INVESTMENTS AND EXPENDITURES.
Indiana Bonds, for Bank Loan,$37,000 00,
costing, $33,300 00
Indiana Bonds, (Int Improv.) from Wa-
bash College, 10,400 00
Indiana 5 per cent. Scrip, re-
deemed, $36,500 00
Interest allowed on the same,- 14,546 51
51,046 51
I-oans to the State, and other Dividend
Loans, 63,262 28
$158,008 79
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386
EXPENDITURE.
Interest, Exchange and Commission on
Bank Loan Bonds, $69^86 87
Loss on sales of forfeit^ lands, • • • - 540 00
Repayment of Excess of Bids, on sales of
lands, 72 13
Distribution of damages, on forfeited lands, 216 73
Commissioners' services and expenses,- • • • 875 71
Clerk's and Assistant Clerk's services,* • • • 1,300 00
Attorney's fees, 100 00
Printing, |754 67, Less $449 73 repaid,. 304 94
Rent and all other Expenditures, 666 20
$73,962 3S
$231,9713:
JAMES M. RAY, Clerk.
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287
[B]
CONDITION OF THE SINKING FUND, DECEMBER 23, I850,
MEANS.
Bank Stock:
Stock in the State Bank of Indiana, under
the charter, $880,000 00
Stock in the State Bank of Indiana, from
investments of the Sinking Fund,* • • • 120^80 00
Stock in the State Bank of Indiana, from
Saline Fund, 4,924 20
Stock in the State Bank of Indiana, from
Bank Tax Fund, 792 07
$1,006,604 27
Loans on Mortgage far paying^ Bank Stock :
In Indianapolis Branch, 6,591 43
In Lawrenceburgh Branch, 10,363 00
In Richnumd Branch, 1,680 44
In Madison Branch, 8,714 56
In Evansville Branch, 7,276 49
In Vincennes Branch, 4^270 94
In Bedford Branch, 4,930 44
In Terre Haute Branch, 2,744 43
In Lafayette Branch, 11,164 11
In Fort Wayne Branch, 5^50 14
63,387 98
Loans on other Mortgages:
Loans to borrowers on roortgaj^es, 329,317 30
Loans by sales on credit of forfeited
mortgaged property, 190,188 89
Loans on Notes, 500 00
Loans from Dividend, 105,848 30
555,854 49
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Balances in Brandies of the State Bank of Indiana :
Indianapolis Branch, $2,368 18
Lawrenceburgh Branch, 420 52
Richmond Branch, 3 38
Madison Branch, 1,170 34
Madison Branch for Coupon Fund, 6,180 00
New Albany Branch, 96 24
Evansville Branch, 118 07
Bedford Branch, 20 18
Michigan City Branch, 1,284 79
Merchant's Bank, New York, 2,671 24
Winslow, Lanier, & Co., New York,- • • 1,512 07
James Morrison, President and Acting
Treasurer, (Deposited in Bank,) 3,175 18
Remittance, for Interest, to New York,- 32,813 25
$11,661 70
$40,171 74
State Bonds, for Bank Loan, (purchased,) 84,000 00 i
Indiana Bonds and Interest, received from '
Wabash College, 10,400 00 I
Sinking Fund Treasury Notes, .... 16,000 00 ,
Disbursements:
For Interest on State Bonds, issued for
Bank Capital, under the Charter, 1,012,053 68
For Interest.on State Bonds, of 1839,. • 589 05
For Premium on the purchase of Ex-
change and Interest, 32,154 25
$1,044,796 98
To Treasurer of State, Act of January
29th 1841, 16,773 63^
To Treasurer of State, Act of February
6th, 1841, 59,626 60
To Fund Commissioners on account of
Surplus Revenue, 164,465 21
To Fund Commissioners on account of
Loan of 1839, • • 2,959 00
$243,824 44
For Commission:
On payment of Interest, in New York,- 4,538 74
For Expenses of State Loan, for Banking
purposes, 4,799 14
For Transportation of Specie, for State
Bank Capital, 3,391 15
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289
For Current Expense, including rent, ad-
â–¼ef lisements, salaries, Commissions on
Loans, &c. from the commencement,* 46,361 OO
For Engraving, filling and all Expense of
^ issue of Sinking Fund Treasury Notes, 3,388 47
For application, of Dividends of Surplus
Fund of Surplus Revenue Bank Stock,
to creation of Surplus Revenue Bank
Stock, 11,302 27
For application by the Branches of Divi-
dends to the liquidation of Surplus
Revenue Bonds, 24,963 60
For application of Interest and dividend
to State Bank Stock, 6,700 00
For contribution to Surplus Fund in
Branches in investment of Sinking
Fund Bank Capital, 350 00
For loss on Sales of forfeited mortgaged
lands,
For redemption of Sinking Fund Treasu-
ry Notes, 506,885 00
For Interest allowed on Sinking Fund
Treaiury Notes, < 94,494 24
$6%428SS
$43,315 87
3,338*00
1^1,3^9 24
13,787,363 2$
For Bonds of the State, issued for Bank
Capital, under the Charter,
For Excess of bids on sales of forfeited
lands on balance due on Loans,
To State of Indiana, on account of Sur-
plus Revenue, 108,532 87
To State of Indiana, on account of Sur-
f^lus Revenue Bank Stock, applied to
iquidation of Surplus Revenue Bonds, 6,000 00
To State of Indiana, for Saline Fund, in-
vested in Bank Capital, 4,924 20
To State of Indiana, for Bank Tax Fund,
invested in Bank Capital,- •« 792 07
1,390,000 00
617 14
$|20|249 14
1D31
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290
Other Sources of Receipts:
Dividends on Bank Stock (under the char-
ter,) 1,257,810 02
Dividends on Surplus Revenue Bank
Stock, 129,444 30
Dividends on Bank Stock of 1839, 7,503 66
Dividends on Bank Stock of 1841, 508 33
Dividends in Sinking Fund Treasury
Notes, 29,000 00
$1,424,266 31
Interest on Mortgaged Loans, for Bank j
Stock, 163,55108 I
Interest on other Loans, 584,618 44 '
Interest on State Loans of forfeited lands, 45,603 29 I
Interest from Dividend Loans, * 8,865 81 i
Interest from Slate Bonds, 150 00 i
802,788 62 i
Premium on State Bonds sold, 29,496 92 i
Damages on forfeited lands, on sales,* • • • 5,766 91 i
Rent from forfeited lands, 398 40 \
Blank forms of Mortgages, 116 17
Interest on Coupon Fund, on deposite in i
Madison Branch, 1,253 35
Gain in purchase of Sinking Fund Bank
Stock, 67134
Gain in purchase of Bank Bonds, 11,295 77
To Terre Haute Branch, 173 39
To Lafayette Branch 267 17
To Fort Wayne Branch, 06
To South Bend Branch, 2 54
$443 16
$3,787,363 23
JAMES M. RAY, Ckrk
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Doc. No. 17.] [Part I.
REPORT
OF TBB
COMniE OF WAYS AND MEANS
TO THB
HOUSE OF REPRESENTATIVES.
FEBRUARY, 1851.
INDIANAPOLIS:
J. P. CHAPMAN, STATE PRINTER.
1851.
1D33
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« r
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REPORT.
The committee of Ways and Means, whose duty it Is to exiunine
the books of the offices of the Auditor and Ti-easurer of State, and com*
pare the books, vouchers, and warrants in said offices, prepare a state-
ment of the receipts and expenditures at the Treasury; to examine the
report of the Trustees of the Wabash and Erie Canal, and compare
the vouchers and warrants with said report, and to examine into the
financial aflfairs of the State generally, submit the following report;
The committee have made a thorough examination of the booka
of said officers, and found the vouchers of receipts at the treasury^
and warrants on the treasury correctly audited and properly filed.
All warrants upon the treasury have been punctually paid whea
presented. The committee would remark that during their exami-
nations, aforesaid, every facility was afforded them by the incum-
bents of those offices for a speedy and faithful dischaige of their
duty.
From the examination of the committee into the condition of the
treasury, it appears that there was a deficiency in the treasury on
the 31st day of October, 1850, of $78,621 07. A sUtement of the
receipts and expenditures showing said deficiency b herewith sub-
mitteid as a part of this report, and marked statement A.
It became the duty of the committee to count, mutilate and
destroy a considerable amount of scrip of various kinds, which had
been redeemed at the treasury, and cancelled during the year. This
duty they discharged, and now show the following abstract of the
scrip so destroyed :
Of six per cent. Treasury Notes ;
Principal, $64,755 00
Interest, 35,414 76
$100,160 76
Of Bank Scrip, five per cent.;
Principal, ^ $73335 00
Interest,*.-... 27,142 18
$99,477 18
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296
Of quarter per cent. Treasury Notes;
Principal, $3,400 00
Interest, 61 92
$3,461 92
Of Wabash and Erie Canal Scrip, east ;
Principal, $13,000 27
Interest, •' • • 3.611 03
$16,611 30
Of Wabash and Erie Canal Scrip, west ;
Principal, >$9 »,491 OP
Making of State liabilities counted and destroyed by tfie com-
mittee, the sum of $t»i2,2IO 16.
The committee deem it neeessery to suggest that in therr opinion
the present mode of as:sessing is very im{)erfect/and the duties de-
volving on the assessors are scarcely ever executed with that diih
gpence, care and tmpartiaKty which the lAw and the people have a
ri^ht to expect and ifemand. A large amount of the* rn visible wealth
ot the State has for }"ears entirely escaped taxntion, thereby making
Ihe burdens of taxation rest the heavier epon the farming inter^t.
The valuation of the land is unjust and unequal. To remedy
Irhfch, so far as the time of the committee, and pressure of the
business of the session would allow, a bill has been drawn mp and
submitted to the House, for the more effectual, just and equal assess-
ment of the personal property, and also another bill for the resp-
praisement of the real estate, and to make the value thereof equal
ifDd uniform throughout the State, has been presented.
The committee rejoice that they have it in their power to say te
fhe country that both of those bills have received the approval of
both branches of the General Assembly, and are now the laws of
the land.
The committee are of the opinion that if the said laws are en-
forced, there will be added to the list of taxables in the State from
fifty to seventy millions of property.
The committee, in view of the increased anu^unt of taxable pro-
perty that will be placed upon the tax list, have reduced the rate of
taxes for State purposes proper to twenty-five cents on each one
hundred dollars' worth in value of all property in the State, and a
poll tax of fifty cents upon each poll.
. Upon the recommendation of the Chairman of the committee on
fllkt Benevolent and Scientific Institutions, the committee have in-
•creased the tax for the Institute for the education of the Blind one
•half cent; and the bill to raise revenue for ISSl was reported ac-
4K)rdTngly to the House of Representatives.
To enable the people to understand the true condition of the for-
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tet MitMit lh« itetemetit marked B, and tnada a part hereof.
In pursuance of the provisions of law, the committee have efam«
ined the report of the Trustees of the Wabash and Erie Canal, and
compared the vouchers and warrants with the report, aiid submit
the folio wiDg report :
They find the vouchers to be correct, with the foltowing tfx<»p*
tons: There are no vouchers for the last year's salary ol Thbmas
H. Blake, the resident trustee on the part of the bondholders. Th^
Gommittee are ot the opinion thai he received the money as stated
\n the report, but died without filing the proper voi^chers. The
trustees obtaine;! a credit for two hundred dollars for money paid fo
, when the voucher is only for one hundred dollars.
The amoynt e^aimed in the report as money paid to ' ' '" « â– ' â– < â– ' " ' â–
is $" more than the voucher is. It is presumed the^ mistflfkwr
are purely accidental.
The connniittee foel eonstrained, from a sense of duty, to c^pfaia
their decided and strong disapprobation of the loose and caMi^li!^
iMnner the trustees have adopted in paying out monev. The of»ly
voeeher that is produced for about one hundred and ttftf thousand
doHtn, is the certificate of the clerk of the board ^f tf ilsteM, M
oScsr appointed by the trustees, and responsible only to ihem.
The committee cannot regard his certificate in aH^y ether light
tiian as the certificate of the trustees fhen^selves.
When money is paid to superintendents or eenetructing age&ie^
their voucher should be taken.
The statement herewith sut>mitted and icarked C, will fully exhibit
the condition of the said canal.
Id aooordimee with the suggestions of the Auditor of State, tfnA
io coQipliance with a xe^fohitiun of the House^ the Oooiaiilttee have
made such examination of the alleged over-i sue of quarter per cent.
treasury notes as their limited. lime and numerous duties would per*
mit, and have concluded to submit the following statement of facts:
Under the provisions of an act approved January 31, 1842, page
1S2, general laws of 1843, the Auditer and Treasurer of State were
authorized to prepare an amount of treasury notes bearing one q^uar-
ter of one per cent, interest not exceeding five hundred tht)qstfnd
<\o)lars, the object of which issue was the redemption of filty dollar
six per cents. The amount prepared for circulation in accordance
^ith this act and receipted for by tbe Treasurer of State, George H.
Dunn, Esq., was seventy thousand dollars, numbering from 1 to
14,000, and was receipted for by him as such treasurer receipts, No.
^> dated March 3, 1842, for $50,000, and No. 1080, daced Ocfo*
oer 31, 1842, for $20,000. in the report of the Treasurer of No-
jmber Sd, 1843, he mentions the receipt of the seventy thocMind
<>^llars, and states that he had used of these funfds in the rsriMvptioti
^^, the sum of $41,250, leaving in his hands the tfutii ef $88,750,
^oh was kept in original paonges, tranaferrM by Mr* Duoti
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t0 Mr. Mayhewi and by Mr. Mayhew to Mr. Hannah, and was
finally destroyed by the committee of Ways and Means in January
1848.
The whole sum redeemed and destroyed of these treasury notes is
« follows : ,
In January, 1848, $28,750 00
In January, 1849, 31,565 00
In January, 1850, 12,165 OU
Destroyed by present committee, 3,361 92
Making in all the sum of, $75,941 92
or $5^41 92 more than the amount reported as issued. The con*
onittee also find on examination of the register, thnt ab(tut the amount
of this excess has been received of duplicate numbers, several of
these duplicate hills were in the hands oi the Treasurer, and all had
•very appearance of being genuine.
So long a time has elapsed since the issue of these notes and the
transactions therewith connected, that the committee deem it impos*
sible to throw any more light upon the subject, than simply to report
a loss to the State of some six. thousand dollars, in addition to the
amount yet to be redeemed; but the committee i^ave no means
either of fixing the transaction, or a shadow of suspicion upon any
particular individual.
SIAIEMEirT A.
A GENERAL STATEMENT OF THE RECEIPTS AND EX-
PENDITURES DURING THE FINANCIL YEAR, 1850.
HECEIPTS.
Balance remaining in the treasury at the close of the
last fiscal year, October 31, 1849, $428,941 19
The fdlowinfiT sums were received during the financial year which
closed October 31, 1850, to- wit:
REVEinnB.
On account ^f revenue of 1843, $223 80
On account of revenue of 1846, 557 61
On account of revenue of 1847, 100 00
On account of revenue of 1848, delinquent, 35,367 17
On account of revenue of 1849, 415,114 59
On account of revenue of 1850,. • 4,102 33
On accotmt of revenue of 1849, delinquent, 165 53
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raiVXBSITT FVICD.'
Ott fl6a)unt of loans refunded, « 4,730 69
On account of sales of land, principal, 129 61
On account of sales of land, interest, 383 91
On account of interest on loans, 4,230 92
On account of advertising refunded, 2 00
BANK TAX FUND.
On account of loans refunded, |395 00
On account of interest on. loans,* * • •.•' 516 54
On account of. State Bank assessment, * 1,073 65
SURPLUS BEVKNUB FUND.
On account of Joans refunded, 1,283 45
On account of iaterest on loans, 515 3ft
SALINE FUND.