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The State Debt

The State Debt image
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In his iccúiit incsi-ige, hx-Uov. WlSNBR prcscnted the following viow of the State indebteüiiegs: "The ndebtednesa of the State, and the paynient thcreof, will demand jour ■erioús ooifeideration. InJunuury, 1859. twenty thousa-ul dollars of tho State debt feil duo and was prompt'y paid from the Treasury. Furt thousand dollars feil duo 'm January, 1S60, twenty sevcn thousand dollars of wliich hag been paid, and the balance, being thirteon thousand dollars, in bouds, has boen doposited vvith tho Síato Troasurer by tho Michigan Insurance Comparry, under our banking law, the p.'iymiüit of which has not been demanded The State dobt as it now exiatsj with its date of matucity, r.s reportud by the Auditor General, is as follows: Penitêntiary Bocdl, paynble on lemnn.l. 13 000 l'O Iníír:iíl Improvement Wttrrabt Bi nJs. pttjviblo on dvmand. 50 00 Full paid.5DOII.000 Loan Bonds dne Jan. 1863, 177 noo 00 Aiijustuii bomls. dub Jan. 1863, 1,737,155 00 Ttmporai'y Lonii Bonds, duo Jnnunrv It73, 50,000 00 Renewn] Loan of 1S58, du Jannary 1878, 216,000 00 Total, 52,1 J3.235 00 Th pan p.iid 5,000.000 ijjATi BoiuU. (4159.000) oi.tst.-inding. when funded willatu't lo 91 992 63 Cutstnnding Intorc&l Improvcment Warrants, 3,615 16 Tot!, 13538. 42 79 Canal BohJj, guaran'.eed by -iiatc $100,000. To thia rnount of 2,388,842 79 should ba added tbe auiounts which Gov. Blair reporta due from the State to tho Trust Funda, as follows: To Primary School Fund, $80 916 73 '■ UnivCTsity F rui. 25M307 47 " 'omal School fund, 44 .;4.ï 7d $1.183.58J 98 Adding thia to ndebtedness above, and ; we have an aggregate indebtcdaess of 3,572,43-2 77. ' In addition to this heavy aggregate, much largor tiian the Republicau party ■ was willing to oonfèss before the recent eleetion, 5ov. IJlair says "tho State is largcly in dobt to the cour.ties and ! diate provisión shouíd be made for its payment." The picture is not a vory flattering one, surcly.


Old News
Michigan Argus