1st. There is in the hands of the Fund Commissioners of the several counties, with the balance in the Treasury, Surplus Revenue belonging to the State, to the amount of This sum is pledged for the redemption of the turnpike bonds, which may all be paid during the year, and for the payment of the million and a half seven per cent. loan, payable 1st January, 1852. 2d. Stocks held by the State in turnpike, railroad, and canal companies, to the amount of $2,898,126 03; of this sum, $448,283 is in the stocks of three railroad companies, which may be regarded as at par. The turnpike stocks owned by the State now yield a revenue equal to 5 per cent. upon half a million; they may be safely estimated at that sum, $1,822,149 31 448,283 00 500,000 00 Stock in the Pennsylvania and Ohio Canal, Milan Canal, and Whitewater Canal, $592,600, worth at least 182,667 00 Canal lands owned by the State; estimated quantity, 350,000 acres, worth $1 25 per acre, Amount of the funds, stocks, and lands owned by the State, estimated at their actual cash value, 437,500 00 $3,390,599 31 This sum, deducted from the whole debts of the State on the 15th November, 1845, as above stated, leaves the balance of $15,860,581 04, which may be regarded as the actual indebtedness of the State, foreign and domestic. In addition to the funds above stated, the State own 730 miles of canals, which are now finished and in full operation, forming two complete lines through the State, from the Ohio River to Lake Erie, with their several branches; 91 miles of slackwater steamboat navigation on the Muskingum River, and 31 miles of turnpike road. The accruing revenues upon these works will herea ter, probably, never be less than $600,000, which, in the course of a few years, when the repairs now in progress shall have been completed, will yield a net revenue sufficient to pay the interest upon more than half the balance of our whole debt." XXV. MICHIGAN. GOVERNMENT. ALPHEUS FELCH, of Ann Arbor, Governor, (term expires 1st Monday of January, 1848,) Salary. $1,500 Lieut. Governor, Pay, $6 a day. Secretary of State, 1,000 Auditor General, 1,000 The Senate consists of 22 members, elected for two years; the House of Representatives, of 66 members, elected annually. Pay of each, $3 a day, during the session of the legislature. The seat of government is at Detroit till 1847, when it is to be permanently established. S. T. Douglass, do. 3d do. do. 4th do. do. 5th do. of Detroit, Reporter of Supreme Court and Court of Chancery, Profits of Reports and $500 There are 5 Chancery Circuits. The terms of the 1st Circuit are held annually at the city of Detroit, on the 3d Tuesday in September, and the 2d Tuesday in March; of the 2d Circuit, at Ann Arbor, on the 2d Tuesday in January and July; of the 3d Circuit at Kalamazoo, on the 3d Tuesday in January, and the Thursday next after the 4th Tuesday in June; of the 4th Circuit at Pontiac, on the 1st Tuesday in May, and the Tuesday after the 2d Monday in November; of the 5th Circuit, at Adrian, on the 1st Tuesday in January, and the 3d Tuesday in June. The Judges of the Supreme Court are appointed by the Governor, with the advice and consent of the Senate, for the period of 7 years. The terms of this court are held at Detroit, on the 1st Tuesday in January; at Ann Arbor, on the last Tuesday in December; at Kalamazoo, on the 1st Tuesday in July; and at Pontiac, on the 3d Tuesday in January. Circuit Courts. There are 4 judicial circuits, in each of which one of the Judges of the Supreme Court sits as presiding Judge. In each county, one or two terms of the Circuit Court are held annually. 1st Circuit, 2d do. Presiding Judge. Daniel Goodwin. 3d Circuit, Warner Wing. 4th do. Presiding Judge. Epaphroditus Ransom. District Criminal Court, for Wayne, Washtenaw, Jackson, and Oakland. B. F. H. Witherell, of Detroit, Presiding Judge, Salary, $1,000. FINANCES. Estimated Expenses for 1846. Salaries of Governor, Judges, and State officers, including clerks, and all office expenses, $24,000 Interest on general fund and Penitentiary stock, outstanding gen eral fund warrants, &c., 10,000 Interest on school fund, for which the State is liable, 5,000 Expenses of legislature, revised code, printing laws, &c., 55,000 6,000 10,000 Balance on hand, end of fiscal year 1845, The value of the taxable property of the State, as assessed for 1845, was $28,922,097 59, and the State tax of 2 1-2 mills on the dollar amounts to $72,305 23. 2,000 10,000 5,000 $108,197 $374,053 07 355,160 26 $18,892 81 State Debt. Due on the recognized and liquidated portion of the internal Due on the unadjusted balance of said loan, being amount Due from general fund, $1,754,036 80 1,607,593 12 253,894 14 $677,716 73 101,269 37 778,986 10 $4,394,510 16 Total debt of the State, as reported Nov. 30, 1845, Resources. *Central and Southern Railroads and fixtures, cost Unsold State lands, Taxes past due and unsold State tax lands, Due from Detroit and Pontiac Railroad Company, about Total resources as estimated Nov. 30, 1845, $3,343,284 92 585,417 69 135,726 98 140,000 00 72,305 23 $4,276,734 82 The interest on the general fund, Penitentiary stock, &c., is met from the annual State tax or current revenue. On the University bonds, the interest is paid regularly from the income of the University fund and from other sources. On the funded debt of the State, being her internal improvement debt, or what she has received on the "five million loan," the interest has been funded, or authorized to be funded, up to July 1st, 1845; and for the interest falling due in January, 1846, and thereafter semiannually on the liquidated portion of this debt, viz., $1,754,036 80, the laws provide that the same shall be paid out of the net proceeds of the public works, and in case of deficiency from this source, a direct tax is to be levied for the balance. There being no money in the treasury on the 1st day of January, 1846, when the first payment of interest fell due, available for this purpose, the proper authorities of the several counties were officially notified of the quota of tax to be raised in each respectively. The total tax to be levied annually for the payment of the said interest is $105,242 20. It is, however, expected that the interest on this portion of the State debt will be more promptly paid from the proceeds of a sale of the "Central Railroad," which, by an act of incorporation passed by the legislature, 28th March, 1846, the State has conditionally made to a company of persons, * The Legislature, by act of March 28, 1846, poposed to sell these roads for $2,500,000. who are required to pay into the State treasury by the 28th September, 1846, a certain sum in the coupons of those bonds, or in specie funds, intended for their payment, equivalent to two years' interest, (up to July 1, 1849.) If the proposed sale is not made, then the dependence is on the assessment and collection of the tax as abovementioned. INTERNAL IMPROVEMENTS. Central Railroad, from Detroit to Kalamazoo, finished and in full operation, length, Southern Railroad, from Monroe to Hillsdale, finished and in full operation, length, Tecumseh branch of Southern Railroad, Total length of Railroads finished, belonging to the State, Central Railroad. 68 do. 10 do. 222 miles. Receipts, from Dec. 1, 1844, to Nov. 30, 1845, 9,759 32 Paid for railroad iron, locomotives, new cars, &c., 87,794 41 $202,746 57 1,074 75 $202,746 57 $62,735 62 Southern Railroad. Receipts from Dec. 1, 1844, to Nov. 30, 1845, Disbursements. Running expenses during the year, $15,884 73 Repairs of road, new cars, &c., Construction, and paid Commissioner, 33,936 68 12,914 21 $62,735 62 Comparative Statement of Receipts on the Central Railroad during the first seven months of the fiscal years of 1845 and 1846. |