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1842. Amounts of cash received,
$8,550 67 12,400 24 121,110 77 167,081 87
8,035 87 218,041 81
Whole amount received on account this Fund,
And there has been paid to various towns the income accrued,
$218,041 81 For District School Libraries,
Charles River and Warren Bridge Fund. On the 17th of March, 1841, an act was passed in relation to these bridges, by which the treasurer was directed to issue the notes of the State for $25,000, redeemable at the pleasure of the Commonwealth, after two years, and to deliver the same to the treasurer of the proprietors of Charles River Bridge, on condition that they should surrender to the Commonwealth all their property in said bridge. Tolls were to be collected and paid to the Commonwealth for the purpose of redeeming this scrip, and accumulating a fund to keep the bridge in repair. Warren Bridge was also to be repaired, and tolls were to be collected
there for the same purpose. It was provided in the act, that the tolls should cease, and the two bridges be made free to public travel, whenever a sufficient sum should have been collected to reimburse the Commonwealth for all expenses incurred in the repairs, &c., and to pay the scrip for $25,000, and its interest, and to leave a fund of $50,000 for the future support of the bridges. But the same act also provided that the time for receiving tolls should, in no case, exceed two years.
Under the operation of this provision, the tolls have ceased, and the fund amounts to $30812 35, which is in vested :
Notes secured by mortgage,
Western Rail-road Stock Sinking Fund.
By the act of April 4th, 1836, the Western Rail-road Corporation, which had been established in 1833 with a capital of two millions of dollars, was authorized to increase its capital stock by the addition of $1,000,000 thereto, and the Treasurer was directed to subscribe on behalf of the Commonwealth for the whole ten thousand new shares thus created.
By the act of April 15th, 1837, the Treasurer was directed to issue the notes of the Commonwealth, redeemable in twenty years, and bearing interest at the rate of five per cent. per annum, for any amounts not exceeding $1,000,000, and to apply the funds, arising from the sales of such notes, to the payment of assessments upon the Commonwealth's shares in the stock of the Western Rail-road.
The 4th section of the last named act provided that any profit upon the sale of the scrip referred to, together with all dividends of profits on the stock, and one half of all monies to be received from the future sales of lands in Maine, aud any sums of money thereafter to be received for the Massachusetts claim for miliitary services should constitute a sinking fund for the purchase and redemption of the scrip, and for the payment of the interest thereon.
By the act of April 2d, 1839, any sums of money thereafter to be received froni the claim on the general government was appropriated exclusively to a sinking fund for the final redemption of certain scrip, issued under authority of said act, making provision for the then unfunded debt of the Commonwealth, amounting to about $300,000. And by the same act, one half of the proceeds of the sales of public lands was irrevocably appropriated to the fund for the redemption of the principal of the scrip issued under the authority of the act of April 15th, 1837, for the purpose of providing means for paying the Commonwealth's subscription to the stock of the Western Rail-road.
The act of March 3d, 1842, makes it incumbent upon the Treasurer to apply all monies, received by him by virtue of the laws recited, to the purchase of the identical scrip, for the final redemption of which this sinking fund was established. In the belief that this limitation will tend to diminish the value of the fund, we recommend the passage of a bill which shall authorize the Treasurer to invest the money to be received by him on account of this fund, under the direction of the Governor.
Under the operation of these laws, there has been received by the Treasurer and applied to this fund as follows : 1838, cash received,
$620 00 1839,
590 00 1810,
9,131 87 1841,
9,315 74 1842,
7,087 55 1843,
.12,495 90 1844,
122,820 75 Notes belonging to this fund 1837 to 1845,
Whole amount received account this fund,
Present amount of fund,
Which is invested as follows:
It will be perceived that, under existing laws, this fund is to be increased by one half of the proceeds of sales of lands in Maine, together with its own income, and we would submit the following statement of the probable amount of the fund in 1857, when the notes for $995,000, for the redemption of which this fund was established, will become payable :
The present sum of $287,202 92 will amount at
that time, January 1, 1857, at compound inter
est, at the rate of five per cent. per annum, to $515,775 23 And the proceeds at future sales of public lands,
applicable to this fund, may be fairly estimated at $15,000 per annum; which, at five per cent. compound interest, will amount, on the 1st of January, 1857, to
Estimated value of this Sinking Fund on the ba
sis stated in 1857, when the debt, for the redemption of which it was established, becomes due,
Western Rail-road Loan Sinking Fund. On the 21st of February, 1838, an act was passed, for the purpose of aiding the Corporation in the construction of the Western Rail-road, by which the Treasurer was directed to issue the scrip or promissory notes of the Commonwealth, for the sum of two million one hundred thousand dollars, ($2,100000) payable to bearer in London, bearing interest at the rate of five per cent. per annum, and redeemable at the end of thirty years from date; and to deliver said notes, upon certain conditions, to the Treasurer of the Western Rail-road.
The conditions were, that, when the Corporation should have received one half of the fifth assessment, of five per cent. upon the stock held by private stockholders, the Treasurer of the Corporation should be entitled to receive one half of the scrip authorized. And, when the Corporation should have collected seventy-five per cent. of the fifth assessment, and seventy-five per cent. of the sixth assessment, then the Treas
urer of the Corporation was entitled to receive the remaining part of the scrip for $2,100,000 authorized, in sums not larger than $300,000 at one time; and, after the delivery of the first three hundred thousand dollars, no more of the scrip was to be delivered to the Treasurer of the Corporation, unless it was made to appear, that at least two thirds of the proceeds of previous deliveries of scrip had been faithfully applied to the proper purposes of the road.
The 3d section of the act provided that all premium or profits, derived from the sales of this scrip, should be paid over to the Treasurer of the Commonwealth; and, after the road should be opened for use, a sum equal to one per cent. on the amount of the scrip should be annually set apart from the income of the road, and paid over to the Treasurer, for the purpose of constituting a sinking fund for the future purchase or final redemption of the scrip.
It was also provided, that no part of the scrip should be delivered to the Treasurer of the Corporation, until said Corporation should have given to the Commonwealth a bond that they would faithfully apply the proceeds of the sales of the scrip to the construction of their road, and pay the principal of such scrip, as should be delivered to their treasurer at its maturity and the interest semi-annually, and convey to the Commonwealth their entire road, with its income and all the property and franchise belonging to them, as a pledge to secure the performance of all the conditions of the bond.
The act of March 26th, 1839, provided for a further loan of the scrip of the State to the Western Rail-road Corporation, amounting to one million two hundred thousand dollars ($1,200,000,) to be delivered to the treasurer of the Corporation, when further assessments upon the stock should have been laid and collected. The premium on the sales of this scrip and one per cent. annually, from the income of the road after it should be opened for use, upon the amount delivered to the treasurer of the Corporation were to be paid over to the treasurer of the Commonwealth, to be added to this Sinking Fund..
In the original charter of the company, the State reserved to itself the right to purchase, at any time after the expiration of