Scrip issued in paym't of W. R. R. stock, due 1857, 995,000 00 Note to Phoenix Bank, 5 per cent. Stock of 1842, payable 1845,. 5 per cent. of 1842, payable 1846, Scrip for loan to W. R. R., due 1868, 69, 70, 71, Aggregate of all debts and liabilities, Balance in favor of Commonwealth, 6,000 00 46,550 00 37,140 00 3,999,555 56 500,000 00 400,000 00 100,000 00 50,000 00 . $6,224,367 32 196,244 99 $6,420,612 31 The State holds as assets applicable to the payment of these debts as follows: Amount of Cash on hand, Bank Tax due from Phoenix Bank, Notes for Public Lands prior to April 15, 1837, 1-2 of 10 shares South Boston Association, Bond from Norwich Rail-road, Bond from Andover and Haverhill Rail-road, It will be perceived that no notice is taken in this account of the vast amount of public lands in Maine, the income from which is for the present specifically appropriated, or of any property of the Commonwealth, excepting such as is properly applicable to the payment of the debts specified; and that, while the stock in the Western Rail-road is carried out in its present market value, the Western Rail-road Stock Sinking Fund is carried out in its present amount, although it will appear, in the course of the present investigation, that the value of that item will be very much enhanced before the maturity of the debt, for the redemption of which the fund was established. The punctual fulfilment of all the obligations of the bonds of the several rail-road companies, amounting together to $5,049,555 56, is amply secured by mortgages on the indebted roads. The amount due from Phoenix Bank is rendered secure by off-set. Should the promissors of notes for lands in Maine fail to pay the same, the property, which would revert to the State in consequence thereof, would be more valuable than the face of the notes. The attention of your Committee has been directed to the various funds held by the treasurer for specific objects. These are The Massachusetts School Fund, School Fund for Indians, Western Rail-road Stock, Sinking Fund, Western Rail-road Loan Sinking Fund, held in trust, $754,014 97 2,500 00 287,202 97 30,812 35 237,053 65 $1,311,583 94 Massachusetts School Fund. This fund was established in the year 1834, under a law, which was re-enacted in the Revised Statutes, and which provided that all money and stocks in the treasury on the 1st of January, 1835, derived from sales of the Commonwealth's lands in Maine, and from the claim of the Commonwealth upon the general government for military services, together with one-half of all moneys thereafter to be received from sales of lands in Maine, should constitute a permanent fund for the encouragement of Common Schools. The income of the fund so established was made payable to such towns, for the use of Common Schools, as should comply with the requisitions of the existing laws concerning school returns, &c., and should have raised, during the year, by taxation, for the sole purpose of paying teachers, a sum equal to at least one dollar for each person belonging to the town, between the ages of four and sixteen. The law also provided that this fund should never exceed one million of dollars. The act of March 18th, 1839, provided that no town should be entitled to any portion of the income of the school fund, which failed to raise by taxation, during the current year, for the support of schools, including only fuel, wages and board of teachers, at least one dollar and twenty-five cents for each person between the ages of four and sixteen, belonging to the town, on the first day of the preceding May. Since the establishment of this fund, the following amounts have been received by the treasurer and devoted to its beneficial purposes: 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 invested : 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. |