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REPORT of the Committee on Finance, to whom was referred so much of the Governor's Message as relates to Finance.

The committee on finance, to whom was referred so much of the Governor's message as relates to finance,

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Have had the same under consideration, and beg leave to report, that upon examination at the proper departments of the State, it is found that it will be necessary for this Legislature to provide for the payment of the interest upon the State debt (after deducting so much of the specific taxes as are applicable,) and also for the payment of all money appropriations that may be made. The policy pursued by the Legislature of 1861,/ in this respect is, in the opinion of your committee, worthy of our imitation, as ample means were provided to meet all authorized demands upon the treasury; still, so correct were the estimates that not a dollar was raised that was not needed. Your com mittee is unanimous in recommending that this policy be con tinued, and that all new schemes involving appropriations should be ignored believing that the people of the State desire to meet annually by taxation, all necessary expenses of the

government, and interest upon the State debt-therefore no appropriation should be made at this time, for any purpose beyond our immediate and pressing wants; and in estimating the ability of the people to meet taxation, we must not overlook or forget that they are called upon to meet heavy, direct taxation to support the families of volunteers, and that large amounts have been and are being paid for bounties to aid enlisting; and more than this, the General Government under the operation of the excise law, will levy upon us annually in the form of stamp duties, licenses, &c., at least $500,000. Your committee have thought best, in order that the Senate may have a more full understanding of the financial condition of the State, to present a somewhat detailed statement, showing the funded indebtedness, the interest that will accrue on the Trust Funds, and an estimate of the expenses of the State Government, for the years 1863 and 1864.

In compliance with the provisions of act No. 122, of the session laws of 1861, the full-paid five million loan bonds, for $177,000 00, the adjusted bonds, for $1,746,185 00, and the part-paid, five million loan bonds, for $80,999 80, have been retired, and the two-million loan bonds issued, so that the funded debt of the State, for which the interest must be provided, consists of the following named loans:

Temporay Loan, 7 per cent.,....

Renewal Loan, 6 per cent.,..

Two Million Loan, 6 per cent.,..

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War Loan, (bonds issued.) 7 per cent.,....

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.$ 50,000 00

216,000 00

1,750,000 00

250,000 00

567,200 00

392,700 00

A bill is now pending before the House-having passed the Senate-providing for an increase of the war loan, of $250,000 00. Should it become a law, the interest upon such in~crease, must also be provided for. It is hoped that the whole amount of war loan bonds, authorized to be issued, may not be needed, and consequently, may not be negotiated; yet as

the necessity may arise, it is the duty of the Legislature to provide for the payment of interest upon all bonds that may be issued. Should the money, provided for payment of the interest upon the war loan, exceed the amount required, it should be applied to the payment of such loan, agreeable to the provisions of the act authorizing a war loan, approved May 10, 1861.

The interest upon the canal loan is provided for from the earnings of the St. Mary's Falls Ship Canal. Your committee, regarding this as sure and reliable, recommend no other provision for its payment. The interest accruing upon the trust funds, for the year 1863, will be as follows:

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of the State, for the year 1863, will be...... $223,653 00

Estimated expenses and appropriations for the fiscal year ending November 30, 1863.

Salaries of State officers, their assistants and prin

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Michigan Asylum, Deaf, Dumb and Blind, (was

1862,).

State Agricultural School, (was 1862,)
State Agricultural Society,.

Refunding taxes assessed upon lands located with

$8,000 00

10,000 00

1,000 00

land warrants of 1812, &c., (see Auditor General's recommendation in his report, 1862, p. 9,).

25,000 00

$216,500 00

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$521,217 21

Estimated revenue applicable to the payment

of interest and expenses of Government for fiscal year ending Nov. 30, 1863:

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Estimated Interest and Expenses of the State Government for the

year 1864.

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Estimated revenue applicable to the payment of interest and expenses of Government for the year 1864:

Specific taxes,..

State tax, if levied, of two mills on

the dollar on the valuation, as fixed by the State Board of Equalization, of $172,055,808 80......

$176,876 72

344,111 62

$520,988 34

This shows that there would be a balance in the
Treasury on the 30th of November, 1864, of.... $39,542 26

It must be borne in mind that by the provisions of the act authorizing a war loan, and by act No. 122, session laws of 1861, a tax of three-sixteenths of a mill is required to be levied in addition to all other State taxes, to provide sinking funds to aid in the liquidation of the State debt, which, with the two mill tax recommended, will make a State tax for each of the years 1863 and 1864, of two and three-sixteenth mills on the dollar; to this must also be added the military tax, which will amount to $19,628 70, annually.

In conformity with the recommendations herein contained, your committee submit herewith,

A bill to provide for the interest on the war loan;

A bill to provide for the interest on certain State loans;

A bill to provide a tax for the expenses of the State government.

All of which is respectfully submitted.

E. O. GROSVENOR, Chairman.

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