It may not be impertinent for the subscriber to observe, that having been much at Sing-Sing, he has understood, and believes, that the academy there is a very well conducted, useful and meritorious institution. Upon the whole matter, therefore, the subscriber reports his opinion to be, that the prayer of the petitioners for such relief as is specified in their petition, ought not to be granted; and that if any aid is granted from the public property attached to the state prison, the same ought to be in some of the ways above suggested, or in such other way as the wisdom of the Legislature shall direct. All which is most respectfully submitted. SAMUEL M. HOPKINS. IN SENATE, February 26, 1830. REPORT Of the Committee on Finance, recommending a state tax. Mr. Todd, from the committee on finance, to which was referred the resolution of the Senate of the 12th inst., requiring the committee "to report on the expediency of authorising a state tax ;" and also the resolution of the 13th inst., requiring the committee "to report whether it be not practicable to provide for the support of the government without the imposition of a tax on real estate, and if practicable to report a plan for that purpose”— REPORTED AS FOLLOWS, TO WIT: That the General Fund of the state on the first day of December last, amounted to the nominal sum of......... $1,344,268.65 consisting of the following items: 608 shares in the stock of the Bank In this amount the stock of the Bank of Hudson and also that of the Bank of Columbia is included, making together the sum of $35, 000. There is also included the sum of $386,895.93 due on the loans to individulas and companies. This is the whole amount of principal and interest which appears from the books of the Comptroller's office, to be due; no allowance is made for the losses which have been sustained on these loans, or the probable loss which will arise from the inadequacy of the security. Many parcels of the lands have been sold on the mortgages and bid in by the Attorney-General, in some instances for a mere nominal sum, and only the amount bid is credited on the bonds, and that amount in some instances not enough to pay the expenses of foreclosure. The debt in such a case is continued on the books, when every reasonable hope of payment is gone. In some cases where the lands have been thus purchased, they have been re-sold for a fair value, and the purchase money secured by new bonds and mortgages, which are included in the "amount stated to be due on bonds and mortgages for lands sold." By this mode of proceeding, the old debt upon the bond as well as the new one secured by bond and mortgage, both appear on the books, presenting an apparent amount far beyond the actual amount belonging to the general fund, which can ever be realised. This arises from the presumed responsibility of the persons who gave the bonds, when it is generally understood that the personal security is of little or no value. At the last session of the legislature the Comptroller made a detailed statement of the situation of the loans to individuals and companies. The amount of the loans was not far from the sum above mentioned in that item stated in the general fund to be $386, 895.93. The amount of the principal of the bonds and mortgages to $221,667.33 has been attempted to be collected by foreclosure of the mortgages. On that amount the actual loss has been $117,301. 03. In addition to this actual loss, the state then held many parcels of land which had been bought in on the sale, and until a re-sale should be made, the final loss could not be ascertained. In the report of the Comptroller of the last year to which we have referred, the principal there stated to be due on the bonds and mortgages, which had not been attempted to be collected by foreclosure and sale, amounted to $185,299.67. This amount was supposed to be better secured than the sums for the collection of which foreclosures had taken place. The difference between the amount of this item in the general fund, between the last and the present year, is $8,204.86. That amount has been paid in the course of the year. Judging from the result of the experiment to obtain the amount due in those cases where the experiment has been made, we cannot estimate the value of the bonds and mortgages for loans now remaining, at more than $150,000, as a part of the general fund from which revenue may be derived. If this sum is to be considered as the productive amount of loans to individuals and companies, the balance of that item in the general fund must be deducted, which is ..... $236,895.93 Stock of Hudson Bank, Do. of Columbia Bank,.. Sundry debts due the state,..... 15,000.00 20,000.00 23,319.62 Making the amount of $295,215.55 to be deducted from the general fund, as stated in the report of the Comptroller, to determine the amount upon which revenue is to be derived. The productive fund will then be $1,049,053.10. The item of "sundry debts due the state," amounting to $23,319.62 is deducted, being due from Benjamin Butler. It is the balance due on a bond, the payment of which was secured by a mortgage on lands in Chenango county. The lands have long since been sold, leaving the above sum unpaid, and the debt is considered of no value. In addition to the general fund as above stated, there is a large quantity of land belonging to the state, and constitutes a part of the fund. The quantity of land is stated to be 119,665 acres. Of this quantity 93,372 acres have been sold for taxes, and purchased in by the state. This circumstance induces the belief that it is of little value, and cannot be relied upon for revenue: 18,964 acres have been bought in at sales made on the foreclosure of mortgages; the remaining 7,329 acres are in different parts of the state. Taking all these lands together, we do not put much confidence in the idea of deriving from them a very large sum of money for the purposes of the government. It is, however, from the general fund, of which these lands constitute a part, that we look in the first place for the revenue, applicable to the ordinary expenses of the government. This is the primary source; and if not to be found here, resort must be had to other means. The revenue to be derived from the general fund is estimated as follows for the year 1830: Dividends on stock of the Bank of America, $3,200.00 |