Sources of Revenue. 71 



\\hich began in 1827 is largely explained by the failure of the Eagle 

 Bank. Although the stock of this bank held by the state was 

 kept on the books until 1833, it was not yielding a cent of revenue 

 and therefore in computing the rate of dividends paid by the banks 

 on the stock in which the state had investments, no account has 

 been taken of the Eagle Bank stock after March 31, 1826. The 

 annual rate of dividends from April 1, 1818, until March 31, 1833, 

 was a little above five and a half per cent. The lowest rate during 

 these years was three and seven-tenths per cent — the rate for the 

 year ending March 31, 1830 — and in no year did the rate rise to 

 seven per cent. 



From March 31, 1833, to the close of this period, the capital of 

 the permanent fund consisted entirely of bank stock. The total 

 of the dividends received by the state for the thirteen years was 

 three hundred eighty-three thousand two hundred fifty-five dollars, 

 an average for each year of twenty-nine thousand four hundred 

 eighty-one dollars. This average shows the approximate returns 

 for every year ; for with the exception of the year 1838, when the 

 dividends were only twenty-one thousand four hundred eighty- 

 nine dollars, the lowest amount received was twenty-six thousand 

 eight-hundred eighteen dollars in the year 1844 ; and in only one 

 year (1836), when they amounted to thirty-six thousand one hundred 

 forty dollars, did the dividends exceed the 1846 dividend of thirty- 

 two thousand seven hundred twenty-two dollars. Thus it is seen 

 that with only two exceptions the greatest fluctuation, in either 

 direction, from the average was but a little more than three thou- 

 sand dollars. The highest rate of dividend received during these 

 thirteen years was nine per cent for the year 1836 and the lowest 

 rate was five and three-tenths per cent for the year 1838. During 

 the intervening time occurred the panic of 1837, which explains 

 this large fluctuation. Aside from these two years, however, the 

 rate during the years now under consideration (1833—1846) varied 

 within the narrow limits of six and seven-tenths per cent and eight 

 and one-tenth per cent. The average rate for the thirteen years 

 was seven and three-tenths per cent. 



A comparison of the income from the permanent fund in the 

 first period with its income during this period shows that from 

 April 10, 1818, to March 31, 1833, the annual average income was 

 more than thirty-one hundred doUars less than for the years 1801 

 — 1818 and nearly forty-three hundred dollars smaller than the 

 average yield for 1801 — 1814. On the other hand, the average 

 yearly income of the fund from March 31, 1833, to the end of the 



