70 The Financial History of Connecticut. 



the close of this period, the state held three hundred fifty-six thou- 

 sand four hundred dollars of non-transferable and forty-four thousand 

 dollars of transferable bank stock. This left the total amount of 

 four hundred thousand four hundred dollars held by the state as 

 a permanent fund. 



Inasmuch as for a little more than one-half of this period the 

 state held both United States stock and bank stock, we shall divide 



this period, in treating the income derived from the per- 

 irFmul "^ane^t fund, into two shorter periods, 1818-1833 and 



1833—1846. In chapter one it was shown that the amount 

 of interest received from United States stock was greater than the 

 amount of the dividends received from bank stock and that the 

 latter did not forge ahead until 1817.^ The United States steadily 

 redeemed all stock bearing six per cent interest and, as has been 

 stated; left only the three per cent stock to the credit of the state 

 after 1825. ^ As the state purchased no United States stock after 

 1817, the income from this source necessaril}^ decreased from six 

 thousand seven hundred three dollars (the amount received by the 

 state in interest during the first year of this period) to sixteen hundred 

 fifty-nine dollars, which was the annual interest on the three per 

 cent stock until its redemption in the fiscal year ending March 31, 

 1833. The total amount of interest received from the United States 

 stock from April 10, 1818, to the time when the stock was fully 

 redeemed was forty-five thousand three hundred fourteen dollars. 

 The total amount of dividends received during the same period 

 from bank stock was two hundred seventy-nine thousand seventy- 

 five dollars.^ Adding the two amounts, the total revenue from 

 the permanent fund during the period April 10, 1818, to March 31, 

 1833, is found to be three hundred twenty-four thousand three 

 hundred eighty-nine dollars. This is a yearly average of twenty- 

 one thousand six hundred twenty-eight dollars, but a better con- 

 ception of the annual yield is gained if the years 1827—1830,^ during 

 which the bank dividends were diminished considerably, be excluded. 

 With this exclusion, the average rises to twenty-three thousand 

 forty-five dollars and the lowest and highest annual figures are 

 less than seven thousand dollars apart. The drop in bank dividends 



1 Cf. p. 35. 



2 Cf. p. 68. 



•^ Of this amount $220,650 was appropriated to current expenses and 

 $58,425 to purchase of bank stock. 



* Unless otherwise noted, a year of a certain date means the fiscal yea 

 ending March 31 of the year given. 



