Sources of Revenue. 69 



fiscal year ending March 31, 1820. This raised the total of trans- 

 ferable bank stock to fifty-two thousand seven hundred dollars. 

 No more transferable stock was acquired until the year ending 

 March 31, 1843. 



During this process of change the principal of the fund gradually 



increased until on March 31, 1826, it was $444,798.37, the highest it 



had been since 1808. Of this amount, nearly ninety-seven 



Increase hunored dollars cash ($9,695.71) was in the treasury 



of Fund , ^, . . ' , . , r- 1 



unmvested. This was transferred during the next fiscal 



year to the civil list funds, which were used to defray the current 

 expenses of the state. This reduced the fund to $435,102.66, at 

 which figure it remained until March 31, 1832. During the next 

 year the United States redeemed the remainder of its debt, con- 

 sisting of the $55,302.66 three per cent stock, the state reinvesting 

 the principal (with the exception of $2.66 which was transferred 

 to the civil list funds) in non-transferable bank stock. We should 

 now expect the fund to stand as follows : 

 Bank stock, non-transferable, $382,400 

 Bank stock, transferable, 52,700 $435,100 



The comptroller in his May report (Ms.) of 1833, states that on 

 March 31, 1833, the permanent fund consisted of three hundred 

 P y . fifty-one thousand five hundred dollars of non-trans- 

 of Fund ferable bank stock and forty-eight thousand two 

 in 1833 hundred dollars of transferable bank stock, making 

 and 184b ^ io\_2\ of only three hundred ninety-nine thousand 

 seven hundred dollars. 



The difference between these figures — thirty-five thousand four 

 hundred dollars— is traceable to the failure of the Eagle Bank. 

 This bank suspended specie payments September 19, 1825, and 

 never resumed. The state investigated the condition of the bank 

 and found that it had loaned on inadequate security an amount 

 which absorbed all its capital, deposits and circulation. ^ Having 

 invested thirty thousand nine hundred dollars in the non-trans- 

 ferable stock and forty-five hundred dollars in the transferable' stock 

 of that bank, the state was the loser to the extent of the difference 

 already noted. The state comptroller did not acknowledge this 

 loss until this report of May, 1833. A few gains were made by 

 disposing of some of the transferable stock and subscribing to the 

 non-transferable. Consequently on March 31, 1846, which marks 



1 Atwater, "History of the City of New Haven," p. 335. 



