68 The Financial History of Connecticut. 



Seven per cent United States Stock, $13,619.00 



Six per cent United States ,, 8,106.56 



Deferred six per cent U. S. „ 68,034.00 



Three per cent United States „ 55,302.66 $145,062.22 



Bank stock, non-transferable, 202,200.00 



Bank stock, transferable, 48,600.00 250,800.00 



Balance in treasury, uninvested, 1,018.59 



$396,880.81 



It experienced a considerable change during the second period 

 The United States redeemed all of the six per cent stock, first men- 

 tioned above, before April 10, 1819. It also steadily 

 S^Funf ™^^* reduced the amount of deferred six per cent stock 

 and b}^ March 31, 1825, this item likewise disappeared. 

 During the fiscal year ending on the latter date, the entire amount 

 of seven per cent stock was redeemed, leaving only the $55,302.66 

 of three per cent stock indebtedness unpaid. This debt was paid 

 by the United States during the fiscal year ending March 31, 1833. 

 Meanwhile the state had been reinvesting the principal in bank 

 stock. It had also, in addition, appropriated, for the increase of 

 its holdings of bank stock, part of the di\adends received from its 

 bank stock. ^ 



During the first year of this period, two thousand seven hundred 

 seventy-six dollars which, on October 1, 1818, had not yet been 

 invested in bank stock was transferred to the funds available for 

 current expenses, and the very next year, for the second time in the 

 history of the state,^ the reimbursements on the principal of the 

 United States debt ($7,396) were diverted from the fund set aside 

 for the purchase of bank stock and applied to the current expenses 

 of the state. 



Nearly all the bank stock acquired by the state was issued by 

 banks chartered mth a condition that the state should be allowed 

 to subscribe to their stock. This stock thus acquired by the state 

 was, however, to be non-transferable. During this period the state 

 acquired, by subscription, stock of the Hartford, New Haven, Middle- 

 town, Phoenix, Farmers and Mechanics, and Eagle Banks. It 

 held stock in the first three of these banks during the first period. 

 In the present period no bank stock was obtained except forty-one 

 hundred dollars of Phoenix bank stock which was bought in the 



1 Cf. p. 70, footnote 3. 



2 Cf. p. 34 for first diversion of reimbursement ou principal. 



