30 The Financial History of Connecticut. 



States $3,441.83 of six per cent stock and for the other third $1,720.94 

 of deferred six per cent stock to begin bearing interest in the year 

 1801. In exchange for the amount subscribed in the interest of the 

 domestic debt, the state received $2,931.54 of three per cent stock. ^ 

 In payment of the balance due to Connecticut for expenses incurred 

 in the Revolutionary War, congress credited Connecticut, in 1795, 

 with the following items : $412,747.34 of six per cent stock ; $206,373.66 

 of deferred six per cent stock; and $123,824.20 of three per cent 

 stock. 2 In 1796, the president and fellows of Yale College, as already 

 stated,^ transferred to the state $13,726.39 of the deferred six per 

 cent stock. In payment of a debt due to the state, $682.20 of six 

 per cent stock was transferred to the state.* In May, 1796, the gen- 

 eral assembly voted to reinvest, in deferred six per cent and three 

 per cent United States stock, the amounts received from the United 

 States in part payment of the principal of the six per cent stock.^ 

 This policy was continued without change until the United States 

 began to redeem the deferred six per cent stock. This caused the 

 legislature to vote, in October, 1800, to reinvest in the United States 

 debt all money received from the United States in payment of prin- 

 cipal.*' Meanwhile the state had transferred some of its stock in 

 payment of its debt.' A brief summary showing the history of the 

 stock held by the state and the amount actually owned by it on 

 April 30, 1801,^ will make the above paragraph clear. 



Amount of 6% stock Deferred 



(real capital) 6% stock 3% stock 

 Originating from subscrip- 

 tion to the U. S. Loan 



(made principallyin 1791), $3,441.83 $1,720.94 $2,931.54 

 Credited by U. S. in pay- 

 ment of balance due, 412,747.34 206,373.66 123,824.20 



1 Compt. Report (Ms.), May 1801. Credit side of account of stock standing 

 to the credit of the state in the books of the commissioner of loans. 



2 Cf. p. 17. 



3 Cf. p. 29. 



* Compt. Report (Ms.), May 1801. Credit side of account of stock 

 standing to the credit of the state in the books of the commissioner of loans. 



^ Idem. 



« Compt. Report (Ms.), May 1801. 



" Cf. p. 18. 



** Compt. Report (Ms.), May 1801. Account of stock standing to the 

 credit of the state in the books of the commissioner of loans. 



