Sources of Revenue. 29 



resident bank stock from the time this law went into operation 

 until the close of this period was only two thousand five hundred 

 ninety-six dollars, an average of less than five hundred twenty 

 dollars a year. This tax on non-resident bank stock was the only 

 tax, during the first period, on any kind of stock held by persons 

 residing without the state. 



The amount received by the state in this period from forfeited 



bonds, bills of cost, fines, avails of court, and escheats was both 



actually and relatively small. From April, 1797, 



fhief etc^°"'^'' ^° ^P"^' ^^^^' ^^^ ^^"^^^ average was only 

 $1,529.95. 



2. Extraordinarj' Receipts. 

 In extraordinary receipts the state received, during the summer 

 of 1796, from the president and fellows of Yale College, $13,726.39 

 m deferred six per cent United States stock. The occasion for this 

 transfer will be shown later under expenditures for education.^ 

 During the fiscal j^ear ending April 30, 1815, the Phoenix Bank, 

 pursuant to the act incorporating it (passed at the May session of 

 the general assembly in 1814), ^ paid into the state treasury a bonus 

 of fifty thousand dollars. In the fiscal years ending April 30, 1817, 

 and April 9, 1818, respectively, two other large sums, fifty-five thou- 

 sand four hundred dollars and eleven thousand five hundred dollars, 

 were received from the United States government in payment for 

 the services of the Connecticut troops and for supplies furnished by 

 the state during the war of 1812 against Great Britain. 



3. Permanent Fund. 

 Under the head of revenue there remains for discussion the in- 

 come from the United States stock and from bank stock held by the 

 state. Taking advantage of that part of an act of congress, approved, 

 August 4, 1790,^* which provided for the funding of the domestic 

 debt, the state subscribed to the United States loan in evidences of 

 United States indebtedness. Conforming to the terms of this act, 

 the specie value of the amount subscribed by the state in the prin- 

 cipal of the domestic debt, together with the interest due on it to 

 December 31, 1790, inclusive, was determined and for two-thirds 

 of the amount thus ascertained the state received from the United 



1 Cf. p. 41. 



2 Public Acts, May 1814, chap. 2, sec. 8. 



3 Acts of Congress, 1 congress, 1 session, chap. 34. Cf. p. 13. 



