34 The Financial History of Connecticut. 



owned one hundred forty-six thousand eight hundred dollars of 

 bank stock, all of which was non-transferable, issued by these three 

 banks. The general assembly, by the same act (passed at the Oc- 

 tober session, 1815) ^ which again allowed the treasurer to invest 

 in United States stock, also authorized him to invest in the bank 

 stock of any banks in the state. Acting in accordance with this 

 provision, the treasurer, during the year ending April 30, 1817, 

 purchased forty-eight thousand three hundred dollars of stock issued 

 by the Hartford, New Haven, Eagle, and Phoenix banks. This 

 stock was purchased, not subscribed, and was, therefore, trans- 

 ferable. By the purchase of this stock, the portion of the principal 

 of the permanent fund invested in bank stock for the first time 

 exceeded the amount of United States stock held by the state. 

 During the next year the state subscribed for fifty-five thousand 

 four hundred dollars more of stock in the three banks to whose 

 capital stock it had previously subscribed and purchased three 

 hundred dollars more of the Eagle Bank stock. Thus on April 

 10, 1818, the "Permanent Fund," as the United States stock and 

 the bank stock held by the state were called, stood as follows^: 



Seven per cent United States Stock, $13,619.00 



Six „ „ „ ,. „ 8,106.56 



Deferred six „ „ „ „ , „ 68,034.00 



Three „ „ „ „ „ 55,302.66 



Total of „ „ ~ $145,062.22 



Bank stock subscribed and not transferable, $202,200.00 



Bank stock purchased and transferable, 48,600.00 



Total Bank Stock, $250,800.00 

 Balance in the treasury, uninvested, 1,018.59 



Grand Tota', $396,880.81 



This fund was recorded in a separate account and the money 

 received from the United States as reimbursements of the principal 

 was not used as revenue, but was considered as capital to be rein- 

 vested. Until 1809 the money thus appropriated for reinvestment 

 was always so used. The money received from the United States 

 on account of the principal during the year ending April 30, 1809 

 ($16,932), was appropriated for the purchase of firearms. Further 

 sums were expended from the fund for a similar purpose so that 

 from 1811 to 1816 more than forty-eight thousand five hundred 



1 Cf. p. 33. 

 ■Compt. Report (Ms.), May 1818. 



