MICHIGAN. 



501 



3. Tho Legislature may provide by law for 

 tynu'iit, l>y the counties, townships, and 

 municipalities of this State, of all bonds or 

 ntluT obligations heretofore issued or incurn <1 

 in pursuance of acts of the Legislature. !>;. 

 such counties, townships, and municipalities 



ally, for and in aid of any railroad com- 

 pany. Such bonds, or obligations, shall bo 

 p;iid by the county, township, or municipality, 

 issuing or incurring the same; and in no event 

 shall the State pay, or become liable for, any 

 portion of such bonds or obligations. Tho 



lature shall submit to the electors of each 

 of said several counties, townships, and muni- 

 cipalities, for their decision, the question of pay- 

 ment, together with the mode and manner of 

 the same. Rejected yeas 50,078, nays 78,453. 

 Tho political complexion of the boards of sn- 



-ors for the year was nearly the same as 

 in 18C9. The Republicans had majorities in 44 

 counties, the Democrats in 10, and 4 were tied. 



The aggregate receipts to the Treasury for 



the year amounted to $1,718,523 TO 



Balance in Treasury, November 30, 1869. . . . 884,089 78 



Available means for the year $2,562,613 44 



Aggregate expenditures 2,094,805 47 



Balance at close of fiscal year, Nov. 80, 1870, $458,807 97 

 Included with the receipts were Swamp- 

 land warrants drawn in payment for con- 

 struction of Swamp Land State Roads, to 

 the amount of $314,423.53. The cash re- 

 ceipts were less than the aggregate re- 

 ceipts to the Treasury by the face of these 



warrants, and amounted to $1,404,100 19 



Of the cash, the receipts "in trust" were.. 306,829 06 



Which taken from total cash, and there re- 

 mains of cash receipts for general pur- 

 poses $1,037,271 13 



The sources of revenue from which the col- 

 lections were made were the following: 



From direct taxes, including inter- 

 est and charges thereon $532,783 27 



From incidental collection? 30,022 79 



From specific taxes Railroad 

 Companies $212,308 05 



From specific taxes Telegraph 

 Companies 1,311 20 



From specific taxes Insurance 

 Companies 80,972 25 



From specific taxes Express 

 Companies 1,505 00 



From specific taxes Mining 



Companies 4,257 11 



600,353 61 



From gale of Lands , 110,169 90 



From sale of War Bounty Bonds. 44,000 00 



From United States war ex- 

 penses refunded 19,941 56 



Total cash receipts as above 

 stated $1,037,271 13 



rhe aggregate expenditures for the fiscal 

 year, as stated above, are in excess of cash 

 disbursements by the amount of State 

 Swamp Land expended in payment of 

 Swainp-land warrants such expenditure 

 lieing $314,423.53. The aggregate, less this 

 amount, gives for cash expenditures, dur- 

 ing the fiscal year closing Nov. SO, 1870. $1,779,881 94 



The cash disbursements of amounts held 

 "intrust" were 845,588 88 



Giving, for disbursements for general pur- 

 poses $1,434,293 00 



A classified detail of the items that enter 

 into this amount shows that the disbursements 

 were for the following: 



For alarle of State officers, deputies, and 



clerki 80.432e 



For salaries of extra clerks In State office*. . 11,467 18 



For salaries of CommlMloner of Immigra- 

 tion 5.J91 68 



For awards of Board of State Auditor* 50,674 87 



Total of above Items $108,790 99 



For expense of Judiciary including pub- 



lication of reports. 

 For incidental expenditures. 

 For military expenses 



MJM M 



,, BI , . 



. :/.', ii 



Tho above Items Include all ordinary expend- 

 itures from the Treasury for the support 

 of the State government, and amount to. . $152,006 03 



For Interest upon Bonded Debt 

 and for premium $173,489 41 



For Interest upon Trust Funds.. 166,863 81 889,801 92 



For bounties to soldiers $88,85000 



For relief of disabled soldiers ... 1,500 00 



For aid to University 18319 68 



For payment of Legislative ap- 

 propriations $181,136 54 



For payment of principal of 

 BondedDebt 701,55000 



Aggregate of cash expenditures 



as above $1,434,29306 



The cash expenditures from the 



Treasury for the fiscal year 



were $1,779,881 94 



The cash receipts to the Treasury 



for the fiscal year were 1,404,100 19 



The cash expenditures in excess 

 of the cash receipts for the fis- 

 cal year were $375,781 75 



The balance in Treasury, Novem- 

 ber 30, 1869, was $884,089 72 



The balance in Treasury, Novem- 

 ber 80, 1870, was 468,807 97 



Decrease In Treasury Balance in 



year $875,78175 



The bonded State Indebtedness, November 



89, 1869, amounted to $3,043,578 49 



War Bounty Bonds were issued during the 



fiscal year for 44,000 00 



Total amount of indebtedness during year. . $3,067,578 49 

 The debt, November 80, 1870, amounted to. . 2,385,028 49 



The amount of bonds purchased and re- 

 deemed $702,55000 



A detailed statement of purchases and re- 

 demptions is as follows : 



PURCHASED. 



Two million Loan Bonds, due 

 January 1,1873 $10,000 00 



Two million Loan Bonds, due 

 January 1, 1878 13,000 00 



Two million Loan Bonds, due 

 January 1, 1883 24,00000 



Renewal Loan Bonds, due July 

 1, 1878 



War Bounty Loan Bonds, due 

 May 1,1890 



Canal Loan Bonds, due July 1, 

 1879... 



$47,00000 

 82,00000 

 29,00000 

 1,01000 



Total amount purchased during fiscal year.. $109,000 00 



REDEE1TED. 



War Loan Bonds, due January 1, 1886 (drawn). $598,550 00 



Aggregate purchased and redeemed $708,550 00 



Deduct amount of bonds issued during year. . 44,000 00 



Net reduction of Bonded Debt during year $058,550 00 

 The reduction in Treasury balance during year 375,781 75 



Reduction In debt In excess of reduction in 

 Treaaury balance $282,788 SS 



The entire reduction of the State bonded in- 

 debtedness effected during the fiscal year waa 



