DIVIDENDS. In order at one view to see the progress of the surrender and cancellation of the old debt, we have but to look to the dividend book for each half year, viz: On the 1st day of July, 1847, there had been surren- $81,320 00 90,590 00 91,580 00 On the 1st day January, 1849, there had been surren- 93,090 00 95,300 00 2 PER CENT. STATE STOCK. In my last annual report I gave the amount of 24 per cent. State Stock then issued at $1,622,617 50 There has been issued from that day to 1st July, 1849, 76,280 00 By my last report there had been issued prior to July 1, 1848, $499,500 There has been issued since, to July 1, 1849, 186,000 146,850 51,750 $884,100 Making of deferred canal stock, Accompanying this report, I furnish an alphabetical abstract of the bonds surrendered since July, 1848, to July, 1849; also a register of 5 per cent. certificates of State Stock, filled and disposed of, continued from my last report. RETURNS TO AUDITOR'S OFFICE. An act was passed by the last Legislature directing the Agent of State to make out and deposit in the Auditor's Office, semi-annually, three copies of the register of bonds surrendered, and complete registers of certificates issued by him. This duty I have performed, and included an abstract of the transfers made at this agency within the like period, that by reference to the books and returns in the Auditor's Office at home, a perfect transcript of the office here may be seen. But it strikes me that there can be no use for three copies. There may be a misprint in the law-"three" may have been printed for "true"-if so, some labor may be saved by so declaring. POSTPONEMENT OF JANUARY DIVIDEND. A joint resolution was passed last session directing me to negociate an extension of the day of paying the January dividend; it also authorized me to negociate an arrangement to make both our semi-annual payments on the first day of July, or some subsequent day. In obedience to the instructions of the Legislature, I prepared a circular, a copy of which I furnish at the end of this report. I did not submit both propositions to the bondholders, fearing that such a course might result in confusion; nor did I think the State's welfare would be promoted by extending the January payment to July. We could not ask such postponement without proposing at the same time to pay interest on such dividend from January 1st to July 1st. This item on our next January dividend would amount to nearly if not quite three thousand dollars, when the money would be in the Treasury from the 4th Monday in February. In my communication to the bondholders, I proposed that the January payment should be temporarily extended to the first Monday of March. These circulars were addressed to every bondholder, and forwarded to them free of expense as soon as I could ascertain the proper address. Many of them have signified their assent. Some agree conditionally, and some refuse. A large majority, however, have not answered at all. The material part of the correspondence upon the subject I have kept, and will be pleased to submit it to the inspection of members. Unless the money is provided to pay the January dividend, it will become my duty, under the law, to issue certificates to the bondholders for any deficiency that may exist. Those who have agreed to the postponement will of course expect their money on the first Monday of March. These certificates will draw interest against the State until redeemed. Interest will also have to be paid those who wait until March. Embarrassment may grow out of these methods of paying our interest. The plan now used is simple and affords a ready check upon this office. But making up one dividend account for January, to be paid in certificates bearing interest-another for the first Monday in March, also bearing interest, and another for July, will, I fear, be attended with confusion, and end in loss to the State. Independently of these considerations, there are other very cogent reasons, which will readily suggest themselves, why we should make every exertion to pay up in January. The State hazards nothing by doing so, but meets her engagement according to its letter and its spirit. THE SUSPENDED DEBT. In January last, I was called upon for money on account of a bill of charges against the State, of upwards of $7000, for prosecuting her claim against the North American Trust and Banking Company. Upon inspecting the agreement made by Gov. Noble, I found the State was bound for all expenses, as well as to prosecute the claim. The assets of the company had been assigned, and the deed of assignment had been sustained by the chancellor, which had well nigh exhausted them. There were questions yet to be decided, as to the validity of the certificates assigned to the State, which threatened their total overthrown. Looking to the end of the matter, when even if the State should succeed in the suit, there would be nothing to make the money out of, I proposed, under the sanction of our attorney, to sell the demand. The best offer I could procure for it, was to take the place of the State, the purchaser paying all the charges upon the case, and taking the State's interest in it. I closed with this proposition, and file in Auditor's Office, the papers connected with the transaction. Upon the judgment against Mr. Beckwith, and against Mr. Carnham, nothing has been made. Several proposals have been made me for the Georgia lands, but as yet I have not disposed of them. THE OFFICE IN NEW YORK. Until last March, the Office of the Agency had been kept in upper stories, on account of the high rents of those nearer the street. They were inconvenient of access-they had no fire-proof vaults, nor could safes of sufficient size be got into them. The books and papers of the Agency were exposed to fires and other mischiefs, and those having frequent business at the office, found fault with its being so out of the way. As far as consistent with a proper economy, I sought to remove these difficulties, and made an arrangement with Messrs. Winslow, Lanier, & Co., by which they furnish me ample room in an excellent office occupied by themselves, on the first floor, with the use of perfectly secure vaults and safes, in which all the books and papers of the Agency are constantly kept, except during business hours. They furnish me also, all clerk's and other services I require, and at less expense altogether than it cost whilst I kept the Agency in a separate office. This arraugement I made with them with a stipulation that either party might terminate it by giving the other three months previous notice. Very Respectfully, INDIANA AGENCY, N. Y., Nov. 26, 1849. JAMES COLLINS, Jr. |