adjusting and settling accounts against the company," although not quite so broad in its terms as the provision in the charter first mentioned, yet it is of such a character that all the objections urged to the former, apply with full force to this. I feel great reluctance to return these bills to the Senate without my approval, for the reason that I cannot presume that powers were intended by the legislature to be given by them which would authorize or countenance acts such as are the subject of my objections. Nor do I suppose the applicants for these charters, the main objects of which are highly commendable, designed to acquire or to exercise any such powers. But the question, what can be done under powers granted, is always to be considered; and with the sad experience which we have already had, I deem it my duty to return the bills for further consideration by the legislature. If they consider the construction above mentioned not warranted by the words of the charter, and that my apprehensions, prompted by solicitude to guard the public interests, are without foundation, the same vote by which the bills were first passed will give them the sanction of laws. ALPHEUS FELCH. 1847 January 4, 1847 From Joint Documents of the Senate and House FELLOW CITIZENS OF THE SENATE AND HOUSE OF REPRESENTATIVES: A review of the year which has elapsed since the assembling of the last Legislature at the Capitol, cannot fail to awaken a sense of profound gratitude to Almighty God. His care has been the protection of the republic. His sleepless eye has watched our progress and His all-powerful arm has guarded and directed us. Industry, economy and virtue have been rewarded by the enjoyment of happiness and prosperity. Civil, religious and political liberty has continued without interruption. Progress in the arts of peace, in the comforts and humanities of life, in the pursuits of science and the useful arts, and in the development of the natural resources of the State, was never more remarkable than during the past year. In voking the continued kindness and protection of Providence over our beloved commonwealth, I greet you, Fellow-Citizens, on your assembling as a co-ordinate branch of the government, commissioned to consult upon the public weal. Representing the wishes and interests of the different portions of the State, under the authority of recent elections by the people, I look to you for aid and counsel in endeavoring to administer the government with a view to the public interest. If, notwithstanding the efforts and solicitude of the Executive, any failure has occurred in securing the full enjoyment of the rights of the people, or the true interests of the body politic, I solicit your strictest scrutiny in the causes, and your co-operation in endeavors to apply the proper remedy. In performing the duty imposed upon me by the constitution, at the opening of a legislative session, I take pleasure in communicating to you the condition of the State, and in recommending such matters as may seem to me to require your attention. The amount received into the treasury during the fiscal year, to the credit of the general fund, including a balance previously unexpended, is $227,697.36 The payments from this fund have been as follows: Legislative expenses Executive department Judiciary $62,132.27 11,665.90 11,239.70 Deducting a portion of this amount which was transferred from other unavailable funds, the available balance is found to be, $31,549.60. The total indebtedness of this fund, including general fund stock, warrants, amount due to school fund, and to counties, on taxes, is $311,909.75. The resources of the fund, as stated by the auditor general, amount to $389,275.01. Although a portion of these resources are not immediately available, still with the ordinary income from taxes, they are abundantly sufficient to meet every demand upon the fund. ..... The receipts of the internal improvement fund, during the fiscal year, including payments on the sale of rail roads, are.. $1,775,007.05 Total expenditures, including state indebtedness cancelled. 1,549,398.67 The following statement exhibits the condition of the internal improvement debt, together with the payments made upon it during the fiscal year, with the addition of interest to January 1, 1847: Five million loan bonds, paid in full, due Making the balance due on debt outstanding, on the 30th November, 1846, including interest to January 1st, 1847 . The balance due on the sale of the Central and Southern Rail Roads, is Which deducted from the above mentioned indebted- .$2,842,650.99 855,510.22 1,987,140.77 422,123.00 The Clinton and Kalamazoo Canal may also properly be considered as means applicable to this purpose. The total amount of internal improvement debt discharged by payments on the sale of the Central Rail Road, is $1,634,489.78. The sale of this road to the Central Rail Road Company, was perfected, agreeably to the act authorizing the same, in September last. In compliance with the provisions of the act of incorporation, the said company paid into the treasury in coupons and money for interest due in January and July, 1846, the sum of $105,000.00. And upon iron contracts outstanding, and money to liquidate the same, ...... $135,673.42 The Southern Rail Road Company has also completed the purchase of the Southern road, under its act of incorporation, and has paid into the treasury, the sum of $50,000. Of this sum $40,000 has been received since the close of the fiscal year, and is therefore not included in the above statement of payments. The remaining liabilities of the State usually denominated the contingent debt, consist of a loan of $100,000 in state bonds, to the Detroit and Pontiac Rail Road Company; the same amount to the University of Michigan; and the deposits in the treasury of the surplus revenue of the United States. For the payment of the loan first mentioned, the Detroit and Pontiac Rail Road is pledged to the State, and proceedings for the collection of the amount due are now pending in Chancery. The ample resources of the University fund are sufficient to meet the annual interest, and ultimately, the principal of the University loan, and a demand by the general government for the re-payment of the deposits, is a remote contingency. The balance in the treasury at the close of the fiscal year was $78,561.00. In the above statement of the Internal Improvement debt, it will be perceived that the bonds, amounting to $3,813,000, which were delivered to the United States bank, on special contract, and paid in part only, are stated at the amount actually received by the State upon them. By an act of the Legislature, approved March 8, 1843, it was proposed, upon a surrender of all the bonds of this class, to issue new bonds for the amount actually received, after deducting a specified sum for damages, with a pledge for the punctual payment of interest. These bonds, it |