STATE OF VERMONT IN ACCOUNT WITH J. B. PAGE, TREASURER. Agricultural College land scrip fund, balance, Balance due for allotments and credits to officers and soldiers now in service, Collected on tax of 1864, Repaid by George F. Davis, Quartermaster General, by Auditor's order, Charles Reed, Librarian, Col. W. G. Veazey, J. G. Henry, Quartermaster, $600 00 343 05 46 80 101 10 76 80 1,167 75 163 42 155 55 721 35 $2,009,269 51 G. W. Bailey, Jr., Secretary of State, $13,800 00 500 00 500 00 400 00 Samuel Williams, Sec'y of Civil and Military Affairs, 275 00 W. G. Shaw, Reporter Supreme Court, 337 50 W. G. Veazey, Reporter Supreme Court, 337 50 J. E. Dickerman, Bank Commissioner, 500 00 G. H. Rice, R. R. Commissioner, 1863-4, 500 00 J. H. Flagg, Clerk of the House of Representatives, 700 00 187 50 G. B. Dodge, Sergeant-at-Arms, 150 00 $18,187 50 Loan due January 1, 1865, paid, 4,000 00 P. T. Washburn, Adj. and Ins. Gen., agent for procuration of recruits from Southern States, paid to towns, $309,075 54 Recived from recruiting agents, and commuta tion of recruits, 16,297 46 G. F. Davis, Q. M. General, advanced by order of the Governor, 292,778 08 ernor, Repaid by Auditor's order, $192,056 72 6,309 12 TREASURER'S REPORT-STATE FINANCES. To the Auditor of Accounts: SIR-In connection with this report of the present condition of the State Finances, I submit statements of the transactions of this department during the fiscal year just closed, with a summary of the extraordinary receipts and disbursements, covering the period of the war, as appear from the records of this office. CLASSIFICATION. The foregoing may be classified as nearly as possible as follows: State bonds issued during the year under act of 1862, due in sixteen years from December 1, 1862, $250,000 00. These bonds have been negotiated at par. The remainder of the loan anthorized under the act of 1863, being $236,000, was required during the early part of the year. The notes is sued have all been paid, together with $20,000 00 of this same loan, outstanding at date of last report. The act of 1864 authorized the borrowing of $500,000 00. Under this act, $202,000 00 in notes have been issued and paid during the year, leaving authority to borrow, at the date of this report, $298,000 00. As the resources of State revenue for the current year are nearly exhausted, it only remains for the Treasurer, in order to meet the drafts upon this department, to issue from time to time the balance of the loan of 1864, and repay the same from the proceeds of the next State tax. It will be observed that during the fiscal year $438,000 00 has been borrowed as a temporary loan. This has been mostly taken by the State banks, some of them being required by their charters to loan to the State, on the Treasurer's requisitions and at the legal rate of interest. The system of national banking has in a great measure, and will soon entirely supersede our State banking system, and, there not being the same obligation resting upon the national banks to loan to the State, it will be in the position of every other borrower, and be required to pay the market prices for money. The large amount of U. S. bonds and certificates on the market, and the rate for money established by this demand, has led some of the States to authorize the payment, on short loans, of 7 3-10 per cent interest. Some action of a similar nature is required in this State, in order to facilitate the operations of the treasury. By the act of 1864, entitled, "An act making provision for military expenses," the Treasurer is authorized, under the direction of the Governor and Lieutenant Governor, to issue bonds of the State, to run not exceeding a period of twenty years, amounting in the whole to the sum of five hundred thousand dollars. It has not been deemed expedient to use the authority thus given, and no bonds have been prepared; and should the Legislature adopt the views expressed in another portion of this report, it would be well to repeal that part of the act giving authority to issue bonds, as above mentioned. TAXES. The amount assessed and collected on the State taxes are as follows: This balance is assessed upon non-resident lands, and the collector reports that, after due advertisement, he sold all the land for which he could get bidders, and inquires if he shall |