1844. Primary School land. State Building land. Asset land. 54,150.40 7,454.66 $19,615 12 $21,368 98 40,984 10 4,155.57 21,451 83 8,617 54 30,069 37 120 Int. Improvem't land. 80,840.86 756 81 676 101,120,64 92,571.09 1845. $173,606,92 6,684.59 $20,030 63 $26,831 39 46,862 02 2,259.25 17,561 66 10,007 22 27,568 88 887.55 Int. Improvem❜t land. 80,562.07 90,393.46 4643 72 5,018 72 100,708,73 $184,802.07 Statement of Receipts and Disbursements from Dec. 1, 1844, to do do do at Land Office, cr. P. S. int. f'd, 12,886 97 do do do at Treasury, "6 do do 13,944 42 26,831 39 do do do at Land Office," University do, 16,076 14 do do do at Treasury, 66 do, 1,485 52 17,561 66 do do do at Land Office, "Univ. int. do, 7,271 51 do do do at Treasury, 66 do, 2,735 71 10,007 22 do do do at Land Office, " S. building do, 4,089 36 do do do at Treasury, 66 do do, 554 36 4,643 72 do do do at Land Office, "Int. Imp. do, 102,958 73 do do do at Treasury, 66 do do, 2,768 72 105,727 45 $185,472 72 CR. By deposited by Com'r to credit P. School f'd, 13,626 97 9,724 74 "deposited by Com'r do S. Building do, 4,089 36 "received by Treasurer do do do, 554 36 4,643 72 "deposited by Com'r do int. imp. "received by Treasurer do do do, 102,790 91 do, 2,768 72 105,559 63 29 52 "refunded Joseph Brewer, overpaymn't P.S. int. fund, "expense account, for advertising, blanks, postages, stationery, rent, attorney's fees, surveying, and other incidental expenses, charged to P. S. interest fund,univ. int. fund and int. imp. fund, as audited and allowed, 987 85 $185,472 72 Immediately upon the passage of the act No. 115, of last year, which authorizes the redemption of certain forfeited purchases by the payment of a penalty, I gave general public notice of its provisions; under which all of the forfeited cases of 1844, except 38, have been redeemed, and 31 purchases only have been totally forfeited for nonpayment of dues for this year. The amount of school interest monies distributed among the seve ral counties in 1844, was, $28,076 06, and the amount distributed in 1845, was $22,113; showing an apparent deficiency in the last year's income of $5,963 06, and it may be proper that the discrepency and its causes should be here explained. The amount distributed in 1844, included the whole of the dues for that year, besides all that portion of the interest monies of the previous year which was received after the first day of May of that year, up to which time the receipts had been distributed. As pursuing the same course adopted by the Sup'dt of Public Instruction, purchasers were allowed in 1843, to pay up arrearages any time before the fall public sale, and very many of them deferring payment until that time, a considerable amount of that year's dues were consequently not included in the ag gregate distributed for 1843, being received after the first day of May, when the distribution took place, and therefore all the payments for that year received after that day as above mentioned, went into the aggregate amount distributed for 1844, which in addition was comprised of the entire income due for that year-prompt payments by the first of May being required and made, thus swelling the aggregate amount on hand for distribution May 1, 1844, beyond the actual revenue for that year. Another cause for the apparent deficiency may be found in the fact that many of the purchasers availed themselves of the privilege allowed by the act No. 115, above mentioned, 'and delayed their payments for this year until after the first of May, and thus excluding a very considerable amount from the aggregate for distribution at that time when the apportionment was made. It will, nevertheless, be seen that the amount of school interest mo nies received during this year, and which, with the exception of a small amount paid for redeemed forfeited cases of 1844, is strictly the legitimate and regular income for the year, is not less than the amount received the previous year, but actually exceeds it by over $5,000, notwithstanding the latter includes a considerable portion of the dues of 1843, as before mentioned; a fact, indicative of the permanency and steady increase of the principal fund. The income of the University from all sources during the past year is as follows: Receipts at Land Office and Treasury for in terest on account of lands sold, and on loans, exclusive of expenses, Deduct for interest due by University on loan of $100,000 state bonds, Less this amount for interest allowed by State Treasurer on scrip and Internal Improvement warrants received for Unicversity lands, Leaving available nett income, of and which exceeds that of the previous year by, $6,000 00 $9,724 74 2,413 65-3,586 35 $6,138 39 and is an excess of about $5,000 over that of 1843. $2,434 87 This favorable condition of the pecuniary resources of that institution, is in a very considerable degree, produced by the effects of the act authorizing the reception of Internal Improvement warrants for its lands; and must be in every respect a source of gratification to all interested in its munificent endowment, and its incidental benefits. Of the $100,000 authorized by the "act for the relief of the University of Michigan," approved March 11, 1844, to be received in Internal Improvement warrants, to the credit of the University fund, there has been received to the close of the fiscal year, including receipts into the State Treasury under the provisions of said act, the total sum of $56,741, 94. If it were possible for the state, in the use of its means, to authorize the reception of a limited amount of these warrants in payment for the school lands, and to afford a guarantee that the interest on the amount thus invested, would be promptly and certainly paid annually |