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Comparative Statement of Sales and Receipts for the years
1843, 1844 and 1845.
Class of Lands.
Rec'd on ace't ot Rec'd on acct of
1843. Primary School land. 7,795.84 $14,866 90 $ 19,567 33 34,434 23 University land. 924.59
1,964 08 7,526 57/ 9,490 65 Asset land.
5,153 88 Int. Improvem't land. 45,429.97
1844. Primary School land. 7,454.66 $19,615 12 8 21,368 98 40,984 10 University land. 4,155.57 21,451 83 8,617 54 30,069 37 State Building land.
756 81 120 Asset land.
676 Int. Improvem't land. 10,840.86
1845. Primary School land. 6,684,59 $20,030 63 $26,831 39| 46,862 02 University land. 2,259.25 17,561 66 10,007 22 27,568 88 State Building land. 887.55
4643 72 Asset land.
5,018 72 Int. Improvem't land. 80,562.07
Statement of Receipts and Disbursements from Dec. 1, 1844, lo
November 30, 1845.
DR. For am't rec'd at land office, credit P. School fund,
13,629 40 do do on hand Nov. 30, 1844, do do do, 670 65 do do rec'd at Treasury, do do do, 0,401 23
do do do at Land Office, cr. P. S. int. I'd, 12,886 97 do do do at Treasury, " do do
do do do at Land Office, “ University do, 16,076 14 do do do at Treasury,
do, 1,485 52
do do do at Land Office,“ Univ. int. do, 7,271 51 do do do at Treasury,
do, 2,735 71
do do do at Land Office,“ S. building do, 4,089 36 do do do at Treasury,
do do do at Land Office, “Int. Imp. do, 102,958 73 do do do at Treasury,
do do, 2,768 72
By deposited by Com'r to credit P. School f'd, 13,626 97 " received by Treasurer do do, 6,401 23 so balance on hand do do, 673 08
864,527 26 “ deposited by Com'r univ. int. do,
6,989 03 “ received by Treasurer do do ; do, 2,735 71
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. do, 102,790 91 “ received by Treasurer do do do, 2,768 72
105,559 63 " resunded Joseph Brewer, overpaymn't P.S. int. fund,
29 52 “ expense account, for advertising, blanks,
postages, stationery, rent, attorney's fees, eurveying, and other incidental expenses, charged to P. S. interest fund, univ. int. fund and int. imp. tund, as audited and allowed,
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 forteited cases of 1844, except 33, 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 sever ral counties in 1644, was, $28,076 06, and the amount distributed in 1845, was 822,113 ; 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 1814, 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 ihe same course adopted by the Sup’dt of Public Instruction, purchasers were allowed in 1943, 10 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 ihe 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
Another cause for the apparent deficiency may be found in the fact that many of the purchasers availed themselves of the privilege al. lowed by the act No. 115, above mentioned, and delayed their payments for this year until after the first of May, and thus excluding & 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 monies 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 or the dues of 1843, as before mentioned; a fact, indicative of the per. manency 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 experises,
89,724 74 Deduct for interest due by University on loan ***1 of $100,000 state bonds,
$6,000 00 Less this amount for interest allowed by State Treasurer on scrip and Internal
Improvement warrants received for Unii versity lands,
2,413 65-3,586 35
Leaving available nett income, of
$6,138 39 and which exceeds that of the previous year by,
$2,434 87 and is an excess of about $5,000 over that of 1843.
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