The amount of assessment in fourteen counties for 1842, has not yet bcen ascertained at this office-probable amount inserted with an asterisk (*) is $34,610 82. 12 In 1837 the State received $477,919 14 of surplus revenue from the General Government. One law directed that part of this sum should be applied to pay off the debt due the school fund, which was at that time $335,592 32; another law directed it to be added to the school fund, and a third directed it to be paid to the banks upon the stock taken by the State in those institutions. In the midst of these conflicting directions, the Fund Commissioner paid $335,600 to the banks on account of stock, and the Auditor added $335,592 32, not in money, but in credit to the school fund; upon this credit the State is still paying interest. The whole amount actually borrowed of the school, college and seminary funds at different times is $472,493 07. Upon this, I conceive the State bound, under all circumstances, to pay interest faithfully; but it will be for the Legislature to determine, whether the people shall be called upon for taxes to pay interest on surplus revenue as school fund, which has been invested in Bank stock. |