586 JOURNAL OF PROCEEDINGS [Feb. 27,

the State in United States bonds or securities of any kind, if
so, how much of each, at what time the investment was made
and whether they have been disposed of; if so, what premium
they commanded, if any, when sold, and what interest was
received on them in coin, and whether I accounted for the same
in coin or currency to the State,

To the several enquiries I have the honor to submit the
following answer: On or about the 1st of December, 1863, I
purchased six hundred thousand dollars ($600,000) of United
Five-twenty bonds, through the State's agent, John Clark,
Esq., which was sold by him during the following Summer,
under my instructions, in order to meet the demands on the
Treasury, occasioned by the "Bounty Act," passed at the
January session,1864,or about one month after this investment
was made. The nett premium realized by the sale of these
bonds was $34,450, as will appear by the books of the Treas-
ury Department, as well as by the accompanying warrant
and receipt herewith enclosed, and which is filed as part of
my answer. I have the honor to submit to you also the en-
closed certificate from John Clark, Esq., State Agent. It
will be observed that the whole amount received for tempo-
rary loans, and from coupons during the time, the six hundred
thousand dollars ($600,000), was held by me, was (24,036),
twenty-four thousand and thirty-six dollars in coin, all of
which was placed in the hands of John Clarke, Esq., State
Agent, with instructions to purchase sterling exchange, and
place the same to the credit of the State with Messrs. Bar-
ring, Bro. & Co., of London, to meet the interest on the ster-
ling debt due and payable there, which instructions have been
fully complied with as per his certificate herewith filed as part
of my answer. It is proper to remark that by this judicious
and careful action on my part the surplus funds of the State
were kept safe, and at the same time a handsome amount was
realized to the State in premiums in currency and interest in
coin. It will be observed that I have taken all the risk in
making this arrangement, as there is nothing either in the
laws of the State or the "Constitution" authorizing or di-
recting any such investment to be made, but I believed that it
would be safer with the "Government" until wanted by the
State than to remain in bank idle and without interest. In
this cdnnection I would also state that at the January session
of the Legislature of 1864, which convened about thirty days
after said investment, I called the attention of that body to
the investment and urgently requested a law to be passed
ratifying my action, which for some reason was neglected or
overlooked, although I am sure it was their intention to pass
such a law. Thus for want of proper action by the Legisla-
ture at that time I was left to take the responsibility of this
investment, and if loss had resulted to the State I should
have been bound to make up any deficiency.