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Report of the Comptroller, 1852
Volume 196, Page 20   View pdf image (33K)
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20 COMPTROLLER'S REPORT.
ation of that Statement, aided by a calculation based upon it,
will show a gain in the aggregate amount of the Stock purchas-.
ed, or redeemed, as compared with its par value, of $6,207.73.
OB the first day of December, 1851, the total amount of Stocks
held by the Sinking Fund was $3,229,617.92. On the first day
of December, 1852, the Stock standing to the credit of that fund,
as a matter of account, was $2,728,075.41, showing an increase in
the last year of $493,457.49. Chapter 305 of the last session of the
General Assembly, authorised the over-due Stocks of the State
redeemed out of the surplus money's in the Treasury, to be car-
ried to the credit of the Sinking Fund. Under the provisions of
the law just referred to, there remained outstanding at the
close of the last fiscal year, of stock called in for re-
demption, $42,227.44. This Stock ceases to bear in-
terest, in the hands of its present holders, from the day
advertised for its redemption, and will, when surrendered;
enure, as of that day, principal and interest, for the benefit of the
Sinking Fund. It must, therefore, be considered and treated
as an addition to that Fund, within the last fiscal year, whereby
the total amount of the Sinking Fund will reach the sum of
$2,770,302.85, and its augmentation within the space of a single
year, will be swelled to $540,684.93. To that sum may be added
$30,000, the University Stock redeemed and cancelled pursuant
to Chapter 119, of 1852—a virtual payment of $570,684.96
of the debt of the State, and indicating with unerring certainty
the rapidity with which the public obligations can and will be
discharged, should the Treasury be left in possession of the
means afforded it by the existing revenue system.
The Constitution, Article VI, Section iii, defining the duties
of the Treasurer, provides that, "upon warrants issued by the
Comptroller, he shall make arrangements for the payment of the
interest of the public debt, and for the purchase thereof, on ac-
count of the Sinking Fund," and it is but just to state, that the
unprecedented result of the last year's operations of the Sinking
Fund, is eminently due to the intelligence, activity and zeal of
that officer.
Pursuant to Chapter 337, of January session 1852, entitled,
"An Act to provide for the General Valuation and Assessment
of Property in this State," which, in consequence of disagree-
ments between the Senate and House of Delegates, was not fi-
nally enacted into a law until the thirty-first of May, the day on

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Report of the Comptroller, 1852
Volume 196, Page 20   View pdf image (33K)
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