VI

The action of the Legislature of 1867, repealing the
"Bounty Tax," and the liberal appropriations made for
charitable and other purposes, has left the Treasury in a
straightened condition, and reduced the cash balance at
the close of the fiscal year .much below the amount
usually remaining on hand, and more than the difference
of probable receipts and disbursements.

THE "FUNDS."

Statement "E" exhibits the Free School and Sinking
Fund, constituting the "Funds," as they are styled.

There remained in the Treasury on the 30th of Septem-
ber, 1866, to the credit of the "Free School Fund"
$7,598.77. The receipts during the year ending 30th of
September, 1867, on account of the ''Free School Fund,"
$61,773.42, making an aggregate of $69,372.19. The
disbursements during this period amount to $66,406.13,
leaving a balance on the 30th. September last, to the
credit of the "Free School Fund" of $2,966.06

It will be perceived that the receipts on account of
"Free Schools" have decreased, as compared with former
years, caused by nearly all the banks of the State being
converted into National Banks, and refusing or failing to
pay the twenty, cents tax on each one hundred dollars of
their capital stock, as a "bonus" on their charter as
State Banks.

None of the National Banks have paid during the last
fiscal year; not being dependent on the State for their
charters, it is doubtful whether the law could be enforced.
Such is the opinion of the Attorney General.

Statement "F" shows the amount realized from the
sale of stocks held by the State, as authorized by Chap.
170, of 1866, to be $55,384.50, or $1,204.50 more than
the par value of said stocks.

Statement "G" exhibits the items and aggregate
amount constituting the several funds invested, for the
benefit of, and belonging to the "Free School Fund,"
amounting to $305,801.14, less the sum of $2,287.14,
to the credit of the "Indigent Blind."