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REPORT.

To the General Assembly of the State of Indiana:

In obedience to law I submit a report of the business and present condition of the agency of State, established in the city of New York, for the management of the public debt of the State, under the acts of 19th January 1846, and 27th January 1847.

The most convenient periods for making settlements by this agency will be the last days of June and December of each year. On the first of January and July books have to be in readiness to distribute dividends to the holders of stock. Fifteen days prior to each one of those days the Transfer Books have to be closed to prevent confusion-the stock, whilst transfers are permitted, is continually changing hands. The Books being made up for the settlement of interest shew the name of each stockholder, the amount of stock held by him, and the dividend he is entitled to receive. If any other days should be adopted for settling the Books, the labor of the office would be materially increased, and the stockholders be precluded of the right to transfer whilst the Books were in use in preparation of a balance sheet, without any perceptible advantage-conformably to this suggestion the accompanying reports, (except as to the certificates filed and dividends paid,) are up to the 31st June last. The report of the certificates filed is complete to 31st September last, as is also the account of dividends paid.

Prior to the first day of November last, when a holder of bonds proposed to surrender them and receive certificates under the new arrangement, the first inquiry was, had he subscribed to the Canal loan of $800,000. If he had done so his name was registered upon the subscriber's Register, and the bonds he held were entered opposite his name. The kind of bonds he surrendered was designated

upon the Register, whether Wabash & Erie Canal, Internal improvements, Madison & Indianapolis Rail Road, Lawrenceburg & Indianapolis Rail Road, Bank, or seven per cent. bonds. The number of each bond so surrendered was also registered in a proper column. At the foot of each entry, after a full and particular enumeration and description of each bond, an aggregate is ascertained, and 5 per cent. State Stock (paying four per cent. until 1853, and afterwards five) is issued to him for one-half the principal, and 24 per cent. State Stock is issued to him for one-half the interest in arrears upon the bonds surrendered. In the same certificate is included one per cent. per annum upon the principal until first of January 1853. For the other half of the principal a certificate of preferred canal stock is given him, and for the other half of the arrears of interest a certificate of special preferred canal stock is issued. These canal stocks are called preferred because they are to be paid out of the revenues of the canal before those which issue to holders of bonds who do not subscribe to the canal. If the bond-holder had not subscribed to the canal loan, and he wished to surrender without subscribing, there is issued to him the same description of State stocks, and the same amount of canal stocks, but these latter are denominated deferred, from the circumstance above alluded to. These non-subscribers are entered upon a different Register, and their accounts are carried into different Legers. By the abstract it will be seen how much of each kind of stock had been issued at the several periods, (1st July 1847, 1st January 1848, and 1st July 1848.) A separate account is kept of the stock which issues for the Canal's half of Wabash & Erie Canal bonds surrendered, and different certificates are issued for such stock. It will thus be seen that to execute the law ten different varieties of stock are required to be issued 1st, State fives; 2d, State two and a half; 3d, preferred Canal stock; 4th, preferred Canal stock issued for canal bonds; 5th, special preferred Canal Stock; 6th, special preferred Canal stock issued on account of Wabash and Erie Canal bonds; 7th, deferred Canal stock; 8th, deferred Canal stock issued on account of Wabash and Erie Canal bonds; 9th, special deferred Canal stock; 10th, special deferred Canal stock on account of Wabash and Erie Canal bonds-separate accounts have to be kept for each, and the greatest care and exactness are required to prevent their intermixture.

As yet books of account and transfer of the special Canal stocks have not been provided at this agency. These stocks are inactive and no dealings in them are taking place. Consequently no transfers are making. And the sum each holder has received with the number of his certificates, is readily ascertained by reference to the registers.

The loan of $800,000 to the canal is managed altogether at the office of the Trustees of the Wabash and Erie Canal. They issue certificates, pay interest, and receive transfers. This agency has nothing to do with it; nor has it anything to do with the assets or revenues of the canal. They are all, by virtue of the arrangement

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