The Commissioners have also resolved to sell the remaining stock owned by the State in the Little Miami Railroad Company, which will yield $140,000 00 Adding these sums to the available balance above stated, and deducting from the total amount the interest payable during the coming six months and the expenses of the offices, there will remain the sum of $534,000, applicable to the redemption of the principal of the State debt. The sum of $111,822.77, drawn from the Treasury to redeem the Foreign Debt of the State, was remitted to New York for the purchase of certificates of the loan of 1860, and advices have been received of the purchase of certificates of that loan, costing $91.548.34; leaving $20,274.43 unexpended, which goes to make up the available balance of $249,441.86, already stated. By the Act of March 28, 1862, the Commissioners were authorized to issue new certificates, payable not later than January 1, 1882, in exchange for the certificates, payable at the pleasure of the State after the 31st day of December, 1860; and holders of the latter stock were given the option to surrender the same within sixty days after the passage of the act, and to receive new certificates therefor. In carrying out the provisions of this act, the Commissioners resolved to make the new issue payable at the pleasure of the State after the 30th day of June, 1881; and they issued a circular letter to parties interested notifying them of the passage of the act, and of the time at which the new stock would become payable. Some portion of the certificates of the loan of 1860 have been surrendered for exchange, and the Commissioners are advised that further surrenders, to a considerable amount, will be made before the expiration of the time limited in the act. When the necessary certificates, now being engraved, shall have been received, the exchanges will be completed. We have the honor to be, R. W. TAYLER, Auditor of State, OFFICE OF THE COMMISSIONERS OF THE SINKING FUND, To His Excellency the Governor of the State of Ohio: In compliance with the provisions of the constitution and laws of the State, the undersigned, Commissioners of the Sinking Fund, have the honor to report a full and detailed statement of their proceedings for the six months since the 15th day of May, 1862, together with a s'atement of the amount of the public funded debt of the State, and of the sinking fund, and also a summary of their transactions during the fiscal year, ending November 15, 1862. Our report of May 16, 1862, showed a balance of sinking fund in the treasury of $229,167 43, and the additional sum of $20,274 43 deposited in New York for the redemption of the principle of the State debt-making the sum, subject te the control of the Commissioners, $249,441 86. The following statement exhibits the receipts into the treasury, and the the dis bursements therefrom during the past six months-not including, however, the balance in New York, above referred to: The 4th section of the act, passed March 28, 1862, "to fund the public debt of the State, which was redeemable at the pleasure of the State after the first day of January, 1861," authorized the Commissioners, if in their opinion it would be most advisable for the interest of the State, to receive from the holder of any portion of the certificates of that loan, at any time, a surrender of the same, and to deliver, in lieu thereof, to such holder, a certificate of an equal amount, bearing an interest not exceeding six per centum per annum, and made redeemable and payable at such time-not beyond the first day of January, 1882-as, in the judg ment of the Commissioners, might be most convenient and advantageous for the final redemption and payment of the principal, and of the interest thereon; Pro vided, however, that any holder, of any portion of the loan of 1860, might, at any time within sixty days after the passage of the act, at his option, surrender the same to the Commissioners, and receive, in lieu thereof, certificates of an equal amount of the loan authorized by that act. In pursuance of the powers thus ves'ed in them, the Commissioners give notice that they would receive surrenders of the certificates of the loan of 1860 until the 27th day of May, 1862, when the sixty days named in the act would expire, and would issue new certificates, in lieu thereof, bearing interest at the rate of six per centum per annum, and redeemable July 1, 1881. Parties holding certificates of the loan of 1860, surrendered the same to the amount of $4,095,309 47, receiving certificates of the loan of 1881 therefor. The amount of money in the Treasury, applicable to the payment of the principal of the loan of 1860, not surrendered for exchange, being less than the amount of that loan yet outstanding, a general notice to the holders, to present their certificates for payment, could not be given, and, therefore, it became necessary for the Commissioners to notify such parties as could be most easily reached of their readiness to redeem the certificates held by such parties, with interest to a day named, and that after such a day interest would cease. When notices were thus given, money was drawn from the Treasury and transmitted to New York, where the certificates were payable, and, on presentation of the certificates, paid over to the holders. This seemed to the Commissioners the only way in which they could reach the holders of the loan for the purpose of redemption. In some instances parties thus notified have not as yet presented their certificates for payment, or the Commissioners have not received advice of the redemption. Hence the balance of $98,072 remaining in New York. The following statement exhibits, in one view, the receipts and disbursements of the sinking fund for the year, as shown in detail in this report, and that of May 16, 1862: Total balance of sinking fund on hand, Nov. 15, 1862... The amount of money drawn from the Treasury, to redeem the "Union Loan," was .... And was disbursed as follows: To the city of Cincinnati, loan of 1865, domestic ..$250,000 00 851,650 46 39 00 3,076 34 1,216 64 875 00 $1,899,552 69 $53,285 31 98,072 00 $151,357 31 $251,500 00 500 00 To payment of loan of 1868, domestic 1,000 00 251,500 00 The sum drawn from the Treasury during the year, for the re demption of the foreign debt, was 600,150 46 502,078 46 98,072 00 Balance remaining in New York....... The last three items will be transferred to the proper accounts, The amount of the funded debt of the State, paid during the .... .$250,000 00 500 00 1,000 00 251,500 00 $494,110 73 10,000 00 504,110 73 $755,610 73 The total funded debt of the State, November 15, 1860, was... $14,250,233 89 The "Union Loans," contracted during the year 1861, were ... 1,212,039 45 $15,462,273 34 |