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SIR-The following resolution which was yesterday adopted by the Senate, I have had the honor to receive :

"Resolved, That the Auditor General be requested to report to the Senate as soon as practicable, how much if any interest upon the unrecognized portion of the bonds issued for the five million loan, has been paid by the state, or was reserved in any payments made to the state; at what time interest commenced accruing upon the amount received on said bonds, and what amount has been received thereon, exclusive of interest reserved or paid."

The information required, is communicated in a statement marked A, which is herewith very respectfully submitted.

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STATEMENT A.

First. The amount received on "the unrecognized portion of the bonds issued for the five million loan, (being the $3,813,000 bonds delivered to the U. S. Bank,) exclusive of interest reserved or paid," is as follows:

Amount of principal received to July, 1841,

Do

received from the assets of Morris Canal on account of said bonds since July, 1841,

Total principal received,

$1,208,615 22

23,835 50

$1,232,450 72

Second. The said amount of $1,208,615 22 being paid by instalments, and at different periods, the following table shows "at what time interest commenced accruing" on the several amounts received, and the amount of interest chargeable thereon to July, 1841 :

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Third. The amount of interest "which has been paid by the state, or was reserved in any payments made to the state," on the $3,813, 000 of unrecognized bonds, to the same time, viz: July, 1841, is $507,487 01.

This sum was retained out of the instalments due and payable to the state, and does not constitute any part of the sum of $1,208,615 22, which was paid as above stated. An explanation of which is very respectfully offered in the following memoranda;

Suppose the state to have received the full amount of the instalments due and payable to July, 1841, aforesaid, without the interest being retained out of the same as above mentioned, her indebtedness would then be for the sums of $1,208,615 22, and $507,487 01,-total,

Less this sum being the true amount of interest, (see item marked 2,) which would or should have been retained from, or paid by the state,

Leaving the actual indebtedness of the state,
Instead of, as it really is,

And exceeding it by,

$1,716,102 23

82,449 63

$1,633,652 60

1,208,615 22

$425,037 38

Being the difference between $507,487 01, the amount of interest retained or reserved, and $82,449 63, the amount of interest computed as above, and really chargeable as aforesaid.

If the state, therefore, has not received this amount of difference in interest, she is not indebted for it; and the fact of its having been retained or reserved out of the instalments which were paid, does not add to her indebtedness; the true amount of which on the unrecogni*zed portion of said bonds, may be recapitulated as follows:

Amount of principal actually received from U. S.

Bank,

Interest on above to July 1st, 1841,

$1,208,615 22

82,449 63

Rec'd principal from assets of Morris Canal as aforesaid, 23,835 50

Total,

$1,314,900 35

And the interest on the said principal since July, 1841, and which is correctly stated on page five of the late Auditor General's report for the last fiscal year, and interest on the said $23,835 50 since its receipt, as also stated in said report.

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