PUBLIC DOCUMENT No. 5. REPORT Cmsnnr anîr |lctni)cr-êntcr:tl COMMONWEALTH OE MASSACHUSETTS, FOR THE YEAR ENDING DECEMBER 31, 1862. BOSTON: WRIGHT & POTTER, STATE PRINTERS, No. 4 S p r i n g L a n e . 1 8 6 3. \ Æommomucaltl) of iHassndjusctfo. State T reasurer’s Office, Boston, 1 January 15, 1863. j To the Hon. A. H. Bullock, Speaker o f the House o f Repre­ sentatives Sir,— Herewith I have the honor to communicate the Annual Report of the transactions of this Office for the year 1862. Verj* respectfully, Your obedient servant, HENRY K. OLIVER, Treasurer and Receiver- General o f Massachusetts. 4 TREASURER’S REPORT. [Jan. (îcmtmoiuucaltf) of IHassacljuscils. T reasurer' s Office, B oston, / January 14, 1863. \ To the Honorable Senate and House of Representatives:— The undersigned, Treasurer and Receiver-General of the Commonwealth, begs leave to present his Annual Report of the business of the Department under his charge, for the year 1862, covering all receipts into the treasury, and all payments therefrom, during that year, to which 4ie adds, (as required by Section 19 “ of Chapter 15 ” of the General Statutes,) a specific statement of all warrants unpaid, and the names of the several parties in whose favor such warrants were drawn. A statement is likewise given of the several Funds, (Sinking and others,) in his official keeping. The total receipts in revenue, for the year 1862, including premium on scrip sold, were $2,949,816 71 Ditto on account of Sinking Funds, and other sources, ....... 4,650,903 60 Cash on hand, January 1, 1862, . 229,549 46 Being a total o f ...............................................$7,830,269 77 The total payments on account of ordinary ex p en ses,........................................................$2,470,054 65 Ditto on account of sundry Funds,. 8,937,702 75 Cash on hand, January 1, 1863, . 1,422,512 37 Being a total of . $7,830,269 77 1863.] PUBLIC DOCUMENT—No. 5. 5 In the custody of the Treasurer, for the safe keeping of which he is held responsible, are the securities belonging to the several Funds following, viz.:— The Massachusetts School Fund, being now . $1,585,165 32 The Todd Normal School Fund, 11,900 00 The School Fund for Indians, . 2,500 00 The Rogers Baok Fund,. 1,000 00 The Almshouse Loan Fund, . 69,260 00 The Charles River and Warren Bridge Fund, . 100,000 00 The Debt Extinguishment Fund, being 7,716 shares*in West’n R. R., which at par of $100, 771,600 00 The Back Bay Lands Fund, . 254,106 43 The Union Loan Sinking Fund, 1*772,074 14 The Western Railroad Loan Sinking Fund, 1,872,733 34 The Norwich and Worcester Loan Sink’gFund, 99,628 02 The Troy and Greenfield Loan Sinking Fund, . 61,112 75 Total, ....... $6,600,480 00 By chapter 147, Acts of 1862, the Union Fund, (so called,) originally limited to $3,000,000, was increased by the addition of $600,000, and scrip was created to that amount, of which $350,000 were sold to bidders by proposals, and $250,000 were purchased by funds belonging to the Union Loan Sinking and School Funds. On the portion sold a premium of $5,500 was real­ ized. From the General Government, as was mentioned in my Report for 1861, the sum of $775,000 was received, in part reim­ bursement of moneys expended by Massachusetts in defence of the Union, and during the past year the portion of the tax of twenty millions of dollars, (levied on the States by Act of Con­ gress, approved August 5, 1861,) due from this State, amount­ ing to $824,581.33, was settled, by being carried to the debit of our claim on the General Government, the State being allowed fifteen per cent, for its implied collection. This allow­ ance amounted to $123,687.19, leaving a balance of $700,- 894.14, which, considered in the light of reimbursement on war advances, should be incorporated into the Union Loan Sinking Fund, under proper investment. * These shares are quoted in the stock market, at $1.50 per cent., hut are by­ law to he quoted at par. See Acts of 1858, chap. 158, sect. 9. 6 TREASURER’S REPORT. [ J an. soldiers’ allotments. In accordance with section 12 of the Act of Congress of July 22 , 1861, the several paymasters of the army were authorized to make separate rolls for their settlement with officers and men, the one to be a voucher for such money as should be paid to each on Ins personal account, and the other to be a voucher for such amount of money as might be intended for the benefit of their families at home, or any other party to*wliom it might be allotted. A copy of this allotment roll was then trans­ mitted to this office, (if the treasury should have been selected, as the means of reaching the intended recipient's,) and here it came under the operation of our own law of March 11, 1862, which requires the Treasurer to receive and distribute all moneys which shall be remitted to him by any of the Massachu­ setts Volunteers in the service of the United States. This he does, as the law further directs, through the' agency of the treasurers of the several Cities and Towns of the State, giving them notice by roll, of the names of the allotters, and the names and address of the persons to whom allotted. Upon the receipt of such information, the City or Town Treasurer draws upon the Treasurer-General for the requisite amount, gives notice in writing to the parties interested, and pays them the amount allotted, taking from them a receipt on the same sub­ roll, which, when signed, he returns to this office. If the money is not called for within thirty days after notice, it is returned here, and held till called for by the party entitled thereto, when it is paid over, with interest at the rate of five per cent, per annum. Allotments may also be made for the benefit of the allotter himself to the Treasurer of the State, who shall retain it, subject to call or order, and when called for it is to be repaid with similar interest of five per cent, per annum. The method is very simple and practical, entailing no expense upon either allotter or recipient, and attended with no risk whatever. The allotments of 9,263 men have been received, amounting to $205,296.60, embracing four several payments of the troops. Of the above sum there remain in the treasury, drawing interest, $21,983.82, to the credit of 457 allotters. The accrued interest is not included in this sum, it being computed and paid when the allotter calls for his money. A very large amount of money has been sent to their families and friends by the Volunteers of Massacliu- 1863.] PUBLIC DOCUMENT—No. 5. 7 setts, beside that which has passed through the treasury, an amount that can hardly be ascertained, so various were the media of transmission, and which must have proved of the greatest benefit, carrying comfort to households, the fathers and brothers of which are perilling their lives in defence of their country, and of the cause of liberty and human progress, against .rebellion so traitorous and wicked, that history can furnish no parallel thereto. By chapter 82 of the Acts of 1862, the interest and principal of all scrip or bonds of the Commonwealth of Massachusetts which have been or may hereafter be issued, shall, when due, be paid in gold or silver coin, and the Treasurer of the State was authorized to procure coin for the payment thereof, the expense of purchase to be paid out of any moneys then in the treasury. Under this authority, and for the purpose specified, gold coin was purchased, as needed from time to time, at rates following:— DATE. Amount. Per cent, advance. Ara't of advance. 1 Mar. 31, $25,000 00 i* $375 00 May 29, 58,000 00 4 2,320 00 May 30, 52,000 00 1 2,080 00 June 16, 100,000 00 7 7,000 00 July 16, 7,775 00 10 777 50 Oct. 1, 5,000 00 24J 1,212 50 Oct. 13, 2,087 00 27| 571 32 Oct. 14, 10,912 50 22% 2,455 30 Oct. 31, 2,536 00 31* 796 92 Nov. 22, 12,236 00 30*V 3,758 14 Dec. 27, 6,500 00 32’ 2,096 25 Dec. 29, 3 0 8_ 19,700 00 “ 10 6,362 00 Dec. 30, 35,673 00 32*V 11,634 42 Dec. 31, 30,300 00 33t! o 10,024 00 $367,219 50 Av’ge 14.015 $51,463 35 8 TREASURER’S REPORT. [Jan. Of the whole sum purchased, $49,000, at a premium of $10,535, were used to pay in coin the interest accrued on bonds of the Commonwealth issued in aid of the Eastern and of the Norwich and Worcester Railroads, those corporations, when called upon to furnish specie for such payment, declining so to do, and presenting United States notes, which, as they were a legal tender, I was not at liberty to decline. In conformity with section 1 of chapter 15, Acts of 1862, providing for the more speedy filling up of the lands in the Back Bay, certificates of debt (State scrip) were issued, as therein provided, to the amount of $168,000, at the rate of five per cent, interest per annum, of which $38,000 were purchased for the Massachusetts School Fund, and the balance of $138,- 000, was passed over to the contractors, as provided by the above statute.