Academies for the instruction of common school teachers,* For diminution in the loans under foreclosure of mortgage,. 22,000 00 2,000 00 $255,850 00 No unusual change has taken place in the affairs of this fund during the past year. From the revenues of the fund, the sum of $1,982 has been applied to keep good the principal, this being, strictly speaking, a trust fund, for the original amount of which being $4,014,510.71, the State holds itself responsible to the United States government, whenever called upon for it. Of this fund $3,651,751.35 is loaned on mortgage, to persons in the different counties of the State, through the Commissioners of the Deposite Fund. Owing, sometimes, to defective titles, but more frequently to over estimates of the value of the property mortgaged, losses have from time to time been sustained. These overvaluations are not always the effect of carelessness, or design, or defect of judgment. Many of them can be clearly traced to depreciations, caused by the changes constantly taking place in our great thoroughfares, and in our various business establishments and relations. As the management of these loans becomes better understood, and real estate gradually acquires a more known and fixed value, the losses, it is hoped, will be still less serious. Considered as a mere question of finance, it may be doubtful whether the State could not as profitably vest the fund in public stocks; yet the investment in mortgages has a value not to be disregarded, in the benefit derived by the citizens from the credit thus extended to them. The sum of over three and a half millions, in the hands of our enterprizing business men, forms no contemptible auxiliary to their wealth producing power. Instead of delaying the use of this fund, till its accumulations have reached an amount rendering an apportionment advisable • Under section 4, act of 1851, chap. 536. among the different counties, it has been deemed better to receive applications, from to time, and authorize the loans as they were wanted. In this way, a less sum has lain on hand comparatively unproductive, and applicants have generally been supplied when they desired assistance. The appropriations from this fund, had for several years invariably exceeded its revenues, although they had been estimated with a good degree of certainty, until the expiration of this year, when the books of this office show a balance in the Treasury belonging to this fund of $5,386.21 It is also gratifying to find that the amount transferred from the revenue for diminution on loans, is far less than formerly, and less than on any preceding year, being $1,982, as above stated. The statement also shows a decreasing list of the unsold property, which the Commissioners had been compelled to bid in for the State. Several of the purchases thus made have been disposed of the past year. The affairs of this fund are generally well conducted by the respective Commissioners, and appear to be in a sound and prosperous condition. Its nett revenue equals an interest of 6 to 6 per cent, which cannot, perhaps, be said of any other like fund, under State management, since the organization of the government. The precise revenue of this fund for the year ending 30th September, 1850, was $251,823.55; and for the year ending 30th September, 1851, it was $253,220.34. Premises bid in for the State by the Commissioners of the U. S. Deposite Fund, under foreclosure of mortgage, which remained unsold on the 30th September, 1851. THE BANKS AND THE BANK FUND. In pursuance of chap. 164, Laws of 1851, the Bank Fund was transferred to the charge of the Superintendent of the Banking · Department on the 28th day of June, 1851. The balance in the Treasury on the 30th Septem ber, 1850, was.. Amount of receipts into the Treasury from the 30th September, 1850, to $10,494 26 28th June, 1851, (see Statement A.) 131,903 87 Amount transferred from the General Fund revenue for interest on Trea sury deposites,.. 959 25 $143,357 38 Amount paid from the Treasury, from the 30th September, 1850, to 28th June, 1851, (see Statement B.)..... 116,437 88 Balance in the Treasury on the 28th June, 1851, transferred to the charge of the Superintendent of the Banking Department,.. ... $26,919 50 The following is a statement of the condition of the fund, on the 28th day of June, 1851, viz : Amount of 6 per cent stock issued on account of During that part of the fiscal year which preceded the passage of the act of 12th April, 1851, chapter 164, creating a Banking Department, and detaching everything relating to banks and banking from the Comptroller's Department, few incidents occurred in relation thereto requiring special notice from this office. The Comptroller was informed, on the 6th of March last, that the notes of the Lewis County Bank were not redeemed by its agent in this city, and there was reason to fear the institution was insolvent. No time was lost in making an examination of its affairs, through Andrew White, Esq., of this city, who, after adopting such measures as were deemed advisable to prevent any improper application of the funds of the bank, and after investigating its condition, was preparing his report. At this time representations were made, that a little delay might enable the friends of the bank so to strengthen it as to save themselves and the public from impending loss. The report was delayed, and in a short time, efforts so efficient and well directed were applied, as to authorise the agent to report large additional securities for future operations, and a very heavy reduction of its circulation. Under these circumstances, the bank was permitted to proceed, as it has continued to do, it. is believed, prosperously. Between the 10th of March and the 28th of June, when Mr. St. John assumed the control of the Banking Department, the circulation of this bank was reduced more than one hundred thousand dollars. It will be seen by the foregoing statement that the balance in the Treasury transferred to the Superintendent on the 28th of June last, was $26,919.50. For such information as may be useful and necessary, on the subject of banks and banking in this State, the Comptroller takes great pleasure in referring the Legislature' to the report which will be presented by the Superintendent of that department, availing himself at the same time of the opportunity to express his firm conviction of the wisdom of the measure adopted by the last Legislature, making this a separate and distinct branch of the State government. MARINERS' FUND. This fund consists of the following items, viz: Mortgage of the American Seamens' Friend Society (without in Money in the Treasury,.... Money in the Treasury paid under protest,....... $10,000 00 164 81 144,058 98 $154,223 79 For money in the Treasury above represented as having been "paid under protest," to wit, $144,058.98, the Comptroller was directed, by chap. 534 of the Laws of 1851, to draw his warrant on the Treasurer, payable to the merchants, masters or owners of vessels on whose accounts the money was originally paid, when they should make good their claims to the same, taking a good and sufficient release of all claims therefor, against the State and the Health Commissioners, to whom payments were originally made. Upon an examination of the accounts and vouchers in this department, it soon became manifest that, as these accounts had reference to the depositors of the funds, (the Health Commissioners,) and not to the original payers, it would be impracticable, without much preparation in procuring books and papers, or copies, from the office of the Health Commissioners and other places, to make such a careful and thorough investigation of these numerous demands, as their nature, and the magnitude of the sums involved, obviously required. Presuming that facts might be developed, calling often for legal opinions upon complicated questions, and aware also, that the examination could be made more conveniently to all parties in New-York than elsewhere, the Comptroller requested, and fortunately (as he thinks) obtained the aid of the late Chief Justice Bronson, in arranging the papers, superintending the statements, deciding controverted points, and settling the sum to be paid upon each of the claims. In doing this, the very systematic and regular books in the |