had been thrown upon the market, and were preferred securities by purchasers—and consequently expelled the six per cent. Rail Road bonds, or forced the holders to submit to a reduction equivalent to the difference of interest in the two securities. This inequality in the value of the bonds, produced by the different rates of interest, was embarrassing, and threatened serious delay in the completion of the Road; it was, however, in some measure overcome, by the policy adopted, and the necessary funds to prosecute the work of extension, were obtained.
Serious inconvenience results to the holders of our State securities issued previous to the year 1848,—from the necessity imposed of having to present them at the board of the Treasury, for the coupons to be detached in the presence of the Treasurer, before payment is had, or to obtain the signature of that officer on the back of each coupon payable during his term of office. The sole object of this requirement was to prevent frauds upon the Treasury. If it could be relied on above all other means for this object, it might be defended with propriety ; but this is not believed to be the case. It is thought that the plan adopted, in the issuing of bonds during the last and present years, of having the coupons signed, numbered, and dated, and a correct register of the same kept, is the most reliable mode of detecting any imposition that may be attempted on the Treasury.
No good reason is seen why all of our bondholders should not be placed on the same footing; and certainly our early creditors are entitled to as high consideration, and should have as many facilities afforded them for collecting their interest, as those of a later period. As an additional reason, it may well be considered whether the obtaining of a register of all the bonds issued by the State, which is not now the case, would not justify the expense and labor of preparing new bonds, to be substituted in the place of the old ones. The subject is commended to your favorable consideration.
The Reports for the financial years 1848 and 1S49, of the Treasurer and Comptroller General, are herewith-transmitted. By law it is made the duty of the Treasurer, to submit to the General Assembly, estimates of the probable receipts and expenditures of the Government for the next two years.
This officer, from the very nature and character of his duties, is made the authoritative medium b} r which you and the country are informed, at the opening of each session, of the amount of income received from all sources and the actual expenditures for the two preceding years—and the estimated receipts and expenditures for the two succeeding years, for your guidance and direction. My attention, on first entering on the duties of the Executive Office, was turned to the Treasurer's Report submitted to
