The interest payments due each year until 1859 amounted annually to approximately $2,000,000 for the funded debt alone. Previous to 1847 the state did not meet the entire interest charge from its revenues, but issued interest certificates which were added to the debt. The amount of the total expenditures of the state, the amount of interest payments, and the total revenue are shown in the following table:

Total Expenditures, Interest Payments, And Total Revenues, For Certain Years, 1846-18601

Year

Total

Interest

Total

ending

Expenditures

Payments

Revenues

Nov. 30

(000)

(000)

(000)

1846

$3,2252

$1,992

$2,1158

1850

2,6903

2,009

2,7046

1855

3,2254

2,077

3,3907

1860

2,962

- 1,929

3,3788

1 From Reports of Auditors General.

2 Does not include expenditures for canals and for payment of relief notes.

3 Does not include expenditures for canals, nor payments to commissioners of the sinking fund.

* Does not include expenditures for improvement and cost of operation of public works, payments to commissioners of the sinking fund, nor rebate of taxes, otherwise the total is as given by the Auditor General.

5 Does not include receipts from canals and railroads, canal fines, sales of canal material, nor refunds.

6 Does not include canal tolls, fines, sales of canal material nor refunds.

7 Does not include canal tolls nor refunds.

8 Does not include repayment of debts, nor refunds.

The outbreak of the Civil War caused an immediate increase in the public debt; but a part of the funds expended by the state was soon repaid by the federal government, and the debt was speedily reduced to a lower figure than that of 1860, as the following table shows:

Amount Of The State Debt And Annual Interest Payments, 1861 to 1873 Inclusive *1

Year

Amount

Interest

 

Amount

Interest

ending

of Debt

Payments

Year2

of Debt

Payments

Nov. 30

(000)

(000)

 

(000)

(000)

1861

$40,581

$1,918

1868

$33,287

$1,980

1862

40,448

2,206

1869

32,815

1,896

1863

39,497

2,068

1870

31,112

1,865

1864

39,380

2,435

1871

29,280

1,785

1865

37,476

1,995

1872

27,303

1,706

1866

35,622

1,892

1873

25,799

1,563

1867

34,766

2,257

     

1 From Reports of Auditors General. The figures for amount of the debt include the same items as in the table for 1844-1860. The interest payments also include varying amounts paid on short-time loans from banks. Cf. Tenth Census, VII, Valuation, Taxation and Public Indebtedness, p. 542.