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The Receipts on account of the Primary School Fund during the last fiscal year are $116,991 85-making the total debt due this Fund from the State, $494,525 04.

Provision should now be made for the disposal of the receipts to the credit of this Fund, in the purchase of State indebtedness; thus saving to the State 6 per cent. interest on the amount thus received and disposed of. A like disposition should also be made of the receipts to the credit of the other Trust Funds, and for the same reasons. The Swamp Land Fund, especially, should receive your careful consideration, that this princely Fund may not be squandered for useless and unimportant purposes. This Fund already amounts to $45,903 76, and this is only about one-fourth of the sales made. The State pays interest at the rate of 7 per cent. per annum, on the amount paid into the Treasury. The purchasers pay interest at the same rate, on the amount unpaid.

STATE INDEBTEDNESS.

The funded and fundable debt not yet due, is as follows: General Fund Bonds, due May, 1856,

$100,000 00 University Bonds, due July, 1858,

99,000 00 Detroit and Pontiac Railroad Bonds, due July, 1858,-- 97,000 00 Penitentiary Bonds, Due January, 1859,

60,000 00 Int. Imp. Warrant Bonds, advertised for, and int. stopped, 32,650 00 Full Paid $5,000,000 Loan Bonds, due Jan., 1863,... 177,000 00 Adjusted Bonds, due January, 1863,

321,235 00

Total,

$886,885 00 The Part Paid $5,000,000 Loan Bonds outstanding, will

, if funded previous to January 1, 1856, amount to, ..

$1,637,660 70 Outstanding Internal Improvement Warrants, and Int. . 7,000 00

Total,

$2,531,545 70 Making the total funded and fundable debt not yet due, $2,498,895 70 The amount due the Trust Fund is. ...

060,174 74 Only $50,000 of the part paid $2,000,000 Loan Bonds have been surrendered during the past fiscal year. Adjusted Bonds to the amount of $11,319 76, were issued therefor, and immediately taken up.

So small an amount having been surrendered, notwithstanding the constitutional prohibition against paying any more than fixed by the law of 1848, shows clearly an unwillingness on the part of the holders of this class of Bonds to surrender them. I therefore renew the recommendation made in my last Report, " to so modify the proposition in the law of 1848 as to stop interest on all part paid Bonds, not surrendered for adjustment within a given time.”

THE TAX LAW. This law, as a whole, continues to work well; yet some few slight amendments will, no doubt, be found necessary, to perfect the system. There should, also, be some further legislation in favor of the Upper Peninsula. That region is so remote from the seat of government, that it is quite difficult to furnish the necessary blanks from this office in time for the assessment. The territory of the counties is so extensive, and the population so sparse, that it is impossible, in many instances, to make the proper returns of assessment, &c.

, within the time required by law.

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The tables in the appendix will show the accounts with the counties --the specific taxes received—the sales of lands for delinquent taxesthe sales of State tax lands, and the ledger balances.

For further remarks, suggestions and recommendations, I beg leave to refer you to my last Report to the Governor, a copy of which is herewith transmitted.

JOHN SWEGLES,

Auditor General

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APPENDIX.

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