To the Legislature of the State of Michigan: I beg leave to submit herewith, as I am by law required to do, statements showing the condition of the several funds for the fiscal year ending Nov. 30th, 1852. The balance in the Treasury on that date, was One Hundred and Sixteen Thousand Five Hundred and Fifty-five Dollars and Twentyone Cents. During the fiscal year which is past, all demands upon the general fund have been promptly met, including the semi-annual interest on our State debt, and funds are now provided to meet the interest due 1st January, 1853. I also submit herewith the annual statements of the several Banks in this State, at the time of my annual examination, this month. I beg to call your attention to the subject of the specific tax on Banks and Brokers. The present system is very defective and unequal, and I would respectfully suggest that the circulating notes received by the Banks from the State Treasury, in exchange for the securities deposited by them, be made the basis of taxation; thus making all the capital actually in use by Banks, taxable, and equalizing the tax upon all alike. All of which is respectfully submitted, B. C. WHITTEMORE, |