Board of Fund Commissioners

   UNION COUNTY BOARD OF FUND COMMISSIONERS
  (1837-1859)   

In 1836, Congress passed a law which provided for the distribution of surplus revenue in the national treasury among the states in proportion to their representation.  In response, the Ohio General Assembly passed an act for “providing for the distribution and investment of this State’s proportion of the Surplus Revenue” on March 28, 1837.  The law created a board of fund commissioners in each county to loan the money to any incorporated canal, railroad or turnpike company, or any other work of internal improvement in the county.  For this, the borrowers were to pay six percent interest, of which approximately five percent was to be devoted to the encouragement of common schools within the county.  In addition to this, they were also authorized to loan to the state of Ohio any amount which the state desired and which had not been loaned in the county.  If the money could not be loaned for internal improvements, as was generally the case for Union County, it could be loaned to individuals at a rate of interest not exceeding seven percent, but not less than six percent.  

   Union County Fund Commissioners   

The money was used by the counties until 1850, when the surplus revenue was pledged to the payment of state loans. Subsequently the balance due from the counties was called in and it devolved upon the fund commissioners to collect the outstanding balances.  This the fund commissioners worked on doing this throughout the 1850s.  In 1859, the Union County Board of Fund Commissioners submitted their final report to the board of county commissioners on the collection of the surplus revenue fund.  

RECORDS OF THE UNION COUNTY BOARD OF FUND COMMISSIONERS