Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-04

would result from its completion the present
queduct should become unserviceable III an ILL., r.
ton OF the navigation sheuld be caused by the ~
the old aqueduct before the new one IS eompe ED
part of the Genesee Valley canal II finished, WIN
the Of passing the river and keeping up u'
the Erie canal. - III |
great earnestness to provide for the early conpeuon
Of this important improvement am ls"aa.I .ias |
larger sum than the present appropria'lon nsn. 20
advantagsously expended, without causing n''ea,u
ton or DELAYS 10 the transportation on 'his ca"ai.
In those seasons of the year when business 70 nus
active considerable inconvenience has already oeen
felt on account of the inadequacy Oh inns caa' any
this will soon become serious evii ~ 'ne Iaple
crease of agricultural products n the west anu " ne
quantity Of merchandise required Tor cohsump,oH III
that region. There be no doubt mat tne channei
of communication between the Ailantc CUES ana We
fertile regions OF the west through .hs o'ae hss
say the least Of it, eligible as any otner 'hat mas
been or can be opened and both duty and interest IN
dlcate the proPrcty of making II not only adequate
10 the public wants. hut OF making IL SO as tue ear
lest practicable period respectfully co"ineiiu .i,s
not only connects itself with the welfare OF TINS state
but with that of the extensive regions OF tne wesi.
The receipts on the treasury for the year ending on
the 30lh of September, 1897, including small balance
of the preceding year, amounted to Sc 452 4Sl.44
and the pa yments out of 10 81 92l 92S W. Leaving
balance at the close of the fiscal year OF ST. oo2 "a
This balance arises from the receipts OF the portion
of the surplus of the United States ALLOTTED
TO this State under the depose law. ~
There is due from the General Fund.- on winch me
expenses of the government are chargeable 10 the
cfc funds besides the above balance IN the treas
ury the sum Of 1923 527 40. The authority 10 DOT
row S4O0 900 annually from the surplus revenues OF
the Canal Fund will enable the treasury 10 pay ls
amonnt. Including This balance the debt chargea-
bic on the General Fund is 81 $50 4l8 3D.
The first instamen of the debt created Tor the con-
strucon Of the Erie and Champlan canals, amounting
originally to about 50 100000 peyabe on the hrst
of July last part of the surplus canal fund moneys
has been applied to the redemption OF TINS deot 'or sew
eral years past anticipation of the time stipulated Tor
the payment thereof that the balance that renamed
on the first Of July last was only Slo43ooo. Aesui
$780, 900 of this stock surrendered during me sca
years. for which the public creditors were PAID IN
medium equivalent specie at an expense to the "a
nal Fund Of S53Oe0. The particulars OF this ransac
ton will be presented you in the annual report oil te
Commissioner the Canal Fund Inc measures
ados,ed for the payment of this debt will fully sustain
the credit of public stocks. The wisdom OF TINS
course considered with reference to what was due 10
the public creditors and TO the character Of the
cannot think, be questioned. Notwlthstandingpu onc
notice given in this country and in England where
the holders Of large amount OF stock reside, tha
would be paid the first Of July and that interest
would thereafter cease, the sum ancaied lot on the
30th Of September was nearly 100000.
The second nstalment Of the Erie and Champlain ca
nal debt payable in 45and amounts TO o.
The for satisfying this debt are provided by the
investment of the surplus canal funds, and il may,
therefore in all financial arrangements be US
paid
There is debt OF 3,3b43O4 created TOT
the construction OF the lateral canals and TO this sum
will be added about 90 900 Tor the construction oil
the Genesee Valley and Black River canals, makinga
total debt of S6l64304 account OF the lateral canals
The revenues from these canals fall, appears from
the foregoing statements very far short of ike sum re-
CURED for their maintenance and the payment oil tAe
interest this debt II is important that system OF
finance should be adopted which viii at all times ensure
the puncua payment Of the accruing interest On the Pnb
lie debt and ultimately ex,iaeaish the principle My
views on thi. subject were presented TO the
Il -aofl Ia
" direct your attention. -
The productive capital Of the Common snhoel Fund
Of the present year falls considerably short Of
this the surplus of The preceding year is than
sufficient to make up the deficiency
The capital of the Literature Fund is S26s 092 6s,
and produced for the last year of Sl30l6
The capital of the Bank Fund is s64esls As and the
from il for the last year. $685. 81 There
paid from the capital OF this fund during the year,
the Of sl5s.733, in redeeming the bills Of FIVE
of the safety fund banks. With the exception Of about
100000 the thus advanced has been repaid with
interest OF the repayment Of this balance there is
the slightest reason for entertainngs doubt.
There has been deposited in the treasury of this
State under the act Of Congress Of 1885, regulate
the deposite Of the public money" 1894 $50 III for
which receipts have been gwen, pledgng the faith Of
the State TO repay the same Whenever required by the
United States government. This money has been
loaned on mortgage through the agency Of Comms-
seners OF Loans of the several counties pursuant 10
the act passed at the last session Of the legislature
Inc investment VIII produce an annual revenue OF
about s25o000.
The act for loanne the surplus moneys of the Uni
ted States, authorized 5 distribution 10 the several
counties Of the whole sum appcrtioned TO this State
by the Secretary Of the Treasury the first Of Janu
airy, 1887, and, on the assumption that the whole
amount would be received, required the Commission.
ers OF Loans 10 take from borrewer mortgages for the
whole sum ao we'd in each case, and TO give 10 the
mortgagers certificates for such portions Of the mort
gage money as were not paid al the time Of execu-
ting the mortgages The Commissioners COM
menced leaning in most counties when only enc half
Of the money had been received by the State; and
they paid 10 each borrower one-haf Of the sum ap-
pertoned TO him. and gave certificate for the residue
promising payment on the first of October according
TO the requirement of the law.
When II rendered probable that the fourth in
stalment would be withheld from the State treasury
the Comptroller, in order TO meet the demands which
would come against the treasury for the payment OF
these certificates made an arrangement 10 borrow
81, 1888 900 from the Ere and Champlan Canal Fund
al an interest of six per cent. The canal fund mo-
ney which has been applied this object portion
Of the sum set apart for the redemption of the canal
debt payable in lSi5, will not be necessary, there
fore 10 call this part Of the loan for or seven
years, although the mortgages do not in any case ex
tend beyond FIVE years, and all the money
payable IN two years, after notice. The arrange |
ment made by the Comptroller with the Comrnis- |
sioners OF the Canal Fund, in for a temporary Ioan