The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-27

70 Si,779,3 o2 10
The State then eeed debt Of l,5o3,6s5 90
Leaving balance of $32fo,6lT ~
or these claims portion was snbse-
aueri,iy discovered 10 be worthless TO
the amount Of 3O2ooo W
Leaving S2,973,6l7 20
The annual income Of this Lalancc was
about SlSO0UJ w
The State derived revenue from auction
duties Of lsl,l23 IS
And from salt duties imposed in that
wear. and paving in 1918, 4s,7si 81
Making tho total revenue S4l9,907, Is
reproductive property in lands and pubic bulli.
ngs the former containing about million OF acres
From the sales of these lands fund had been prey-
ously established for public instruction, called the
Common School Fund, the principal Of WHICH, the
lst Of January 1917, amounted TO S9s2,2i2 70
The Constitution of 1921 transferred TO this fund all
the land then remaining unsold with some unimporant
exceptions
Another special fund had also been established prin-
cpay for tho support OF academies, called the " Lite
rary Fund" the principal Of which the Isl Of Janua
ry, 1917, amounted to 1855 10.
BY an act passed in 1926 the amount Of S2336l6 10
was taken from the S2,9T3,6l7 10 above mentioned,
and transferred to The Conmon School and Literature
Funds, leaving remaining. S2,740o0l 81
To contradistingush this amount of 81, 10000 81
from the two special funds above mentioned 1t de-
designated in the public accounts as the " General
Fund"
When the canals were commenced in 1917 another
special fund created for the security of the public
creditors Of whom money should be borrowed for the
construction Of the canals, designated the Canal
Fund" and consisting of the salt and auction duties
above mentioned, the tolls to be received from the
nails when constructed, and other items Of minor
amount
The establishment Of this latter fund consequently
diverted from the ordinary usages OF the treasury the
.t,,t,.. apIf
duced the nett income of the State from S4l9 907 65
as above stated, TO about $iS0000 annually.
A tax had previously been ldd tho whole property
of the State deray the expenses OF the war, which
had recently terminated. That continued at
a reduced until the year 1925, and applied TO
eether with the annual income of $lS0000 above men
toned, the payment Of the ordinary expenses OF the
Government.
In 1926 the rapid increase Of the canal tolls began
exhibit itself as above stated aud the State tax was
then discontinued. upon the ground that the principal Of
the remaining balance of So 4000l ST. would sustain
the Government until the debt for which the salt and
auction duties and canal tolls pledged should be
extnguished, and that those would then be
liberated and placed at the service of the States.
Between that time and the year 1885, the whole of
that balance was accordingly expended, principally in
defraying the ordinary expenses of the Government
amounting TO S2,H0, DOL 81
And the State also borrowed the bank
safety fund, amountingto 1852 AZ
Making in all, sS3,l55,533 81
A portion. however, Of this amount, exceeding $780,
600, was expended in erecting the State Hall aud the
State prisons. ".>
The salt aud auction duties which were receved be-
tween the year 1917 and 1885 by the Commissioners Of
the Canal Fund, and paid over to the public creditors
and which, If they had not been applied would have
been used for the ordinary purposes of the Government
amounted IN the aggregate 10 upwards Of $4,000 900
that although the above Of SO, SO 500 "a was
oh ,ha l,,fD
the amount Of the $4,000, 900 virtually invested in
the canals, and stand substitute for the So 1885,
533 a. ,*.. IT,, . .." -.
In the wear 1882 in order to extmguish claim Of
John Jacob Astor to the lands in Putnam county, sold
by the State and the title which had proved dcfec-
tive, debt created called the Asor Stock, to the
amount Of S56l,0
Since the year 1925 the State has also created debts
in constructing lateral canals, which remain outstand-
ing, viz: a..... ... ~"
For the Oswego Canal $42l304
Cayuga and Seneca $4,000
s..~ Chemung SIC 900
Crooked Lake 100 900
Chensngo 100000
So, 1854 ,304
And it has commenced the construction of
the Black river canal and the Genesee
Valley canal, and created debts on these
accounts for 10000
Making the total existing debt for lateral
canals S3555 224
Between the years 1917 and 1897, the Common
School Fund has increased from $685., PAP 90 to ST.
96647 6S, and the Literature Fund from 1926 $50 10
to $26s, O92 81.
On the LIST Of January, 1887 the productive property
of the State consisted of the canals which produced
nett in the year 1886 (after deductng all
penses of collection and of maintenance and repairs
$l,l07.ST 80; equivalent to an annual income OF
per cent principal of S22, l57742
The debts of the State
follows
To the Bank Fund $4l6,532
The Astor debt Sc 900
For the lateral canals 3,555224
- 1852, 1856
Which, deducted from the productive pro-
perty as above. leaves balance OF $l7G24, 9S6
The income of the State may, then, be estimated d
follows:
Nett from the canals as above Sl,l07,S7l 80
The revenue of 1886 is assumed IN this
estimate, for the that the tolls
of 1887 reduced Dy accidental
and temporary
The auction duties, which produced in
1897 2l4d 55 81
The salt duties do l,5l6 80
Total $l,4l3S46 81
From whirh deduct interest the debt
of S4,532,756 65 $22, CO.. SO
There remains $l,ls7,ls3 50
The ordinary expenses Of the government
are estimated at 100000 90
Leaving clear annual surplus revenue of 7S7ls3 So
1t thus appears, that in the twenty years from 1917