Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-01

The debt due in 1919 of ss7, 900. would Of cour..
be easily met BY the revenues Of that or the precsd
ing year
The debt # q, 256 0Oe redee mable in 1850 wou,d
not amount to the surplus revenue of tae year Tn.
annual Income for the then ensuing five years, even
assuming tnat II would rot be greater than that est.
mated for the year 1876 would be more than double
the amount Of debt redeemable in 1854 and Is5S,
whch Is S4OWVOO and the income Of the interven-
ing five years TO 1860 would be three or fonr times
the debt redeemabs in that year amounting to 60
OPS, goo. ~ o.
In answer to this inquiry, therefore, the Canal
Board has no hesitation expressing It's onn;on
that the existing canal debt unproyided for can he
paid and exinguished without new loans for direct
taxation for that purpose, from the revenues of the
canals, at the respective periods wien the several
portions of that debt become redeemable and still
leave a large surplus for other purposes. At the
close of the fiscal year, 1916, in their udgmen, that
surplus allowing for all contingencies will not fall
short of four millions of dollars.
With regard to the mode Of paying the debt its
gradual extnguishment by the purchase Of portions
Of stock in each Of few successive years. prefera
bic TO the payment Of large amount in any year
Alter seeing the views of the Cana Board in refer.
to the other subjects of inquiry the Legislature
VIII possess more materials for determining whether
such purchase should commence previous to the time
when any specific amount of debt becomes redeena-
Die, or at. or subsequent to, that time
The next inquiry which the Board proposes to con
sider Is the Alb, in the resolution how much, in
their Judgment the debt Of this State can be ncreas-
&c during the next seven years, without being
obIged TO resort to direct taxation loans, to pay
and defray the current expenses Of the go.
A subject of expenditure is stated in this inquiry,
OF which the Board has other means Of judging
than snch as are possessed by every member Of the
Legislature, viz the current expenses Of govern
ment: They are in their nature factuating and
certain: the amount depending on the appropriations
made by the Legislature. In the Comptrollers last
annual report, and g. the expenses OF the govern
ment for the ensuing year are estimated
at $3.50 Oil ID
And the revenue at p. T. at 479, 45O 90
S42o 46l 10
-
To the revenue should he added
Balance Of loan Of $s40O, 600 not aid the
last year, see p. FL, 56O2l IL
lhe loan Tor the ensuing year, 400 0C0 90
456, O2l IL
So that unless extraordinary appropriations are
made, the means already provided W II defay the
penses OF government. The debt whlch the General
Fund owes 10 the Bank, Common School and other
funds whose moneys it has used, do not form any
part OF current expenses. Should it be desired to
make provision for those debts, or the ordinary debts
of the treasury, 1t is believed that annie mean.
will be found in the canal revenues TO AZ cur. ths in
terest on any Joan that may be necessary and TO ex.
tinguisa the principal In answer TO that part of the
inquiry tee Board is of opnisp that there can be ne
necessity to resort to loans To direct taxation to
deifay the current expenses of the government
Wnetner the siaie debt is increased or not and that
no increase OF debt will diminish the existing means
to defray those expenses long as the annual an.
preparation of $500 COO is made to the treasur~
The inquiry OF the Assembly, the efore - =
itself into this how much can tb" resolve! Iesovea
be increased, without resc~- "eDt OF the STATE
terest on such debt -"nS 10 loans 10 pay In.
State stock and on the existing amount oil
III. aS estimate of the of pay ing the debts of
- state for the next seven years, which have al
ready been given, it will be recollected that the
whole interest on the existing debt was provided
for, and also the 400 900 annually the treasury and
thst the balance of income only, after deducting all
charges Of superintendence, &c. applied to the
extiuguis ment Of the principal Of the debt and il
will also be recollected that the surplus thus OBJ
tanned it believed would amount in the XXI se ven
years to 81 476 55l, after paying nearly three mil
lions Of debt which would he rede cnsLe within that
time and all that by the terms of the loans could be
| paid before 1919.
| This surplus, as il would be annually realized.
would pay the interest at the rate of per cent on
debt Of fifteen millions of dollars incurred during
the next seven years, as will appear FROM tho fol
lowing calculation:
Fer 8 millions in 1910 at 6 per cent,
| the interest in that year would be $4,000
do IN lSil $50 900 TO be add
edto the interest OF that year 800 600
| For mi lions in 1912, the like addition
| 10 the interest Of that year $4,000
For millions in 1913, Sl20 900 10 be
added TO the inter. Of that year 100000
| do in 1914, the like addition for in
terest Of that year $50 600
do in 1915, do 100000
The same interest for the year 1876 900 600
ca roo GOO