Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-01
Surplus,
Sl6,2s2

This view is presented for the purpose of evinc-
ing the entire safety OF an estimate Of three mil
interest But trust that the certainty Of an in
crease, at least corresponding with that which has
uniformly prevailed since the completion Of the
nails, has been shown to the satisfaction Of every
reasonable inquirer. That increase, founded upon
strict arthmeticsl proportion, in which no allsw-
ancc 10 made for new causes Of augme nj alton, has
been shown to be adequate to the payment Of all
charges, and Of the interest upon debt of fifteen
millions at per cent, or twenty millions at
per cent, incurred during the next years, and
yet to leave large SURPRISES, which, if Invested,
would reduce the existing debt to q large amount
In addition TO all this, causes have been pointed out
which must produce an augmentation OF our canal
revenues, much beyond the arithmetical proportion
OF former years. In the spirit in which this whole
inquiry has been conducted, with a rigid determi-
nation to be governed only by facts and constantly
making large and liberal estimates Of charges upon
the revenues, the Canal Board has been unable to
discover any ground fer doubling the correctness Of
the results above exhibited. la every view, there
fore, which they able to take Of the subject, in
their deliberate jad gment the debt Of this State
be increased fifteen millions OF dollars at an interest
Of six per cent during the next seven Yeas, or
twenty-one millions, at interest Of FIVE per cent,
without bsing obliged to resort to taxation, or to
loans to pay interest, and deray the current expen
ses OF government; and they add that there cannot
s their opinion, be doubt that the Of the
canals, during the intervening time between the
making ~ such loans and the period ~ their redemp
tion, f such time be the usual one Of fifteen or TWEEN
~ years, will be abundantty adequate to extinguish
the principal. As the terms OF the resolution do
not require the reasons for this opiaion the Board
abstain from giving them any further than by the
mark, that they may easily be found by apply ing
principle Of increase upon future income similar 10
that which they have adopted in relation 10 the
past.
II IL proper 10 remark that the present condition Of
the money market In Europe, justi6es the belief that
loans can be obtained to re ,sonable amoant Of 8
per cent interest, by any State which can satisfy
capitalists that IL has steady income, ependent
Of taxation, more han sufficient to pay interest
any sum IL may borrow and to ex'inguish the prin-
ciple when 1t becomes redeemablc; and which also
evnces ts regard 70 public faith and justice by APP
propriating such income to those purposes. dis
crimipaton between the various American sureties
IL made Ia England; and while the stocks OF States
possessing no income, or enc quite inadequate. are
received with distrsst, those OF different charac
ter will command confidence. II Is believed that
Ignorance Of tho or this State or an inca
pacity TO appreciate them, can alone prevent free
investment in our stocks. As that Ignorance Is dis
PEELED, the mones which is constantly seeking ner
manent security viii demand our stocks, especially
IN the absence Of any issued bu the United States
For those and various reasons which might be sug-
gested II ~ btev red that per cent stocks Of this
State can be negotiated soon at par, or nearly so
The Board has cpnfsed itself to the questions put,
and has not, therefore, made any deductions from
the revenue, to be applied to the enlargement Of the