The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-19

because the State is able to Of the
State is reported as follows
DrBr OF rHs STATE OF NEw YsRx JAN 1912.
Inc ehre dee OF the state, including all the outstand
ing stocks of every description except those loaned 10
,as Delaware and Hudson Canal Company, and to
year, 30th September, 1871, to
See statement HI sI7 sol b67 Oh
OF which there was of canal stocks for diff
ierent canals $1,000 374 4s
General FUND, l,255l93 43
Add amount OF temporary loans for Canal
Fund, at close OF fiscal year, I,s55,ocO 90
There were also temporary loans for Gene.
raj fund at close OF hscal year which
have been since paid and are not therefore
carried into this account
Iemher, isil, ss,il6,567 81
Deduct from this amount the Erie and Cham
plain Canal debt, due in ls45, for which
ample funds are provided and set apart 202l 037 %
provided for $685. $50 6s
To this should perhaps now be added, for
stocks loaned TO defaulting railroads who
have failed to pay the interest, viz /:
Cdnajoharie and Cstskill, 100000 90
Ithaca and Owego, 3l5,7OO 90
--- $1,000 90
Would make the gross amount OF the debt of
the State, si79iI $50 90
Inc gross amour. annual interest upon this debt in
GLIDING all the stocks and temporary
ofwhch the Canal Fund pays $3.50 ea2 81 '''''' ''
And the General Fund $63,294 90
AaA TO the interest
the stock of delinquent
railroad companies, 24,is6 SO
- o,o N. AZ
The contingent liabilities of the State for loans of its
credit to incorporated companies amounted at the
close Of the fiscal year. ending aoh Sept ls4l see
statement S4235,700 90
RE Railroad Company S2O0OSO 90
(ineiuded in debt as abore) o-orOo W SIS 100 90
sa,7.o,oOo 90
The annual interest upon the whole of these
contingent liabilities, is S22O6s6 so
From which deduct the interest upon Cats
Kill and Canajoharie and Ithaca and Owego
railroads, paid from the treasury and
charged as above, ai4s6 so
Would leave balance of interest upon all
the remaining stocks, annually OF Sl95,6O0 90
will be that upwards of 81 900 fstocks due
si5 deducted because the money is said to be on
hand TO meet them, and yet those stocks in the mar
ket, and daily selling at 10 per cent ditcount! Do
they constitute debt or Dc they no,l These icle
attempts TO reduce the nominal amount of the debt
very injurious the credit State The liabl
ties State for its credit loaned to public works are
included in the debt because the companies are liza
BILE for them. The Comptroller takes Mr. Hoffman round
y task for including them in the debt his report and
yet since that report made two of the companies to
whom the credit bound have failed and the Comm.
troer himself is constrained to add the amount of
their credits to the debt The credits loaned 70 tho
other companies will undoubtedly fall upon the state
The orders issued by OF them to their contractors
protested in large amounts If such debts
cannot be paid, how will the State interest be met in
another year The actual debt OF the State Sept 30,
ls4l therefore $2s 226s leaving interest so9
7O4 Since then 81 900 additional stock has been ssu
ed to Rail Roads, making the debt s2IS $50 26s Mr.
Hoffman gave the actual debt in May last AZ $40 sS5 2sa
the close of the fiscal yea: Sept 3 1871 up to Dec
al ls4 the following amounts of State credit were is
sued to companies.
Schenectady and Troy, sIOo 600
New YORK ana Erie hahroad, 100000
To be issued to the n. Y. and Erie Railroad under
existing loans, 5000 eOo
The report enters into long statement of the
condition of the Safety Fund, which he closes nc fol-