The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-10
Deficiency

Deficiency, $7l73sas 70
The aiming of to meet hese liabili
ties, is the surplus canal tolls for 1884, land s. This
is assumed to be 100000 per year, although with some
doubts that it will reach this Deduct $3.50 from
1884, past losses aud payments and we
have aggregate surplus for the four years of
900 leaving such deficiency of means to meet the
payments in 1885, Of 329 49, Deduct from these
liabilities the pressing debt OF the general fund.- and We
adefcency for the canal debt at the close of lsa5
S., 23s, s3s ~.
GThese the pecuniary difficulties Of the State dives
ted Of all mystfcsoa, humbug and visionary glory
The money is due and must be paid The promises of
visionary spectators have proved delusve and the re-
suit taxation The following is the proposed future
policy Of the State:-
a. The expenditures of the state must cease The
present pressing engagements" for the general fund.-
and for the canals 549 and for the canal to
De provided for before or in 1872 after spIyng all pre-
surplus Of canal revenue to and including Is45 will
we have seen leave sa33a9 90 to be extended hey ond
mae to supply deficiency in the fund reve.
Until after Isa5 therefor there will be no surplus
erest canal loans. These tolls will be absolute
necessary provide for the liabilities above
New loans for further expenditure cannot therefore
made except terms at dsgraceful runous 10
the credit of the stse The impeac of that credit
by such loans for expenditures would prevent
the state from negotiating loans for existing demands az
above stated and to meet have present
or prospective in tolls.
~ OF mill the dollar. or one dollar on
every thousand othe assessed value Of all taxable pro-
perry should be imposed and collected for each of the
years lSs3 ls ls45 and 1876. The assessed vaue Of
the real aud property the state according
the Comprollers report 80 is 1865 900 $780, and the
thus lev led would produce revenue Of about 100000
annually. The tax assessed in 1884, and collected
lsi3 should be paid into the in aid othe geneal
fund, should also half Of the from the
collected in each of the years 1874 1916 and ls4s II
would probably bring to the general fund 81 800 0Oo 1t
would be certain for the payment OF Temporal
r loans for the treasury and thus enable the State to
rensh the bank safety fund the other special funds and
especially to restore the fund apart pay the Erie
and Champlan canal debt, $500 49, which the state
mas consumed CT the capital that fund for
rcnses would, to extent provide the treasury
WIN means to meet the probable charge Of rail road
The other half of the above tax to be collected in the
Ies ls45 and ls46 should be paid over the
ssoners Of the canal fund to aid that fund II would
produce about $780, 00 which added to the available
S1s 40, on nand FEB 1912 for current canal expences
soo9I so would m AXE Sg76 097 &c. This would r. nish
me entire means Of repayng loans to meet the pressing
demands on the canal fsnd pay interest In March and
pay Tor the repairs in progrsss ON the Chumunr
canal and the expenses Of REPAIRS and
collectors on the canals until June nett s8at Iao 40 ana
leave applicable to other loans for other nress,n. 40
mands Of the canal fund $29l6i7 as 10
90 The funds subject to the legal control Of the stat,
should be collected and az far and proner
be invested in such loans the legislature shal
se,o meet the pressing demands ofthc canals for iaa1
This proposal is ably sustained In letter appended to