The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-30

IN the receipts lor the coming
have supposed the tolls to increase although there
every probability that they will be less than year.
The state of the exchanges sufficient evidence that
but few goods, which yield the greatest revenue will
pass over the canals The taxes have supposed the
Auditor will increase 5000 OOO or seventy per CT these
estimates are correct and all the money collected an
event that never yet happened there will still be deficit
There is then sls3435o to be borrowed besides the
$24l4 1852 of stock authorized making 81 OBJ
tanned This explains why those interested
about the credit of the State here They afraid that
the money cannot be got unless capitalists deceived
into false confidence.
Werecenty published synopsis of a law of OHIO for
the completion Of the exterior of the Miami Canal We
will now give synopsis of the law for the payment of
the domestic creditors, follows
ONO LOAN TO PAY THE DOMESTIC CREDITORS OF THE
STATE, MARCH, ls43
Sec l. The Canal Commissioners authorised to bor-
row 100000 for the payment of to contractors
with interest at per cent
Sec. > For this purpose the Commissioners to issue
stock bearing not than per cent interest
able IN May November, at the State Treasury The
stock redeemable in 1851 at any period prior that
time, and not to be issued less than par.
SEC The faith of the State pledged for the interest
the surplus United States revenue and all lands belong
ing to the public works. not otherwise appropriated.
SEC The bonds to be receivable in payment for lands
belonging to specific works for which they issued
and bear upon face that they are receivable for
debts due the surplus fund except the interest
sfc o. From and after January 1885, shall be applied
to the exemption of such Of these bonds out
standing.
SEC s. During ls4s may provide for the collection of
the surplus revenue loaned in each county, 10 per cent
annually.
sEc7 All the money thus collected to be retained in
the State Treasury
SECS. The Commissioners to receive the stock author
lied by the act at par with the interest for due
the surplus revenue.
be given in to the Auditor, cancelled and fleu
SEC TO- Provides for the delivery of bonds and money
In the hands Of the to the state Treasury
SEC H. Provides for paying the interest of the surplus
revenue collected, to the school fund
sEc No bond issued under this act of less denomi-
nation than 500 The holder of the Commission ers'
checks may obtain bonds for the amount.
SEC ID The bonds issued to the State Treasurer and
moneys disbursed shall be in accordance with the law of
March, lS4O
SEC a. Money received into the State Treasury from
land sales for the surplus may be applied by
the Commissioners the purchase bonds issued under
this act, at not more than par.
SEC iS The Auditor shall register the bonds issued
certain tbs act Of March 1872 to
SEC u: The Commissioners within 60 days shall in
ve bids in the city OF New York for the stock bearing
mot more than per cent payable semannuay in the
bss are made at par the stock may be issued.
SEC. H. If the stock is sold the money shall be paid
to the pro rata according their claims upon
SIC. 10 not than $500 900 can be borrowed in
New York. the Commissioners may issue to the contrsc
equal of per stock inter est
New York gro rata according to their
SEE 90 The same pledges shall apply for the redemp-
ton Of those bonds as are provided in this act for the do
nestle bonds. No stock be issued sold rate
than par.
SEC. a. The Auditor shall publish the LIST Of May
and November OF each year. the amount Of bonds issued
under his act and that Of March, 1912, the
deemed cancelled, and the amount outstanding I'M
paid
SIC. % The Commissioners shall issue to companies
in which the State is stockhoder per cent bonds for
all outstanding warrants with interest since the warrants
dshonored
SIC. 81 The Auditor, the requestof any company,
shall Immediately investigate and report to the Commits
sioner the amount due by the State to such Company,
and also the amount the company for labor For
these amounts the Auditor shall issue his warrants which
warrants shall be redeemed with bonds as above pro-
vided.