New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-05-27

and Tompkins its S39,7O0 to bring then rivsl'
into market, toll free to compete with themselves
But again: We are Fastening forward with our
mill tax to pay of the debt, even before 1t is due
and as will be directly shown, at a ruinous sacF-
fee. when, If we have the patience TO wait more
than four out of the SIX millions proposed 10 be
raised By tax, and more than two-thlFds OF the
whole debt will be paid by these very rlval citi-
zens Of other States
For this very year, when we are scarcely be-
ginning to realize what the Western world Is to
do full one halfof the tolls are paid by the clti-
Gems of other States.
Thus: The tolls paid at Buffalo. Black Rock and
Oswego, for 1913, amounted To- So-o'-'o
Tolls upon merchandise distinction other -, -oo
S,a,ea Observation-Disclosures. 2as-,,oJ9
Tolls upon Furniture, do. do. ll,.Oo
To,al.....................S56l,6O l
Additional tolls. on Whea; ground al Ro-
chester. Lockpori, &c. and on other artl- GOO
cles, estimated 81. .------. I9v,ooo
Making the amour, paid for 1873, by the 81,
citizens Of other States. sl'oi7''''
This ratio, however, must increase, because
the tide of emigration is setting West; and, as
has been observed, every thing which passes our
Canals, to or from market, belonging or destined
| TO other States, must pay tolls for the entire
length of the Canal. II the tolls in other parts OF
the State are stationary, the doubling OF this
Western Trade, which is confidently and cor
rec,v predicted in the Governors Message,
would add another million to our Canal revenue.
About one quarter Of the tonnage at Buffalo Is
on Wheat in bulk. and two.thirds Of this is man.
ufactured in transitu, passing on, OF course, IN
the shape of Flour.
The miserable economy Of the measure, (the
milf then, is shown thus The money in the
hands Of the tax payers Is werth seven per cent I;
il costs the Government seven per cent. more 10
collect it, making fourteen per cent; and 1t Is
then to be loaned to the Albany Banks at three
per cent. interest, to remain as "sacredly de-
voted' Sinking Fund, waiting the slow maturity
OF our Stocks, running from 1o45 TO lS65.-
What would be thought Of an individual who
thus conducted his own private affairs, and un-
dertook to provide for debts due at distant day
at such an usurious rate of interest, when his
certain income would provide for it all
But it is contended that the Tax and Stop pol
lev has raised the value Of our Stocks in the mar
ket. If this be conceded, cui bono What ben
eft does the State derive from it Whether the
Stocks are above or below par. the Treasury goes
on steadily, paying its stipulated rate OF interest,
and the principal at maturity, without regard to
anv huctuation in the market, or change of hold
ers If our per cents had been sold in the mar
ket at 50 per cent. it only proved that one dealer
in Wall.street, who had shaved his fellow when
he bought at 81, was himself victmized for one
per cent. when settling day came round for him.
self: but the State was neither gamer nor loser
bv the operation II our Tax law had the effect
to raise the value of the Stock in the hands of
the last shaver from 50 per cent. to 100, is this
4 sufficient compensation to the taxpayer, when
he comes TO understand that the State does not
gain or save farthing by the operation Needy
and greedy Office. seekers-those who have made
politics trade, and have found that charging the
debt as a. Wing debt, and the Tax Wing
measure, or the consequence of Wing measures
has helped to secure the political ascendency,
and give them the spois OF office, may find in all
this, more than an equivalent for the scanty tax
they may have individually paid, and may well
sing-unless they have conscientious scrupes
against singing-the praises Of the Tax Laws.
New y ork and Albany are vendors Of merchan-
disc, and may find eounterbalanc!ng advantages
in their increased trade. The brokers and stock
holders of Wall street, who have realized an ad-
vance of 25 per cent upon their stock, may well
applaud the wisdom of that tax and stop policy
that has "made the rich richer" The Albany
banks may glorify the tax law, which brings an
nually to their already we'll filled vaults its S575,.
900, which they borrow from our " sacTedly de-
voted sinking fund" at per cent, and re-oan TO
their customers at and those customers who
profit by their increased moneyed facilities, as
well as by the cheaper prices of articles OF con-
sumption, may give their passive assent but
how is the country--how are the citizens OF coun-
ties remote from The public improvements-how
are the agricultural tax payers TO be profted by
tax which hastens 10 bring rival competitors from
other States into the same market-and rivals
too, who, with the present moderate tariff OF tolls,
can even now, by reason of the cheapness and
fertility OF their lands underse them, and almost
drive them out OF the market
The tax imposed by the stop and tax law OF
1912 is pledged to the public creditors OF the
State, and the surplus OF the revenues to be at
least equal to one third OF the interest on the Ca
nal debt is to be saeredly devOted and applied as
q sinking Fund, to the redemption of the debt
The tax for Canal purposes is to be continued
until the Canal revenues, independent OF the tax,
shall be sufficient to pay the whole interest upon
the State debt, all the expenses chargeable to
Canals, It's annual contribution Of 100000 10 the
General Fund and a ne, surplus, begond all this,
OF more than one third of the interest on the whole
Canal debt Under the provisions and limitations
OF this law, the Comptroller informs US, in his an
nual report, that this tax is probably to be con-
unued until 1850. The total amount OF the tax
Tor the whole period is fraction short OF sir nal