The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-02-03

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The canal debt has been increased during the year as
Colows:--
M. per cent Ter chan. IA Of fa!2..- -. $2ss,7oo
Ai@ per eeat rer chaps, AZ and 2lO of
1919 - 80 80 $4,000
There has be,n pa;d on account Of the ca.
nal debt, during the year, the sum CT ,76s 81
increase # canal debt. s797 e3l -
vi which debt Sll,s72O09 pays Eve per cent interest
S92is5, six per cent; and 1885, seven per cent,
making the total interest 81 e69 Ofths debt GIL
payable between this and July lst $780, available
to meet this amount hand 81 9s7 $780, leaving balance
to be provided for in five and ,alf years. 81 o72 One
half Of the mill tax to DO propriated to tho payment
Of the canal debts:--
The receipts of the State Cana Is from oil sources
Expenditure on the State cna. and charges
growing ont Of them for he same period. 1864 337
Surplus towards paying the debt =. /. -. s2ss762
The estimated receipts md expenditures for the current
year, ending Sept 80, 1874, is as foliows:--
Revenue, $2o7os2e; expe ndtures. si,sis,s5s;
Add half Of the mil tax a, sessed in lss. $1,000
Total surplus applicable to the payment ofthe
deot, sept 10, lsa4 ....... ......... S62o,T4
Inc total sum expended account Of enlargement Of
inc canals amounts = SI3os9s than half Of the
"noc state debt The report shows all the money
eAchded on the canals had been borrowed the debt
e JUN Oh september isi3 would have boon follows
Balance Of Erie Champlan Canal debt, saI7o2ol
I'll. . lunar enlargement. ........... 137ss,o1i
Lateral enlargement. ........,. II94l257
Total. ............ $40 400
The enlargement of the Erie canal a subject that in
huences two large parties is aquestio that has been
long In agitation and the arguments for and against
pretty generally known The last report of the Commits
oil the Canal Fund, has very soind remarks
and deductions Ion this thing, which of weight and
value Wegive space for this part of the report in their
own language
has been contcnded that the speedy enlargement OF
he Erie Canal Is necessary to and ommodae
me trade OF the West anf prevent its diversion to- Canada
ana IN otner directions II dangerous rivalry u to be
experienced when tho public works in Canada ecom-
eed OF II she trade OF the West 10 be divcc TIN ough
othcr cnannels Is in portant tht finances sboult be
placed in such ndition to enable to meet he
emergency.
The most efectuol mode OF competing with rivals
LOT the Western trade Is 10 cancel the State debt and thus
be enabled to redce the OF toll such
70 secure the tsc by direct appeal TO the interest OF
he transporter This the pursued Immediately
alter the opening OF the Ohio Canal from Clev eand TO thu
Ohio river whit reduction made in the rate
oto equal 10 average OF thjrysx per cent, in two
years he Justice aud ocy OF fastening upon the PEG
pie OF ts State debt OF twenty thirty millions Of dol
'ais aud taxation Tor underlined period Tor the
purpose OF cheapenng transportation and enabling the
products raised the fertile and cheap lands OF the West
ocompee with the products OF citizens derived
rom lands which cost the five ten times as much
az nose OF his rival may well be questioned Within
Jew years ess entail Improvements have been made IN
canal boats increasing their capacity onethird and
many cases 'oneha without increasing the draught Of