The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-30


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should commence soon as the Erie and Champlaip
Canal debt provided for II Is represented that In
1882 when the whig party into power found hat
the Canal Commissioners under the law Of lsas had
made npmerous contracts for the enlargement
and the eonstructon of the Genesee Valley and Black
Rve< nas-that shortly after it became apparent that
the wosk under contract would greatly exceed the ss
mates and that the cost ohe enlargement would amount
TO- At not exceed twentythr millions Of dollars, and an
act was passed prohibiting the making Of any further con-
tracts for work these canals the party not dseming
possible. the face ofpublc opinion ut the time, to ar
rest the works Az regards the oaning Of state ere
dit to internal improvement companies the wing address
states that the policy had become well established be-
fore they came into power and refers to the bill passed
in 1887 authorizing loan to the Delaware and Hudson
Canal Company to the bill passed in 1885, authorizing
loans to the New York and Erie Railroad Company Of
$4,000 oO to the Csnajoharie and Catsill Railroad
Company Of $500 the Ithaca and Owego Railroad
Company Of $Sl670O in 1888.
The address gives very fair and favorable statement
ofthe finances Of the State detailing the items composing
the debt and showing that have been provided to
meet the payments they arrive at maturity II shows
that in 1896 providing that the canal receipts do not
increase beyond those Of the past year. that clear net
surplus Of $64sooe 81 will remain in the treasury which
Canal debt These the principal points of this docu
ment, and 1t must be admitted places the party in
very favorable position the financial policy OF
the State il concerned.
The course pursued by the democratic, party in rela
ton to the finances Of the State has been marked by
detemnationt to contract and reduce the expenditures Of
the in every way and every point to pro-
vide for the cancelling of all liabilities maturity
punctualy and promptly. While the wing party was
content in arrestng expenditures the democratic party
reduced them ; and in relation to our public works.
where the wing party satisfied with merely pro-
hibng the making Of any further contracts. the demo-
cratic party at annued the existing contracts and
put stop at once upon the construction Of the lines
and the improvements Of the old The suspension act of
1872 was among the first acts passed by the democratic
party upon obtaining power and the financial policy of
the party based upon that act has BEEN so far attended
with the most satsfactory results The address of the
members Of tho Legislature belonging to democratic
party to their consuents makesno attempt to throw
aside whatever responsibility odium may be attached
to the party account Of its financial policy in relation
to the State debt and public works. within the last
three years They feel satisfied that the result Of the
pursued will be advantageous the credit and
finances ofthe State, that whatever feeling may have
been created injurious to the party will disappear much
rapidly than accumulated The Legislators show
disposition shrink from whatever odium may be at
ached to the democratic party consequences Of tho
traction ofthe large debt Of the State and congratulate
themselves upon being attached to that party which took
the s and only decided step the accumulation
Of debt that rapidly drawing the State into nsolven
cy and which must have placed this commonwealth in
fcw years. in the rank with Pennsylvania and other
delinquent States The tone Of the two addresses, in
discussing the and principles Of the par
ties, differs much than their principles in relation
to the great questions of the day. The wing party de-
MES in having any thing to do with the accumulation
of the State debit and claims the credit of having
ed its accumulation Immediately upon coming into
power; while the democratic party does not appear
anxious get rid Of the odium of having contracted the
debit but claims all the credit of having rescued the
finances of the State from the confusion and danger the
policy Of their opponents threatened to bring upon them
the establishment of sound system Of reform in all the
departments connected with the expenditures of the 60
vernmen and the adoption of for the improve
ment Of State credit and the redemption Of the State
debt at maturity which have enabled the Treasury
contract favorable loans required to meet any de-
mand upon it. The summary adopted by the
democratic party upon resuming the reins of govern
men although at the time very unpopular have extri
Gated the finances from the terrible state they in
when New York State stock was many per cent
under par and state credit 50 low that it was
impossible to contract q loan at any rate. The
renewal of confidence and the advance in the mar.
ket value Of securities In short time, fully est
fes the value and importance Of these measures and
must eventually add to the popularity of party
protesting and carrying out such principles than
lost by taking the first step The wing party deserve
credit for the conservative adopted upon coming
into power and finding the finances of the State in dis
ordered condition, 1t pved the way for the democra.
tic party to follow. The wing party have made
any decided movement in the financial operations of this
State. These have been left the democratic party
and whenever they have been required they have boon
fearlessly made. t's tN8
In connexion with these remarks we annex state
ment showing the present position of thestate debt
the amount poyable with the ESTIMATED the
government to provide for the annual interest and for
the ultimate liquidation of tho principal.
DEsr OF THE STATE OF New Yonx.
Present balance Of Canal debt. $40 7l3 0O5
Amount due this and the succeeding year. 43i493O
Debt it will exist the soth of Sept 1885, sic s7s
This amount will stand follows -
a.Hr ssa e principal Rate # interest annual
i;s1';S g e. ss' s sss' s,s GU 3
leo % pays no interest :
s63sss73 81 Annual interest entire debt SCOT 81
Tho annual interest on this debt according to this
statement amounts to $oo77ol 81 In 1884, the revenue
from canals of this State amounted to as4994s TO- but
for le45 the will without doubt be less AZ the
receipts thus far show decline Of about one thousand
dollars day. For the purpose oaking an estimate to
show the probability Of speedy liquidation of the canal
debt put down the from the canal the same
as received in 1884, leaving the surplus any future
years to Offset the deficiency Of this and Others t
FINANCES OF THE STATE or NEw YoRx-PArMrxr OF Ca