New-York daily tribune., 1845-05-26
THE TRIBUNE.
ADDRESS

=, .,s wbig Members of the Legislature 10 tie
pssps 30 Of the state OF New-YOrk.
c,r,zgYs-The Session OF the Legisia-
fht -, aroush, to close, cannot fail TO have I'M
ta .,T, influences upon your welfare and tho pros
sY,,;,y of the State.
fo.ssn,stion of the fiscal condition of the State
lnl.rc ln.ear.coa with the public works, that we have
a..sS il for the public interest 10 allow the sub
M sapr Is Inierpal Improvement te rest, ,'untll time
.uSavs yipdcatcd the Truth and the public judg
.o, ssa settle upon the only policy compatible
III III ,be existing state of things and the best IN
,,,sss Of the State. We nave not therefore proPos-
" s1,,op,jon of the Public Works any depart
.,s e. fInm The Step and Tax Policy of 1872 at the
l..sn, ~. session A contingency arose, however,
.sS;cb seemed, in the ludgment ot portion OF our
.I;,;cal opponents, to permit meagre approprla-
r., for the The resumption OF the public works ac-
.nrdng to the narrow policy of that act. The Co
.srnor and Comptroller certified the existence OF
s,I,nce of SI97, 900, supposed TO be applicable TO
Ssr n,;rpose For the bill making such ap?ropra
ION re felt constrained 10 vote and it passed, to
snsounter. however, the Veto of the Governor
C,ndor constrains US to admit the Veto The Cove.
IN bp lust exposition Of thep o!lcy OF the law OF
ist2 and the public mad will be assisted in estimat
~, the value of that policy when II observes. that
while the expenditure of dollar for any useful Pur-
pose is absolutely Frohhlted, the taxable property o
he whole State is pledged for the payment OF rnil
Gons ef dollars to contractors as d compensation
for doing nothing
II has been represented on the part of those who
sre hostile to our system OF internal improvement,
and would put an end TO II, that the expenditures
noon our Canals have been prohiless as money IN
y.smenls, and could not fail to result in annua!
burhens in the shape oi taxes upon your property
and Industry forever. Under this and similar pre-
lpnces in 1872, tax was imposed for the purpose
Of supplying alleged Deficiencies IN the Canal re-
y,Due No part oi This tax, however, was, by the
law imposing it, made applicable 10 Canal purposes
until after 1913 After this period one halt OF the
,ntire tax iaposed by the law OF 1872 was to be
lplled TO the uses Of our Canals until the balance
o. The Canal debt and $500 000to the general fund,
should exceed by more than one third the annual
stprest oa the entire Canal debt. Under this law
S3. 1877 56,have been raleed by tax in 1874 and ap
Piled TO Canal purposes but the revenues o the
Canals having, in that year, exceeded the charges
upon them by an amount equal 10 one third ci he
interest on the whole debt the tax, by force OF the
awmposing it, is no longer 10 be levied II s II,
lustrative OF the misjudgme o those who imposed
this tax that the event which determined when II
should cease, occurred the very year the tax was
made applicable TO Canal purposes. The deceptive
ness of the preience that this tax was at all neces-
sorv for Canal purposes is shown by the fact that
100 annually from the Canal revenues ter the ordi
pary expenditures of the State, so that while the
reoole have been taxed Ss27S 1877 So for the pretend
I'd aid of the Canal Fund, there has been with
drawn, under the law imposing the tax, S60O,eO0
from that fund TO pay The ordinary expenses OF the
State Government.
The Canal debt of the State on the Both Of Sep
tenber last (the close of the fiscal year, was nom
iusIy S2s, ,7l3, ,905 IS (Assembly Dec. for 1915,
No Is, y g; Assembly Doc. for 1916. No. l6j, p.
6; Assembly Doc for lS45, No. l75, p. 6) For
The redemption of this debt and made applicable
thereto by The Constitution and Law of tins State,
onlhe 3Oth September last. fund existed In the
SS,Ge, ,033 %. In addition 10 this amount the
Commissioners of the Canal fund had in their hands
al the close of the last fiscal year, 254, ,Sl3 81,
which, unless otherwise appropriated by the Less~
aure is applicable TO the payment ot State stocks
astbey shall become due (See Report OF the Com
missioner of the Canal fund for 1915, Assembly
Doc No. l65. p p These several Sums amount TO
S3262 SAG 46, which, deducted from the nominal
amount of Canal debt existing on the s0ih Sep
ember last. leaves the actual subslstlng debt on
that day SIT ,45l ,059 l2.
During this and the succeeding year Canal stocks
10 The amount Of S4,Sl4,930 become payable
Applying 10 such payment the amount IN the hands
Of the Commissioners on the 30th September last,
abalauce Of 81 ,o52, ,CS3 81 remains TO be provided
Tor from the canal revenues Of this and the succeed
ngy year The clear surplus revenues of the canals
Tor the year ending 3Oth September, lS4l, were
SS1l2T7 81; and should there be falling oil In
The tolls in this and the ensuing year, amounting to
$4,000. they would, nevertheless, with the funds
now on hand prove sufficient for the redemption OF
the stock itiing dae in those years Il has not
beenrepresened to tn Legislature by the State OF
hcersthat any thing more was necessary TO enable
The Commissioners of the Canal Fund TO redeem
tMs stock, than law TO aid the State IN realizing
lheamount due from insnlvent banks, and for which
the safety fund is pledged. (See the Report OF ,he
Commissioners Of the Canal Fund, p. ~ For thin
purpose ample provision has been made, it is be-
Aeved, during the recent session.
YOuT entire canal debt, as it will exist on the
Sh September, 1916, may, with reasonable if not
sR,lre certainty, be set down at Sic, ,39S 915 5S.
The stocks constituting the debt as II will exist
al the close OF the fiscal year IL 1876, bear interest
asiolows:-
Amount Of Principal Rate of Interest. Annaa Interest
1887 57......-.s per cent. 563,49t 81
l,isl1s2 90. 6 per cent. Ss9o6 81
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