New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-01-08
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e20:.7 Ol IS
Thus showing ihat,he receipts into the Tree-
| sury on account of the General Fund, from all
sources, are less By S205, 70l 99, than Tic SUNS
charged upon the same fund and paid from the
| Treasury for the LAT fiscal year.
This is a comp arson of the whole amount of
| the annual revenues OF the General Fund, H.
| GLIDING all receipts OF miscellaneous char
it, and also all payments authorized by special
acts of The Legislature, as well as temporary and
miscellaneous expenses.
| There was an apparent balance in the Treasury
at the close Of the fiscal year OF S99, 737 %,
which, so far es it IS available, would diminish
| the deticit before stated IN the receipts Of the
| General Fund. This balance, ho"cver, III
cuded the sum Of s54, 35S Is, paid to tbs State
ou. of the proceeds of the sales OF the Public
| Lands of the United States under law Of Con
gtess, aud placed in the Treasury by the Gov.
efnor, to whom the payment was made; but
which has never been brought into the accounts
| OF the General Fund, Or any other or the Fumes
of toe State, because the Legislature has directed
no disposition acd authorized 10 application OF
| the money. 1t has remained ii Bank By z
special contract with the Treasurer, q; 2 stipu-
| lated interest. IL this sum be deducted from the
above balance in the Treasury, there will remain
| on,y SIS. 379 II, as the real available bllancc,
| applicable 90 demands against the General Fgnd.
! If this SUN he deducted from S20S, 70l 90, the
defici. in the revenues of the General Fund be.
fore stated, it still leaves deficit of Sl93,322 81
| BY the 9Th section of the "act to regulate the
accounts between certain funds belonging To this
State" passed 25h May, le4l, the Commission.
ers OF the Canal Fund are directed to pay to the
| Treasury, on or before the 30th day OF Septem-
| Der in overy year, from the Canal revenues, the
sum of 5000, GOO Only onehalf of this sum hes
been paid COR the use of The General Fund for the
last year, the other half having been withheld TO
make up losses in the fund pledged for inc pay
ment Of the Erie and Champlain Canal debt, &C.
casioned By the insolvency OF certain banks which
had loans from the Canal Fund. Hereafter the
whole sum of 100000 will be annually paid
from the surplus revenues of the Canal Fund for
tho use of the General Fund. But, with the
whole of this appropriation. one-haif OF the State
tax, and ali its revenues, permenent and INSECT
ianeous, the General Fund. as is shown by the
foregoing statement, iswhoIly inadequate to meet
the annual demands upon it.
A further and most important consideration
connected with this fund, is the heavy debt
charged upon it. This debt is 1854 ,507 6S.
tIliS IL tUO PfSlSlfss
debt charged unon the fund, The annual interest
upon which is S3l0, 499 60, and comprises enc of
the heaviest items of permanent charge upon It's
revenues The debt has been increased by the
sum of S2ll,092 50, within the last fiscal year !;
thus showing that the revenues of the fund, with
but half of the miil.tax, SO lar from presenting
surplus beyond The annual expenses chargeable
upon the fund are fact, deficient, and that the
debt continues 10 augment. More than three
fiths of this debt was contracted By loans Of the
edit of the State to railroad interpretations,
which have wholly failed, and thrown the amount
upon the General Fund. Without the debt, the
present revenues of the fund would be ample 10
meet the charges upon ii, and would authorize
the Legislature moderately to increase those
charges, when the pubic interest should be found
to require it; but with il, and its constantly &c
cruing interest, the charges upon the fund must
be diminished, or its revenues Increased, TO pre-
vent constant annual augmentation of the debt.
True economy, as well as sound policy, requires
TIE arrest of this process. A portion of the re-
venuSs of this fund, more than equal to all the aid
II derives from the mill.taI, is annually
sumed IN the payment Of Interest alone, upon this
increasing debt. Such an expenditure, while It
| makes taxation perpetual. works no public ben
eft. The money passes rom the pockets OF The
citizens, through the hands of the tax-coliector
10 the picket of the pubic creditor, with the loss
| to the Iormer of The eXpsnsts of collection orly
that the process may be repeated with the same
loss, as regularly as time shall bling around the
seasons; and still the demand is undmnshed,
the weight Of the load unmiugated. To reverse
this action is the only remedy for the evil. The
revenues should be brought to meet the annual
expenditures, and leave Il balance 10 wear upon
the debt, and then each payment of the tax will
bring with it hope ana encouragement The
third subdivision of section =. Of The &c, imposing
this tax, looks 10 It's dscoutlnuance after the pre-.
sent year, through an ability in The revenues OF
the fand 10 meet and extinguish the d> BIT, without
It's further aid; but that expectation cannot be
realized, while the debt Is increasing agains! the
power of these revenues, the tax included
THERE'S also con,ingen, debt hanging over
this fund. amounting 10 81 100000 This is for
10 ms of he credit the STATE to canal and RAILROAD
interpretations, winch have hitherto fulfilled Their
obligations, by mssipg the payments OF interest
It's hoped they will beprepa!ed for the reimburse
men, of The principal at tue day. This contin-
gent liability presents another reason for strength
oning the conaition of tho General Fund. and
taking prompt measures for the gradual oxtin-
guishnent oiits present increasing cebt.
After leluctns the revenues OF the School, Literature and
United States Depose Funds from the aggregate nuouat o
the revenues the five funds. tie balance remaining
sS.43,s 6I IS
med med G n is Ssf BE- s5pas.ed They 9
And the revenues of the Canal Fund will rennn 6l5 "a
revenues Il this sna ,Sa YEAR 17s7o e
Leaving n surplus over md abaya the expenses
char ssabls upon the Canals and the Canal
FUND.- Tor the fiscal year, of,.......... Sos,eIo -
Included in these eJupnsss are the 100000
paid to the Treasurer for the use of the General
Fund, and 800 900 paid on accoun: Of losses
OF The Fund pledged for the payment OF the Ca.
nal debt. and Sl,03l,l23 l6, for interest upon
that debt, makicg together the sum of Sl,23l,-
l23 IS, and leaving s546,664 So. as The ey-
psnses of The Canals, including the sums re
funded on tolls, and fox rents of surplus waite.
from the Oswego Canal. The above charge for
.-,.a-.st I..as MT irrGa .ha intrr.ct ,,..nu ihc