The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-07

next, and the amount Is. SAL, 304 %
OF the Cayuga and Seneca
canal stocks, there become
payable on the first day Of
July next, the sum Of $3.50. 10000 90
II these liabilities of the present year be
met by payment there will remain ba.
lance Of the canal debt deemed Of 81
The commissioners OF the canal fund, during the
last fiscal year. and since Its close have pursued the
policy OF paying these stocks at the day, and have,
as means were at command, and opportunities were
were presented. They had given seasonable notice
the holders OF the stocks, that interest would not
be paid after the 3lst day Of December last, the
stocks having been made payable EATER the year
large amounts redeemed before the first day Of the
present month, which was the day of payment. On
the Fad day Of the present month, about l ,79S 600
Of the Chenango stocks had been paid of and can.
dit of the commissioners, in the Manhattan Bank in
the city OF New York, ready to meet the payment OF
the balance of these stocks as they should come IN
The unusually large amount of the canal tolls,
during the latter part OF the last season OF navigation,
has enabled the commissioners to place in bank, at
the proper point, all the money necessary to pay of
the whole of these Chenango stocks, and thus to &C.
complish what it had scarcely been hoped could be
canal fund could supply. The annual report Of the
commissioners of that fund.- to be Immediately laid
before you will give more at large the present con-
diton Of the fund, its revenues and its debt.
missioners confidently expect to be able to meet,
at the day, the Oswego and Cayuga and Seneca
stocks, payable on the first of July next, without
any assistance beyond the means in hand, and the
tolls Of the next season, which may be received in
time for that purpose.
If these anticipatons shall be realized, we shall
have effectualy changed our policy in reference to
the canal debt. The means Of the first two years,
after the arrest Of the expenditures, were entirely
consumed in paying of temporary loans; arrearages
and damages to contractors damages done TO lands
and the like claims, which had accumulated during
the progress of the works, or were occasoned by
their suspension; and in replacing the moneys there.
tofore accumulated to pay oil the old Erie and
Champlain canal debt, which had been loaned to
banks that were unable to pay; so that the perna-
nent stock debt was increased rather than diminish
the first real reduction Of this debt by the payment
OF more than million and third OF the old stock
reducing it to the small sum before given. This bal
ance, and the Chcnango, Oswego, and Cayuga and
large sum Of S3Ol5 9)5 20 II these payments shall
be made within the present fiscal year. an amount OF
redemptions equal to Si3l4, $50 Ol will have been
made within the two years; the canal stock debt
will have been actually diminished LOGS, $50 Oh;
and the amount of annual interest upon 1t will have
been lessened $206 1886 81. Results like these will
rapidly relieve the canal revenues from the consul
ming demand for interest, which has SO long nearly
absorbed their whole net proceeds.
The act Of 1872, TO "provide for paying the debt
and preserving the credit OF the State" requires a
statement from the canal department of the revenues
OF all the State canals, derived from sources annual
their nature, and like statement OF all the ex-
penditures upon those works, and Of oil charges
caused by. or growing out OF them, including the
sum OF $500 0OO required by adaw OF 1871 to be
annually paid to the general treasury, to be made
at the close of each fiscal year. That statement for
the year ending on the thrtieth day of September
last, showsan
Aggregate amount Of revenue Of .... S2.375,2sl 4s
And charges and expenses to the amount Of 9ls40 So