New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-01-07
10000 co


--- $57l30i co
tfthese liabilities Of the present year be
met by payment. there will remain bal
Of the Canal Debt unredecmed Of Sl664 5j 81
The Commissioners OF the Canal Fund during the Ina I
fiscal year. and since lis close have pursued the policy
Of paying these stocks al the day and have means
were at command, and opportunities afforded re-
deemed such OF the ChenaUgo stocks presented.
They had given seasonah!e notice the holders the
stocks that interest would be paid cr the day
OF December last the stocks having been made payable
after the year 5i5 and various parcels present.
ed and large redeemed before the first day of
the present month, which the day OF payment On
the I'd day OF the present month about 600 of the
Chenango stocks mad been paid of and cancelled, and
about SoI2OOO was deposit 10 the credit OF the Com
Enssioners in the Manhattan Bank in the city New
York ready 10 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 the last navigation has
bed 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 accomplish what il
had scarcely been hoped could be accomplished with
out other than those TIE Canal Fund could sup
ply. The Annual Report of the Commissioners OF that
Fund, to be Immediately laid before you will give more
4, large the present condition OF the Fund m revenues
and It's debts.
II will be seen from the same Report that the Commits
soners confidently expect 10 be able TO meet at the day
the Oswego and Cayuga aad Seneca siocSs payable on
The first o. July next without any assistance beyond the
in hand and the tolls of the season. which
may DC received in time for that purpose.
etecusy changed policy in reference 10 the canal
debt The Of he first two years after the arrest
Of the expenditures, entirely consumed IN paying
OF temporary loans ar.e4rages and damages L. con-
tractors; damages done to lands and the Ike claims
when hsd lated during the progress Of the WORKS
or occasioEed b. their suspension End IN repa
cling the moneys heretofore accumulated 70 pay on the
old Erie and Chanplan canal debt which had been loan
ed 70 banks that unable 20 pay so tea. the per-
lnanent stock debt increased rather than diminished
during that period Indeed the las. year made the nrst
nv ne Gfy han
million aud third OF the old stock, reducing II 70 the
small before given MS balance and tho Chenan
co. Oswego and Cayuga and Seneca stocks falling upon
THIS amount 10 TIE large sum OF SJUf0Uo ~ II
these payments shall be made within the present sca
wear an amount Of redemptions equal 3lf 090 OIL
will have been made witnin tie TWO years The canal
stsc. debt VIII nave been actually diminished 81 069 09O
OF and the amount OF annual interest upon Will have
have been essened $206, 1856 Sc Results ike these will
rapidly relieve the canal revenues from the consuming
d, mand for interest which hss so long nearly absorbed
their whole net proceeds.
Ire &C. Of Is4a &c provide for paying the debt and
preserving the credit OF me state, requires statemeut
from the Canal Department OF the revenues Of al! Tie
State Canals derived from sources annual in their ma
.ure and ike OF al the expenditures uDc.
those works and Of al charges caused by or growing
ou Of them including the OF $500 COO required by
law OF 1871 70 De annually paid 10 the general reasu-
-. be made the close Of each fiscal year. That
for the year ending the Goth day OF Sep
teuber last, shows an Aggregate amount Of revenue
OF. 23.3232 =
And charges and expenses the amount of el3I4O IS
Leaving surplus of revenue over ex.
perses, for the fiscal year, Si5Z09l 50
In order institute the Sinking Fund required 10 be
established oy the act OF l7ia became necessary 10
ascertain the amount OF onethrd OF the annual nteres
upon the Canal Debt existing at the time OF the passage
of that and authorized by il Tnat done al
Canal Department AFTER the amount Of debt 20 be con-
trscred under the had become certain and the sum
arrived al 1915 900 &c. This then became the fixed
sum- which, at the least, il the language ef the law
70 be contributed from the surplus Canal revenues &c
this Sinking fund az the close Of each fiscal year. com