New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-07-21
por, on the Order of Business but the Convention

Convention oy lis request, account 70 detail OF the
deb, and revenue. oftbe Stale which been printed
a0 page pamphlet ard hss the eri. Of being clearly
stated and easily understoo5
The whole debt, OF every kind at the close Of 1891 il,
SAID TO be nearly rillions-wi,h funds on hand
nearly 3: millions. 4. the close Of l5s il was nearly
II mtilions-w!th funds haze nearly millions
over 1t millions had been borrowed ina; year and about
$3.50 coo paid.
A. the close Of ls44 the debt wss at the highest being
% rnilion.-neaIy million and half had been
borrowed that year. and Ss7sIi5 paid. The "funos On
hand were s32s254b, but why they were kept on he3
instead OF being applied 20 lessen TIE ceht Is no; s-.sc
On the Is, Of Ju0e l.s, whole Of the SAFE oeoI VA
GLIDING ST. seo,Os q Canal debit vas
sl,29i5ls remained a; that time in ihe sts,e
$500 800 Lad been borrowed by the state dlf10s 'e f
yious months 81 329siZ palo- -. -rf,;,o,
Why tie funds o. hand are kept !o"eI oy HIllioI
on the day the Convention met, thar hey nae oe No'
al acy other tine since 1871 uh!ess " - ~ -
-.trce1 srnonnt Of debt than can tel. IAe!s
ia statement IN detail showing ioi nat purposes money
~, borrowed each year, and how nnch:
DO me ,hoL STATE debt sl02o 200 will be payaoe on
To-. ,oe la, Of October pex; and other Si.242icO
hc,ce 10 LIST Of October, 1887 OF toe oeat payable
- 1a.a and 40 about and hall millions Ia stock on
which TIE State is the neavy ntefesto OF per cent
e state lent creoi; for about three and hall mil
lions 70 hs Nsw-York and Erie, the Caiski &c. and the
ITHACA an1 ~ego Railroads Mr. Flag gives table
showing that with the Interest 80 4i' 100 "i De pay
able therefor betwixt snd lco5. But viii the rail-
roads pay OF this interest before tha IoeJ are
very useful TO the people in the mean time
Included 10 the above total OF state ceot mere are
sl7!3UO0 Of wha. 10 called contingent deot-thas! 49, Ca
nal and railroad debts endorsed by the State IN the form
of stocks the Directors but on which The borrowing
corporations the interest regularly snd are expected
70 redeem the stock when due.
II this 73 900 ami the funds hand, 1921 ,5li
were deducted from S25 59' It would leave s22z54
GA as The actual Indebtedness Of The State when the Con-
vention met the contingency Of these Railroads
and Canals paylug their loans with interest
But q EXAMINATION OF Inc Report, ,nc
that Mr. Fagg explains elsewhere his funds IN hand 10
part $780,, 500 which were deposited long, long
ago In the vaults Of The Wayne Lyons Wa.ervet, ana
other fra uo-ueasuries of the saey-and sseEhood-
How bal debts, cue By bankrupt banks, eau be- on
the Of june 1896 funds IN HAND would require
all the learning OF Fagg 10 explain II the Fresioent
aud Directors OF the Bank OF Owl Greek or OF Wild Cat
Michigan had called their bad debts funds in hand
should have understood them NJ oncebut that dredthard
money should place Wa'etvlets on par win Next
can pillar dollars alng-of AS he states that ne has
funds hand OF the Wa;eyIic class to meet the
02G.26 due, part FOR principal we may SCI down
the whole Of the state Debt at u millions
The sum paid for repairs aud Improvements last year
545) and the whole expenditure, IL much higher than
on any former year The Legislature has had evidence
ofcorrupon in canal management and that 1t Is made
party Job 10 reward Loco rspscy. The Canal income
for 1875 81 37j 533 DeducliDg S735 Uo we have
net revenue Of s OjIi2I 80
Since the passage Of the canal suspension law si'9.
52l have been paid for land danages-o7 breaches Of
caaa contracts entered into by the State sO9 b92-and
for mrearsges 10 contractors, sc s. oi94si
There has been prodgious quantity Of borrowing and
paying from fund 10 fund
From 1926 ~ 1916 not loi3 as stated IN page H. tho
tolls and the Erie aud Champain canals alone
produced SGT 5g57ls The repairs, in same period cost
1881 295other expenses 81 249623 leaving net in
In the whole 20 years OF ssoiI9o, or less tnan
million yearbut the net revenue averages on the last
5 Jesrs million and half yearly.
The tolls OF the Lateral Canals I'VE are told are SO
nearly eaGa the expenses o repairs that the net rev.
enue OF the Erie aud Champan Canals taken by them
seves differs only $4,000 from the net revenue OF all the
Canals united. Bur Mr. FLags Omts to add that he'd
.L,ss Lateral Canals btct constructed, Tie reuenHe
non rais.d on Me Erie Canal roud be much less than
al is The acreage yearly increase Of Canal income dur
ue The last fue years. is SSH $50 byond The yearly
age oftte yfUe ytdrs 6ttore 1871:
The public expenditure, of oil kinds during 1913.
amounted 10 81 432dur!pg 1874, TO S95 769-bcing
tho largest expended In any TWO years aimee the
war time This is exclusive of the canal expenditure,
hut Il includes interest on certain Railroad debt for
which the Stale 10 responsible and on the general fund
debt, These funds and the borrowing lending and shift
log moneys and credits from one to other requires some
study should want 10 look narrowly Into the system
The whole accounts OF receipt and expenditure should
be kept by double entry debtor aud credit and as In
France statement detail Of all sums received aud paid
by the State for every purpose should be given annually
aud made to balance 10 a The direct government
expenditure ia moderate that part Of which goes Tor IL
brares and general education 10 by far nooerate
The whole annual State expenditure for the Is years
before 1887, scarcely averages 100000 year Mr..
Flasg the expenditure the state Hall,
Geol-gical Survey, State Lunatc Asylum, new State
ah, i"rcss since I'M, II is mnch loss than tho
difference amounts 10.
The expenditure Of ls45 is classified Bounty Coal
,,.ns,nn Sr s7s asa Gcolop,cal survey sal 69o I'm
n.,,c A.vInn, sgs ooo and Current Expcnses ssssI.
SISte pri.on ESQ aoa Mitarv in Delaware. CoIumbt.
80 49,, ,r,os -, AL ,orr,os cef aoI nosr
49,, n S sSs NeS pr;nnr S,1 r.. pmh,ic Iihrs
ps"o @ O. , 10 sI,s, In,,i,o &C., 80 In,oe
ss go o' 49, - w. I,,,n,o Ssa ar Cnn,
60 So, Ssia,ics clerks Conf, &c Sile s35 &c
There NAV be eAtravsance In the direct expenditure
aud patronage OF the Government but II Is less grevious
by than the system Of delays law fees apd other fees
and charges on the public which do not appear In The
Controllers returns, and form an enormous evil and
wrong Irritating thousands and nJurps the fair Of
Tree institutions
-Four millions OF bushels Of Salt manufactured AT Sy
racuse in year on leased lots owned by the State which