The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-09-29
s62,s46 65

23,eI9,ll0 ~
Indian Annuities for which no
- STOCK is issued $500. .$l22 ,6o4 81
Dues oil specific funds. 7ao,i5l rs
Sa4,74l ,ss7 81
The canal stock was issued for the construction,
repairs, &C.. of the several canals. The amount
given in the above table embraces Sl98 ,622 Sc OF
stock, for the payment of which money has been
deposited N the Manhattan Bank, of which the
holders Of the stock have been notified, the inter
est on which has ceased Until this stock is sur
rendered, reimbursed and cancelled, it stands on
the books of the Canal Department. and is con-
sidered outstanding canal stock.
The railroad and canal stock was issued on &C.
count OF sundry raj roads, and the Delaware and
Hudson Canal; large part of this stock was is
sued Tor the construction of the Erie Railroad for
which the State will not receive the first fraction.
It's lien upon the road having been cancelled, in
consideration of its being ompleted within GER
tain period by new company
The Convention, after considerable debate upon
the various plans proposed for the payment OF the
State Debt, adopted the following, which will, if
carried out, accomplish the important objects in
view.
After paying the expenses of collection, supern
tendence and ordinary repairs there shall be appropra
ted and set apart out Of the of the canals
IN each year commencing the first day Of June 1916
the sum of one million and three hundred thousand dol
lars until the first day Of June 1856 and from that time
the of million and hundred thousand dol
lars in each year as sinking fund to pay the interest
and redeem the principal Of that part of the State
called the canal debt as it existed at the time first afore
said and including three hundred thousand dollars then
10 lie borrowed until the shall be wholly paid and
the principal and income of the said sinking shall be
sacredly applied TO that purpose
81 After complying with the provisions of the first
section OF this article there shall be appropriated and
each year commencing the first day of June 1896 the
sum Of three hundred and fifty thousand dollars until the
time when sufficient sum shall have been appropriated
and set apart under the said first section psy the inte-
rest and exngush the entire principal Of the canal debt
and after that period then the Of million and
hundred thousand dollars in each year sinking fund
to pay the interest and redeem the principal of that
ofhe State debt called the General Fund debt-includng
the debt for loans of the to railroad companies
which have failed pay the interest thereon and also
the contingent debt State stocks loaned to
companies which have hitherto paid the interest thereon
whenever and as far as any part thereof may become
charge on the Treasury General Funduntl the
shall be wholly paid and the principal and income of the
to the purpose aforesaid and the payment OF any part
of the said sinking fund shall any time be deferred by
reason of the priority recognised in the first section
this article the deferred with quarterly interest
thereon athe then current rate shall be paid to the last
mentioned sinking fund as soon as can be done conss
teny with the just rights Of the creditors holding the
said canal debt
g. After paying the said expenses of the canals and
the sums appropriated by the first and second sections
this article there shall be paid OF the surplus
of the canals to the treasury Of the
fore the thrteh day September in each year. Tor the
and benefit of the general fund, such sums not
ceedng S2oo0o0 as may be required to defray the
cessary expenses Of the States and the remainder of the
Of the said canals SHALL in each fiscal year. be
applied to the completion of the Erie canal
the Genesee Valley and Black river canals until the said
u The claims Of the State against any incorporated
company to pay the interest and redeem the principal of
the stock Of the State loaned advanced such
n.y. shall be fairly enforced and released or compro
miscd and the moneys arising from such claims shall be
set spar. ana applied part OF the sinking fund
Tor the ulment Of any condition of any release
ed by law.
S5 If the sinking funds either of them provided in
this article shall prove insufficient to enable the State
on the credit Of such fund.- procure the satisfy
the claims of the creditors Of the State as they become
payable the Legislature shall by equitable taxes in.
crease the revenues of said funds as to make them
sPectively sufficient perfectly TO preserve the public
faith Every contribution advance to the canals,
their debt from source other than their direct
venues, shall with quarterly interest at the rates then
current be repaid into the treasury for the Of the
State out Of the canal revenues, as soon as it be
holding the said canal debt.
SO The Legislature shall not SELL lease or otherwise
dispose Of any Of the canals Of the States but they shall
remain the property of the State and under its mansgs
ment forever.
a. The Legislature shall mover sell or dispose of the
salt springs belonging to this State The lands contgu
Gus thereto and which may be necessary and
ent for the of the salt springs may sold by author
ty of law and under the direction of the commissioners
Of the land ONCE for the purpose of investing the
arising thererom in other lands alike convenient but by
sueh sale ana the aggregate quantity Of these
This is the FIRST feasible attempt made to pay off
the enormous debt of our State, and it should be
the prayer of all that it may prove successful
For several years past our public Indebtedness
has been steadily increasing, new loan for seve-
raj hundred thousand dollars having been made
within the past three months and had not mea.
hear, boz
the debt, few years more would have sufficed
to have 'proouced embarrassments in our fnan.
ces of a very alarming nature. If the convention
do nothing more than to place the public debt in
the process of liquidation, it will have done some
service.
MOVEMENTS OF THE NArIvEs-We understand
the NATIVES are making active exertons for the
fall campaign.
They were to have nominated their candidate
for governor last evening. They depend upon
the success of their candidate, from the fact that
John Young is obnoxious to large portion of the
Wing party, and a popular Native candidate
would consequently receive large number of the
Wing votes. Charles O'Conor, the Democratic
candidate for Congress in the 9th District, will be
opposed by w. w. Campbell. The Natives ex-
9th, will resign in favor OF Mr.. Campbell. W. S.
Miller is the nominee of the Natives in the Sd
District Joseph w. Huty is named for County
Clerk; and w. w. Lyon, of the 18Th Ward, for
Sheriff We learn that David E. Wheeler, OF the
9th Ward, late member Of Assembly, has re-
ceived the nomination for Congress IN the 9th
Dstrict-Messrs. Ely and Woodruff being both SET
aside.
The Native County Convention for Duchess,
meets at Washington Hollow on Wednesday next,
TO nominate county officers and delegates to the
"a District Senatorial Convention, which is to as
semoie at Newburgh. The Ulster County Con.
vennon to nominate officers, will meet on Satur-
day, October Sd.
Inc Nanves couat upon from 1900 to 10000
votes; and If they work their cards well they may
win the disafiected portion of the Wings over and