The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-09

New York State Debt-lts Liquidation.
The new constitution which went into ope-
ration on the lst Of January instant, pro.
vides that Of the revenues derived from the ca
mails, after paying the expenses of collection and
of repairs, there shall be appropriated and set
apart annually, the sum OF one million three
hundred thousand dollars, to constitute sinking
fund for the payment of the canal dc bt until the
lst day of June, 1885, and after that time, the sum
of one million, seven hundred thousand dollars
Per annum, until the whole debt shall be paid,
that there shall be annually appropriated and set
apart the sum of three hundred and fifty thou
sand dollars, for the purpose Of forming sink.
ing fund.- for the liquidation of the debt called the
General Fund Debt, until the canal sinking fund
shall amount to a sum sufficient to pay the canal
debt, after which the appropriations to the sink
ing fund, to pay the general fund debt, shall be
fifteen hundred thousand dollars annually.
It's estimated that the sinking fund provided by
the constitution for the liquidation OF the canal
d-bt, will pay it off in about eighteen and half
years, but it will not furnish funds fast enough to
meet all the payments of that debt as they ar
rive at maturity.
The entire debt of the State at the close of the
last fiscal year-the Both of September was
$24, 7a4, $50 IS, which is divided as follows:-
NEw YoRK STATE DEBT, ssrr. 30. 1916.
Atsper cent. 81 81 s57ssst IS
ssHss % asssss q
Ten; nc Canal Debt. ~ ~ g g g
Aggregate. .............. s2a,s7 .ss 80 lassJss Al
The contingent liabilities Of the State amount
to $l,796 ,4A IS, which, with the above, made,
at the close Of the last fiscal year, the entire debt
of the State $74,7s4, $50 50.
The debt ofthis State, upon the principle laid
down in the new constitution, will be fully cam
celled by the year 1869, viz: The Canal debt, in
1865, and the General Fund debt in 1859, when
the treasury of the State will be wholly free from
the immense burdens the large. public debt now
entails upon it.
1t will be seen by the new constitution, that
while the payment of the present debt is amply
provided for, checks against any increase of the
State debt are sufficiently stringent. No debt
can hereafter DO created, unless such debt be
authorized by distinct law tor some specific OBJ
ject, and that law shall impose direct annual tax
sufficient TO pay the interest on such debt as i.
falls due, and the principal within eighteen years
from the time OF contracting the same, and that
such law shall take effect until it shall have re.
ceived majority Of all the votes, at a general
election, cast for or against it. The credit OF the
association, or corporation. Had such provision
existed in the old constitution, says the Comptrol-
Ter, the taxpayers of this State would have saved
more than seven and quarter millions of dollars.
The resources of this State are sufficient to meet
all the appropriations required by the new con
stitution, and the burdens upon the treasury will
be annually reduced. The capacity of our pub
lie works is hardly sufficient TO do the amount OF
,,,lI,v o<., al,
tees revenue, from the amount of merchandise
transported, to meet all the demands upon that
fund. The quantity of produce offering for trans
poration upon the canals of this State, is increas-
ing SO rapidly from year to year, that these works
can always command a business, at rates of tolls
sufficient to give a net income large enough to
answer all the purposes required.
As soon as the sinking funds for the liquidation
OF the debts of the State have reached sum SUI.
hcient to Offset large portion of the State liabili
ties, the annual expenditures for interest on the
balance of the State deb, will be so limited, com.
pared with what they at present, that very
important reductions can be made in the tariff of
tolls, without reducing the revenue below pro-
per point
The financial policy Of this State is now brought
As near perfection as possible. II is established
by the constitution and not by legislative law,
ana Is therefore, more permanent and not sub
Js0' 70 hnuch 70 party principles.
HE GOVERNORS MESSAGE IN THE LEGISLATURE
we perceive by the proceedings in tho House
OF Assembly OF tins state, on Thursday last, that
ten times the usual number of copie, Of tho Go.
vernor's message were ordered TO be nr,n,ed hv
thatbody, and three hundred and fifty additional
copies for tho use of the Governor.
If silas Wright had been elected instead oe
John Young, we question very much if the Az.
ssmbly would have acted so literally in regard to
his message as it has with Mr.. Young's; not be.
cause Mr.. Wright is a democrat and Mr.. Young
a whig--not at all-but purely because Mr..
Young's message is just about one-tenth as long
as the outrageously windy and protracted docu-
ments that Mr.. Wright was in the habi, of inlet.
ing on the few of his constituents who could
spare week from their business to read them;
and also, because the expense of printing ten