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


This explanation accounts for the great changes in tho
general fund and contingent debts isii to is.a
have reached s highest point the close of he fiscal
year 1874 when it stood at $40 eO5 The canal debt
embraced $500 Ooo to pay arrsarages to contractors
Subsequent payments show that the sum then estimated
$500 OO5 there has actually been paid from the TN Feb
lsa2 to the 18th of June, ls46 the following sums
For arrearages to contractors, engineers
For land damages. NEUTRALITY-SUSPICIOUS.. 473, $40 "a
ssi75 COS %
This exceeds the estimated for arrearages in
stating the debt in table f. Assembly Doc 6 of s4a by
pended about the LIST of April isaa and with the excep
ton Of the paid for the salaries of such engineers
the whole Of this large sum has been paid for
to contractors for work done before the LIST Of April
s49 and for lands taken for the canals previous 10 that
date
The whole debt therefore, for canals railroads. and
the general fund.- at the time the suspension act passed
actually amounted at that time since to
$40 as7 500 7s; and this. without including the sum
contracts growing out Of the suspension act If to this
be added the sum awarded to for breaches OF
f sc So as 10 an IN
$as,7i3,O32 o. Deduct from this the present debt
given in Doc No. annexed S24 73l $50 and it shows
reduction of the aggregate debt since 1912 of S397s
$50 81
The general fund aud contingent debt united now
amount to 706 $40 80 In February sl? these debts
equal to 81 o.! showing, increase since
that time of 1897 1851 go From this appears that the
canal debt has been reduced lsa2 2l4 81
Nearly four millions and quarter Of this sum been
paid since the first of January ls45. wiz
Chsnango canal payable January Is46. 1857 $40
Oswego canal, payable lst July 1876. 1872 80
Cayuga and Seneca canal, LIST July 1885,. 600 90
This is more than double the amount Of debt can
celled in any previous period Of two years since the
canal fund was established in 1917. The greatest
amount Of debt previously paid in the years 1888
canal stock reimbursed in those years. In the
twenty years preceding sl5 the amount Of canal
hundred fifteen thousand dollars than been
paid within the last two years
Ia 1926 and again in 1883, Legislative pledges were
given that the surplus canal should be applied
to the men of the debts contracted for the consruc
ton Of the lateral canals before named when those debts
became due. An effort to divert to other oil TIA, por
ton Of the revenues thus pledged, rated by an
Executive veto. and the honor and faith
enabled to redeem the promises thus mad and to pre-
the credit of the State untanished and is source
of still stronger grati6ca on that the financial struggle
of last years been closed by ENGRAVING upon
the constitution Of the State, provision, which will ef
fectuay secure in all time to come the honest pay
ment Of debts and sacred Of the public
faith"
The Annual Revenues and Sinking Funds.
The total amount received account Of the
of the State canals including $2320 80 received for
railroad tolls SO7l5 from rents of surplus waters and
$40 36l 81 for interest depost IL, 81 5l2 ala IL
Expenses of collection, superintendence,
and for ordinary repairs. 63s 1858 Oh
Revenue over cost of repairs, all the
Deduct. Canal nal sinking Fund. :: 81 100000
Treasury debt Sinking Fund. $4,000
Annual sum appropriated Tor the
support OF government. 100000
1850 600 90
Surplus ...,..,........ $3.50 S6l IL
The Constitution requires the Sinking Funds to be set
apart from the first day of june lS46 and to be applied
to the payment of the debt they existed that time
From the first OF Juno TO the 3Oh OF September Is one
One third Of ST SOC, 900 is .........s4 ss aa3 80
One third of $50 900 is. ll5 900 %
In relation to the required to be apart for the
Canal Sinking Fund from the LIST of June 10 the close OF
the sca year. il is to DO considered that during that
third year. there paid out of the canal
for the exngushmen Of the principal Of the canal debt
SSH 304 OF
Oue.thrd of the interest the canal debt
for the fiscal year, (So7o,552 49, is. 3a5,6l7 al
Paid towards PRINCIPAL anil interest Of debt
from LIST June to 3oth Sept 1896 $685. 81 a
Deduct from this one third of the Canal Sink
ing Fund Tor year. s33,333 ID
Excess Of payments over Sinking Fund $46s, 4ss Is
The debt before referred to having actually
been p'id and the stock originally issued for tbs
principal Of 30l having been taken up and cancelled
ihere is power, things stand, to tina
cancelled debt any respect desirable that
tality should be given to it. The sinking Fund for the
as applied to the payment of the canal debt
All the facts respecting the payment of the debt from
the current and the condition of the
bic funds were before the Convention in reports from
the Comptroller No a. and IO9 The first OF these re.
ports after giving the the items and amounts OF the un
| available funds says" With the amount Of available
in bank the LIST June, (S392 s54 and the tolls
of May and about half the tolls OF June the Commits
sioners Of the Canal Fund have paid the ordinary
penses Of the canals and have placed about $500 900
the Manhattan Company, for the payment OF principal
and interest of the canal debt due frat OF July 1876
| Convention Doc. AZ, page7.
II was anticp ted at the close of the fiscal year 1915
that the funds for redeemng the Chenango canal stock
falling due in January 1876 (S2 362 000 would be in
sufficient unless the appropriation OF 5000 600 for tbs
| support of the government withheld irem tn'
Treasury and applied TO the payment OF the Chenang
canal debt according a pledge contained in the III
section chap 49, of the Laws ofis33. This accord
ingly done as explained in the report of the Commits
sioners the Canal Fund for 1896 pages 10 and Ia
After the paymen Of the debt due in January and ate
the accumulation of revenue sufficient pay the deb
Of S57l due July last the $500 900 previously
withheld paid into tho Treasury for the of thu
General Fund, and the appropriation Of 5000 600 { d
1916. also paid, making total of $4,000 in thu
fiscal year ending september 3eth 1876
In getting at the surplus canal revenues in the pre-
cedng statement only the yearly appropriation of 5000
900 deducted paid to the general Fund This is be
eved 10 be the proper mode to ascertain the fair supl
the year. and yet when we look at the cash on Inland
instead of a surplus of $3.50 SCI H. in the pre-
ceding statement Is found to be $780, less from tn
cause before stated
The surplus applicable to pub c works being for tina
portion of the fiscal year from June TO september, 80
is onethrd of $3.50 s6l IL, or sll7 500 IL: -
The General Fund is entitled TO receive from Cana
Fund one third of allow ance Of $3.50 600
Sinking Fund being SIG 500 GO There was no none
belonging to tho Canal Fund applicable to this paymen
. | 'oS"'
section of article of the Constitution 10 draw nteres
quarterly the rates current at the close OF the year
and be paid nom the canal revenues as soon as II ca
be done consistently with the just rights OF the holder
OF the canal stock. The best arrangement Tor a
interests TO transfer TO the General Fund, Sll6666
of the Bank Fund stock held by the Canal Fund
which bears interest at the rate Of 6per cent This wi
be fair investment for the Sinking Fund and the cor
trbutions from banks will pay the principal in tin
to meet the first pay the stocks issued to raj
roads which have fallen on the Treasury. II is to
observed that portion of the $3.50 900 has been draw
from the Canal Fund to pay principal in erest OF th'
General Fund debt If this had been done as In the
!, OF the canal debt, then the payment might be offs
: against SIG 666 GO.
.fvaiiaJe and Unaraiabie Canal Funds.
At the close OF the fiscal year, the Canal Fund had
4 hand in Bank Fund stocks and claims against nsolvsr
:, hanks &c the ann Of .......-.... x6O7 473 8
/. Chsh IN Dunks 80 S'"'~N'
Ss3s, 1852 8