New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-01-05
GOVERNORS MESSAGE
By Telegraph to The Tribune.

T
Of the daty imposed by the Contribution requiring
me 70 communicate annually to you the conditi,n
Of the State relates TO its Fiscal Affairs, refer
YOU to the Annual Report Of the Controller, which
will be laid before you at az early day. By that
document you will be informed tia, the Indebted
ness Of the State on the 30th December last, was
as follows General Fund Debt 80 l3s,si0 70. Ca
nal Deb, :l6,73,7is q making the whole debt Of
the State So $3.50 a. The liability Of the State
on account Of Railroads which may be set down as
contingent State debts. amounts TO 81. 500 600,
making AZ aggregate Of Indebtedness. direct and
contingent u s24.iis 500 -. The revenues from
the Canals FOR the year ending 3oth September last
were 50 40 GA CO. The expenses o. the Canals
for same period including the sum If $685. 600 &c
for tolls refunded. were s6i3 lt6 o. leaving an
aggregate OF Surplus revenue Of = r-9,'ls % -
From this sum there has been taken TIE cout.iDu-
lions - the several sinking finds under the Ith
Article Of the Consultation amounting in the aggre-
gate % sl,-50 600, leaving balance Of s97J5l-
% This iast-meutOned sum Is pledged by the
Consultation - the enlargement Of the Erie aud the
completion ofthe Genesee Valley and Black River
Canals. Appropriations have been made by yonr
predecessors embracing the whole sun and aniici
pat.Dg $4,000 Of the surp'ss revenues 81 the
current wear The receipts Of tolls since 3Oth Sep
tember last amount 10 SLAB. 42J -. The expen
ditures for the same period have not yet been as
certained.
The amount Of the State Stocks originally issued
and made psysble On the first day Of July next is
: So 736. Of this there has been redeemed $3.50.
OOs. leaving balance outstanding OF g ,23s.730 T.
this is % be added nine months interest," on the entire
Canal Debt from 3Cth September, ls47, 70 July I.
l-is s6sl 33j g. making an aggregate Ct 81 s2ioo5
e. To meet this Indebtedness AZ maturity. there
viii be derived fromthe sinkng r und under The Con
stitutiOn and one tenth Of the mill tax Tor each OF the
wears Isi5 and $40. means Amounting ia the whole
to 81 l025is 81 andleaving adoiicieDcy unprovlded
for on July l. lsis Of ss2l 81 10. Ia ny last An
nusl MESSAGE invited the attention Of your preie
cessors to the importance OF completing the Erie En-
isryement and the Genesee Valley and ack River
Canals at an earlier day than was 70 be- expected
under the restraints OF the 7th article oithe Conslitu
ton and then expressed the opinion that ifthe
tributiOls % the several sinking funds except such
funds as would be necessary 10 meet the sccruing
interest upon the public debt should be suspended
until the unfinished public works were completed.
we might reasonably indulge the hope that the 10.
creasiug revenues promised by the enlargement
would pay our infebte dness at an earlier day than
was 10 be expected under the limitations Of the
Constitution, and nothing has since occurred b
change that opinion. The limits prescribed TO this
communication will scarcely permit me to speak
of the facts connected with the necessity Of enarg
ing the Erie Canal. AMI the delays incident 20 is
navigation with its present limited capacity be-
side It is believed this information will better reach
you through the appropriate Committees Ia 1885.
ten years after the completion Of the Erie and
Champlain Canals, the debt which had been incur
red for their construction had been virtually paid
and the State, FIRE d from debt and direct taxation.
was in the full enjoyment OF the revenues Of three
great channels ol trade and OF the specific reve-
nues which had been diverted from the general
purposes of the Government, as well as Of all lis
ordinary revenues but it was found thus early
that the locks. aqueducts. and other mechanical
structures on the Canal were already worn with
time and use, and that the Erie Canal, owing 10
It's limited dimensions and inadequate lockage. bad
failed 70 % citizens the greatest practi
cable benefits OF cheap transportation for their own
productions and thai fall command Of the w es,ern
trade which had been anticipated.
Enlargement having thus become necessary, il
was wisely determined 10 perfect IL Ia desirable
manner aud with capacity sufficient Tor the vast 10
crease of business, then forescen and since real
zed. In 1885 the State engaged IN the construc
ton of the Black River Canal to connect l. axe
Ontario and the Erie Canal, through a broad re-
giOn deprived OF facilities - market and also the
Genesee Valley Canal designed tn connect the
head. waters OF the Ohio with the Erie Canal and
make lis trade tributary to NewiOrk. The esti.
mated cost OF all these works submitted by the
proper Department was Sl6,5l5 POI. The work
was prosecuted with quite inadequate sppropria
lions iii 1905 Nifif hl tAhNtIh tt
of the financial condition Of the State, made by
Committee Of the House Of Assembly. IL was
shown that the works might be prosecuted more
vigorously because while they were estimated r.
cost only fifteen and a half millions Of dollars the
revenues OF the Canals alone wcre such that n
necessary the State mieht exyend thirty millions
Of dollars and receive full reimbursement Of that
sum from the Canals before s57, or forty mil
lions if Necessary, and yetbc Reimbursed from the
same revenues before 1855, without the resort TO
any tax or the diversion OF any OF the other reye-
nues Of the state This calculation was based on
an estimate Of such constant increase OF revenues
from all the Canals thst IN 1919. ten years after
the completion Of the enlargement, the revenues
OF the Canals would reach three millions a dollars.
This estimate, not only In the comprehensive re
suits but n is minute details, has been subjected
10 the test OF time. The enlargement has hot been
completed R-ld the year lsi9 has not arrived. but
the calculation has been fully verified and the tolls
have already reached 70 nearly the sum Of three
and a hall millions Of dollars The State adopted,
in 1888 the more vigorous policy based on this cal
culation. and pursued till 1919; notwithstanding
the discovery was made IN 1888, that the cost OF
the Canals instead OF T.. millions OF dollars as at
first estimated wOud rice 10 the sum OF $50 AS lsl
Ii is now clearly seen, by the demonstration Of time
and experience, that If the State had firmly an1
prudentiy persevered In that policy 20 the end we
should now, without having paid any taxes or In.
cured any necessity for taxation whatever. had
free nayig ation from the great lakes Through Jeer
son, Lewis AMI Oaeda Counties 10 Rome, and
from the Allegheny River through Allegheny Liy-
ingston and Monroe Counties 70 the Erie Canal aud
the Lakes and Canal 20 feet wide and feet
deep with durable double locks and inn capacI0us
aqueducts from lake Erie to the Hudson River
Thus our greatsystem OF inland navigation would
have been completed aud perfected. The tolls and
cost of transportation the Erie Canal would have
been greatly reduced, and considerable portion Of
the expenditure reimbursed. The remaining cost
of these structures would have been discharg
ed in 1857 and the State LET in the enjoyment Of
revenues even e. such reduced rates Of tolls, OF
less thaa s. 100000 per annun Instead oiOccupying
this high vantage-grolnd, we are now res1mng the
Genesce Valley Canal. which was relinqashed
after onc-ihird Of 1t had been constructed. The
Black River Canal suspended when half completed,
and the enlargement Of the Erie Canal abandoned
when nearly hall Of the cost Of the enterprise had
been paid We resume these WORKS ailsr having
paid half million OF dollars damages to contractors
after having lost for five years the interest on
more than sl500o,0oO already expended and In
cured and unascerlaned losses from the waste Of
materials and the dilspidation Of unfinished works
and structures. Blu. our constituents, VITA creii
table unRAinlty aud enlightened urgency expect
the Legislature will sanction the most energetic
.af-t fnar Ia a..