The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-04
Sl6.478.763

The sum actually expended on the enlargement,
elusive Of interest paid money borrowed $l2 9se
sDi 7S II the policy Of appynSs tns surplus tolls to the
work at the present time would have been much
completion than 1t is and the debt Of $l0l22 900
for that object would not have been incurred II the
surpuses had been expended annually they accrued,
ON economical application Of the money would have
been made, and much greater amount OF work would
have been executed with the same amount of money
than was practicable where jobs the amount of ten
or twelve millions Of dollars going at the
time.
II should be understood however that the
Of 1888 did not adopt the recommendation of the Canal
Board to apply the whole surplus to the enlargement
but appropriated $s0OUo0 tue canal tolls for the sup
port OF the government the defciencyof hs
OF the lateral canals being then chargeabe to the
raj fund In l9l1 these deficiencies made charge
on the canal tolls and the payment to the general fund
was reduced to 100000.
The 7th article Of the constitution provides for a re-
turn to the safe policy Of combining the
public works to the annual surpluses from tolls. Al
though the increase of the State debt makes an annual
draft of 81 $50 900 the canal revenues there still
left surplus Of nearly million Of dollars for the fiscal
year ending the s0h Of September last to be applied
to the enlargement of the Erie Canal and the prosecu
ton Of the other canals named In the constitution
There has already been realized, $4ls4 49, in the
months Of September, October and November, which
goes into the revenue the fiscal year. and ndi-
oates a surplus large that for the last year The
faithful application of these sccrung revenues at the
points where the business of the canals most
ing will furnish ample modatons for It, and when
the debt is paid and the tolls reduced win esotuay
the continuance of the trade In defiance Of all
1t is believed that the progress of the public works
will be advanced with sufficient rapidy, and the inte
rests the State essentially promoted by frugal app
cation from year year. Of the surplus SGT
apart BY the constitution for these objects.
And il we to judge of the future from the expe
rence the past it asonable to infer that much
progress may be made in works of real utility in the
years by udicous application Of the surplus
revenues by creating debt for the purpose aud II
any thing Ia lost Ia time II Is much more than made up
by the exemption State from any debt for the
work.
with the amps revenues furnished by the canals,
there Ia necessity for borrowing money and perpetu
atiDg debt The amount of interest which the State
has paid and must pay before the present debt
celed, will exceed thirty millions Of dollars amount
than equal to the entire cost of constructing its
hundred miles Of canals With its ample
venues State can without detriment to the public
service measure its expenditures by Its income and i'm
pose burdens the present or future genera
tons, In the shape of nereston money borrowed and
expended t Is fortunate that have the Erie Canal
to redeem the present debt and that its revenues will
enable the state to prosecute sill necessary works. With
out creating any new debt for the purpose
The SINKING FUNDS PAYMENT THE DEBT.
The amount of principal and interest payable on
OF the canal and general fund debts from the 30th
of September ls47 the 3Oh Of September ls49 is
foows:-
Canal debt, ASSEMBLY Doc. No 80, ls47,
y. iV. =. - .. F"''"'~'' -
General Fund debt, (Comptrollers Report,
lsaI, p 10y ........ .'.'.' .''''''' ss'oS@ 30