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

asth of January 1885, to the soth Of September about
cancelled an amount Of $l47ss Of stock and paid
premium therefor beyond the face Of tho stock, OF
ss7 oss a. From 1899 to 1850; the stock redssmed
um 1884 233 paid If this mode Of redemption had
not been adopted the accumuatous Of the surplus de-
posted with the banks, would hsv, amounted at the
close Of the year 1886 to millions and half Of
dollars (See Assembly document No. 1887 page Q
in premiums Its stock and reducing tins payable
In 1897 from three and half millions to about ons mil
lien when the day OF payment arrived July lst 1897
the banks which had Of the public money had
suspended on the 10Th Of the previous May and this
compelled the State either to repudiate the standard Of
bank notes for each sOO Of stock The good faith Of
the ate maintained by adopting the latter course,
t. an aggregate loss to the Canal Fund 500 600
II will be by referring to the preceding table,
hat In 1885, the year In which the enlargement of the
Erie authorized the debt Of the State the
dollars aud the canal debt actually less than three
mions of dollars At the close Of 1888 the debt over
and In 1897 II little than four millions and
half Of dollars
1t .hsuld be borne in mind that this was the condition
Of the debt at tha close Of the twelve during
which period eight NIL ions eight hundred and forty
four thARsand OF canal stock had been paid or
The chss Crooked Lake and Chsnssso canals had
been spksd, adding aos miles to the navisabls canals
This favorable condition of the finances at the period
referred to- enabled the State to and invest In
secure manner the moneys apportoned to this State
year 1887 II the credit Of the State had
ed ut that time and its finances had been deraUgd and
%s IN the sss Tsesaar% by the
United States would have been exhausted In prosecu
ting the public works But the credit Of the State being
in sound condition, the debt comparatively small, and
the ample for all the demands the
State there plausible for consuming the
principal Of deposited in the State Treasury for
keeping and Il therefore invested In
IL be confidently asserted that the safe and econo
mcs policy pursued previous the year 1887, in the
mn n men duRu an
secured 70 the cause Of public instruction annual
Of s25o 900 from the United States Deposite Fund
and nom which there has already been Distributed to
colleges academies, and schools an aggregate
sxcesdiog two mlisns Of dollars And If the same
fainec In the management Of the finances had contn-
70 tbs present time, the people might have retained
ahsis o~n pockets, the five millions Of dollars which
as.os THESE facts SoroibIy iustrst. the deep inter
which, the mass Of the people have In the mainte
OF sound systsm OF npance and frugal admins
tratiop OF all the departments OF government
In 1885, the enlargement the Erie Canal sutho-
rissd In reporting this subject, the Canal Board
recommended that the surplus tolls should be used,
without creating debt for the purpose In passing
the law the Legislature reduced this sum, by providing
that $500 should annually taken from canal
for the support of the government In 1885, laws
passed for the Of the Black River and
Genesee Valley Canals and loans were authorised to be
made for this purpose to the amount of 81 In
the same year an acr was passed for oanng three mil
lions of dollars to the New York and Erie Railroad Com
sruct with money paid by the stockholders las miles
Of the read
Inc changes OF the public agents, which succeeded
these liberal not extravagant appropriations created
impression that the Of the electors
taken manifestation Of desire that public improve.
ment should be more rapidly than could be done
by the application Of the ordinary revenues
The policy Of the acts of 1896 regard to the Black
River and Genesee Valley Canals, not changed 1t
having been originally contemplated that these works
would be made by borrowing money for the purpose. In
relation to the enlargement Of the Erie Canal the policy
Of 1885 changed In 1893, and loan Of four millions
Of doors authorized instead of limiting the expen-
dture to the surplus This change pscy has created
dsst Of ten millions Of dollars, which consumes
nuay more than half million of dcllars to pay the in
| terest
If the Recommendation Of the Genial Board, in 1885
had been adhered to- and the entire surplus had been
used for the enlargement Of the Erie Canal the follow
ing would have been applied to that object to the
| 30th of September last;