The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-12
$l,e24,O65 81


paying the debt and preserving the credit of the state
passed March 29th 1912; aud this stock 10 not made
payable at the pleasure Of the State s the with
all the certifcstes previously issued The certificate in
this promises payment absolutely the LIST of July
s4s and contains the face of the certificate pledge
Of the tolls Of the canals and tax for the payment Of
the same.
The 9th SEQ Art Of the Constitution contemplatss
resort to the credit Of the Sinking Fund for the
meaDs to satisfy the claims Of the creditors the State
they become payable" And law Is passed at the
present session. authorizing the Commissioners Of the
the stock to defer payment at the current Of ne
rest until the Sinking Fund has the means to pay the
to the public creditors and injurious to the interests
OF the state may be made.
The section OF article seven of the Constitution
money to be to the amount Of one
million of dollars "to meet casual deficits failures Of
revenue for expenses not provided for The deficits
In the Gene al Fund might warrant q resort
the authority given In this section bat the
for the navigation by at least
six hundred thousand collars the highest estimate
scented to the onvention IL well known from the
to the that the amount
OF the canal Sinking Fund would be insufficient to pay
the principal Of the debts falling due In lS4S and s49
and there deficit in the apart for the
payment of the debt although the provided is not
the section provides for using thu credit Of the fund
In order to for the claims Of the
public creditors The fifth section OF article Of
the Constitution which makes ads Quate provision for
sustaining the good faith Of the State taxation
funds set apart from the canal revenues prove insu
the sinking funds or either Of them provided in
this article shs insufficient to enable tho State
the credit Of such fund.- procure the means to a
tsy the claims of creditors State as they
come payable the legislature SHALL by equitable taxes.
80 increase the of the sad funds as to make
them respectively sufficient perfectly to preserve the
public faith. Every contribution advance to the
nails or their debt from any other than their d.
then be repaid into the treasury for the Of
the State out ofthe canal it be
done consistently with the just rights Of the creditors
This section contempates the Of the credit Of the
sinking fund before resortng to taxation sustain the
credit Of the State and satisfy the claims of
In abiding to the necessity Of deferring the payment Of
portions of the debt from the nsuciency Of the
apart for object chairman of the committee
finance said The interest computed is according
the rates fixed the stocks and brought down to the
Ss. TIM tine are :. In 3. the s
payable, without any enton beyond that period IT,
in the actual progress Of the debt should become
of it, interest, which will call extra interest,"
such extension must be calculated Almost any yearly
payment of this debt will leave portions of it to
extended and delaye with consequent additional
ira interest for the extension.
Canal Fund (page lo calculations are given, showing
the deficiencies in the sinking fund each year. and
the amount Of interest payable in each those de-
fcencies. The aggregate amount Of interest which
must be paid for postponing principal for the whole Pc
No portion Of the debt should be posponed beyond the
period when the Sr king Fund will be adequate for the
reimbursement Of the stock If this rule is adhered
public creditors the Intentions Of the trainers Of the
constitution will be carried out by paying the debt from
the Of the Sinking Fund, In such manner rs per-
fectly TO preserve the public faith.
ERIE CHAMrLAIN CANALS.
Statement No. Al shows the sums received and paid
by the Commissioners Of the Canal Fund account Of
the Erie and Champain canals and the enlargement of
the Erie 1917 to l947 The aggregate amount
received for the whole period is $62734 l20 IA
Paid during the same time. 6i26s,5ao 81
Balance in hands Of Commissioners Sept.
saiano. the sum Of $3.50 7c as sprosb S
70 the payment OF the canal debt and deposited In
banks The sum Of $500 s34 50, s the surplus at the
Close Of tho nsSs year. 1ppcao9 70 the Public Ks
consists Of bank fund stock s2407s9 sl amount due
from Lockport banks $70,5s6 81; Bank of Brockport
and the balance Of the Of the last
FISCAL appropriated to the enlargement of the Erie
canal chapter 259 of the laws of ls47 and which
Is deposited in banks.
The table to which reference has been made (No AZ
is summary of the operations of the Erie and Cham
plain Canal Fund for thrty-one years. The total
canals and for the enlargement Of the Erie 207
25 81. The discount paid stock issued exceeds the
premium received by about $4,000 The total amount
collected for tolls these two canals in twenty
years. is S34so3 9Ol s4 In 1926, arrsn gements were
made to get interest the surplus tolls deposited with
the banks and since that time the total derived
the fund account Of interest and principally frem de-
posits In banks. Is 81 ,259,e35 II.
There has been paid account of principal of loans
the sum OF 34s 500 30 and there has been paid for
interest money borrowed, the Of $lOIls5l3 %
There has been paid from the canal to the
general fund,
For the support of government, s27a7 goa rs
For deficiencies Of lateral canals, am $50 90
% redeem stock Of other canals ..".. .2ssol49 IS
ss,4O52s2 50
TorAL AMOUNT RECEIVED AND PAID BY TIE CoMMissioN-
ERso OF THE CANAL FUND PROM 1917 TO ls47.
Statement No. IS shows the gate Of all the sums
received and paid by the Commissioners Of the Canal