The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-04
NEW YORK. TUESDAY MORNING, JANUARY 4. 1s4s.

To- .h ,..t animal reuort the tenth OF mill tax for
the years lsas and s49, was included IN .ns mmt
FOR paving the debt 1885, but the great emount
- tI. Sor IA scsl yssr ending tho 3oth september
last was more than sufficient to meet all the condon'
affixed the 81 ss Of the
Canal Fund have given notice to the treas Oh e
several counties that this portion OF tas h;
would Ease. and II has not been isy'd 10 ios,. III
dimp.hrs the means the payment OF the canal oso
in le4s aud ls4o, about $la0O00 The sum que sns
General Fund, on account OF the sinking ao ,sas
also included In the estimates OF iasc yesr "a
ton of the for paying the debt This SUM, Pip
666 60 ia in Bank Fund stock, and will not DO avaao
except the interest until 1858 These two sums MAKE
difference between the estimates OF last year anu 'n'
AZ the shaking funds provided for the payment OF the
General Fund aud canal debte which are due In ieao
and s49, insufficient Tor tho purpose IL osoS I
necessary to provide to satisfy the claims OF the
public creditors they become payable lbs can "
DONE It is believed the credit OF the sne,ng uau
provided By the 9th section article 7th OF the Consul
Z" II the Sinking Funds or either OF them proviaeo IN
this article shall insufficient 70 ons Ole the ssse
the credit ofsuch fund to procure the means 10 sa
fy the claims Of the creditors OF the state pc
come payable. the Legislature shalt by equitable taxes
them respectively sucent perfectly to preserve the
public faith Every contribution or advance 70 tne ca
rect reve ues shall with quarterly interest the rates
then current be repaid into the Treasury Tor the use
the State of the canal 40 soon as IL can DC
done consistently with the Just rights OF tho
holding the said canal debt"
So long the credit of the State Is unmpared there
be difficulty In managing the by piedg'pg the
Sinking Fund the payment Of interest such por
ton Of the stock as may become necessary 10 oee
the payment Of until the Sinking FUND strong enough
to meet the principal. The ~ per cents, when they
payable be deferred by raising the
half Of per cent provided the per cents are kept
the par of gold and silver by any interference with
the financial article the Constitution the stocks OF
ths State should be depressed ten fifteen or twenty per
cent would be utterly to defer any por
of the debt the credit Of the Sinking Fund And
it would then become Indispensable to resort to that
portion OF the 9Th section before given which declares
that the Legislature SHALL by equitable taxes SO In
the Of the sinking funds as to make them
respectively sufficient perfectly to preserve the pubic
faith -
The tables of debt presented to the Convention made
t apparent that any Of tho annual proposed as
Sinking Fund.- would be insufficient to pay the debt at
The amount of Canal Sinking Fund proposed by the
finance committee, 81 600 per annum whereas
the principal and interest payable in the year
nearly three mlio2e, and in 1855, nearly tour millions
and half of dollars whilst In several years not dol
lar OF principal is payable To enable the Sinking Fund
at fixed annual sum- to adapt itself to these great Inc
qualities became necessary to authorize resort to
the credit of the fund, to effect postponement OF por
tons of the principal of the debt until the Sinking Fund
was sufficient to pay the same.
1t shown by the chairman Of the committee on
finance in the Convention that in paying the debt with
the proposed In Of the plans the amount OF ex
would than nineteen millions OF dollars;
by another plan to ten Millions and by third plan
to more than eight and half millions OF dollars BY
the plan Of the committee, IL about million and
half Of dollars. Under the plan which finally
adopted the amount Of extra interest payable deh
cences Of means to pay the canal debt As falls due
shown at page TO- OF the report OF the
OF the Canal Fund for ls47 is 1887 1893 80
The same the General Fund Debt. Is
shown In Comptroller's report OF lsi1, -.