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

S2l,s3O 364 81 $l7, AL 500 90 $40 ,052, 967 "a
And this does include increase of the General
Fund debt before the Constitution was adopted to the
amount $l07 900 the addition OF 0OO by the
failure Of the Hudson and Railroad
There is also contingent debt Of 50 563 900, being
of the credit Of the State to railroad companies
which Is also excluded from the preceding estimate
The Delaware and Hudson Canal Company n expected
to cancel half million dollars Of this contingent debt
IN the month Of January, ls4s
Lsrg, as tho deficiencies will be in the Sinking Funds
1t is believed that the debt be successfully managed
by the aid Of the credit Of those funds In manner to
satisfy the claim, , Of th: publ. creditors and fully to
This may be done by an providing that when the
debt falling due exceeds the means on hand for Its pay
for deferring the such until the Sink
ing Fund will bs in condition to pay the same, not
ceeding seven years. And the law under which the
financial officers are TO make the arrangement should
pledge the faith of the State to make the
propratons from time to time from the Sinking Funds
to paw the interest the amount Of debt deferred at
the rate interest current at the time the transac
ton between the financial officers and the public credi
tors. 80
The 10th section Of article 7th Of the Constitution
authorizes the Legislature to borrow sum not exceed
ing million Of dollars, to meet cssus deficits or
failures In revenues for not provided for
The condition Of the General Fund and its revenues,
may author loan under this section but IL s not
desirable resort to it for the payment Of the debt 80
long a. the claims of creditors b Satisfied and
faith Of tho state maintained By the application OF
the Fund and the means which can DO obtained
In regard to the debt and the fund for It's oan
cclment, state Of thing. can hardly be anticipated
n
necessary or warranted by It's terms There Is no pro-
liability If deficits faures In the revenues Of tho
Canal Sinking Fund After paying for repairs the fund
for the payment of the canal debt Is first to be provided
for from the tolls. In fact than nine hundred
thousand dollars Of the thirteen hundred Thousand dol
of this fund.- IL used quarterly to pay interest the
canal debt 1t falls due IT, then there 10 failure in
the Of set apart for the Canal Sinking
Fund, there to be justification for loan for
this Object under the 10th section the Sinking Fund
Isl 800 000), when fully paid shall prove insufficient
enable the State the credit OF such fund to pro-
cur the mi 70
the state they become psysbe the Legislature shs
by equitable taxes, increase the revenues Of said
funds make them sufficient perfectly to preserve
the public faith IL the fund when fully psii In, 10
inadequate the Of relief IL taxation III there
deficiency in the fixed set apart for the debt then
resort may be had to the 10th section OF article 7.
The authority to borrow Under the 10th section,
should reserved far for special and
extraordinary emergencies the loan OF one million OF
dollars. exhausts the power Of the Legislature under
that section, until the loan Is reimbursed and the
thorty should BIZ sparinsy used
CONDITION TREASURY THE SEVERAL
The state ments which low, show the condition OF
the treasury the 3Oth Of September s the items OF
which the several funds consist, the amount received
and paid during the account Of each fund and
OF receipts and expenditures for the cur
rent year
General Fund.
Revenue
Amount Of balance due the
Specific Funds, 30sh Sept,
1896. @s2S,'ss -
Amount Of warrants drawn
the Treasury on account
of the General Fund, du-
ring the yea. ending J0th
September, ls47 ....,,.. s22,l1o W