The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-09

$3Q9e7 336 "a 776,l3l 90 3l,76a467 So 3033 so ~
The fund consists Of these works of internal i'm.
provement its consists of the tolls and other
receipts derived from them What then is
the true value Of these public Improvements They
their cost; but il seems to the present Comptroller
that just mode Of estimating their value to the
State would be by the revenue which they produce.
Things not always worth what they COST but
timer they worth much more and IL 10 believed
these works Of the latter kind It IL also be
borne In mind that such works ~ have value to
the State in Its corporate capacity very diere mt
value to the people to whom they afford facilities Of
In their vicinity But the question L. not what these
works are worth to the people ~ individuals, hov
much they have inoreassd the value Of the property
the State generally but what they worth to the
state great stockholdsr in there works in which
has invested its capital All must admit that their
determine their value, the net only should
be taken into account as this is all that reaches the
treasury and can be made available to the State for
general purposes. The charge. also for superinten
dence and repairs should be deducted rs that Ia =
continual expense uDavoidsbly incurred without
which the revenue could not be produced It stands
"a the ground tho expense of collection 40.
cordng to this mode Of estimating the value Of these
works, 1t must be borne in mind that several Of the
lateral ais worth nothing, when estimated by
Themselves as they do not produce revenue enough to
pay for collection, supernte ndence and repairs A
the Gepeeee Valley canal which s not yet com psted
or brought into uee. and therefore produces
nue. This Is also the case with the Erie canal en-
lsrgement. Much that has been expe nded there will
be unavailable until the whole s completed, to
permit boats of larger dimensions pass its whole
length. And all that has been expended upon the
Black River canal is unproductive part Of that
can al has yet been brought into use.
large sum (s457622 4 Is also charged to the cost
Of these canals which has net been expended in max
Ing them but in paying damages to contractors under
the law Of 1912, which prevented them from completing
their contracts Osipg, as IL II believed to the bad
pditiop In which the public works left in the
fall Of 1Ss7 In consequence Of the great pressure of
busness during the latter part Of the season. the
peDee Of repairs for the last year has greatly
that of the year previous; and owing TO diminished
d. mand for bresdstuGs abroad, the business OF
the canals much ess for the past than
the year previous showing falling of In the tolls Of
S26e,414 A. Yet with all these Disadvantages and
draw backs II We take works Of internal improve
ment . whole, productive and unproduotive, and
estimate their value by the net produced this
year diminished asi s by the decrease trade and
Dcreased expenfss Of repairs, (both Of which will be
temporary 1t will be found that their value to the
State cannot be less than 500 1856 992 That that
rum put at interest at elk per cent per annum
It would produce $23a82l9 So which Is the net reve.
nue. realized during the last fiscal year. - will appear
by the following tabular statement
REcEIpTs AND EXPENDITURES ON ACCOUNT THE
CANALS, FOR THE FISCAL YEAR EsDINS SEPT. go 1848.
Tolls including those on railroads, penal
ties copies Of olearaDces and salaries
retained by collectors. ........, So 1853 Ola "a
Rents OF surplus water. ........ 1854 IA
Interest ON current canal value. ..... 47,l0l rs