The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-09
Estimated deficiency in the Sinking Fund


Nr lo49 $3.50. $136 81
This fund Is created by article T. section 2 Of the
constitution which spproprates in each fiscal year from
the revenues Of the canals to the payment Of the prin
cpal and interest Of the General Fund debt the Of
$36oN0 and requires that It shall be sacrsdly ap-
Of the fund from which the other ordinary expenses of
government can be betrayed but Is set apart excu
vsly for the Of the General Fund state debt
The receipts for the current year including the in
terest S116666 g. stock Issued on Of the
bank fund.- will be s357vOO, and the estimated amount
ciepoy in the fund at the close ofthe last fiscal year
- 1857 73t 81 leaving an estimated deficiency in thu
fund on the aoth September, 1879, Of s7a5 81, will
appear by the foregoing statement.
twill also be perceived from that statement that the
sum Of S17675 g. has been advanced from the reve-
nue. Of the general fund to the accrung interest
upon the State debt payable from the Let Of June,
1896 20 the 30th September, 184s, and small portion
OF the principal falling Que during the same period
The at in relation to the Erie canal, chapter 259,
laws Of lSs, appropriated $500 out Of the moneys
belonging to the Erie and Cbampain canals provided
that said appropriation should not interfere with the
paymtn Of sundry other appropriations previously
made out Of there msreys and for the purpose Of
ryps ont the provisions that sct and enable thu
Commissioners Of the Canal Fund to pay the several
appropriations referred to they authorised to
sell or otherwise dispose Of to Bank Furd Stock at
their discretion provided the should not be sold
iroer report Of January 6tb lsl page 49, in regard
to the $ll6eeo Co. payable to the General Fund 0ebt
Sinking Fund from the Canal Fund for one.third o,
year from the 1st June to the 9th September 1916
IT will b. seen that he says there money be-
longing to the Canal Fund applicable to this payment
ON the seth September" 1s46) and suggests that 'the
bert arrangement for all interests IL to transfer the
General Fund SIG 666 90 Of the Bank Fund Stock
held by the Canal Fund and which bears interest at
the rate Of air per cent rhis will be q fair invest.
ment for the Sinking Fund, and the contributions
from the banks will pay the principal in time to
tie frat payments the stocks Issued to railroads
which have fallen on the Treasury" In accordance
with this view and by virtue Of the authority given
the Commesioners Of the Canal Fund did pursuant t,
the act above referred to- en- the July 1887 trans
fer to the Treasurer the of $16666 &c. In stock
ssued Oh account of the Bank Fund in lieu Of money
for the of that Mount due the Both Sep
TENDER 1S46, from the Canal Fund to the Genera
Fund Debt Sinking Fund
II will also be perceived by reference to the report Of
the Comptroller, of the 9th Japuar y 1S47 page that
In estimating the receipts and payments Of the Gene
raj Fund Sinking Fund, from the CONNIE noement to
tho close Of the fiscal 30h September 1s47) be
stated excess Of S1l2666 Go But It now appears
thss there omission In that estimate Of the
terest the State debt from the lat June seth Sep
teDber 1876. amounting to $40 $40 SO, which has
since been paid and charged to the Sinking Fund.- the
actual amount Of surplus Of the fund therefore the
Both September l847 (see Comptroller report of 9th
January 1s4s b 1856 z3 instead Of SlI2 $685. esti
mated by the Comptroller the previous year. From
this IL IL apparent that the suggestion Of the comp
troer to invest the $116 666 60 Of the Sinking Fund
In Bank Fund stock was based upon the superstition
that there would be suics Mt amount Of plus of
the fund ON the both September 184I to warrant
ipvstment. This however, was not the case, as IL
ehown above; and in order to meet all the demands
upon the Sinking Fund It has required an advance
from the revenue Of the General Fund of slle75 CO.