The southern press. [volume] (Washington [D.C.]) 1850-1852, 1850-12-28


the nett income--thus making the cost of the
works, up to Is47, forty-six millions of dollars,
and we estimated it at fifty millions of dollars
up to 1880 that we We're remarkably accu-
rate, and did not, rs the Enquirer asserts, over
look the interest on the tolls, Z" a mistake which
ought not to have escaped the eye Of professed
statistician." w.. ........
Now, we have made no rest in the computa-
ton of interest anywhere in the whole period,
except at lS42, when the expenditure ceased
Hence, the interest draws no interest, except
since that period. But in practice, in all private
TRANSACTIONS, and among New York's creditors,
it is more or less compounded, and if allowance
were made for that, as there ought to be, the
present nett actual cost to the State of New
York, of her public works. exceeds fifty millions.
We don't know whether Governor FLOYD i'll
cludes repairs in his estimate of cost-f not,
the cost is far greater than we have made il, and
her present income is therefore less than five
and half per cent on the cost, as We stated.
According to the calculations of that remark
able statistican, the Enquirer it is true that New
York ought now to owe nothing for her public
works, but alas for the fact, her present pub
lie debt exceeds twenty-five millions, to which
she has reduced it by direct taxes, and by salt,
auction and steam boat duties, which in addition
to her nett revenue from the canals, she has ap-
piled to the payment Of principal and interest.
In the first nine years, from 1877 to 1926, the
revenue from salt, auctions and steam boats only,
amounted to more than six millions, and were
all applied in that manner. And her present debt
is not owing to other works besides her canals,
for all that she contracted for such other works,
was only about five millions Of dollars.
But the Enquirer does not like to consider
the whole canal system of New York together
AND prefers to present 1.-The main Erie canal it.
SELF which 1t says cost ss7,l43,789, and its tolls
wiped out the last cent Of this cost in the year
1886, or ten years after the entire line was OPEN
ed" But the Enquirer mistakes. The tolls
COLLECTED on the line of the main canal, consist
of charges on boats coming into that canal from
the lateral canals, as well as on beats starting
from the two ends of it, and hence the Enquirer
gives the main line II credit it does not deserve.
And thus fail all the calculations of the Enqui-
rer about III per cent 81 per cent and l44 per
cent income on the cost of the New York canals
The Enquirer eyinces its usual perspicuity
in controverting our position, that the revenue
of only about five and a half per cent received
by New York from her canals Is sustained by
prohibitions and restriction on the transporta-
ton of freight by the parallel railroads. The
Enquirer says:
"Her total receipts of railroad tolls in lS49
were only $l42,463, a sum to which her public
creditors would cling with the pertinacity OF
Shylocks, but which her princely canal could
easily spare, and, but for their grumbling, would
magnanimously renquish. A stout competi.
ton, indeed, is this SSl4246 of railroad, COM
pared with $3,406,990 of canal tolls"
Yes, and if the State were to impose double
its present duty on railroad transportation the
railroads would take still less freight perhaps
none at all, but would that indicate the capabiIity
of the latter for competition, to any but the pro-
| found genius of the Enquirer.
The State Of New York actually charges the
railroads one dollar and eight cents per hund.
red pounds for transporting the first class of
merchandise from Albany to Buffalo. If they
can pay this and yet carry freight in opposition
to the canal how much more could they carry,
| if left to compete with it unrestricted Why it
is reasonable to believe they could carry all the
upward bound freight, and an equal amount Of
the downward, and If they did, what would the
great main line canal of New York be worth
Why it would not pay three per cent. nett, and
| thus New York whose lateral canals do not pay
expenses, would have sunk some thirty millions
| by her public works.
The Enquirer proceeds:
Mr.. Fisher continues his argument in this re-
markable strain:
But the work has been done, and the general
impression is that immense benefits have resulted
incidentally to the State. What are they? She
has not now as II UGH property as Virginia, where
public works have not been 80 very fashionable
The landed property of Virginia has increased
from 1911 $50 sos TO S274,6SO, 226, or 29t per
cent in the last ten years he should have said
hoelre] an increase, we will venture to say
greater than in New York during the same pc
rlod, the period OF the completion and triumph
Of her system of public works"
If Mr.. Fisher will consult official documents
instead of his own jaundiced Imagination, he
will find that the total value Of real estate in
| New York in 1888 was S2l4,sO2, 204, while that
of Virginia was $2l ,93O,5OS; that in 1850, the
value in New York, is 1886, 1862 ,90l, while that
in Virginia is $275,6S0,226 If he will make
the computation, he will find that with an even
start New York has outstripped Virginia in the
race of wealth in the degree that 1921 ,36O,677
the amount Of her progress, outstrips $62, 749,.
7lS, the amount of Virginia's progress that is
to say, he will find that while New York has
added l49 per cent. to her real property, Vir-
gnia, with whom "publc works are not fash
| ionsble," has added but 29i per cent.
! Mr.. FISHER will find no such thing by con-
sulting official documents. On the contrary, he
does find that the real property of New York
has hardly advanced single dollar in value, since
1898 whilst TINT If VIRGINIA has advanced mora