New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-10

per cent. and has thereby reduced to small ex'
tent the annual charge. .,,.,.u
The question is, whether the sinking iund suaLI
paw six per cent to the school iuna ana o'uei
specific funds, when the money can DC oo'S' ioss
from other sources at FIVE per cent, OF even less
rate ofinterestl il the Comptroller oonds were
held bv individual lenders, there would De no
ground OF hesitation. AS they are held oy tue
state az part Of the capital of the speclhc iangs'
their paynent involves the investment OF asinuai
amount in bonds and mortgages or otner secuIt
tiles for the benefit Of those funds. 1t Is oeNe'eS
that the money might be safely oaneI 'Ito.e
the agency of the Commissioners OF the Chlteu
ststes Deposit Fund. on mortgage security at
seven per cent interest. Loans OF thus cnsracter
are subject to some contingencies when must DC
taken into consideration. The mortgage invest
ments OF the United states Deposit und, atef
paving expenses and all losses OF Princlpai from
sccruing interest, have yielded net income Oh
over six and onequarter per cent per annum' iol
the entire period from 1887 to 1880.
The debt of $4,000 created for the erection OF
n new State arsenal in the city of New York, has
been discharged from the proceeds oil the saie oi
the old arsenal grounds: -
The amount Of the canal debt chargeaole upon
the Sinking Fund created by section /, article .
of the constitution, was, on the 3Oth September
1880 ,............... .$o5<o'~o %
Add loan 10 provide for extraordinary repairs, o -
chapter $40 section ?. laws OF lSi9......... 'VVOO U"
Loan for the purchase Of Albany basin chapter 800 90 a.,
2oo, laws OF 9....'.'''.'''''''''''''' 49,
,soo..,.,or,er, marked Ely sIs.I7l,lOa Is
The canal debt was reduced during the last hs'
cal wear by the payment of si36,OO0 OF stock,
which fell due on the st August, 1850. 1t was IN
creased by the FIVE per cent Albany basin loan
above referred TO, Sl92,5s5 40 (which yielded
s2O3. AIS SO, being premium of about hve and a
half per cent making the actual reduction OF the
debt S243,4O4 81.
The act directing the loan for the purchase OF
the Albany Basin requires that the interest shall
be advanced from the General Fund until the
Canal Debt shall have been extinguished by the
Sinking Fund created by the Constitution when
the amount is to be refunded to the General und
from the Canal Revenues
IL becomes necessary for the Legislature to APP
propriate S9,629 q per annum for the pay ment OF
interest on this loan.
GENERAL FUND DEBT SINKING FUND.
To his fund belongs six per cent stock issued
on account efihe Bank Fund, redeemaoe III ses 20 Q,
Ana there IL que 20 .s ,ibeS ts Ind 5os a
.r,o,r Of the fund on the soth Sept ls5o. sl2247 Oe
Balance due the Treasury on the -
5Oih Sept 16i9,. OBSERVATION-DISCLOSURES 10
Amount paid from the Treasury dur
ing the year ending seth Sept
1850. (see statement B)........... S5l,54l W
Amount transferred To the General
Fund Revenue for interest on the
balance due from this fund...... c'@o Is .., a.. q,
Amount received into the Treasury
1850, See ' statement A ........s s4Oesls 81
Amount transferred from the Gene
raj Fund Revenue for interest on
$4,000 Of debt created for the
erection OF the New York Arsenal,
paid from this fund IN S49...,,., lV@o oo 49, o.o o.,