New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-07-01

The commercial Ddnk OF albany mas
declared a semi annual dividend Of per cent. The
North River Bank, Of this City, per cent The New.
Haven (Ct) Bank, aud the New Haven City Bank, Az
per cent the New-Hsven Cousty Bank, 5per cent
and the Mechanics Bank of NewHsven, 81 per share
The Union Bank of Maryland, 3lk per cent The Far
mers' and Planters Bank of Baltimore, Az per cent
The Franklin Bank of Baltimore, per cent
The Coupons of the Virginia per cent.
debt will be paid at the Bank of Commerce.
The Governor of Connecticut has signed
the Free Banking Law recently passed by the Leglsa
lure Of that State The stocks receivable under 1t as
basis for circulation that Of the New England stocks
NewYork, Virginia, Kentucky Pennsylvania, Ohio and
the United States Also those of the cities of NewYork
Boston and of any city of Connecticut These stocks
must be equal to six y cent stock at par.
The Auditor of the Canal Department
has addrt ssed circular to the Canal Commissioners,
Of which the following Is the important part:
Nv letter of the 18th inst written just leaving
own for a short period, contained ntimation that
would explain more fully, why only fifty per cent OF
the estimates made for each month to January could be
paid st least the close of the fiscal year. My absence
and occupation since my return have prevented my
doing 1t I'LL now.
On the 18th Of May you were asked for your monthly
wants to January next On the 18th May you were adj
vsed that your drafts would continue TO be paid on the
cid contracts and that you would be duly appnSed OF
| any want of means 10 meet them"
The returns Of tolls In May showed the following
| result:
Decrse of tolls on May A. as compared with sl7a59
do. Junel do. 2I,l2
This rapid decrease after the middle Of May, amount
ing TO $4,000 In sixteen days In connection with the
decision of the Court Of Appeals which limited the ex.
pendure in the completion of the public works TO the
remainder of the Canal revenues, of so alarming
character as to lead TO immediate examination into
the condition Of the funds and particularly of the prob
able means for the fiscal year ending September 30 This
examination developed state Of things about follows
Loss of Canal and Railroad tells from 30th Septem-
Der, 1851, to LIST April 1882 500
Loss Of Canal tolls from LIST April to l4h June, 1852 2lO39e
Estimated loss Of Railroad tolls fron Let April to
seth September, say 100000
Increase Of expenditures Of mperstendents for Feb
uary, March, April and May ......."......... $4,000
s5sL7g7
Deduct this from surplus of 1851, which 964432
And il leaves the sum Of
As the surplus for the current fiscal year applicable TO
the peton Of the public works If the tolls and
pairs for the remaining ten weeks OF the year
should be about what they were last year This was OF
course a very unexpected and startling development
Before the decision of the Court Of Appeals the 18th
May, decrease in the canal tolls and the loss Of the
railroad tolls did not excite any particular notice. mas
much the reliance for the continuance Of the work
mainly the proceeds Of the canal revenue cer
fcates And after the decision, and before 1t became
apparent that the decrease Of tolls continuous it
not supposed that the surplus would vary mush
from that of the preceding year Up 10 the 18th May,
the payments on contracts had been made from the
avals Of canal revenue certificates Since that date
they have been made sm the surplus of the current
year, portion of which had been earned before the
LIST of April.
proper say that beyond the surplus of the
fiscal year. whether 1t shall be $500 900 S500000
other further means be anticipated from the
surplus before LIST June 1853 the receipts
up to that date from the Both September the close OF
the present hsca year. will probably las they the
last Year, be more than sufficient TO meet the ordi
nary expenses of the canals and the contributions to the
treasury and the Canal Sinking Fund.
When 1t Is seen that the aggregate payments, esti
mated TO become due contracts and for engineering
not including miscellaneous payments land and other
damages from June TO January, both inclusive
$500 GEO. and that the only 10 meet them the
surplus OF the current year. estimated at the best pred
ent information at 1882 OO it evident that reduction
of 80 per cent upon the estimated wants will not be
sufficient TO keep the expenditures within the means
even TO the close of the fiscal year. unless there shall be
large increase in the tolls for the remaining nine
weeks of the year. And it is more than likely that
more rigid estimate OF expenditures than has yet been
possible, which shall embrace engineering, land dam
ages sc, will show the necessity of reduction upon
the estimates much below 80 per cent
From the foregoing, 1t is apparent that the unex
pected and unprecedented diminution of the means
present and prospective. viii render 1t imperatvely
cessary for the Canal Commissioners under the pro-
vision for that purpose In the contracts to suspend for
the present work. the prosecution of which the security
or necessities Of the navigation do not Immediately call
for-
You that the estimates are over ss50OOO for seven
months to January next Suppose the estimates at the
same rate, to be carried to the st June 1853 bsfore
which date no more can be had from tolls than
the surplus OF the current Year, and 1t makes total of
sl.700o00 to meet which the estimated means are only
$685. 600, which may fall of, and may, perhaps be in
creased, say 100000
Even the surplus of the current year. instead of the
diminished amount stated were to be SS00OOO which
Is the average Of previous years. it would not be safe
basis for expenditure of than twohird of the
$4,000, estimated for six months ending January next
The real difficulty In all this matter independent of
and beyond the unexpected dlmnution of means a.
that contracts have been entered into and prosecuted
much beyond what the average remainders Of former
years, or reasonable anticipation of future ones would
justify and the oaly way 10 correct the error Il
TO resort to the power in the contracts TO DELAY work
until Its progress shall be adjusted to the means.
Markets.. CAREFULLY REPORTED ron TBE TRIsusE