The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-01-07


trbutons from the canal revenue to the Sinking Funds
within seventeen years.
TIE amount Of money In the Treasury on the 3oth OF
September belonging all the funds was ST. o4s 2
The balance in favor of the General Fund.- that day.
was $l57b3 ST. 1t is estimated that the current
nues Of the General Fund during the present seal
year. will be sufficient for all the ordinary expenses Of
government including the special appropriations made
the moneys to be derived from the next tax sale which
is to be held before the close Of 1852 and which will
yield about $175000 nor the further amount due the
treasury of taxes assessed mutual nsur-
companies and certain Indian reservations from
which about $50 coo ought to be realized in the
of the coming Proceedings in relation to Of
these have been long pending in the courts and
1t is hoped they will soon be brought to final decision.
In considering the various applications that will
before you for grants of money in aid Of public enter
prses it is important to keep In view the actual oond
tion Of the Treasury, and to limit the appropriations
within the reliable revenues Of the General Fund This
fund is fully sufficient for all ordinary purposes so1ong
our legislation is governed by correct views of
romy and the additional above referred to
will enable you to make some provision for objects
OF public utility.
In selecting those objects you will doubtless exercise
just discrimination, Independent of all exraneous in.
fuences and in the ordinary appropriations it Is be
eved that tome reductions may be made without injury
The passed by the last Legislature intended to
compel the to estimate taxable property its
full value has resulted in large increase of the valua
tion In 1850 the entire real and personal estate
assessed at $727 $685. in 1851 the total
about 81 l!o0oooo0 being an increase Of nearly
S4G00O Geo This produces corresponding increase in
the proceeds Of the half mill tax which is predicaed
the entire valuation The State tax ought not, under
any circumstances to be larger than necessary the
support of wise and economical administration I
would recommend careful examination OF the subject
with view to determine whether the half mill tax may
not ealy be reGuced to smaller ratio Notwith.tand
iig the important amendments adopted by the last
Legislature is believed that the laws require
further notifications for the purpose of securing
more equitable distribution of the public burthens.
While real estate of every description is assessed at its
TO
removed Justice and good policy require that all pro-
perty having the protection Of our laws should be
reached by assessment and made to sustain the public
authorities upon principles OF uniformity except spe
cia cases. where it may be deemed beneficial the State
to grant an exemption from taxation by express legia
tion. s.E X
The amount derived from the canal revenues, during
the last ca year, was 1922 l63 II being increase
OF S2359s0 81 the receipts Of the previous year
After deducting the expenses of supernendence and
repairs, and contributing 100000 for the support of
reduction principal the debt there remained
surplus of 1864 432 81 applicable to the completion Of
the Erie Canal enlargement and the denesee Valley and
| Black River Canals.
1t should be remembered in this connection that the
increase OF tonnage was in larger proportion than the
Increase OF revenue the rates of toll -four and wheat
having been reduced rs per cent at the
of the last season of navigation.
Some progress has been made in the execution of the
act passed July TO- 1851 for the completion of the Erie
Canal Enlargement and the Genesee Valley and Black
River Canas.n In pursuance OF its provisions the
Comptroller has issued Fix per cent certificates
to the amount of $1600000 for which small premium
was realized porden Of the proceeds has been ex-
previously been put under contract exhibited in the
last annual Of the State Engineer Surveyor
The Canal Board having first given the public notice
quired by law have received proposals and awarded
contracts for executing the remainder Of the work at
prices consds raby below the Engineers estimates upon
completion Of the three canals provdedfor by the
s,itution may now be regarded as point definitely se
tied.
1t .ubiect of sincere congra.ulaon that the
adopted at the last session. to expedite the prosecu
ton Of the unfinished works has received the sanction
in he
whose views in favor of the policy and whose determine
ton to cooperate in the vigorous execution Of the law,
ties have long and felt the Importance Of speedily
perfectipg internal communications, which SO
many millions have been expended it cannot be deemed
surprising that honest differences Of opinion should have
existed the precise mode and manner of attaining
the object The spirited discussions Of the last year ap
pear to have produced se.iea co6Sicon in tho public
mind that the plan adopted the most feasible and judi
cious that could be devised within the limitations estab
lshed by the financial provisions Of the constitution
have been rescued from the strife of parties and must
now cease to he subject OF political controversy con-
slider it proud day for the when its lead
ing statesmen Of both political parties, emerging from
are found concurng in support
of wise and liberal policy and veing with each other
in spirit Of generous emulation and patriotic zeal for
the advancement Of work which had become essen
tial to the public prosperity.
Nothing remains but to proceed with united councils
in carrying out the which is now regarded on ali
hands as fixed and established In future delibera.
cns the subect former preudces to be discarded
spirit Of mutual confidence and unite efforts to guard
ana protect the public interests, in dsposing OF the
various questions that must arise from time to time
the progress Of this great undertaking In this in
the management Of al publ; concerns especially
those of practical business character, party spirit
should be bapished utterly as the worst enemy of the
people.
The completion of thecanals is predicated upsn the
surplus tolls set for that purpose by the consu-
ton The revenue certificates authorized by the exist
ing law operate in effect transfer of these surpus
to in anticipation Of their receipt, without any ob
tha mart nf fha 9tafa fnr tha
redemption Of the cercat from any other fund 1t
was evident from the first that the the plan
must depend upon the degree of confidence entertained
by the public in the future suiciency of the Canal
venues
The steady increase of the trade as exhibited
by the returns from year to year, ought to dsspate all
appreheDsions concerning the future
the from which the certificates be redeem
ed 1t has been shown that the animal contributions
the Sinking Fund (being S1650oo0 until 1855 and af-
terwards $50 per annum) will discharge the
tire State debt in about seventeen years When that
result shal have bc.n reached, inasmuch as no new
debt can be charged upon the surplu, canal
they will be and become exclusively applicable
by express constitutional requirement. pay certa
cates issued for completing the canals unless the
plus shall have proved sufficient to extnguish them at
earlier day II past results furnish .afe indication
Of the future business OF the canal 1t hardly be
doubted that the annual surplus will discharge
tcates in shorter period than Is required for the pay
ment Of the present debt but this should
be disappointed they will be rapidly extngushed after
the existing stock shall have been paid
The extent Of the annual surplus must depend upon
the prudent regulation Of the canal tolls That impor
tant responsibility has been devolved upon the Canal
Board subject to the control of the Legislature 1t is
made their duty the 18th section Of the the
session, to adjust the rates in such in their
judgment will produce the gre stest of tradend
revenue" The whole oommunity are concerned in the
wise and faithful performance of this obligation 1t Is
Of vital Importance to the rights CT public creditors and
the aonndness Of large portion Of currency While
good faith and so many pervading interests in
demanding stability, there be gooa for APP
pretending that the representatives of the people will
venture upon rash doubtful experiments Reductions
of toll on certain articles have resulted in increase
Of trade and revenue and the same policy may doubt
less be extended with advantage to some additional
branches Of tonnage, such cotton, tobacco, Sc,
from the States in the Southwest But care and
enlightened discrimination will be required TO avoid
all reductions which calculated to affect the
upavoraby until the obligations resting upon the canal
incomes shall shall have been satisfied 1t should be
constantly borne in mind that inasmuoh the reve
have been pledged for the payment of the
debt and the redemption Of the certificates longer
the moral constitutional right to make changes
which shall impair their sunciency these purposes