The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-26

Total new stock debt and equitable obgats SIT 0 80
Chapter 232 of le49, and chapter 5Ol OF ls5l, a.
thorize the further borrowing Of $500 00O which, II
done would swell the new liabilities to S3ol7 404 90
II thus appears that the sinking fund established
by the constitution to pay OH the canal debt as II
existed June ls46 has thus iar iaied OF nus P;,r
pose and that after the expiration OF nearly onethlrd
Of the period within which the debt was TO be pro-
vided for the obligations Of the State for the pur
poses of the canals are larger than they were When
the sinking fund was established by the consul
tuition.
So far as the canals are concerned, it was plainly
the first object of the trainers OF the hnanc arucle
of the constitution to make provision for the payment
of the then existing debt, and to prevent It's TURNER
increase for those purposes, unless by law which
should be submitted to- and have the appreciation or
the people By the first section OF that article, the
expense of the repairs and maintenance OF he canals
OF keeping them in condition to do their work IN
the most efficient manner-are made the first; and,
rs to amount unlimited charge upon the revenues,
as is seen by the charges for that purpose IN the last
year, which are $iO7 1916 "a more than tney were IN
lS47. The next charge is the fixed sum OF Sl So00oo
for the payment Of the interest and principal OF the
debt, and for the support OF the government. me
remainder of the revenues after these deductions
are made, is devoted to the completion OF ,ne ERE
Canal enlargement, and the Genesce valley and
Black River canals, until the said canals shall be COM
peted The cost Of the maintenance OF the canals
Is necessarily uncertain sum depending on the ex'
gencies and casualties Of the navigatlon, and
on economy of management. So Win the re-
mainder' applicable to the completion Of the
unfinished works 1t may be more or less,
depending, first on the amount Of the revenues,
and secondly, on the cost Of repairs The charge to
pay the interest and principal Of the debt is fixed
and unalterabe sum of sl,300,O00 for eight years,
and of s1,7O0O00 thereafter. The support and
maintenance OF the canals being provided for, fixed
sum being annually set apart, which would wear
away an ascertaned debt in given time, and the
remainder being devoted to the completion Of the
canals all requisite provision would seem to have
been made for all canal purposes from their own reve
nues, without the necessity OF creating further debt
for that purpose unless on ts submission to the peo-
pie for their approval A different construction was,
however given to the constitution by those who have
had the management OF its affairs, and within the
six years following its adoption, new stock and
equitable obligations have been created, as has been
stated to an amount exceeding that provided for by
the sinking fund.
The csnal debt had reached its maximum in 1874
oil the soth September Of when yss?r !. a~oante9
to 20,7l3,905 6e. IT, increase and dimnution each
year since and its amount at the close of each fiscal
year is shown by the following statement