New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-01-09

ru-rs II. deal year enioE seF &C. lt payments have
been 4 ace theFeoui IS tolo y; -,...o,
Fer r,etupnor q Cara ss0es ..---....--.....
zveu,e 81 ,EsEsf,T A., G
bsii. .s:iairs piis 60 Jure /. Isss 90 L Of
-, -
Balance On hald 0''' :
Total - $1,000 %
The sinking Fald vii be equal to all charges upon
j. prior TO Jan. !, 1886; there Will then be 9ea-
etcy Of about s. 800 coo 10 ct thu debt then QUE
Such snouDt can then undoubtedly DO procured on
The credit Of the Sinking Fund without res)Ftinsto
equitable taxes.
Upcer the provisions O. the late smeniment Of the
Constitution law was parsed, at the last session of
the Le.nlafure. authorizing oan Of se2'o 600 ooe
made Nv thu Commissioners ot tte Caoal Fund dur
il the lsst fiscal year and aPpro2raiing that amour,
toward the enlargement Of the Ere, the OsFego aud
the Csyuga snd Seneca CADsls ana for the com PIE
ton Of the Black River and Genesee ' alley mas
Ia obedience "a such law loan Of 81 OOO 700 wSs
n ade en- The a2d day of June last, and bids FOR such
stock were received 10 the amount Of -. .l3OVJ.
TIE required amount of 81 100000 was AWARDED 10
the bighsst bidders such loans, and the su N o.
sl.5 ;O6 IS realized as G premium thereon On .ue
alst dsy of August last further loan of go OOo
II Aknc The balance of the loan thus auhoriZeu, was
taken and premium realized thereon oil gao ~
making the gross amount OF premiums realized upon
such loan s3i2 $50 n, which premiums are nov
securely Invested under the requirements Of the 9th
section Of such Act $l25 eco thereof in Bank Fund
Stock 1t per cent Interest, aud the balsnce al per
cent. in sppdTy Banks. -,
II is highly gratifying TO perceive that notw'n-
standing tho unexampled pressure and stringeucy IN
the money market, which has existed for the past
wear the State lOsDs, thus issued, have commanded
such large premiums. IL Is striking evidence tha'
the col dence Of the public ana the capitalists IN the
ability of the State to her cDgsgemCnts ani 10
the pros perlty and lucfayeness OF hsr
works Of internal Improvements, remaIus unaOa'el'
The loan Of 500 COO authorized to be male 70 re-
fol 20 the holders OF Canal Revenue CeriIhcates,
the cunt received into the Treasury thereon, no,
having 80 vet been advertised or taken, must be
mede before the first Of July next Good tnth TO the
holders of such certificates requires that they sha
be redeemed by such iine-the Constitution ~
an. 6ed providing that Interest accrung thereon
after that date shall be paid. The further loan OF
:: $50 600 appropriated for tue present fiscal year,
will be ,quired 10 be u3d or before the first 81
October rext
APPROPRIATIONS ToR sUPERrSTENDTNcE AID
REPAIRS.
II will be necessary 10 make special approPra'
ton Of 1922 500 20. 10 cover tue deficiency IN the
sppr praOn mace for reyairs Tor the last nscal year
IKE expenditure rep DARING that year was 81 sd5 -
mo- VS. spPrer, i.td ~ eeAp o'' s,,ooom
BY chap 10 Of tie Laws OF 1854, The - 49,. 40, An
SUI li5ooo CO. 30 600 90
Leayiss deficiency $50. 865 n
To be supplied b. special opriatlon out Of the
reytrues Of the last fsoal year. as above recon-
rded. -
The Constitution mex, requires that there shall De
app-opriait a. d apart in each seal year ont OF
the revenues OF the state Canals commencing on the
tn. day Of Juue $40 the sum OF 81 600, ulth
he Grst 6sy of Jam. 1855, and from that ume me
,um Of 81 700 0CO ia tach fiscal year, "a s!h"ihs
fund 10 pay the int rest aud redeem the prInrlpa oil
RAT sr OF the StaIo d. 9ts called the Canal Debt, a.
II eysted on the irs day Of June, 1896 ana including
$500 eco then H. bo borrowed until the same shalt %
wholly paid. The peculiar provisions OF that section
have created doubts and difference Of opinion in rea-
ton TO n particular date when the enlarged appro-
prsation of 81 7OO 600 IL 10 commence.
The pbrseeology requiring the appropriation 10 Dc
mace m each fiscal yeaT. until the hrs day OF June,
1916 Of 81 800 coo and after that ~ each tscaf yeH
the sum of 81 7C0 0tO, necessarily involves the prn-
cipe that The appropriation for each tscdt year must
be limited 10 ore the other OF such smouais, aud
cannot vary from both
Tie fiscal year referred to IN that provision OF the
Cor sttutiop, undoubtedly must be the only fiscal
year known in the Government, and, az provided by
law. commencing on the frs. day OF October, AMI
ending % lie 3Oth day Of September
Ii the fractional part of the year Is taken and the
appropriation is made up u the first day OF June -55,
at The rate Of s,3ooo 600 per year 1t Will amount for
h,s ben from the f Of Jose 1875 to the 6i,t
OF October ls55 . the OF = 200 600 per
year IL will for that period amount to',. $3.50 o5i VI
na.ng in all the 81 1888 50
for the current f,cal year, which corresponds with
neither amount. And the provisions OF the Consttu
ton requiring that the or the other specnc sum
shall be appropriated in each fiscal year is not COM
pec with. The Auditor o! opinion, therefore, that
The true construction is to make the enlarged spprO
priation of 81 Co., apply Only to the tseal gea'
accruiI after the fret day Of June 1855, and not to
the fractional parts Of years; and that the appropria
ton Of 81 800 eco made by the hst Legislature, Tor
the current fiscal year, will ans YER the demands Of the
Constitution. The appropriation Of sl,7O0,O 900 is
necessary to be sppopr sted for the next scA year,
comm chg OIL the lst day of October 1855.
The second section OF such article OF the Constitu-
.ion then requires that there shall next be Annually
appropriated and set apart towards the Sinking Fund
for the eJtDguisbment OF the General Fund Debt the
sum OF $3.50 0O0.
TOR INTEREST AsD SINKING FUND FOR LOANS.
Section If said article, amended in the month Of
March sst requires that there shall next te sppropri-
ate and set apsr IN each fiscal year out OF the surplus
Of the Canals, cum SUFFICIENT 10 pay the In
;eTest i. falls due, and extlnguish the principal
within Il years, Of any loan mad under such section
The Legislature at its last session, By chapter 323
Of the laws Of 1884 sfer authorizing the loans Of
81 $50 600 for The enlargement and completion Of the
CaIals ard Of 81 500 600 for the reimbursement OF
the holders Of the Canal Revenue Certificates, pro-
vidss in section Of such act, as follows
Ansr paying the expenses Of collection
end ,pss the Canals and the sun, directed to sPpro
pei the first and second sections Of Article Seventh Of
~ ss p. nss e.. so
ina pssent 6.esl Jsa the OF sllIo or % much
s,Si u. % d. . & p eSs 5s
rrrisiOrs q hs act and the sun Of ~ % son.,le
which last mentioned ard the Interest tasfsgn a. re
esvea shall be invemei BY the CoIaGaone Of the Cam.
nent Of tie s1rTlus revenues Of the Canal Fund
The appropriations in such seetion we-o intended to
be made IN obedience 10 that provision of the ate
Amendment Of the financial Article OF the Consttu-
ton requiring that there shall be appropriated and
set spsrt in each fiscal year out Of the sarpu, feve
Iuos VI the Canals as q Sinking Fund, SUN sufi-
cieut 70 pay the interest az il falls due, aud e1-
tirgush The principal, within eighteen years OF any
loan made under such section.
The appropriation for interest it will be perceived,
spproprisies on. 60 much a. may be necessary for