The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-05

SZ,IoI,oSl 40
Amount Of receipts into the Treasury on ac
count OF the General Fund, during the
year ending sOth September, 1854 ST. 500 81
Amount transferred from the General Fund
lance due the Treasury ............... a,57s So
Amount transferred from the School Fund
for bonds taken during the year for sales
Of General'Fund lands assigned to the
AS ssSssl ]. Fund warrant; asss q q
Amount Of warrants drawn the Trea-
sury remaining unpaid on the Both Sep
TENDER, 1854. ........................ 2s13 81
Total. 81, s5s, 5s7 IL
Deficiency on the 3oth Sept 1854 $279O54 3s
Showing q diminished deficiency during the
Il viii be seen BY the preceding state nent that the
entire amount including the deficiency of the last cal
year. chargeabe to the of the General Fund,
was ~ 37 69l 49, and that its credits for payments
transfers. and outstanding warrants, amount to 1885,
SS1 II leaving deficiency of s27e,o5i 49, on the LIST
The deficiency existing on the both September 1853,
has been reduced during the past fiscal 5S 5s
are given in tables and b. annexed to this report.
The general fund has existed upon the books of this
department since the beginning Of the present century
and from its name would be understood as furnishing
tFom actual Investments of capital the means, at
east portion of them for the ordinary expenses ofhe
government.
The income of this fund.- with the auction salt aties
the revenue OF its vested capital and with miscel
lAneous receipts many years SINCE furnished abundant
means to all the necessary expenses of the State
The various sources from which its de-
rived with the exception of the auction and salt du-
es) gradually diverted to other than those
Tor which originally created until It's actual capt.
tai became entirely exhausted
At the present time it only exists upon the books of
this department, as ledger account, and instead Of
furnishing any for the support of the-State
4uires $3.50 600 per annum from the canal revenues
under section of article of the constitution to nay
the interest upon its Indebtedness besides floating
debt which had accumulated by the absorption of the
SPECIFIC funds, on the Both day Of September 1862 of
S419,212 90.
1t win be observed reference the table preceding
these remarks that although the deficiency above
toned has been reduced $40 5s 49, during the past
fiscal year. there still remained due those on the
30th day Of Sept last from the treasury the of
3279,O54 SO.
The amount of this deficiency, to call it by its least
exceponabe name was 30th Sept, 1852 8lss 3i3 3d.
and it increased during the year ending 30h Sept,
1883, the further of $3.50 500 As making the total
amount of the floating debt OF the General Fund as
above mentioned, on that day, s419,212 &c.
OF this amount 1927 2o 60 had been taken from the
capital of the School, Literature AMI United States De-
ost Funds and large balances at the time due
those funds for their revenues while by section l. ar
Gle of the constitution, the capital of each of those
funds is declared involable
fact the only Of this General Fund Except as
ledger account before stately in sustaining the
pendtures Of the State TO exist in its power of
absorbing money belonging TO other funds and furnish
ing name by which its debts be correctly stated
npon the books Of this department
The Importance OF showing fully the actual operation
of this system of steadily depicting for the ordinary
penses Of government the specific funds in the treasury
must be my apology for presenting it to the eg ature
stripped ef its usual appearance shown in the ord
nary tables fu rnished in Comptroller's report
The actual amount of the capital Of those funds, (be
fore mentioned which had been expended for the ordi
ssry support of was on the Soth segember
Money in the treasury that day 7iG25 10
Absolute indebtedness ..............s22 1928 e95 Al
This amount was due those funds il all the available
means at the command of this department had been
applied in ps yment thereof.
IL is due predecessor, as well as myself that the
real position Of Affairs should be presented at the close
of the last fiscal year, in the same manner above.
The amount due those funds on the Both September,
Money in the treasury that day 26l, 4o4 o.
Absolute indebtedness. Sos TO II
IL win be readily perceived that while the of
creased during my term Of office the actual balance IL
reduced by the money in the treasury, from 1928 a05 Al
10 s1os77o u, on Both september, 1854.
1t be well asked why larger sum has been in
vested Of the capital of those funds during the past
year The is simply this: that if any consdera-
be had been invested the amount of the
diminished deficiency, the Comptroller must have been
needy borrower in the money market as the balance in
the treasury reduced TO 800 before the LIST day
of November last And IL the total amount Of money in
the treasury that DAY had been devoted to paying
the capital of those funds the actual deficiency, or TO
have reached nearly $500 900.
This process using the capital OF those funds for the
ordinary expenses Of government Is In the opinion of
the Comptroller at least evasion Of the provisions of
the constitution adopted for the protection Of the eiuca
tonal interests OF the people of the state.
Il In long the of these funds Is
used for that purpose and repaid by the General Fund
against that temporary for the ordinary require
ents Of the treasury and grows out of the method of
keeping the accounts of this department.
But when the capital Of these funds is disbursed for
that purpose to the amount Of nearly $500 000 II be-
debt of the most sacred kind those funds being
devoted to purposes and ceases to be what
may be called temporary loan unless the of
this department increased, the expenses OF the
government diminished
The interest the amount due those specific funds
for the past year S3l l2 40 and il paid from
the tho general fund.- at the rate OF six per
existed in ComptrolerF bond.
Had the principal which this interest represents,
4ka Iinar ahun0 nf lUrhf a,
reality ISL the evidence Of its existence would have
commanded in the money market at least $4,000 pre-
The amount of this indebtedness has reached point
that lite Anal liquidation must depand upon the coninu
alton and1amount Of the State lit evident that
the ordinary revenues the state totally
TO pay its expenses much less repay the amount of the
capital due those specific funds.
The appropriation Of these funds for the ordinary
penses OF the government has been followed with great
uniformity for many years and under the former nst
tuition was at intervals, comfortably balanced by the
issue Of Comptroller bond Clearing nterest for the
amount
This would be m agreeable process OF liquidation for
every Comptroller he had only TO fund the debt aud
make IL general charge upon the General Fund Debt
sinking Fund thus leaving the interest only legacy
to his successor, TO provide for.
II the constitutional difficulties OF that proceeding
could be overcome the present situation Of that fund Is
SUCH that i would be unable 10 bear the additional bar
then deficiency the end OF the last fiscal
s11 56S S. which amount will be increased 70 sl6,
76s 90 ON the Both September $780, without creating any
II Is due to my predecessors well myself 20 say
that the use OF these trust funds for the expenses OF
out OF necessity that could know no
law. SO long as the legislature continues to appropri
ate money II Is not for the Comptroller TO question the
propriety Of their acts and he must situated repu
date pay out Of any moneys in the treasury not
otherwise appropriated" when they set apart
for specific purposes by the Constitution The Comp
troer believes the system Of allowing all the moneys
that into the treasury through his department 20
be deposited In common account, 70 he radically
wrong itself and that ash particular fund should be
kent mot only the books at presently distinct and
apart from al others, but that the moneys should b.
deposited the credit OF such fund.- and only drawn
when specifically appropriated by the Legislature. This
change only be made, however desirable u may be-
when the General Fund Is enabled to pay the amount
due the specific ones and the Legislature shall reduce
IRE nenaes Of the government 70 that shall not