The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-02

corruption has riot at Albany and each succeed
iDg administration has surpassed predecessor in
ivDg schemes to depete the treasury This shows the
folly Of the direct tax unless guarded by law for the
State expenses win always be carried up to the revenue
and the legislature knowing that there will be certain
amount in the treasury frcm all sources, to
spend it. and leave the deficiency to be provided for by
their This is made plain by the fact that the
orary expenses Of the hare doubled since
ls48 thu
1S48-'9 1866
revenue. ............. SIl0 $Io11,oo
the last item Of expense must be added the defcien
Of 1919 co., which would bring up the State expenses
to more than double what they years ago.
The only possible for this In the prison debt
which amounts to $3.50 o0o but taking that out We
should still have expenses doubled.
The mode by which the legislature gets the money
very simple The School Fund and Literature Fnna
made sacred 70 educational purposes by the State The
running expenses Of the government, appropriated
by the legislature must be paid and if the General Fund
is deficient the Comptroller .borrows from the
School Fund and direct tax is laid The authority I,
lay this tax Is given in article section Of the consH
tuition.
The aggregate valuation of taxable property in the
State in 1854 81 364 154 625-real estate 81 Os
0s3 personal estate S272 638 No. Acres Of land taxed
s ,13; State tax 81 o23 116 81 county tax $685.
6C2 &c. town tax g. 2COe Sol TO- total taxation 80 $685.
279 G3 Of which half ($4 s45 3s6 Oh paid
by the city Of New York. Average rate Of taxation
dollar valuation, e.3 mills in New York. 1O5 mills
The entire general fund sate debt amounts Sc 654
81 the contingent State debt State stock issued and
leaned TO various railroad companies, is 1920 00o The
General Furd funded in stocks bearing interest aud
payable st certain periods When it becomes due
stock is issued pay il. The principal falling due Jan
lst 1885, has been provided for la'ely by loan.
THE SINKING FUND
Is established by the constitution art T. II was in
tended gradual means of extipguishing the canal
debt, which in 1885 amounted 10 200 COO aud which
has increased to St1 0t0c00 II will be that
the ihliog fund scheme has been entire failure The
onstiu provided that and after June rst 1S46
the of 600 should lie act apart from the
Till 1876 when tne should be increased
sl,7toooo. This 70 be sinking fund TO pay the
interest and redeem The principal OF the canal debt in
cudig Tho $3.50 900 then to be borrowed. There is
rriheT provision spproraipg sS50ooo o. tie surplus
osnsl revenues to pay the general fund debt 1oers
further charge for 1876 upon tic canal revenues Of
SC0t0c TO go towards pas ing The State expenses The
surplus revenue TO ect en tec charges ought 10 be
0Go but il viii probably a short of that amount
$4,000 nj least This deficiency VIII have be BY
losn ard he raid to The general fund will be cut
of and thus the defcienc. in the general fund 10 be st
b cL eos taxation, viii amount 10 half a MILL
II viii be seen that corrupt legislation at Albany and
tic i3ng oil in tie canal receipts, caused by railway
competition, have together entanged the State in a
mass o debt. The direct tax must be continued and
the remainder Of the revenues Of the canals paying
the interest Oh their cebt will speedily sink nothing
Atsry tate, the sinking fund csnnot be relied upon to
accomplish its purpofe which was gradually to extn-
guish TIC State debt The dcIt gradually grows llrger
In addition to the above the ae admins threw
10 fieca lppD 0ctn
tona charge OF 100000 to he met from the canal
nucs.
Tie sinli fund.- then only Le relied upon to pay
The interest the canal debt, Unless something don
to incrrese the business Of tho canals help their rcve
nues it may eventually fail to Go this
THE SCHOOL FUND
amounts TO q? 425, I'll o.; the income Of which $40 900
is equally dvic ed among the SCI ools OF the State The
Literature fund $26S 1.-THE income si3 oSl So Is
divided between the academies ia the State sni applied
for the purchase Of books maps globcs &C. The United
States deposit Fund 81 oil $50 Iii $751; 0C0 is
di5 ed between Schools Indian schools acadc-
miles, State normal scaools, Teachers institutes, &c.
TIE CANAL FUND
consists IN the state Canals and their yalue il estimated
al forty millions. Their income is in tolls and may
this year two millions in round numbers. They a
debt Of seventeen millions construction account The
Commissioners OF The Canal Fund the Lieutenant
Goyunor the Secretary Of state, the Comptroller the
Presenter and the Attorney Cene,al black repubi
sn wlig, and the rest Know Notbngs. These Commits
oner eject their Auditor who is to the canal finances
what the Comptroller Il to the State. Hon n s Benton will
undoubtedly f This office during The ncxt twoyears and
the ais wil le ia the hand, Ci ther friends.
The Legislature will be called upon 20 10 something 10
Ntieae the Sta finances from The terrible entaaglc
nent IA which thes hs,e b.eu involved by Of
zach expenditure to iced hungry lobby.