The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-20

No.l.n
Nos. and 6 of such documents are statements of
for by section Of article of the constitution, de-
signated as Sinking Fund No. %
From these statements it will be seen that the bal
ance on hand belonging to these Sinking Funds on
the Goth September last was
Sinking Fund No. l.. 1911 1888 IL
Sinking Fund No. l. ..... 1879 40--$451 ,662 60
There is deficiency in Sinking Fund
To pay interest already accrued to be
supplied from loan on the credit of
the Sinking Fund.- under sec. 3 OF art
of the constitution, aud sec. of
chap. 335 OF Sess. Laws of 1866,
which. when supplied will make to-
tai belonging to both funds Of. .... $685. 1897 AZ
or this sum- $243 1858 "a is required for the pay.
ment Of stock that matured prior to 3Oth September
last, but which was outstanding tn day, though
1t ceased to carry interest ut its maturity The reye-
nue. having been insufficient to meet the demands of
the Sinking Funds for the payment OF interest and
redemption Of principal, there paid for interest
upon loans prior to Sept So S2ll ,274 IL from En-
largement Fund, which is to be replaced by loan
upon the credit OF the Sinking Fund, and comes
from the above sum of sOG2 637 AZ ard will leave,
as the balance of said Sinking Funds, on the 3Dth
September, the sum of s202 40 26, of which there
belongs 10 Sinking Fund No. l, sl27 499 II, and to
Sinking Fund No. 2, S7S,979 A. S20247 26.
REVENUES ANDExPENDITUkEs OF THE FIrC AL YEAR.
The revenues of The State canals aud the expenses
o. collection. superntendence and ordinary repairs
for the last fiscal year have been as follows, viz
Receipts.
From tolls, rent Of surplus water, and
interest on current canal revenues. 50 $50, 1872 10
Payments.
For repairs on the canals, viz
To Superintendent OF Re-
pairs ........ .s1o6,7Sl AZ
To Canal Commissioners. S2,279 81
For collection of tolls, viz
By Collectors. ......... 7l,75s 20
By Weighmasters.. ..... s. 093 %
For refnndiDg tolls, print
ing, salary Of Auditor and
clerks Of Canal Depart
ment, and miscellaneous
payments .............. 1854 40 9s9,792 IL
Surplus revenue. ............ 81 $50 900 90
Amount set apart by the constitution
sinking fund to pay the interest and
redeem the principal Of that part OF the
debt called the Canal debt. ........ 81 800 900
OF that part Of the debt called the General
una dept. ACKNOWLEDGEMENTS. J5UU0U
Total ............ .......... 81 $50 900
The foregoing statement shows deficiency in the
revenue to meet the demands Of the constitution
for an appropriation therefrom Of $500 900 in aid
the general fund for the support Of government In
fund have been withheld The increased amount Of
s400 900 required by Sec art OF the constitution
to be set apart the present fiscal year for the Canal
Debt Sinking Fund, making the sum Of sl,7OO,0OO,
instead OF 81 300 000 heretofore renders
sary still TO withhold any payment to the general
fund for the support Of government until the close
of the year shall have developed whether the reve
nue. will justify such payment
EXPENDITURES FOR REPAlRs BY CANAL COMMISSION.
This item of expenditure for the last fiscal year as
shown by the preceding statement, has amounted to
the sum Of sS2279 SO, which is large dminusion Of
expenditure under this head from any former year
since ls4e, as will appear from the following state
ment =
Year ending sept 80, 1872 the $50 677 81
Year endiI sept. 60 1860 the was 2C0 ST. 70
Year enditg Sept. 60 1851 the amount SOL II
Year erdii Sept So 1882 the was 1872 So
u, 81
Year ending sept 30, 1884, the amount 1872 sil 81
Year elcine SEPT So 1866 the amour ut was 81 20 81
The difference OF expenditure under this head
during the last fiscal year and that immediately pre-
ceding, shown by this statement Is $780, 6l b5,
nearly onebaf, md is truly gratifying, so far
is known to the Auditor no detrment TO navigation
has resulted therefrom. The reasons for this differ
ence can be more appropriately set forth by the
Commissioners themselves in their annual re-
port than by the Auditor. The diminuti0n in
the amount expended by superintendent FOR re.
pairs js. OBSERVATION-DISCLOSURES. SlS0,6l7 %
Repairs by Commissioners ...... sO,0Gl IS
Less expended the last than the preceding year
under these heads.
The amount expended for the collection OF the re-
venue exceeds that Of the preceding year. and is as
follows
By Collectors ........... s7l,753 20
BY Weighmasters. ....... 1908 09--$79, 846 20
same items for preceding year. 75,542 SO
Showing an increase Of ......... s4,303 80
In the amount set down to collectors is in ,uded
their compensation, the compensation of clerks and
of inspectors, and all the expenses of their Offices
The Auditor Is clearly of the opinion that the num-
Der Of collectors Offices may be reduced without any
detriment, and saving OF expense be effected
thereby. The whole amount received at few OF the
collectors Offices is insufficient to pay the salaries
and expenses of the Office. Such Offices may certainly
be dispensed with with benefit to the revenue. At
come other offices the amounts collected are butvery
little In of their expenditures. Most IL not
ufuOa IN
TOLLS UPON RAILROADS.
That the Legislature has the power TO prescribe
the terms and conditions upon which railroads may
exercise the franchises it has granted them, the
Auditor cntertains no doubt. The question relative
to the imposition Of tolls upon property transported
upon railroads Is not, in his Judgment OF power
but Of expediency. The State, having expended
large sums Of money and incurred heavy liabilities
yet uncanceled In The construction Of nayigable
channels for the benefit Of all classes OF lis citizens
and by the means of which all benefited, though
in unequal degree, the laws OF sefprotection ana
sefpresevation require its legislation be such as
shall prevent the loss material injury of this large
investment. To authorize by its action aud permit
or allow with Its sanction, where it has the right to
restrain ucn competition and rivalry as t, prevent
the canals from paying the interest upon aud can
ceiling their indebtedness by means Of their reve
nue., and thus compel resort to taxation oppressive
to ALL would be manifesty unjust aui destructive of
those equal rights Of its citizens which 1t IL the
paramount duty Of the government to protect
Were the benefits arising and resulting from the ca
nails equal in degree to all the citizens Of the State
proportion to their taxable property, resort to
taxation to Aefray their cost Of construction or
improvement wonld be less Objectionable, but could
not then be defended, II that resort was rendered
necessary BY reason Of privileges conferred upon
portion Of its citizens In the benefits of vhich all
the construction Of railroads and transportation Of
propefty which brings them In competition with
canals constructed by the State, confer privileges