The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-17

wa SIS, 0O0
me amounts of the several sinking funds on the setl
dsy September last for the redemption of the debt
created BY the loan Of the Of the State to variou
rsiiroas companies folows-Auburn and Roches-
ter Railroad $9l 1859 ~; the Tenawanda Railroad $685.
ssS IS the Long Island Railroad SIC 20s 90; and the
Toge Coal, Iron Mining and Manufacturing Company
u 4oe ~; in all, $146,077 49,
The contingent debts Of the State account of the
seversa railroad companies are as follows -
Auburn and Rochester. 5000 OO(
Auburn and Syracuse. ACKNOWLEDGEMENTS. 200, OOo
kouaWanea. ,OOt
uk isAanu lOoVO
Scnenscaoy and Troy 100 0OC
Tiosa Coal, &c. 10000
fetal $40, DOC
aie before you you will not only gather specific details
concerning the finances of the State, but also valuable
suggestions in relation to their administration.
CANALS.
The receipts of the State canals from tolls rent Of sur
plus waters, and interest on carrent canal
during the past fiscal year amounted to So 1872 H.
ana the aggregate expenditures for collection upern.
tendence and repairs to the of $3.50 1872 H.
leaving surplus 81 $50 0OO to meet
the the constitution for the canal debt sink
of 81 800 000 and the general fund debt sinking
fund Of $3.50 600 but not sufficient to NEE. any part
the ether requirements of the constitution for the inte
rest the late loans for the enlargement appropra
tion towards sinking fund for the extinguishment Of
6cieacy provision made for suca appropriations
at least portion OF them out of he tax to be col
L nv the lat se.son sss oss.nee
to cal its attention, by special message, to the
diminished revenues of the canals, and their
nsufScency to meet the constitutional charges upon
them To the recommendations and suggestions of that
nesssge have little to ado. The which at that
time had d to largely diminished receipts in the canal
revenues continued to operate with full force during
greater part of the remainder of that fiscal year Some
Of these causes such the great scarcity of produce in
the West were OF temporary character.
Abundant harvests and increased productions in the
Wsst seeking an Eastern marke have already happily
influenced the receipts of the current fiscal year and
promise largely to its The canal tolls
tor the nsvgabe of 1855 amounted to the of
81 04 800 being about $31 900 increase the
ceved 1864 For the four months ending with the month
Of November 1856 the of canal tolls those
the corresponding months of 1854 1885, OF So is
net probable however, that the increased of
the current fiscal year viii be sufficient to meet the
sttutonal charges upon them increased they have
been during the present fiscal by the addo ap
preparation Of $500 required by the constitution to be
set apart toward the sinking fund for the extinguish
nen Of the CO nal debt aud also for the additional inte
rest Of the loans taken under the provision OF the const
tuition tor the enlargement and completion of the canals
1t will remain for provide the to meet such
deficiency may be proper to add that the embarrass
.ent relation to the deficiency the revenues Of the
canals does not arise from any inability the part of
but from the limited period allowed them to do by the
constitution
The constitution limits State loans to eighteen years
and has made appropriations out Of the upon
that basis only. This limitation is altogether too small
ard creates annual charge the beyond
an ertensen Of the time for the ultimate payment Of the
dskt and dninution of the annual charges
pond with such extenson would greatly relieve the
upon the PEOPLE, and enable the canals to do what they
sre competent do-take Of themselves and pay al
debts incurred IN their construction
A amendment Of the constitution to accomplish such
. purpose deserves your serious confederation
There he's been during the last fiscal year diminuton
Of eS 0S in the current expenditures for collection
superinte ndence and repairs IS compared With the pre-
ceding year. This an Improvement In the right direc
sn and Indicates determinaos the part OF the dis
bursing officers to consult wise economy in the expen
dture Of the public funds The system the
repairs Of the canals has proved successful that the
last Legislature erected and provided for its adoption
all the completed sections of the enlarged and Ia
The work enlargiDg and completing the canals is
progressing with much rspdty practicable in view
Of the amount Of the annual appropriations. The work
and there great for congraruton the pros
pect Of their speedy and economical completion
The s.1 per cent loan Of e $50 600 for enlargement.
premium Of 1896 $50 05. The premiums arising frem
this and the previous loans the enlargement have
constitution to accumulate for final appropriation to-
wards the completion Of the enlargement and to supply,
IN par :. les.t any dehcency thst may exist after the
ment OF the constitution.
the month of June loan for 81 600 was issued
for the redemption of the canal revenue certificates and
taken at premium Of $3.50 405. Since the close OF the
last and during the present fiscal year, further
hrgeoen loan Of 81 $50 COO has been issued, at pre-
MUM OF 500 Sill so,
loan OF 81 500 900, issued upon the credit of the
Stalking Fuod, to pay 1900 900 Of State stock falling
cies the Sinking Fund under article of the
sttuton, has been recently made a. only five per cent
interest and considerable premium realized thereon
The facility with which the preceding loans have been
MAZE. and the large premiums received show only
that the credit Of the ate unimpared but that the
prospect of the early completion Of the canals has great
Y strengthened IT, For details in relation to the
finances of the canals the amount Of contracted
thereon and their present condition. you particular
" referred reports Of the Commissioners
q the Canal Fund, of the Auditor Of the Canal Depart
ment Of the State Engineer and Surveyor Of the
CaraI Cnrnxn iEgiOn az n
early day.
There are now in active operation in this State 3,216
miles of railroads. including double tracks The whole
amount expended In their construction and equipment
There have transported the several railroads in
the State during the past year. 49, 1874 passengers
and o7 tons Of freight The total cost OF operating
these roads Sill 80 OIL 81 and their gross earnings
amounted to $40, 843, 1856 Is.
The Large amount Of capital invested in these corpora
tSs sstude q ths interests Involved early excited the
attention Of political economists and legislators The
necessity Of Wise regulating these interests, and
proper supervision Of these great thoroughares Of tho
people, became . matter OF serious consideration.
The Legislature therefore, At it's last session enacted
law creating Board Of Railroad Com missoners and de-
ning their powers and duties This board is composed
Of one person appointed by the Governor and Senate
one ssss y s % sas nH
elected BY the people The board thus appointed nsures
in il composition the representation Of all the railroad
interests in the State. Like the Banking Department this
board In maintained by the different corporations It IL
appointed 70 supervise and does not impose any burthens
upon the state.
The annual report Of the Commissioners win be
laid before you containing full details of the business Of
their department and much valuable information.
trust you will give such consideration the
CATIONS and suggestions they will submit their i'm
portance demands,
RANKS CURRENCY
For tie details Of the condition Of the banks Of the
State refer you TO the annual report OF the Superin-
tsudent Of the Banking Department From this Il will
that during the last fiscal year sixteen banking
ASSOCIATIONS and six Individual bankers have commenced
business under the provisions OF the General Banking
law Deposited securities and received circulation OF
such associations eight organized BY the sharehod
ers II expiring safety fund banks under the provisions OF
saspte< a1A Of The laws Of 1S49
rfnw the same period four banking associations and
t.dsfdasl bankers have given notice Of their inten
49,. - Aiscoutiuue business, and have Withdrawn por
4 ~ tbeir a. xrss upon the surrender Of an equal
srount ef their circulating notes "
Ths vioA amount Of circulating notes issued 70 bank
oa ssossticns and individual bansers and outstanding