New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-01-15

n purcbsse the Albany besin and ne ast sAsc m a,
the Laws Of 1851, 10 eniarse Ne Orvege Cssal ari
locks The aggregate Of the deoo created under te.o
acts /. f4,2 5S5 10
TIE cobt OF sls9sl9 a. under the act chap. 2Is A.
the Laws OF ls4S Was contracted on the credit Of The
Sinking Fund named in Sec. l, art T. 10 supply dsa.
ciepcy in that fund That sam now stands a. q BAT
OF the canal debt Of the SiAe he interest IA saf out
Of tie cans revenues and TIE SiEki,g Fund Il charge,
sbe With ~ liquidation Of the principal.
The stock or Controllers bonds ssned snder N.
provisions Of the set chsp. ~ OF the Laws Of 1870
entitled Ar set to settle 'he am Of tbs Canal Fanl
upon the General Fund according To the provisions OF
tie Constitution" onlv replaced in the CanL Fund
sum of mercy transferred from the CANA Fund 70 he
General Fund betSeen the frst dsy Of Ju9e and 9th
OF Sepiembe- 1916 ard app,d to the use Of TIE laeg
created under the authority Of rec. 10 OF src : I,
meet casual deficits, or aines in revenues or for .x
penses lot provided fCr
Some question was made Al The tine 10 ro.pec, "a
the creation Of these debts. The Auditor does 10,
hewever, propose to examine these questions to ne
state the arguments. lie refers 70 the special report
of The Controller Assembly docutneot No. 49, NsroA
L. 1885, the annual report of the Controller, Asseu-
bly, document No Z JoDusry ls5o; special report Of
the Controller, Assembly document 1850, No 1872,
report of the majority of the Committee Of Ways al
Means Assembly documents 1870, No. ls9 and lbs
report Of the msjouty of the Committee Of Wsys and
Means, Assembly documents OF 1880 No. lg6, where
the whole matter is deliberately and ably dicusei op
both Sides but the construction cobtsnded for in the
minority report Of the Ways and Means has been se.e
upon ever since. II these two sums are not part OF
the old debt OF 1916 every Legislature and every hnsa
cal officer of the Safe since ls49 hiss violated the
Constitution the former by making appropriation. u
pay TIE interest on an invalid debt and the other In
paying over t'e money.
Ii The $50 sl9 "a IL ne part of the old esnA debt.
but was issued under sec. no. art by what authority
FUND.- and if the 1885 600 is no part Of the Gen
eral Fund debt by what authority can the interest be
chsrgesble to the General Fund Sinking Fund As
resp the canal certificate debt that has been wiped
cut by the recent amendment OF the Constitution, and
the $00 0C0 loan contracted pay debts prior June
l. 1876 cannot by any fair construction be Get down IN
y e catalogue Of debts. Ii these prior debts had
been paid by the Sinking Fund the sum mnst have
been provided for q deficiency when the nett 10.
demptlon OF principal came round.
II tie power 10 create new debts hss been e1sled
eny in the before named, then fortAer debt to
the extent Of more thsn $500 600 may be nov contract
ed under sec TO- ito meet casual deficits or failures
in revenue or for expenses not provided for. This
s SUI ect which sdOres itself 10 the sound dscre
ton OF the Legislature.
If the final cost does not exceed the sum Of
500 OOO additional and 8, J00O o0 shall be sppr
priated from the funds on hand, ard to be made avail
able from tax TO be levied in 1857 the balance say
s. eco OCO cen be covered by the levy OF hslfmil
tax for three consecutive year,, or tax Of three
fourths Of mill for two years aft.r 1897. The Surplus
Of the Sinking Fsnd can, 10 some extent, be made
available in anticipation Of the tsxes to be levied II
1853 and 1859.
The Report closes with the following crumb Of CON.
fort:
Even s24 OOO eco Of canal debt. with the rspid dim.
mutton which must commence hi 1858 and be continued
up TO 1864 when the Treasury debt will shortly be
hqudated give no just cause Of alarm, nor should
n,oyoke dsduet in the public mind in respect 10 the
foture If policy shall be adopted to guard and pro
teot the interests Of the people of the Thole StaH
against sectional or Individual encroaohment