New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-09
sv,v voRK Many TRIBUNE SATURDAY, JANUARY 9, 1859

existed in 1876 In such az event no ar oi .Is
$3.50 coo provided for in the second section ~ R' -
ip.er.s. on the General Fund Debt, can De iH'
the General Fund Debt sinking FUND hsF'he la a..
revenue the deficieucy mus, ue.es'af y " -
of the General Fund, rsu,.ng an Increased "'NN'''
%. ihi- fund of >.lD.0oJ. IL .h,,.,
In the last Annual RerCrt Of the COM oueli w.
proceeds of the State tax for the year Soni w
October / 1886 was estimated al <l,JprVVV' 'ne
amount OF ta1 actually received al the treasury W "
October was 81 I'D 93 ~, less Than the estimate ~
the .um of $l27 ,076 IS this difference oe'"eeu tn'
amount received and the estimate was caused oy IN
usual deav on the par Of Of the County Treas
urers 10 paw over the tax in theI hands Inc amour
due from County Treasurers the LET day 81 Oc'oneI
ast va. seal -? S. Of this sum 81 oS - wa que
from the { ~ of New-YoTk. Since the close OF the
fiscal year s94 ,3 81 has been paid by soIne o. me s
Delinquent Treasurers leaving at this time ~ W. 81
Of the tax unpaid.
The Controller has been under the necessity of d.
rectng suits To be commenced against severa county
Irsa~uTers 20 recover the tax IN their hands.
The appropriations deemed necessary Tor the eN
penses Of government for the fiscal year commencing
October lSJS, amount 70 the sum OF $i,ooJ,1l4 -
To this must be added the estimated deficiency al the
close Of The present fiscal year OF 81 80 o. aSng
the sun Of 81 ~ 800 o. This could be provided Tor
by mill tax which would produce about 81, e!9 NO
and the revenue OF the General Fund. derived from
sources other than tax, estimated al Siii,2io w
But Il, in addition 10 the 81 ~ 800 70 before men,
toned there should BE- deficiency IN the revenue ol
the General Fund Debt Sinking Fund on the LIT OF
October 1853 of s77 900 TO be provided for (which II
viii be seen by the preceding statement VIII prooaOy
be the CASE, then tax Of one mill on the dollar 81
the valuation of the taxable property Of the State Will
be required.
GENERAL FUND DEBT sINEIsG FUSp.
''I st;' T 1859 w. '.' 1889
Amouh; laid nom The Treasury during the
yea! sndi1s 9cth s'Et ls57 IL. - 81 2's
revenue for interes; money id
ya-c,d from the Treasury stcouHt
Of deficiency Of this flnd.......,.... YA5 " -. -,
Amount received into he Trrs.lry d-ns The yea-
ending 5rh Sep 1857 ts.e statement Sl SIS %
Balance duo the Treasury The Srh SEPT III ~ "a
1t will be from the above that there has been
advanced from the Treasury for the payment OF n-
terest the General Fund Debt chargeabe upon the
Snn IN! tnd ne In t & - ''
July 1857 on State stock, paid nv The Manhattan
Company, and remaining due the bank from the
Treasury. the 3oth SEPT. lss, the account not -
having been preseui"d 'foo ~
Which show. an scusl deficiency in the fund 8, the
co.e Of the fiscal year Of ~ y
And increased deficiency during the o. 98y7 Il
This has arisen principally IN consequence of the
inability of the Canal Fund to contribute to this fund
the full amount OF $50 600 annually, set apart by the
Constitution out of the surplus revenues OF the canals
ard which is the only resource of the Sinking Fund.
The amount received from the Canal Fund during the
year $262 $50, leaving sS 500 unpaid on the Goth
September last.
The Controller il informed By the Auditor of the
Canal Department that the as 800. due Both Sep
TENDER last pdlu, ana d-o ldl lutlt y w
probability that any portion OF the $t9O,OOo VIII he
realized from the canal revenues during the present
fiscal year. Assuming that this will be the result,
there Will be deficiency 10 meet the charges upon
this fund for interest, up to the Both September,
1858 of abo ut Si17 coo. The provision OF the Con-
stitution which was intended to furnish means for
the paymert Of the interest on the General Fund
Debt and ultimately Ia exinguish the principal mas
failed IN accomplish il. The attention OF he leSis'
lature j. therefore directed To the necessity oi pro-
yiding for the payment of the existing deficiency,
and the interest on the debt for the year ending on
the Both September pext and also for the contin-
gepcy of a failure in the canal revenues 10 pay the
1850 GOO, during the fiscal year commencing lst De-
tober, 1879.
There il no Inv authorizing the payment of the in
tere.t on the General Fund Debt from any other fund
than the Sinking Fund from which the appropriation
j. made but the revenue having failed 10 meet IT,
one of alternatives presented that ~, either
To stop payment Of the interest, 10 make the adj
yances from the Treasury out of the moneys belong
ING to the other funds The Controller has chosen
the latter which has been the uniform practice Of his
predecessors under similar circumstances. But the
Controller should be relieved from the necessity OF
pursuing course which. under strict construction
of the Constitution j. Objectionable.
Ii j. suggested, for the consideration of the Iegis-
laure that sum in each of the years 1898 and 1889
sufficient TO aeet the demands upon the Sinking Fund
shall be placed 10 the credit OF said fund from the III
come of the State tax
The amount ol the principal of the General Fund
Debt. the ultimate payment of which l. provided for
by article of the Constitution. and is charge upon
the Sinking Fund a. becomes due i -, i69 6ji 81.
I IL uayahp as follows.