The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-10

the Manhattan Company, and remaining Que
the bang from the reasury on the Both
September last, the account not having been
presented .... 1850 "a
Which shows actual deficiency In the fund
a, the close OF the fiscal year Of $12l 877 II
And increased deficiency during the Of 1907 II
This has arisen principally in consequence OF the in
ability OF the canal fund 10 contribute 10 this fund the full
amount CT $3.50 oo annually set apart by the constitution
out Of the surplus revenues of he canals and which the
only resource OF the SIKH fund The amount received
from the anal fund during the is 1852 $780, leaving
ss7 500 unpaid on the seth September last.
The Comptroller is informed by the Auditor Of the
Canal Department that the ss7 500 due 30th September
last be PAID and also that there is probability
that portion Of the $3.50 900 viii be realized from the
canal revenues during the present fiscal Assuming
that this will be the result there will be deficiency TO
the charges upon this fund up the 0th
September 1858 SAT- 900 The provision of the
constitution which intended TO furnish means for the
pay meni of the interest on the general fund debt and u
timatey TO extugush tne principal has failed to accom-
plsh IT, The attention of the Legislature therefore di
reced - the necessity OF providing for the payment Of
the existing deficiency, ana the interest the ebt for
theear endii 30th September next and also for
the contingency Of failure in the canal to pay
the $3.50 900 durr the fiscal year commencing LIST Octo
Der, 1858.
There law authorizing the ymen of the interest
on tie general fund debt from any other fund than
the sinking fund from which the appropriation is made
but the having failed 10 alter
natives presentedthat is, either to stop pay ment
Of the interest TO make the advances from the trea
sury out of the moneys belonging to the other funds.
The Comptroller has chosen the latter, which has been
the uniform practice Of his predecessors under similar
circumstances But the Comptroller should be relieved
from the necessity of pursuing course, which, under
strict construction OF the constitution is Objectionable.
is respectfully suggested for the consideration of the
legislature that a sum in each of the years 1855 and
1852 sufficient the demands upon the sinking
FUND sha be placed TO the credit of said fund from the
incsme Of the State tax.
But in accepting the above suggestion it must be borne
in mind that will diminish the general fund revenue to
the amount which may be required for the of the
sinking fund, and materially increase the deficiency in
that fund This however, will have other effect than to
adjust the accounts as between the two funds for in either
case II the present practice s continued the charges
upon The sinking fund ms he advanced from the general
fund revenue IL VIII be that the estimated def
cheney 10 meet the expenses Of govern
eBt the at coee OF the present is sS2l $40 81 and
charges tae sinking fund TO be paid
from general fund revenue, the deficiency will be
increased to S69s $40 O..
The OF the principal Uf the General Fund debt,
the ultimate payment CT which Is provided COR by article
O. the constitution and a charge upon the Sink
ing F,yd becomes que, So Ace e54 81 Ii IS paya