The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-04


The a,unt Of hi; s has moi been ncre,ssS W
mlnlshcd during the p1st year
The annual interest this dsot 1904 6o6 TO- beades
which there is charscable for sters the general Nnd
tho following sums
Ga loas for stockbridge In isns. SILICA 90
On ensi loan on. Of ,SsS in isis e
Onoswego canal loan Of $500 ooo IS5l... 1900 90
Making in all the ss. sssl 1926 IS
Amount Of state stock issued and loaned to roYsw
Auburn and Roohes.cr Railroad Company, ucr csap.
1876, laws OF 1870, redecmuslc, viz
65s per cent, August l, 1880. 500 900
Or per cent, Jan. 1891 ACKNOWLEDGEMENTS. 100000
Tonawanda Railroad Company, per chap 200,
laws Of 1S40 reaeemsble July 49, ga y Ct 100 600
Long Island Ia J, Rarsaa Company. pc. chap 1893,
chap. zoe, laws Of 1e4o, redeemaOle Jaiy /,
Tiosa Coal Iron Mining and Ranulac;ur.g oou,. '''
! pany per chap 296, laws Of 1Sio 5k per cert,
rcdeemable July i, 1850. 10000
Total. 1870 ooo
lErom the Canal Department
1.s "a pxur
Under aiticl,s, section l. of the ConsAtntcrl1
Eric canal enlal ncnt u i0l 1907 CD
Chemnng eanas. e...................... lS!ls2 "a
l Black River cana, .,...,.......... Is isSs 10
Genesee Valley carel.. .............. 25?s2ss IS
70 pay dssis due pscr 20 Isl june 1876 oseS 90
To provide for deficiencies. ~ so0A 70
Paying interest. .........-.s l1 8 Is SEQ %
Under article T. section Q, OF the Consttuti On.
For enlargement and completion Of the canals 900
For the redemption of canal certificates 600
70 provide for deficiencies TO pay INTEREST," 1,SooOOO
fAs'ns 'n'cfes''
The interest the following loans 10 paid by the Gene.
For The Albany Basin, under chap 200, Laws
To provide for extraordinary repairs, under '''''' -
For TIC Of 'i the locks Of The oswe W
30 Canal under chap. Dol, Laws Of 1881 100000 90
For the necessary work at the Me:tc.uma
Marshes, &C., under chap $685. ecc- 4, Laws
-sAos,''..''............. 100000 on
Paying interest; ..ea2,sss 70
the State canals from all in their nature
during the las: fiscal year The expenditures for the same
out Of thcm with the expenses Of collection supernten
dencs md ordinary repairs are also stated These
ore q tne condition and resources Of the
Receipts during the Fear
from canal sols. 81 ,812 $50 so
intern isa on @ R' CANAL saS revenues
Total. ,;.......:............s 81 s5o,s7O o.
To Superintendent for repairs. 1865 OH o2
TO Contractors for repairs ..... 163,669 80
10 Canal commissioners, for re-
To Collectors tors: for salaries, clerk i''S'' ~
hire, pay Of Assistant COL
leclors and expenses Of Col
To s wslss Master Master: 's ssss g
For salary Of Auditor and clerk
larry and extra clerk hire Of
S,aie Engineer, rsfunding tolls,
printing and miscellaneous
-@.-.- :. so,s7s ss
surp,,s revenues oso 900 A. |
DEFICIENCY tO 70 be- Supplied BY taxes or loans
Tables No and exhibit tho condition Of tbc sUSUS
Funds established by the constitution pay the interest
and principal OF the canal debs table No exhibits the
operation OF the Sinking Fund.- under section Of article
q Of the constitution; and statement No. shows the
progress Of the canal debt from 1877 to the present time
REHABILITATION INDEBTEDNESS.
General fund debt yas g. 'ss'sss 10
No. !, under All, 7, sec, Of Wa
No. constitution, anSs1 ~ Soc 81 esS'ss 90 slss
No. g. under art 4, sec TO-
Of constitution. ........... C42,685 ~ 3&620 2S |
No. 4, under art I, to pay
od asaus debt aSi, $1,000 10000 90
Total debt. .....,..,......s3 3, $3.50, 3ss IS
Expense Of repairs, collection, kc Ss5'S,s W
The sum Of SLIGO appropriated By the oonssita
eS i ls 0tss s1 q g The 81
sorbed and leave a deficiency Of s737 go &c.
The interest Of the old canal debt u seen above s
ca which leaves OF tho surplus revenues the sum
CT Ss6i, IS7 GO only to apply on tho principal
Inc surplus revenues being only applicable 70 the old
canal debt the interest tho remaining Indebtedness Of
the State Of s ,G4S, 2S9 50, must be paid by TAXATION
Tho ANIMAL interest this indebtedness q So96 49,
which requires nearly mill tax 10 provide for
Tue last Legislature refused to provide means TO tho
interest on the new canal debt Of oo insisting,
the report Of the majority Of the Finance Committee 10 the
enafs 10 be deemed the opinion Of the legislature that
tie Commissioners OF the Canal Fund possessed power
stuton 10 borrow the money for that purpose aud
i was Their duty To exercise that power The Commits
ones Of the Canal Fund declined increase the debt Of
the State by oaning money 70 pay interest, upon the
Finance Committee OF the Senate and In the report Of the
Commissioners to the Legislature of 1865.
The Comptroller las doubt Of the correcnsss OF the
views expressed in the reports referred TO- As ques.
money year after year to pay interest abhorrent 70
every principle Of sound finance significant Of mpcnd
Ing bankruptcy, AID go Illuminating to the character and
dignity Of the State that the Comptroller Is inclined
midty in imposing the necessary tax for that purpose
rather than deliberate intention 10 astcn upon the State
Brch precedcna precedent which practically cverrdes
every safeguard Of the heancaI article Of tho coustitu
lion dons the people Of the State 10 increasing
ma never cndnS indebtnees. N# 5000 '
moments reflection must convince every OF the
oily Of waitDg for VI revenues 70 reach A amount
which win pay the interest N TINS debt i M require
= $50 900 Of surplus revenues, Or O,,s,. " more
han was realized the last year, 70 accomplish Tins Te.
u There have never been but two years IN 1871 and
ssl) when the necessary amount was received. l Q
The existing and constantly incrcasiDg competi- l
{ tols, renders impossible that anything iiko | b
hat will again be realized from the canae n