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

canal debt ind the general fund debt amounting TO
REQUIRE taxing tho two pas. years q criterion, nearly
forty years, By which tIe money continued TO be
SweS 70 PIX the hS new dsSt % have
The constitution contempa.es the payment OF the prn
cpai within eighteen years after the deb. created,
proposed 70 borrow money can have existence after
that period ana prior 20 ha: time Ia certain taat the
But 4 this was no. co. the cred. Of the state could
be sustained under such policy for one half the psroc
II would require to pay prior ens upon tho revenues
10 pay tho interest which would be largely increased
40 10 render he imposition OF taxes ineclerable. And
money on The credit OF sich sinking fnnd-a :, fund"
hopelsssy destitute Of revenues present md prospective
Prior % the nrs. deg Of July last the Comptroller al
in the city Of New York stating that the Legislature had
made no provision TO meet the interest falling due on thai
as saa s g sh
sSaass 49, saa 1 ss
the State since that time, and win pay the January nta
rest. The amount advanced is as follows -. -
Sotn June, lsSs gog ggvC ~ ~
R Tsn Ssp' ,Sr is sspusry 1890 1850 %
COPY Of ne correspondence is annexed to this report
Too much praise cannot be awarded 10 the Manhattan
Bank for s promptness in coming forward 70 pay TINS IN
as the a e viii
permit himself to doubt that the Legislature will not only
provide for promptly rembursng the advance, bot Tor
paying future interest on this debt.
II win be observed that the floating debt to the extent
Of has been legzsd by vote Of the people at
the election, upon law passed by the last Legs
atrre submitting the question whether loan should be
made 70 pay the same.
There were many reasons Of an equitable character
which rightiuy operated TO induce the pcop To assume
and pay this d5b Willis. te result exhibits gratifying
prepondcrance Of sentiment in favor Of fulfilling even
doubtful obngaons yet with no organised or ostensibe
opposition H. the vote Of u 400 against IT, out of an as
gIegatc vote OF $50, will, il Is hoped have sautary
effect by way Of admonton in preventing repetition OF
the experiment 49,
The canals are 80 nearly finished that question viii
probably be raised as the rrorrey OF promptly pro-
vidng means fully to complete them This can only be
DONE however, BY taxation but Il will not DO nee sssry
to impose the whole amount IN single year. II ID be-
neyed that feet OF water may be obtanci through
entire length, with the same amount OF tax ~ was
1 imposed for this purpose by the last Legislature.
The Comptroller, in his last annual report, eshaei
the expense Of completing the canals Including the pay
ent OF land dam ges So 200 000 Since that time the
esatcd ay ais OF the ve eighth MIL tax, less $l25 900
appropriated for interest drafts has been expended
upon Inc works. which will leave the sum CT 600
OF this sum- 81 900 900 Is included for Land and other da
IMAGES which will be needed rapidly than attht
rate OF $3.50 year, that being about the amount
sppraals The balance, 81 Ats 000 be raised In tws
| yesrs which will make the annual tax comparatively
light Others have estimated the cost OF completion ct
less.sum the Comptroller Is satisfied that the abov
amount will all be required, and there is any variation
the amount will be increased rather than diminished
The amount expended upon and required for Cana pur
poses since the adoption Of the amendment Of the cons
1 t. 70