New-York daily tribune., 1861-01-05

been sufficient 70 pay or the whole debt In 1866.
BY carefully prepared table, Document No; 50 It
Fund OF $17oOCO0 and the Investment Of the surplus
Of the fund.- when not wanted 10 reimburse principal,
the accumntoDs of the fund will be sufficient to pay
all the principal and interest Of the debt as 1t falls due
and leave a surplus ON tho 1st of October 1850 OF
e3 ,55S 26 applicable to the payment Of the debt
maturing in 1868 and 1874 On this hypothesis il may
be assumed that the surplus of the fund on the Let day
of April 1867 will the principal OF the debt fall
ing due after that ie An then, but mol before can
any portion of the Canal revenues be applied 70 the
prinripal of the General Fund debt AZ this time,
should II ever come, surrounded with the facts and
circun stances here assumed, an importint ana in-
terestipg cdesiion may be presented; whether we
must cop'nue our contributions TO TINS sinking
Fund mil we appropriate and set apart .
sum sp Hcient 10 pay the interest @ wei as
the pr ripal of the debt, or whether we may
nye ard apply the interest 6, on tne Tbs snser r
marks may be deemed speculative rather than practical
But in view the question as to the ultimate redemp
ton of the General Fund debt, when the canai Tolls
can be applied entirely to the payment Of the interest
and redemption Of the principal OF the $i@ovv,ov en-
largen ent and completion debit the subject Is one oi
grave Importance If xe follow IN the footsteps OF y
policy heretofore nsugurates, and hitherto pursued OF
allowing our canal revenues TO be wasted ana squah
dered tolls to be diverted and run down iar oeow
he srns required be set apart for the constitutional
Sinking Funds we must abandon even the remo.esl
bore or expectation Of being relieved from burden
ONE public debt and from an annual taxation inexoa-
bly crushing down labor and industry, ana depletng
calita to an extent hitherto unknown ard nneninpied
in tue State or country for amount or duration.
The Auditor does not propose 10 examine at what
ne, od the principal Of the General Fund Debt can or
will be paid by the canal tolls That subject appro-
priately belongs to another officer and department OF
Government o,.
After the liquidation Of the canal debt Of 1876, the
GUMS ther after required TO be appropriated and set
apart to reimburse the principal Of the General Fund
debt aud pay tie interest the twelve millions en-
lareement debt contracted under section g.
10 81 go annually. This will involve the neces-
sy of mposng rates Of toll to raise 1900 OO0 year
OF pross revenue until the General Fund Debt paii,
estimating the annual expenses OF repairs aud col
leciion at $500 600. This doubt will extend over
peIod Of five six years. The Constitution OF iSao
wisely and providenlly provided for the exinguish-
ment Of the then existing canal debt from the canal re,
enucs by 1865 and the Sinking Fund set apart would
have accom- lished that object If the State had not
been despoiled of its revenues.
COST or THE cAsALE.
Erroneous statements have been made, through tue
medium Of public documents, in relation 10 the
:" amount expended upon and required for canal pur-
poses since the adoption of the amendment OF the Con-
situon, in lS54" This error consists more IN the
manner Of classifying and arranging the sums rared
and applied for canal purposes, than departure from
the whole aggregate OF cost including Interest. men
The amended third section Of the seventh article was
projected in 1852 the estimated cost OF competion III
addition the 81 500 OOU, raised and applied under the
canal revenue certificate law, Was $,,OOo,ooo Inc
canal certificate debt must be either excluded
frUm or included ia the of completion. The Audi
tor adopts the latter course and thus fixes the estima
ted cort, in 1854, Of enlarging and completing the
canal determined by the amended third section, at
SlO, ,5OO, CO., and states the amount as follows:
Borrowed under the amendment complete The public works
ard ns, IN The canal revenue eertluc,i.. TO- 90
sptied iforn ursmuns on ....,... lps l0s 81
i4csOs7 SC
" .,Tnc,ar - ~ - - - - '....,.....,..,...... 76si3 %
Floating debt 2sooooo %
eompl.t- Observation-Disclosures. 100000 90
R,s,y,d from Temporary yloan.......... BOO 90 o.
To al amount Of cost to enlarge and complete $40 IS
Sums leised and applied " pay Interest:
Bo,rox.d nrior 20 1883 10 pay oo
Rsc.seS f, The tax of lsS 10 pay in-rss $4,000 90
Received be received fom the tar Of leto, 20 -
pay interest the deot estimated W
We see by the foregoing exhibit that the cost to
complete double the estimate fixed in 1854. and this