New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-01-03
ST. @4,584 40

When. in any year. the surplus revenues Of the
Canal do not exceed the Of OOOOO the Consti-
anton requires that the interest on tne olI San
amounting in the last fiscal year TO S57 6, shall first
be paid tberefrom, and the balance which Last year
was Ill 1884 81, sha 60 to the Sinking Fund estab-
Eshed by Artiele7 Sec. |, to redeem the principal
The balance Of 1906 9 % due for annual interest on
She Canal Debt alone was last year paid by antlci
patrg the income of the direct tax, and VIII necesSa-
xy continue TO be paid in the same manner 30 long n
abe surplus revenues are insufficient. ,
Ii the surplus revenues Of the Canals snail enaOle
The Commissioners TO set apart annually 10 this Sukng
Fund the whole Of 81 100000 1t Will form fund
ufcient to exnguish the debt o. 1916, amounting TO
xlO721 1886 49, by the LIST day OF January 1901 Ihis
porion of the public debt is 10 he immediately reduced
by the payment of nearly one million dollars thereof
disc this day. the money for which i In the Treasury
The legislature of last Winter authorized levy OF
ere and oneeigth Of mill tax 10 pay the interest on
3oaps oyerdrafts and interest oyerdraits but the
money being needed before the taxes could be collected
sbe Commissioners Of the Canal Fund, nnder authority
OF cbapter 1856 of the laws OF 1855, anticipated the col
lection of 70 much Of it by borrowing the sum of 81
sec 600 This sum- which forms in the above table a
part Of the debt Of $l3 200 Co., will with the accrued
interest be paid from the proceeds OF that levy on the
There was on the 3Oth of September last, Of
sained Canal claims unpaid, the sum OF $3.50 653 81
sonsisiing Of drafts and certificates Of Canal Commits
soners and of awards for land damages made by the
Canal Appraisers. OF this sum $1S, 500 have been or
will be raid out Of the Floating Debt Loan and the
remainder 1893 1873 "a from the proceeds OF the direct
raised 10 De rf1seo unOer cndpteT %lo. VI
ws of 1860. There uDascerained claims outstand
ing for the Is per cent withheld contracts not yet
oempleted When due, these will also be payable from
abe taxes as above.
Under the provisons of chapter los Of the Laws Of
ag7 the Contracting Board placed the ordinary
of the canals under contract 10 the lowest bidder The
aggregate annual cost under these contracts Is $3.50 32
s4Sftan portions of the repairs suchs rebuDg locks
nd aauedus and other important structures are except
cd and il is not therefore, expected that that sum will
cover the entire cost of the ordinary repairs Although
there are some evils consequent upon this system, yet
ITS advantages are manifest that, for the present. AT
lsasf, 1t should be continued.
Assuming the correctness Of the estimates Of the
xate Engineer the sum of 5000 000 already raised
che credit Of the hslfmll tax and applicable 10 that
biect will complete, ready for navigation by the hrst
f May next all the work under contract on the LIST OF
October last thus opening the enlarged water c6snne
sf seven feet by seventy throughout tne entire me Oh
Although enlarged at TOO great cost and the COM
etion quite too long delayed IL Is nevertheless mat
lar of much congratustion that the end approaches,
that no more laws for imposing taxes for construction
.,v be required, and you viii have concluded your
labors the present session, New-York viii possess,
Hpisbsd and complete, system Of internal works M
squalsd both for capacity and extent IN this or any
Tbs Constitution disposes Of the revenues derived
from Che Canals annually, In the following order and
sSor the purposes designated:
Frat TO pay the expenses OF eouecuon' saPenn-
enSsres and ordinary repairs Of the Canals which,
.anrins re fiscal year ending with September 80,
.rocuntsd 70 e726576 03.
Eeeo.d !: 10 pay tbs interest, and provide Sink
go YuA 10 pay the principal Of the Csnsl Debt &c 1t
rz3stsd On the fa Of jane, ls46, sl,7co,oOc.
Tsiy9s 10 py W interest," sps PrensS .