The New York herald., 1862-01-08
Leaving a balance to the credit Of the Canal

VI investments hcd u trust
by the Auditor
Bank f,nd stock ............. 81 74j Is
New York State and canal stock 1O6 $50 90
OF cal estate secures;-
Water joys flank ........... 30 ,354 o6
Bank of Corning .............. 3,l99 GO
OF this balance the sum OF four hundred aid eighty.
nine thousand 1--WE hundred and thirty dollars
ty-nnc cents available il being the aggregate of
the canal deposits in nsoven banks butsncc tho Is;
October portion Of this amount has been paid tho
Treasury, and it is estimated that the ultimate loss
poss IN suspended banks will rot exceed two hundred
thousand dollars. since the termination Of the fiscal
and up 10 the close Of the calendar year the
from canal tolls was one million nine hundred and eighty
thousand four hundred and ninety dollars
ty-nne cents the expenses Of collection and repairs
about two hundred and nineteen thousand and sixtytwo
dollars and sixty cents, and the available balance in
the Treasury and the several deposit banks the lat
instant three million nine hundred and 1fty-onc
thousand four hundred and twenty dollars and
forty seven cents.
THE CANALS vs. THE RAILROADS.
BY the opening Of navigation the enlarged canal will be
completed throughout It's whoe extent. The ciscum-
stances Of the country such to give TO this fact
highest importance To those boards, commissions and
state officers whose duties have connected them with this
work. and with operating the canals the people their
thanks and especially the Canal ard and the Audi
tor Of the Canal department The completion OF this work
should lessen the engineering expenses important
degree. The system Of contracting for repairs Of the
canals Is found 10 materially decrease the yearly expendi
ture but the structures become deeriorad and the
end Of inconsderablc period the State will be obliged
make good the annual depreciation by structures
at large cost. would therefore recommend that such
change in the law governing the letting canal repairs
be made shall require that sections be let without
giving notice By advertisement and the contractor bs
required to give ample security that be sill leave hs
section in good condition he found it, and further
that every section be inspected by the proper ocsr
when is surrendered and depreciation be enforced
against the contractor.
The railroads have seriously diverted business from
the canals. The extent OF this is most marked west
ward bound freight. o. the revenue OF three million
nine hundred and thousand six hundred and
seysn dollars received during the last navigation sea
hundred and seventy two dollars collected az the
cities OF New York and Albany, and ut West Troy
Waterford on freight bound westward and northward.
while the tolls at Buffalo and 0sweso light eastward
bound two million seven hundred and ave Thousand
eight hundred and twenty dollars or nearly twelve
times There can be question that the carrying
of merchandise, which forms the bulk Of westward
freight almost exclusively enjoyed by the railroads In
ls51 before tolls ed from railroads there
three hundred and sixty five thousand tons Of erchan.
disc carried On the canals paying eight hundred and
seventy seven thousand dollars in tolls, while in 13GO
there were but two hundred and fifty thousand tons
ported pas ing only two hundred and twenty three
Thousand dollars, or reduction OF nearly seventyhve
per cent This results from no dminuton Of this class
Of the carrying trac for the report OF the State
Engineer and surveyor on railroads will show that the
business Of the railroads has largely increased in the
transportation OF merchandise In 1851 the tolls on er
chandse formed thirty five per cent Of the revenues OF
the canals IN 1850 1t was but aud half per
cent.
To make the business OF the canas depend 90 exclu.
svey the products OF the forest aud vegetable food
is 10 tho largest risks. The carriers OF merchan
disc have assured business seasons Of Partial
crops, OF low prices or nuctuang markets. but that
portaon in single direction OF stapss NAV bv
a contingency, find its traffic reduced below the cost OF
tho service While canals will always be large car.
ricrs yet undue competition may divert their legitimate
business n Desirable traffic to such on extent as 10 dis
qualify them from meeting their constitutional demands
The largely augmented the whis duo in
degree TO increased tonnage principally owing 10 tho
enhanced rates OF toll Although much effort was made
10 reduce the tolls yet the Canal Board OF 1851 wisely re-
aned the schedule Of 1890 increasing the rates on some
articles There may be periods whom rates unavorably
affect the business OF transportation the canals IL
"A poto ~ th~~~ xs~r
believe the present year will be Experience conclusive
ly shows that reductions In to although made avowsdly
other modes of transit result In loss Of rsvsnus IL
clear that our Sus policy lies not 10 The direction Of