New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-07
NETWORK CANALS.
summary Of the Auditors Financial Re

regard 10 the Improvement OF tIe
experience and reelection have suggested. In MS
Judgment, no greater Improvement can now be made
In our canal finances than 70 put stop TO Wasteiui
experd itures and the illegal application OF the Puo-
lie funds To Unauthorized objects OF disbursement
There was i'll the Treasury and invested, belong
ing to the Canal Fund on the 10Th Sepe per- lSo1
Received during the h,ca year ending sept -, -
80 "'p''' %
Total receipts. and available ard unavailable N, ,s g.,
balances - 49, hr bv The
tables herewith submitted. ......'..''" ''oeo"l %
Leaving balance Sept. 3d. 1891? 3oS s5
Total balance invested. Sept 30 Minimum '''''o "
The above amount belongs to the several coDsti-
tutioua Sinking Funds, pledged to the payment OF
the principal and interest OF the stock debt OF Tue
State including the for the support oil the "ov
ernment, &c. Receipts during the year amount :,
1851 $50 81. Payments during the year amount
to $7,477 ,s3l OF. Balance to be ep!Iopriated,
s6Sj3i 81. Total expenses, s73G,H6 az. Ne'
receipts 81 659, GIL 81. Receipts from tolls, NC,
s;Sjl9S O.. The net well as the gross receipts
are larger than at any former period since lh' caas
were opened. The Canal Stock debt pay,n, iht,t c
est Sept 30, lsG2, amounts to S93,9Sl oiO -. vi
Canal Dert Sinking Funds on hand there RENAME
S3 .7Si 3D. s. So 1913 G6 have beer paid. Bal
apco on baud Sept 30, 1862 Sl,533,@4 -.
The first instament of the debt that NATURES uDder
this 81 king Fund is July /, 1861, when Sl0J,UCO
AZ
redeemabe. The Sinking Fund for the redemption
o. the Canal debt is =, S3,SB 57-peid during The
wear a. US, 00O-baancc on hand Sept. ~ loo[,
1864 .S33 81. Included in the above balance 80 now
stated Ii the of $i06,2i2 %, received from Tue
Surplus revenues OF the canals at the close OF Tie
fiscal year covered by this report. There l. aiso IN
oluded in the above balance The sum OF So, III vs.,
due from broken banks, which Is now ahd probably
ever will be unavailable. Deducting these two
Gums from the balance on band at the close OF the
fiscal year, and there will be deficiency OF SioJ,'
Az - in the fluid TO pay the interest on tie dcot'
This deficiency will be made good by the receipts
from taxes 10 be collected the current year.
II. however tho State continues to receive its ca
nal tolls, taxes and other dues in the paper cur
rency 81 the country aud to pay the quarterly III
eret on ito stock in specie or coin, 1t VIII be very
difficult 10 esiimate what the deficiency VIII De.
The whole loan, called the Floating Debt Loan
principal and interest. is secured hy an irrepea.De
annual tax levy. OF the above balance $1O,'bi "a
are set apart and invested TO pay the principal ma
,uriDg In 1910. 49,, -o, ~,
The Repair Trust Fund n,eres, il 81, jOl -.
beside the accumulation Of interest wnlcd are
added 20 the principal 1T the close OF each Elk months
the loan Is held. When reinvcsied, the accumula-
tions are added to the origna deposit and loaned as
or his debt. paving i,terc.., on the Goth day Of
September. 1861, there wa held
On Unit Ststcs account. ...-..-. ! 2,''8.s' ~
On foreign Gccount'.'''''''''''''' if''o@' %
T.I ..4.3gGi6lO25
IT, 1861 and 1869 there will TALL due of the princ
nal of the canal stock debt, amount required IN cur
rtncy s. 9EOH -.
This sum will ybratc az the rate OF discount rise'
ant fall. =.
TIC oils and o,he- canal dues are no, paid in gold
and silver but in the ban aable currency 81 the state
FLoArf>G Dent, LoAS AND IAx.-Thc I'm sec
tim oi the net Ctap "a 81 ihr laws OF 1852 which
uroydrl tor loan II 90 j01 90, 10 pay The Heating
d.bt a. the state authorized and directed the levy 81
an nnuuGl tax sufficient 10 pay the interest and re
deem IA, prncipa OF the loan authorized within
eieh - ycnrs FROM the limo II war contin8isa' ih,
loan i rcmburfable IN three insiAimcnt-, IS io.
lovr: 80, 100 July /. 1880, sJOOJO July !, le'2
aId ~. D0p Jolly !, III.
Ga the Let day OF July. l't6 the Sinking Fund
viii hav g accumulate, from iAcse annual liNes. OF
nom Other sources capital o. s,On,UuO 10 Pay IN
dot TIE pfvmeut cannot be pIipOurd thi
Sinking Fund, 90 Ito close VI the nsc@l year
amounted 10 5000 90.
lhc re- .ciionnry movement IN the toll'sheet com
mcnccd m the Spri,g ~ l-oo. H. January Of thai
year several lew mtmters cGus into tho Cana
Board Who bot oAiy heyed ia tie lohcy OF ADJUST
IN the rai.- 81 toll on tie Cau4~ for tho Vurpose Of
revenue bui were ready aud wiling 10 carry ihA'
po..sy .Ato lull effect. The Controller, treasurer
ind Attorney General were Of tnr-c aew meiADert
81 the Prospective trtiiic o. 1853. tie AudliQI
ululgsd ia an,iclGiious tlai have bfen more than
realized during the reaeon OF navigation. Tie
future demand OF Europe Tor our surplus breads'ni'
il W, now 20 clear Or icn, nor are We quite certain
tat our surplufis ipr export VII be near ~ large
M 1853 ar hes were IN lsti aud lsO@. Tho tuuuage
10 vegetable FOOD alone ia 1901 Was only ~ ,y,J
crs than the whole number Oi tuns carried Oh al
the canals Of the state in 1871 Of every description
II property moved. Comparing the movements %
800 ana 1851 with former yearf, a. far back ~
i.H. and We mus: be satisfied thai our posinon 10
references TO trade yn he canals flcc 1917 har been
An except Onn one ~ q considerable extent. The
traffic on tie canals has been somewhat, but no,
LARGELY increased by the closing VI the Mislesipp!
RIVER This we know by comparing tie grain
movements from tue Western States III ZOO when
tire ryer was open with those Of 1901, when % was
closed. .
received IRON tie source named AID applied ~ pay.
u,cut OF the completion Of the public works since
IstG iuc.nligg aymenta for land oanagos aud the
expenses Of eAgiAceflaB-1 hum lar eAceellDg me
bienest and widest estimate ever ventured uloh hy
Ito most yeheucnt donbet OF engineering ihihIH'
bility.
Wuen. In 1853, tue 81 section OF the 18th article
was amended . ns - permit the borrowing II nint
millions Of dYllrf to comlle the enlrJement. he
eI,n.ncs showed this was ali that would be needed
for thai parpo.e, but Ne have already eAceestd II
b, sJ,ioO,zT ~, and more is Iequiled.
H. nddition TO the above, We have made deficiency
l..s ou the crcat Of the sinking Fund, 10 Iny the
1uarieily interest on the new enlargement debt Of
~ sn TO tnr amount 10000 %
60. 1884 we lave levied and rrised taxes 10
nav he quarterly interest Oh tat debt, to. JJsi4 q
Mskrg total o!...:.........: Ola''b =
The Auditor will not indulge IN ANY e%tenGed re-
h.diyns. lie lelcycs that The future oil our canals
is ,uo,. hofe!u and encouraging than We could have
",,i.,rolcd ureyious 10 1860. Oar public woke, m
m,pv matcral respects, are imperfect and heed ln.-
,r'yrments; but wo should lay aside all thought,
..;gn or expectation Of calling for ad outside OF
their rev snucs.
We nave much to hope for ami eXIect from the
enerqcs aud the energetic aspirations OF
our people, but the strong man may be stricken