New-York tribune., 1867-01-03
TILE cnNrR0LLERS REPORT

rbo financial features of the Report OF
the State Controller may be generalized
briefly. The debt of the State i'll September
last was S5l l,753OS2, an increase OF
some S2.OOOOOO over the figures OF
1865. Of the whole debt, composed OF General
Fund, Contingent, Canal, and Bounty deD's
the S27644O 900 of the latter comprise
the largest constituent. The Canal dep'
which has undergone reduction, as the
other has increased, is SlS24S,4OO, OF
million and more less than tho debt OF lSOo
Thc Controller reckons that the Bounty debt
which appears TO have increased nearly four
millions since 1865 will require, to pay Its IN
terest and principal in the ten years which IT has
TO rum an annual tax of over 2i mills on the valua-
tions of 1866. On those of 1867 tax OF %
mills produced $3,29j,619, but this sum was IN
correctly conceived, on the suppostion that
the debt was to be paid in twelve years from
IFS issue, instead of after the passage OF the
legislative act for its creation lhiS
neriod will expire in 1877; and
tho Controller calculates that to. realize the
amount OF its demands it will be necessary to Inn
DOSE tax of three mills for the next fiscal year
This increased estimate is made, too, on the as
sumption that the sinking fund money
can be invested so rs to yield six per
cent semi-annually. It is to be remembered
that all the other component amounts OF the
general debt have been sensibly reduced. The
gain of Canal receipts over 1865 is S732,2So.
The receipts on account of the General fund
revenue for the fiscal year commencing Oct' /,
1866, are estimated at $10,S2i, ,522 and the pay
mcnts at little more. Under this head 1t Is
interesting to know that printing for the State
costs us S103,22i in year, or something more
than the Legislature itself
The subject of the Trust Fund IL treated IN
an important passage in Mr. Hilihouses re-
port 1t will bo seen that under an Act OF the
Legislature authorizing the Controller to sell
the land scrip given to this State by Congress to
Trustees of Cornell University, 5,OS7 certlil-
Gates of 100 acres each have been sold to the
Hon. Ezra Cornell. The net profits from the
location and sale of the scrip will sorm dis
tinct fund, to be called the Cornell endowment,
the income of which will go 10 maintain the
Cornell University, while the principal will re-
main invioate.
The Controllers general estimate of taxation
for the year commencing next October is re-
markable. but we cannot say surprising. lt
VIII amount In all 10 os nllIs' hhNms ''i'
fully considered what means are necessary to
make assessments more accurate and efficient
Mr.. Hlhouse is of opinion that while real es-
tate is not assessed at more than one-halt OF
its value, and while the larger portion ot
personal property escapes altogether
sworn returns should be required, more
stringent provisions adopted for the assessment
of property at its value, and that the State
Board of Equalization should be granted further
powers. AS the General Government continues
to raise money by indirect taxation, the Con
trollcr does not, Of course, favor that means,
but he recommends an auxiliary measure, that
an income tax of per cent be laid on all in
comes over $1,000 and to be applied TO the
payment of the war debt The report is an
elaborate and well systematized document, and
will repay attention.