The New York herald., 1868-01-08

lS6I;-
Principal. annual Interest
Uuuoss: Stlcls T. section l. OF
the constitution. $3,247, 900 flo2, 395
Under artc o Z, section 3. Of
the constitution .......... 10, 900 646,25o
Under article Z, section IL, OF
the constitution. ], 100 600 102, 600
Total. ai.....................s SIS 722,9oo Sgio.s4S
Tue aggregate baianccs Of the sinking foDds appli-
cable the canal debt at the close Of the fiscal year
So 2l4940 None OF stocks named 10 the fore
going table before October 1868 then opy
$247, 900 The department has purchased 81 443 700
OF and SIX Ter unmatured canal stocks at DIS
count Of $75 49, and redeemed 800 OF stock over
due and 10, a bei.re @ presented for pay ment making
year. On the 1st day Of October 1865 the actual and
estimated balances in the sinking funds will exceed
$4,0O0C00 applicable 10 the pay meut 81 the principal
OF the canal debt At the close OF the fiscal year In 1880
the asgrega Of this debt lO7,3Z1
Iresebt uept. lo,i-<,SV
Amount of reduction seven years. sl1, ,as442l
Should the surplus ol $4,000 600 bo applied october,
1865 the debt will be reduced TO Sill 722 800 Upon the
basis OF the OF the canals during the
last seven years the whole will be fully sxtngushed in
1874 and the canal and general fund debt, lien
upon the canal revenues, will be discharged in 1877.
Tie taxes levied and money appro priated for the Inn
plan prescribed by The act Of 1864, will complete
tho work, and the further $50 900 Is required
Tor that purpose, as now estimated The enlargement
OF the remaining locks OF this canal 90 the dimensions
Of those tue Erio seems essential 70 Its full measure
Of usefulness Tho amount needed for such an i'm.
proyement ought not TO exceed $780, 900 Tho I'M
porancc ana value Of this branch OF our system OF
public works will not be doubled; nor that the COM
pelion OF such enlargement would than meet the
FAIR demands OF prodnction and enterprise, and uit-
natey repay the investment
The Genssee Valley canal Ia OF the state works
finally constructed under the present constitution, and
still, retains Its naleuable character The revenues Of
this canal in good condition, Is believed would be
fully adequate for necessary repairs and maintenance;
but Its Improvement will become y charge upon the
public treasury. tor several during the sum
msr months the dehciency Of water on tns summit
ieve OF this canal has mpedcd and lasrly wholly in
terrupted navigation near It's southern terminus. III
continue to refuse the amount necessary 20 restore
The canal TO . gab'e condition 10 IL equivalent TO
declaration that The southern portion OF the line may be
abandoded II Is estimated by intelligent authority
that the difference Of tolls arising from judcious eS
penditurc this canal would pay six per cent 90
$3.50 600 II this be true our pecunary interests Will
not be impaired, while our good faith will be nam
taned In granting the aid needed 10 10 this
Tpon the extension Of tho Chenaneo canal the sum
Of Ss42 2l46 has been expended and the work still
unfinished. The appropriation has been exhausted and
the work upon u has been stopped The deliberations
Of the Constu Convention do not warrant the be-
lief that, amended constitution, the creation OF
debt for canal purposes will be authorized Our expo
adverse 10 the economy to saw The least Of sempoary
suspension their prosecution. Assuming that " N
Just 10 public expectation ana advantageous to the pub
future, respectfully invite your attention to the con-
sidcraon OF the question, whether Il may not 10 we'll
20 proceed with the work without further delay
The other canals OF the state are In fair and prosper
condition. and by their contributions to tho public
wealth business justify the policy that has inaugu
rated maua,ned ana ex ended these great avenues of
inland commerce. The constantly sugn,cnting produce
tons Of bs grca, West the iron, coal and lumber trade
together with freight from other sources Of development
which attain with each returning yenr sill greater pro
portions give increased support 10 public works
and nce yet further advance In pcrfccng the iac
ties for internal transportation. For detailed
rs 10 their particular condition and needs respectfully
you TO tho report OF the Canal Commissioners and
the Isnal Auditor
CLAIMS AGAINST rHR cESERAI GOVERNMENT.
The settlement OF the nnadIisted accounts between
the State and the United States bas boen urged as
rapidly as their complicated nature would permit. Of
that portion for expenses amounting 20 S5Sp sjs
which had been suspended and whom was unidiustet
st tho late 0f my last annual message, the Of