The New York herald., 1868-01-08
Review Of the Financial Condition Of
the State Of New York.
Our Educational, Charitable
and Penal Institutions.
Governor FentOn'S Views Of Southern
RecOnStI uCtiOn.


Through the favor Of Almighty God the year which
has just drawn 10 close has been crowned with the
blessings of peace and prosI Gritty
The great and diversified interests OF our State i'm
pose duties Of the utmost dclicacy and responsibility
uIon the lcgislltiye department of the government
The condition OF finances naturally presents itself
as leading subject Of consideration, intimately
nected as 1t is with cur general affairs, and engross
Ing, as 1t should, large measure OF public attcn
tion.
The report of The Comptroller. which I commend to
careful attention an interesting and comprehensive
document, shows the deot Of the State September 80
1857 after deductne tho balance OF sinking funds
applied, to be $4tll4,59a
There IL anatural and just socitude to the ability
,of the State to sustain the bardens resting upon it.
and In regard the continued ease with which tax
alton has far been borne. 1t Is apprehended in
some quarters that there financial trials impending
which will prove far than any In the past
It seems to me Il al there is only required prudent
economy In ali matters pertaining to the administra-
ton OF government and thorough revision OF the
whole tax and assessment system, to vndicate a
reasonable expectation Of continued pres
.perity. Our wealth and resources are SO
vast that no reasoning founded upon past
condition during periods Of great public Indebtedness
lis directly applicable Material wealth in every
true OF New York, it is Of great which
States forming. AS a fair measure OF this ad
vance 1T VIII be seen that the " York city banks in
November 1850 a. represented ny their loans conduct
ed business of Sl22OOO,OO and at the same date in
1857 the volume Of their o was nearly 4S 00 0O0
more than double the bus OF 1860 Hardly less
most departments OF business and enterprise. as
will be founa by reference 10 the tables Of commerce
and tonnage. railroad aud in ance capital mercan-
tile manufacturing and mecn n al employments, and
the NAue OF real and personal estate.
The amount to each person OF our tax for is 6. paid
TO the gene al government upon approximate estl-
mate was IRON in ernl revenue sources s. 80; upon
custom duties, s. l5; milking total of $i3 a5.
amon 20 our The af u ipar oas would
thousand dollars. The aggregate of State, county,
town and city taxes can hardly exceed this sum by
OF taxable properly the true index OF its real
vslue the burdens .mr osed might be regarded
such disluie,ute has nccn II lie Centres OF Dusi
ncss: rca prom II ras nta ne its prices; manu-
fncterers ha'e p ospered, IN ,rade has been remu-
neratlvc. ACcoid to he Is nsis OF 1SG6, in
OF 2, .9ll42 acrss vi LAM embraced In The State,
about io0O0,n0 Of arlcs are improved, and the
vilue of tie firm~ L. placed AZ see, }9 $751; m in.
crcase ~ thi ten ten hutd ithr per cent in
ave years and t Violation OF firm stock. agri-
cutula inpiemeut-. furniture and Investments in
1nanufactu o. swell the amount to S24,339s 81.
This enumeration does mol include the amount in
vested IN CONNER, @ ariices Of personal adornment
oablc, however. they fully equal the value of those
have named: u nix u is rafe to assume that the
aggregate valnat oi the whole real and personal pro-
psrty of tic State viii not fall below $45O0.OVOO
agai at $166 iV7 TO ro'Ipcd TO The State Arrsors
and upon VII ch ,hei- equalization was based. Upon
fhis statement o value the whole aggregate OF federal
State and local wonl be less than three per nt
/ May we not take another view Of the and In
Quire whether hat part " population belonging
70 the productive class are able, from the annual
p.onts 2, u aoos @ aa se 10 ,nan ,he estimate
krith According to the census OF 1875, referred to-
8ls8l,7 TT. Excluding from thi. number females and
,Nples pnder twenty-five ard over sixty years Of
Qcf ar non. producers. have left 7i2,166
persons. 1t j. obvious. upon this theory.
and that the average paid by each is about $50
s, sP i. a.,. s that is Ess1 ssss aq AN
snsay times slsS, |, ioloxs mat ne remainder pay
A the Sse n shs sagssa upsn ssa sna
borne in mind. aIso. tha: the amount ~ annually ps
diminished both from the extipguishm,'u oi oeos
9pd tie increase Of popu alton and wealth.
1T Is an error, however 10 suppose that females nd
minors contribute po,hing tooIr practical resources
e. elements q Of productive wealth It l. to BE- remem
community as well as To the party making the
inyestment. and that very large proportion Of the
Anu .oy citizens, who have passed the limit Of
three Fc0fe years. These, though not tor the
most part active laborcrs, are, through the invest
mcnt Of their property III the various departments Of
corporate enterprise, includg railway and alton
companies, banking and manufacturing and al other
similar corporations ayailn themselves constantly OF
the agency Of others to our general int. rcsts
and prosperity and augment the wealth OF the state
They pay prop, zion o State and national taxes
upon lie oncry thus invested. besides sharing the
burdens to all incident to the operation OF
the revenue laws.
the great commercial and financial centre OF the ma
ton; extensive opcratois delicate as they are
important und the large rlnie we are called upon TO
contribute TO the support OF the general government
seem justify more extended discussion
In further Considering the subject, II may not be
prolta lie TO discuss important 10 settle the ques
ton b ther toe eoeon could have been suppressed
with lcss sacrifice than has cost us. Wi united
North n, n. will uou, that il could have ben But
the public debt L. upon us a. the unavoidable result
OF the war; and nOtw outstanding its great burdens,
may yet cong atulae Ourselves tlat they are lar
snort Of the ruin OF divided country; AMI "
we cal ed uon t. dcpore the di' asers OF the sug
rle we NAV u 80 reln G IN Its conf e1sations. Am
the-e may be ,und T. lessons of warning is les Of
parties and tier prnc pee, its development oi the
patriotic enduian ~ oar people, ana the assurance II
brings Of the stiblty 81 our NETT tios
A debt Great IN laiitiiniLg T. erpetuity OF our
government and n def nee OF inNalia0ie rglt- n one
vii h uil honest viii a rcc must be paid u l.
une for ayrc ot whlrh We have all pie ged our
faith II is cur comutn ttere-, 90 pay IT, IL g cs-
sentla 10 the re etN ht " onr puuc c,coi. ho css
than 10 the mante nee of our personal, our STATE,
. and our nat unal lolo. There is hardly man, wo-
wsn, Chi that na- not interest In pubiic
rurtes. Their are S3t 5000 ~ legal tenders and
fractional currency, a. d early 3U,WM,tCO of bank
notes secured BY g,sernm' ~ bonds. There are sS.
tee nundr national banks $ii9 cUOVcN OF ptal
and s5b0 900 on deposit win their officers, stock
holders and deposit rs There are also State banks,
Individual bankers trust he fire and marine insur.
est and to tus add the rawlings banks, whose aggre
gate d, ,ss In this State alone amount 10 $i3l VDsWO
with over 5tO,0OO deposior-. All these Institutions
no. only have directly more or less OF government
curlties but all their des and liabilities PAYABLE
In the legal tenders vi the government Not TO dwell
on ths vast o individual aud corpoiats interest
In our public securities, u " enough to say that II IL
debt due from the government which WAS saved TO
the people who saved II. II is just, however
10 the government ard the people alike u at this OBJ
legation sht u,d he discharged in such manner as
rhall most cOndu,c ~ The interest and the honor OF
both. The public should not be subject t. undue bur
dens by forcing tie premature pm ment o. the prlnci
pal: should IA TO provlue Tor the prompt pay
nent II the interest and n rsduciion of the prin
opal as viii not impair our productive energies. Such
10 ced payment l. untalled for by prudent regard
o. the puuc aith or public good; lnd as II requires
contnue heavy taxation we may Wisely furbcar 10
Apply to the iorbe france and patience of he
pcole,
We have been thoroughly educated in the doctrine
shat every generation, far as possible, should pay
Its own Indebtedness.
There are exceptions however to this correct rule
most prominent amor them Is the ease before us In
syhi trial hay