The New York herald., 1869-01-08
NEW YORK STATE FINANCES.
Annual Report OF Comptroller
w. +. Allen.
STATE OF NEW YORK,

STATE OF NEW YORK,
OOMPTRoLLER's OFFICE, ALBANY, Jan. ], 1869.
To THE LEGISLATURE
The Comptroller, in performance OF the duty de-
volved upon him by law to exhibit to the Legisla-
rure at its annual meeting, complete statement OF
the funds OF the State OF its revenues OF the public
expenditures during the preceding year. with an
innate in detail OF the expenditures for the ensuing
year. and showing the sources from which such ex-
penditures are to be betrayed and TO suggest plans
for the Improvement and management OF the public
revenues, respectfully submits the following
REPORT:
Although the liabilities of the state are large and
tho burdens upon the people TO meet the accruing
Interest and provide for payment Of the principal at
maturity are in excess OF those to which they have
been accustomed, the resources and 6bility OF the
State to meet its engagements and provide for all
proper expenditures are ample beyond all ques
ton. The tax levied during the year, the
largest in amount that has ever before
been laid upon the property OF the
State, was met and paid by the taxpayers with
commendaole promptness and the greater portion
Of the amount raised for State purposes has been
paid into the State Treasury. With single excep-
ton none OF the county treasurers are largely in
arrear, and all WILL doubtless, pay the amount
due in full The taxes levied for the current year
considered less in amount than for the last and
nothing but unwise and improvident legislation will
render an increased taxation necessary in the fu-
ture.
The debt OF the state reached its maximum during
the fiscal year ending September 3O 1865; and rom
millions OF dollars. This statement does not take
INTO account the large unapplied balances Of the
era sinking funds, which, when applied VIII go
the State.
In view OF the ample provisions made for this pay
" w hA nnftr aFlnn will
be paid within comparatively brief period. the
nnancial condition OF the State may be said to be
SATISFACTORY All that Is required 10 relieve the peo-
pie from excessive taxation for state purposes and
property from the encumbrance now resting upon
II Is prudent management OF the funds and reve-
nues Of the state and the exercise OF wise economy
III lis expenditures and Legislative appropriations.
1he credit OF the state IL unimpaIred and Its stock
sought after at u premium. safe and desirable
investment OF unemployed capital. But as like
causes VIII, so long as the world stands produce ike
ehects II a large public debt shall cease 10 be
Eai'ied as not wholly undesirable. and large reve-
nues ana resources present and prospective as
chiefly valuable as furnishing the basis OF a cor
responding credit and the means 10 paw the
interest OF large debt, and wanton and waste
Iui expenditure and unwise iberaty In appro-
priatons shall be encouraged the experiences OF
sormer years may be repeated II is matter OF his
tory that series OF legislative expenditures, CON-
menced III ls5S, and justified. as was supposed. by
the atterng prospects OF large revenues resulted IN
80 depicting the Treasury and impairing the credit
oi the State, that in the fall OF 1871 and winter OF
1912 the six per cent stocks of the state (which
few years before, bore premium OF more
twenty per cent discount and large lots were
sold at depreciation OF twenty-five cents
ON each dollar OF stock II the financial policy OF
the constitution Is rigidy adhered 10 and the appro-
priatons limited to the legitimate objects and pur
poses of the government, the state viii. before many
years. be In situation greatly to reduce taxation
and taxes may be SO light that the questions now
discussed with interest the best system OF taxa
tion, with view to Just and equitable apportion-
ment OF the burdens upon all, will practically un-
important
IN exhibiting the financial anars OF the state the
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