New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-08

value OF their securities exceeds the amount OF original
investments by nearly one million e'0hf hundred thousand
dollars. The several Sinking Funds applicable 10 The
deDptiOn Of The FtDlded DEBT already amounts in the
sider6iy more tian cnethrd Of the entire debt BESIDES
the securities ia which they are Invested have at the
present time market value OF hon and quar-
Ter million ~ doS dbore me OrgiJ0t Investment cost
OF the loan to the Boston, Hartford, and Erie Railroad
Accepting the rule that the Company would meet the
requirement Of the statute by making appear to the
satisfaction of the and conscience that all hu
probability they will be able TO accomplish the work
and bearing in mind the valuation which Tie public have
pany and believing that this indicates the existence
of a borrowing capacity on the part Of the Company
tie required disbursements and their present actual
means the Governor granted and delivered the hrs m
judgment is avcrse 10 the practice which has sprung up
OF ate years IN the Legislature OF granting large sums oi
money conditioned upon the discretionary aeon OF the
Governor ana Council aud he thinks IT proper that the
papers relating to the question should be make known 10
the legislature
These his remarks the bounty question in a con-
During the administration of Gov. Bullocks predeces
sor, i've different accounts, for the aggregate sum OIL
States or this sum- when he came 10 the Execu'ke
Office. there suspended or disaowcd items TO the
Observation-Disclosures lad been revoked These accounts were
then critically examined by the Military Secretary OF
ali bus comparatively nconsiderabe portion of the
items suspended or disalowed could he REINFORCED Dy
such additional proofs and explanations as, under the
amended rules Of the accounting officers OF the United
States would procure the Withdrawal OF the objections
on 1--WE accounts s952is II have been allowed and col
lected during the year 1868; on sixth account ior
s5 500 70 have been allowed by the Third Auditor The
entire expense TO the commonwealth of these poacted
and volumnous proceedings has been only about one
half OF one per cent of the amount recovered. ,uou
On the Hoosack Tunnel question, no makes the follow
ing estimate of the total cost: ,,,,
Total tunnel including
Total cost Of railway lo0ef''
ro,., oo, os r,ro and l,sv 81 mile, 262 69s
IT, now there be added the cost OF the other railroads
connecting with this, and together WIN ~
the through line from Boston TO Troy lS9 miles IN eng
the result will show united capital Of not far from
s6OOOOo The Governor says he has never doubted ana
worth all it will have cost worth It directly and for bust
worth il twice over indirectly by deSeopns c now
munity OF more than million ana quarter Oh souLs,
commSn%eait6 He says: II confidently look forward
to the day not distant, when the four railway.
connecting Troy and Boston, the lakes by nearest
transit with the sea- shall be consolidated In the in
terest Of commerce, under one seal ana one control
must nav to the state the tribute of per centum OF all
received from traffic passing through the tunnel
any part Of the Troy and ireenteid Railway
will then have strong inducement for such an arrange
meDt the interest Of the Commonwealth will favor II
the irresistible laws OF trade and transport VIII demand
it, In the negotiations and adjustments OF that future
day, readily ,oresee that the Commonwealth need
not De largely, II at ALL the loser on It's costly enterprise
regarded only "a pecuniary investment. And even II
Treasury shall not then recover the whole OF ITS aus
bursement more than an equivalent VIII he IeceAeu py
the people In the economy OF their commerce. anu increase
Of their wealth As had the honor TO say IN my annual
message the Legislature in 1861 the value or great
public works. conceived In the necessities OF states look
ing not 10 the specific returns OF remuneiatYe interest
for a single year limited number OF years but rather
to the compensation OF internal commerce through sue
cessve generations be computed by the rules that
govern private investment based on the promise OF I'M
mediate profit The finance of individuals comes within
the limitations Of present and personal interest the in
yestment OF Comlnonweahs looks for return IN thelr
complete development and their enduring destiny 80
have judged the great commercial and manufacturing
states Of and Pennsylvania ana so ihey nave
builded their material success partial 1orgefuness OF
immediate profit and on confidence IN the longer ana
grander future Massachusetts cannot afford to cherish
policy less broad than that which has conducted them
| to prosperity and greatness
BOsToN, Jan. 7.-GOv Clafn Will be inaugurated and
deliver his saturday. The yaledictory ad-
dress Bullock read in the Legislature today
The Rev. O. T. Walker BaptisU was to-day elected chap
| lain Of the House