The New York herald., 1871-01-04
FINANCES OF THE STATE.

Abstract Of the Annual Report of the Comp
Ir0lier.
In the following synopsls we have endeayored TO
indicate as nearly as possible the chief salient
points In the comprehensive report OF Comptroller
Nichols.
REDUCTION OF THE STATE DEBT.
The funded debt of the State, after deductng the
sinking funds was, September 80 1870. $50, 40s, A.
being reduction Of So, 43s, S91 since the same day
last year. IL is made up as follows:-
General tund. $3O3l, 050
Contingent 50,O07
Canal. ACKNOWLEDGEMENTS. 9,Si6,695
THE CANALS.
The tolls collected Tor the fiscal year 1859
The tolls collected for the fiscal year 1870
were ......... 3OsO, 500
Tne expenses were in 1869. 127s, 507
In consequence Of the long neglected
condition OF the canal they were In 1870 1857, 164
The Comptroller recognizes the necessity Of q
liberal canal policy, carried out with the strictest
economy and integrity. The canals are among the
state. In 1869 their tolls, at hlgh rates, decreased
sSo42l5 and their tonnage 5so.l45 tons. great
and INJURIOUS change IN the course Of tradeIits
wherein four years Is shown by the following
data
Buffalo bushels OF grain re-
ceiveJ tincuding four.... 5s,3ss,0S7 451s9,2 278
nSngsa fSaGspna so aS So $o sss5
Upper lake ports, Chicago A
Milwaukee, Toledo and
Cleveland ....- ..... s9,5S4,346 IFS, ,9se 906
DECREASE OF TRADE AND ITS REMEDY.
Transit OF vegetable food on the canals fell of
from 22 237 tons In 1861 to only 302 6l3 IN 1882
Flour fell or from nearly 1000 900 OF barrels in lS4s
to less than 5000 In 1862 1t became clear that In
creased speed and cheapness OF transit must be OBJ
talned, or else the trade would be intercepted by
other routes. For these reasons the navigation Of
the canal has been improved and the Canal Board,
last May, made important reducriOns IN tolls espe
ciay OH the great staples OF food. The principle
OF reduction must he gradually carried out, until,
the dent being paid and the tolls taken on to the
point of maintenance and repair the canal VIII be-
come substantially free. -
EXPERIENCE OF THE YEAR
Time is necessary to restore what il took time to
lose, but the experience OF the year jusies the
rested. In 1869, under high tolls, the shipments of
gram and -four decreased 1884, 25S tons. At this rate
the whole Of this valuable trade would have been
t,rely destroyed in eight years. Tolls -four
nearly twenty-three cents, while the whole freight
was forty cents. Similar rules apply TO other arti-
ces in which the trade was being lost. In 1870 the
oiminution Of trade ON the canals was about one
seventh OF that In 1861 and, but for an unusually de-
nclent crop oil c0rn and consequent light shipments
of IL. there would have been large increase IN
the tonnage OF grain, &c Prices almost unprece-
dentedly low, excessive speculation, the destruction
bad condition Of the canals. causing delay and un-
certainty IN lraDslthe inevitable result OF the con-
tract syslcm-coinbined to keep the tonnage OF
grain down In 1870; but IL Is believed another year
Will turn the tide strongly i'll our favor The amounts
of the tonnage OF all other articles, eastward and
westward hound, are not yet accessible: and the
whole question Is more fairly JUDGED on general
principles than by the events OF two years.
THE CANAL DEBT.
The system of reduced tolls Ia the surest guarantees