Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-01-09

Excluding the Western and Norwich and Wor-
cester railroad sinking funds, which fully sutf
cient for the payment of the loans for which they
are held the aggregate accumulation to the remain
ing funds, at their par value, indicates increase
OF nearly one million three hundred thousand dol
lars during the year 1870 The legitimate income of
these funds, even at o much smaller percentage of
increase will, with their principal relieve the treas
ury from all embarrassment ON account of the pres
en state loans, most of which have from sixteen to
thirty years to run before maturity.
The loan of S2SO,O0O is to be reimbursed with in
terest from the proceeds of sales of land purchased
under authority of the act creating the loan.
No further addition has been made to the funded
loan in aid of the Troy and Greenfield railroad and
Hoosae tunnel. The scrip thus far issued amounts
to S4,673070 which is due from 1888 to 1894. There
Is now chargeabe to the loan, to be reimbursed by
the Issue of script 81 1854 279 making the entire
paid by the commonwealth for this enterprise
1928 1853, exclusive of interest accrued in 1870
The sinking fund established for the redemption of
the loan amounts to $685., 642 par value its market
value being about $1,000 more.
The Boston, Hartford and Erie railroad loan Ia
five per cent sterling loanb stands at S3,599,024,
maturing in the ye 1900. The sinking fund pro-
vided for its redemption now amounts to S659,219,
which, with its legitimate income for thirty years,
Will doubtless secure the state against further liza
bity on account of the principal The interest on
this loan now paid from the ordinary revenue may
be reimbursed in part from the proceeds of the
"Berdell Mortgage Bonds" if from other source.
The loan of $356,9S9 from the Me5srs. Earrings,
will be eventually merged in the funded loans on
whose account its proceeds have been used, and
will thereby become chargeable to the sinking funds
ated for their payment
foregoing statement at their average minimum VAL
ne l5OOOOO 1t Is reasonable to anticipate an in
crease IN tins amount.
1t will be seen from this statement that, deduct
ing the sinking fund and other resources set apart
for the payment CT the public debt the indebted
ness OF the state amounts to S13 8S1 49, Within
the last eight years more than twelve millions of
dollars have been paid for tine relief of disabled
soldiers and their families and the families of the
slain. In addition to this more than sixteen mil
lions OF dollars have been paid in bounties to sol
diers since 1861. Surely no one will complain of
EHNrH aft ha n a1af
has been contracted for the relief of those patriotic
men aud their suffering families.
Finance for the Present Year
The ordinary expenditures for the pres
ent year estimated at. 700 900 90
The ordinary revenue from all sources
may De stated at ..'.......-,..-.... 100000 90
Showing a deficiency of. ..........s 100000 90
In the above estimate there is no provision for
| ducing the temporary loans made to pay for work
on the Hoosac tunnel IN anticipation of the sale Of
scrip, from which the treasury will be reimbursed.
This statement shows that tax ftwo and a half
millions Of dollars will be necessary, unless the tax
on savings banks should be increased to one per
cent. recommended elsewhere, in which case the
state tax may be reduced to two millions of dol
lars.
HoosAo TUNNEL.
This enterprise has now been IN the hands of the
contractors one year and niue months The progress
for the first year slow, as the machinery was i'm
perfect, and the contractors, though accustomed to
large public works, were inexperienced In tunneing
on an extensive scale. For long time they could
not obtain enough laborers to man the works as
fully as they desired, but for the last six months
there has been no difficulty in obtaining many
they could employ to advantage, and the progress
made Is much more satisfactory. the central shaft
Is now finished down to the grade and the con.
tractors are working from that both ways though
as yet for the want Of machinery, they are unable
10 make great progress. Thus far there seems to be
no serious obstacle 10 an early completion of the
tunnel certainly sooner than the stipulations in the
contract require. The contractors have performed
their work generally to the satisfaction of the engi
in charge OF the tunnel under the authority of
the state The line has been carefully examined
Gently, so that no reasonable doubt can be enter-
tanned that the position OF the central shaft is cor
rect, and that the headings will meet and form a
continuous tunnel in q straight line from end to
end.
The amount Of work performed by the contract
ors, Messrs W. y. Sbanly, is $1,24S, lS4.13, and
the amount paid to them Is S740047,sl and the re.
held security for the faithful Performance OF
the contract, amounts TO $50S 36,S2.
The amodnt to be paid them will Increase each
month until the contract Is completed, progress
from the four faces will be at least one-hrd greater
than has been attainable up to this time, working
from only two. The whole length Of the tunnel
now opened Is thirteen thousand six hundred and
tweniy.tHo feet, or very nearly two and seven.