The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-29

iist OF the state and the condition Of the sinking
FUND intended for their payment at maturity, Tor
the creation q whtsn PrQyIslon Y made IN the
IS % shs proper q
1 the financial departments OF the government of
more ei u detail this special lea ' to
sssss. sss o. payable IS ici!oxs:-on dsiah6d.
90 'S 1s' f. sSss July so lss
S SsSs e A pr ds na az
W.: m.as s ss ne
q Sna sr sS
En- ISSS ;s ssd aeS s%SSs.sSy applied
required 70 take up ana canoe, SAID general fund
f-debt has been contributed and paid into the
consts1ton, but the @oneys 50 contributed fos
the establishment OF this sinking fund have been
DIVERTED yHon Tasm l.elIiAATE PURPOSE
taxes from year 70 year, and che same cannot be
expenses OF this state incurred In the suppresson
the Laws The sutSoy IN
the eleventh section Of the sayeEth article OF the
o. ths sss SnSn y In the following
to contract debts. the State nay contract debts to
repel invasion, suppress ipsurrection or defend
CONTRACTING Of such deb sa be applied 70 the
purposes Tor which It rs raised or e repay SUCH
ssd nave been
az time TO the
OF 80, or ~ There e. in point OF fact invested
at this time to ia credit and now In the custody
Of the Go%ItrC ~ tas sum Of s22 q.
rsceed the sressuy ro% ss9es
sas not q sbs Of ssuy
General Fund Debt sinking FUND, already paid into
aoa q n .s Of the
TOTAL AMOUNT DUE no rHEsE SINKING FUNDS.
and not yet inyssseS 81 ~ g. Although this
ing funds It fs largely made up Of unpaid taxes,
VIII ,apPear below; The appropriations made BY
OF the state rom year TO year, and SO iar tres
passed upon the money which should have been
invested 70 these nnkng funds, thar tax Of three
20 over $1,000 6oo. was authorised By the
hs9ee was @ he Gens sns fuSS Ss
fund. The latter sum has been paid over BY the
miVion SIX hundred thousand dollars Of said three
and one.hall mill tax yet remains uncOllected,
principally nom the counties Of New York, Kings,
Westchester,. schuyler, Wayne and Ontario, and
ING unds-to Wit, S1oO0,0Oa There is vet unpaid
Of the general tax for the same year g. 100000.
There has been anticipated and used In payment
- APPROPRIATIONS FOR THE NEW CAPITOL.
asylums &C. Of the tax authorized In
81, 7s7s, Slo0OoOo, denciency yet existing in the
treasury, which must be made good by taxation,
a 81 saoSld have Z BEEN raised. pad into
tne treasury ana invested IN bonds Of the United
q the cOnatifutiOn nd 1avwc unh
but 2 large portion OF It has been diverted and
the and sill larger portion Is provided
for In the dehciency tax and other taxes which viii
year from the present time In addition to the
amount already authorised as above stated, there
xl be cont,bussd 70 the bounty debt sinking
four years from 1873 70 1876 both inclusive, sum
which will be ample to 49,,
At maturity mo further inroads are made upon
these funds. But It should be borne In nlind that
VIM reach the snSr existing
laws until AFTER April I. 1871 when the
fore, be made in advance to meet this contingency
forth in this statement and OF the large appro
Of the receipt OF taxes levied TO meet them which
has brought great embarrassment to this depart
perative duty OF the Legislature to provide means
without further encroachment upon the sinking
funds constituti0nally devoted to the redemption
Of the STATE deDt. sucn q diversion Is IN direct
violation Of the constitution, and If the policy or
investing these sinking funds In unpaid taxes il
continued from year to year the Finance Depart
ment win be constantly embarrassed, and when
the debt natures in 1877 the money Will not be In
the treasury, for the reason that, as at present.
in anticipation Of taxes which cannot be made
available until about year after the debt
as my duty to obey the mandate OF the constitu
tion and invest the proceeds OF taxes and other
reach the treasury in the securities as authorized
by law. All the facts presented In this communica-
ton are substantially given in my recent Annual
this condensed form, to the end that they may be
submitted to the Legislature should 1t seem to you
to be proper, accompanied by such suggestions as
you may think it expedient to make In relation
thereto. NELSON K. HOPKINS, Comptroller.