New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
GENERAL FUND DEBT.

NJ "a 43,31I W
GENERAL FUND DEBT
10 addition TO tho above stock indebtedness, the
canal revenues are chargeable with portion Of the
General Fund debt, for which the canals are liable.
A full and final contribution Of s5O0,GOo has been
made to the Sinking Fund applicable to the payment OF
this debt of the for the ending Sept
30, This debt amounts TO 9Ss,526 40 The Sinking
Fund. applicable to payment thereof. Il now FULL and,
including the final contribution above mentioned, now
amounts to 81, 2ti, 400 3d.
It will be from the preceding statements that on
the day OF September last the aggregate amount
OF Canal and General Fund indebtedness, for which
certificates OF stock have been issued and are now
bearing interest SIS 2299i6 The interest that
portion OF tins debt maturing previous TO 1888 pay
able quarterly tho first days OF January, April July
and October in gold. That which natures In 1888 and
thereafter is payable semnnuay, in gold. the first
days OF January aud July. The sum required annually
pay the interest the above debt estimating the
premium gold at per cent. Is Di,953 90.
1t the intention OF the Auditor to call attention to
the vigorous efforts that making, either by direct
action and express legislative authorization or by indi
rection to inaugurate aud commit the State to an en-
argement Of the existing canals connecting the lakes
with tho Hudson River 1t Is OF but little Importance TO
the of this aud kindred projects whether tho
State directly declares for and undertakes the work OF
some nsdious pretense which will eventually lead to
the undertaking favor of the greater work If the
STATE S Of snrvs sS 9a ace for the proposed
socaed improvement, with directions that all repairs
and alterations shall be made in reference to enlarge
ment In the future, the end will be accomplished, the
State will be committed and the interests OF interested
parties OF all classes will combine and prevent any with
drawal or retracton. and the tOin9 taxpayers Will
awake only find debt Of millions ssddled upon the
state burdenng its industry for work which has only
benefited those who have constructed 1t. or the few
have commercial property at some point especially
benefited.
better and still more certain point will have been
gained IT, under any pretext, those Interested In the
project referred induce the Legislature 70 drecs
al locks hereafter built to be upon greatly enargeu
paD and capable OF admitting boats OF greater length
and burden those passed by the present locks S
IL the enlarged locks could be OF the least service until
every lock upon canal has been rebuilt upon
tho same pan the lock must not Of necessity 10
Dportoued to tho prism the canal. The necessity OF
any enlargement the canals for the purpose OF m
creasng It's capacity to meet the exigences OF COIL
uerce will be readily ascertained by comparing tnen
business in past with their actual capacity ~ tner
present Dimensions The capacity OF the canals has not
6pr,no the past season been taxed to i1 utmost limit
and tsey have had sil the advantages OF good naya
fiOn and tolls The past year OF Navigation does
not differ essentially from previous years In TINS re-
For all the purposes of the inquiry every canal other
tr"sSns The data most favoraSs to tho views Of THE
most progressive internal Improvements sdyooat1.
Sv tSa tsscs Of the canal that at present
bustpess upon canals from the opening
nsS or falling of in The business the summer
months orovdng all the tranie inso ofel perioa N
s Years since This circumstance ought TO cheapea
for boafs be constantly employed through
The .s. so1 S Su few vsass a Ss opening
and towsrd the cloee Of navigation
=: ss e,
capacity enlarEencns required i toe purposes VI
o~snnmerce fUr at least u quarter Of = century.
ins qury may. them we'll b puS Why should me
% ommsrue and which cost upon any. even the
lowest which tbs moss iacae OF engineers can
make less than tlo.oooooi
of . wise economy and proper administration Of the
Saaa Of the staoe. AGAINST sny eniTgsmsns OF the
can ais should completed and put and kept perfect
reDaar Of tue size dimeOsions, and CAPACITY contain
plated by former legislation; aod this done every pur
poss which tho canals were Constructed or which
and would be oppressive the great OF the tax
payers Of the State TO 20 farther.
Intimately connected with consideration OF the en-
of the present canals Is the subject OF tolls
and revenues The present charges upon the canals,
with the present tosheet. will not permit Of any
experimental projects
The tolls received for she last fiscal year amount to
a sos g. being s3s25 a less than the tolls OF the
previous fiscal year This falling on 10 the tolls was
caused by the breaking out Of widespread disease
smons the horses in September. 1872 and which con-
tnued until the close Of navigation In 1870 the Canal
Board with the consent OF the Legislature reduced the
tolls below the rate prescribed oy the ton sheet Of 1882
There seemed be necessity for this reduction
Of the tolls arowing out OF the circumstances OF
the preceding wears. There was great competition
for freight between the several railroads reaching
ont for t6e rac tho West and fregbts were carried
at runousy rates. aud during part OF the season
AZ Ieast canal freghts were greatly depressed ID.
versions OF trade the canals In favor OF other and
ornnetin routes had been effected Commerce which
narrally belonged the canal seeking other chan
neIs The Canal Board, regarding the canals being
for rather than revenue took the
vie thai the tolls should be adjusted as TO attract
and not repel freight seeking transportation" the
Teoslsture sanctioned its action, and tho tolls
then reduced TO lowest point consistent with the
present. charges upon the canals
BEFORE the opening OF navigation IN 1873. the Canal
Bosrd having doubts regards the concurrent resol
ton OF 1870 being q continuing authority and still |
passed resolution adopting tho toll sheet OF
1872 as the sheet for 1873 The following resolution OF
concurrence passed the Senate Jan 90 l5lSs ana WAS
copcurred Ia by the Assembly Feb. IL, 1873:
Legislature concur IN