New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
CONTROLLERS REPORT.

STATE FINANCES TO SEPT. 90. 1919
wRETCHED CONDITION OP MISUNDERSTANDING IVA
TREASURY AND ROBBING THE SINKING ruSDs-
FRUITS OF LEGISLATIVE ISCONPETENcE-cLEAH
AND TRUTHFUL STATEMENT OF THE PosiiioS os
THE STATE.
CONTROLLERS OFYICR, ALBANY, N. Y, jan j. 1875.
To the legislature:
The Controller is required by law to mako
and submit to the legislature at each annual session
thereof exhibit report OF the financial anSrs OF
the State for the last previous fiscal year. including
statement Of the public with an estimates f
the probable expenditures for the ensuing year. together
with such suggestions he lmay think proper 70 mako
in relation thereto.
Hero follows statements of tho funded debt, sinking
funds &C., similar TO those included IN the Governors
Messagel
Tho following statement shows the amount OF the
canal debt and the years when the same is payable
g. 2Os,42o 90 lss1........ Se2sS %
1875 -......... $4,000 90 ssi-.-.------ I2'leo"
isss...~....- 1880 90 Total. III, 2n,f2o 90
The contribution from the o; the canal for the
year 1873 appropriated by the Constitution to the pay
ment of the General Fund Debt, exngushes that debt
and 10 may therefore. be regarded as paid.
II the amendment agreed by the members elected
10 the two houses of the Legislature now In session ana
adopted by the people, the Commissioners OF the Cansh
Fund will be authorized 10 borrow on the credit OF the
State such may be necessary to pay and canoes
the debt now charged the canals as the same shan
fall due by the issue and sale Of bonds or certificates OK
stock having forty to run from their date bearing
interest the Of five per cent annnm payable
eemiannnaly the payment Of the principal whereof
ct maturity sinking fund OF per cent per annum
shall DO established, and the Canal Board Will be d.
reced to hx the tolls OF the canals at rates sucng az
may be, to provide only for said Sinking Fund,
interest the debt created and the expenses Oh
collection, superintendent and keeping the canals i'm
repair The object Of tho proposed amendment being to-
reduce the tolls and consequently the cost OF trans
portation the canals to the lowest possible rates 10
therefore commends itself the serious and favorable
consideration of the Legislature. There no doubt
the State retains the trade which has heretofore soughe
and seeks transportation the canals, the COST
Of transportation must be mado as cheap or cheaper.
than that Of any competing route and the adoption
of proposed amendment will tend to effect that re-
suit apparent that the true policy and interest Of the
| State will be promoted by its adoption.
BOUNTY DEBT AND SINKING FUND
On the 3Oth September 1879 the outstanding stocks
and bonds representing this indebtedness amounted 70
| s2l 600. classified as follows:
Registered k..-..........-------.-.s9ss@
Coupon bonds .-...............".".... LAs,@o
Total - .2l,I2l, go
The following table gives the receipts and payments
on account of the Bounty Debt Sinking Fund for tho
| fiscal year ending Sept. 30, 1873:
Receipts riy:
Balance In the Treasury Oct. l. 1872 Si2e5T %
Proceeds OF T@o.m tax levied In 1872, III -.
pursuance of Chapter 325. Laws OF 1855 Ic937c9 70
| Principal OF westchester County bonds due
interest," investments. .................. Ho62 C3
Transferred from General Fdnd for interest
money In Treasury during the year.. 33lW3 %
No,9Is,.p "A
Payments, ri..
Interest debt 81 4S2.2I IS
Purchase Of stocks for inyestmnt I,32s,sOO 20
Premium on stocks purchased. 1S6,oss 81
2q4s,l29 81