New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
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Balance In the Treasury Sept go g. 81
From the foregoing Statements It will be observed tbah
State stocks TO the amount of $S290 have been pur-
chased investments during the last fiscal year and
since the close OF the year. making total OF
s12202Oo or this amount 100000 of the Bounty
Loan Of 1877; s232300 Canal Deficiency Loan g. Jan.
1885, and $9 500 OF the Canal Deficiency Loan e., July
/, 1891 The $S9O4OO Of the Canal Deficiency Loan or
November 1873. &c. July 1891 subscribed for tins
Sinking Fund at five per cent premium in currency.
These several purchases OF State Stocks Canal De-
6ciency Loans, amounting to 1874 0 became necess,
sity as there were no bidders for the amounts thus
taken Of the several loans placed the markets and
had the been thus provided by the Controllers
for the redemption of the Canal Debt due IN January
July and November 1873 the States credit must have
suffered by the sale of the stocks below par Large add
lions will be made to the investments for this Sinking
Fund when the levied for that purpose paidk
into the Treasury.
This schedule shows securities held by the Controller
amounting to $ls9O44 %; and there has been pur~
chased during the current fiscal year State stock Of the
November Canal Deficiency Loan, $500, 400, making -
total of securities held for the Sinking Fund or
O19444 o. The balance, exceeding u 0O00 reported
money in the treasury is really made up of uDpad
balances due from county treasurers which will DO in
vested from time to time tho money received into
State treasury The moneys Of this and other Sink
ing Funds cannot be invested was the design. 90 long
as the delays experienced III the receipt Of taxes
continue and the Controller obeys the mandate of tho
Legislature by anticipating these taxes from year to
year. for the canals Capitol and other public builds
ngs, In violation Of the Constitution, which pledges
these funds the redemption Of the debts they
| come due.
1t has been the practice Of the Department, IN the
of the Trust Fund.- from its inception, 70
transfer to the account at the close Of each fiscal year.
the amount due from the levied for its benefit with
out regard TO the amount actually received into the
treasury at the date Of the transfer hence the balance
annually reported in the treasury has been largely
made up Of unpaid taxes, although the amount thus
transferred has represented the true due to tho
fund from the of the preceding year. That was tho
fact Of the close Of the last fiscal OF the taxes
laid In 1871 unpaid balances due from county
reasurers Sept 90 1873 amounting to >S9ies7I To- DC
this sum- over t $4,000 due from the 0ty and
County of New-York. Had these large amounts been
Maid into the treasury, they should have been tha
balance OF the credit OF this Sinking Puma
wou,d have been real instead Of nominal. The State
finances have constantly embarrassed by Similar
DELAYS In the receipt Of taxes and the inconvepenee
resulting therefrom continually growing mere
serious.
The Bounty debt reached its highest figure Sept ~
1865, and amounted TO 7s4.o0o sepA %, ls7s, The
amount s2 12l0O0 Actual reduction by cancels.
tion s6o23OO0 The following have been AsthoF
lied and laid for the benefit Of the Sinking Fand for ne
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