New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-01


Paid premium on purchase .ndit'''' s9oasoo
rrsnt Of stock .'.'''''''''''' 2S' ~ ,H
Paid principal Of loan............... 55EiO9 W
Paid account general flnd debt....... Z,'oA,lSA u
Pad S STaI ,9ts. On an li Of Ere and
CSanpan Canals. 2Oojl53 9a-slo9l162i 63
Paid C.n.l Commissioners four years ss92S2l3 80
Paid contractors in four years........ 2iO33o-o y
fNo 72s 90 Ii j65565 u
f'i' ..'.............. l,3O7,726 u
Paid Collectors and inspectors in four $500.
Paid Y; .ssis;; ss53S ss ss g
Paid interest or loans ia four yean.. Z'ho.-4o Ot
Total disbursement four years -
-iI'oIV %
s3O,I42,3O3 10
The disbursementslon account OF canal repairs COM
prsng those paid the Canal Commissioners CONTRACTORS
and superntendents lin four years were slA6ooooo l2
weighmasters collectors inspectors and miscellaneous
7os56s O9-makng the total sums paid for repairs ana
maintenance In four years ended Sept. 3o 1873,
sG27.l2s o. besides 1920 paid for interest IN four
years. or including interest, repairs, and maintenance
slS.0S936s Il.
The disbursements for extraordinary repairs Tor the
four years ended Sept 80, 1879 on all the canals were
&C. 1856 o9 3d. which being deducted from se'oV1oo ~
leaves sl26Ol,3ls 81.
The disbursements for the maintenance Of the lateral
canals comprising all the canals other than the Enc,
Champlan and Oswego Canals were for the four years
ended Sept 30 s65215 49, and their revenues or
the period were S2S5767 70, leaving charge Oh
$336G.9> g. Deducting this amount from the $l2oo-
3s 81 leaves 1860 The total revenue In the four
years ended sept 80, 1873, from all the canals was
sl,976sl2 ~; from which deduct revenues from the
lateral canals lin case OF abandonmeno, s2S5767 70,
leaves l69O744 &C. The ordinary repairs and mamie
nance OF the Erie, Oswego, and Champain canals ior
the four years ended Sept 3d. 1873. were s9273eo a.
which being deducted from the sl69O7A Go, reve-
aue received from these canals during the four years
ended Sept 80 1875 $273915l 4s in four years
nfrihu 10
fund the debt being payable in forty years under
the provisions of the proposed funding bil-and the
necessary extraordinary repairs TO the canals to Keep
them in good navigable condition. The extraordinary
repairs OF the Erie, Champlain and osweeo Canals Tor
the four years ended Sept 1879 $9jG3j0 55, or
s2197 l99 IS than the entire surplus In four years
ordinary repairs OF these canals aud interest on
he canal debt years. leaving nothing for the four
years annual contribution 10 the proposed canal DEBT
sinking fund under the proposed amendment -
The last years have been unprecedented for pro-
life cereal crops and active foreign export The cOpe
rival carrying interest Is every year growing
stronger The Central RAILWAY took nom Bufaio ana
suspension Bridge III the year 1872 including hour reck
Oned at its equivalent IN wheat S7't0oooS bushels OF
States lNO NewYork City, and 900 bushels TO
Troy, Albany, and Schenectady. That road viii soon
have four tracks, two OF which will be exclusively used
for the transportation OF freight 20 ana from the west
s73incudng flour upward OF p 1900 bushels OF cereals
against 1OOOOOJ for the corresponding period in 1928
extremely doubtful az to what the revenues OF the
canals, even ~ the present rates OF Toll VIII asSrcga
during the four years 10 end Sept 80, 1871 partial
diminished export demand is MOI lmprobanle ana
stronger competition from the rival carrying interest
may reasonably be expected, which may diminish tue
revenues below the aggregate paid for ordinary
repairs and maintenance Of the canals and the interest
1873 81 Of the canals below that OF the
average revenue over ordinary repairs and main
tenaucs would leave nothing for the necessary annual
contribution to the Canal Debt sinking Fdnd under the
provisions OF the proposed Funding bll. and no pro-
Vision whatever Tor any necessary extraordinary re-
The advocates of the funding bill claim that under ts
.tnllG he he
mill mill. ii the average tonnage OF the last
four years shall be maintained the four years
at / mill instead OF II mills the revenue
would be twothrds Of s 69o74 &C. which equals s77'S
sq7 ~ against expenses per last four years ordinary
repairs and interest OF Erie, Champain and Oswego
Canals of so251,3GO %, when would leave deficiency
for ordinary and interest alone of 81 1853 II In
years beside the necessary four years contribution
to The canal io ro b 10 ,a b bee role ep. M
reduced below the present rates, and ws no power
for taxation aud insufficient revenue from present
rates tolls a diminished tonnage the only remedy
would he augmented rates OF toll to meet even ordinary
mai interest and the annual contribution sinking
fund and such increase would throw the trade more
and more into the hands OF competitors within and with
ont mis- state Low tolls and "A free canal has been
the rayinc cry of the advocates and friends OF the
The legislators at Albany and the commercial ot
this city and Blfso requested to note that during
he as four years ended Sept So 1873 s1O654 10 have
been raised taxation for canal repairs improve
mens which 80 only were for extraordinary
repairs, and they may I've asked what would have been
thc condition of the canals and their revenues II the pro-
visions OF the proposed funding bill had been operative
during the last four years
In case of diminished revenues below the require
ments for ordinary repairs and maintenance OF the
canals and Tie interest and necessary annual cOntrib
ton the sinking fund aud no taxation under the
posed amendment, and no way to raise money except
obligations the state will not be readily taken
now indeed, it will be with difficulty that new loans
can be negotiated with the tax clause eliminated from
the Constitution providing for keeping the sinking fund
of the canal debt intact.
It will two or three years be demonstrated that the
Erie Canal, 10 hold tho trade must have important
improvements TO cheaper transportation There is 20
nothing positively developed as TO how much the
introduction of steam will diminish the cost of trans
pOrtation from what IL now is by animal power. Very
little, If any, has been the reduction.
To be on an equal footing with prospective oompet-
tors the OF transportation from Chicago to New
York must he reduced BY some means about three dol
lars per ton. 49, o.
1887 aggregates i'll value oveT s7onoOoO 1t has gwen
wealth power to the state Competitors VIII rejoice
that this State Is content with present. facilities that
they may the easily take possession of what THIS
State has had for 80 many years by the superior fac-
ties heretofore afforded by the Erie Canal.
The debt the 3Oh Of Septe mber 1873 only
sl2ii42o of which s53O2h 81 is already provided for
leaving only s9I7s 70 TO provided for from future
canal revenues or taxation. The taxation for canal
sl057G,25i rs.
Under the provisions OF the proposed funding bill tho
interest In 40 years would be between twenty and
twenty -four millions which will be that amount OF tax
on the commerce through tins State. tax of SILL
annum, would require only $40 mills on he s2l2e
taxable valuation Of the property of the State
aud would be far than propOsed
constitutional amendment imposing tax of twenty
twenty four millions on the commerce which Is desired
to be held through the state; but there necessity
under the present provisions Of the State Constitution
for this tax at present. ut least for only portion Of
1t. The canal debt falls due as follows:
1874 Oct l....$2 900 900 1887, july - q gao 400
1875, Oct l... 4I3oOO 1891, JAY l...... 22gs 900
1888 Jan. l....... $4,000
The proposed constitutional amendment cannot, II
made operative, but ieoparjZe tenure of The com
merce OF the Northwestern states which we desire TO
retain 1t diyests the state by constitutional enact
ment providing for the necessary improvements
70 cheapeD TRANSFORMATION. Or Limits II " what the canal