New-York tribune., 1876-01-05
TIE BOUNTY DEBT.

But even this exhibit does not completely show tho
situation OF the sinking funds ara 70 deal with
the legislation OF yOrr Present Tue
appropriations made at the last session became operative
on Oct. l, 1875. The taxes levied for tho
fiscal year. beginning that day in process ot col
The appropriation for the Bounty Debt sinking
Fund was Si,2G0OOO II that sum be deducted from the
balance of J9s77i6 H. shown In table for sept
80, lS7J there would remain but II 7277I6 Il 20 be
provided for by your legislation The approach OF
the extinction OF the bounty debt suggests retrospect
Ii it had been necessary condition 10 restored uuOn
people would count its Bat IL essen
TALLY afterwar adjustment aud the criticism OF tho
Controller. in his report OF 1875, be justthat though
created "nOminay 10 pay bountes 10 the volunteer
soldiers who enlisted in the service Of the Uned states
during the Rebellion but only lnconsderable part Of
this sum is believed TO have reached the soldiers who
were actually engaged in the contest the experience
would be chiefly useful IN Illustrating the magnificent
cOstlness Of mproydent debt. The appropriations for
II in last years amount 10 S9 9-3, ,S62 %, and
would swell the present cost to at least $4,000
600 When the appropriation OF the present year shall
added, the people Of this state may be congratulated
Its extinction
CANAL DEBTS.
The appropriation the last session for that portion OF
the canal debt known the floating canal debt was
S266,OOO which will complete its payment and leave
small surplus in the sinking fund on the other hand,
the sinking fund for the canal debt proper will fail 10 de-
rive from the u the canals the whole Of
the nstallment required and deficiency Of S625,6lo 10
will have to be supplied.
WHOLE AMOUNT OF DEBTS.
The application OF the sums appropriated from taxes
now in process collection State debts
about S10,250 900, exclusive OF accung interest.
Another observation ought TO De made In respect the
sinking funds. Nearly Sl2000o0 OF the OF
premius its stocks present market rates
1t clear that the operations of the sinking funds should
be revised The best investment certainly the safest for
state for individual is in the payment Of It's
debts II that be possible reasonable terms Indyd
seldom nd easy credit anything but States
never large OF cash on hand. even II In sinking
funds tempts mproyident expenditure and 10 illestt
innate use.
CONSTITUTIONAL RESTRICTIONS on PUBLIC DEBTS.
Thirty years ago. in June, the Convention sat which
formed our present Constitution 1t called into being
chiefly 10 impose restraints the power OF the govern
this State to contract debts The purpose OF
people establish these guards against their agents was
the result OF years OF animated discussion The restraints
were carefully devised. They have been useful and, In
MAN, eecual In 1916 State debts were nearly
ga 100000. In 1876 they will be reduced TO
Sl0,250000. The Convention considered plans
for applying such restrictions 70 all municipal
bodies and local governing officials They did not feel
able in the period Of their session, mature satisfactory
provisions. They deyolyed tho duty the legislature
commanding its performance. Their injunction has been
uuexccuted; and in 1876 the City Of New-York has g
debt of $l22 900. after deducting It's sinking funds
a iinst debt Of less than S1iooo0oo in 1si6. Tie
other cities OF the State $50 600. and many
Il, and towns are also largely burdened
sole surviving member OF the Committee which pre-
pared tue constitutional restrictions the creation Of
state debts might be permitted. In honor Of the Illus
rous dead 10 trace the moral experience has since
proved the utility OF their work; but have rccounted
i .-u l.. show that the policy then sud u nov