The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-04
comptroller oleot..s Report.


Comptroller Olcott's annual report is one
of the clearest, most satisfactory and ablest
financial papers that has been issued from
the department for many years. Its
statements of the transactions and condi-
ton of the several funds and of the aggre-
gate results are SO plain and concise as to
be understandable by any reader Of or
binary intelligence its comments are un'
strained and free from clap-trap, indicating
a complete mastery Of the subjects treated !;
its recommendations are wise and practical.
The main features of the States finan-
cial condition having been alluded to
in the Governors Message have already
received attention; but. there is so
much that is excellent in the Comp
troller's report that the document
will be read with interest by all who are
concerned in the welfare OF the State, and
will be of much value as guide to dcsira-
bic legislation. The splendid financial ex-
h.bit which the State is this year enabled to
present is, OF course, due in great measuro
to the maturing. and cancelling of the
bounty debt, which removes one important
item of taxation and it is creditable both to
the Governor and the Conn troller that they
do not strain to make any illegitimate cap
ital for the political party to which they are
attached because the result has been
reached under democratic administration.
Nevertheless, tho strict canal economy en-
forced under Governors Tilden and Robin
son, the prison reform for which they may
Justly claim the main credit, the greater re-
sponsLility exacted of officials and the gen
erll simplifying Of the business and curtnil-
mont of the expenses of the public depGrt-
mcEts for the past three years have played an
important part in placing the State in its
present sound aud prosperous position The
people are not likely to overlook or under
value this fact, because they are no longer
wcaried with selt-glorifcation on the part of
faithful public servants.
Comptroller Olcott presents the canal
question to the people of the State briefly,
but With remarkable force. He pronounces
the low toll system of the past season q
success, and declares that the trunk canals
are SO essential to the commercial suprem-
acy OF the State that they should be
watched and guarded with q jealous care.
AS he makes no statements without hav-
ing facts to back him he produces the
clearest statistics in support OF his
assertion. In the navigation season just
closed the total deliveries Of grain and
-four at New York, Boston, Portland, Mon
treal, Philadelphia, Baltimore and New
Orleans were in round numbers TO- 600, 900
bushels less than in 1876 Yet this
year, under low tolls, the Erie and Cham
plain canals carried to New York Ii, 200, 900
bushels more than last year. In the
first week OF last month, when the
canals were open, New York received by
water route and railroad 918,924 bushels of
wheat and corn and Baltimore received
5S7, 3O4 bushels In the third week OF last
month, when the canals were closed, New
York received $685. 945 bushels and Balti-
more 867, TAO bushels. With the water route
open New York received more than Balti-
more and Philadelphia together. With the
water route closed New York received less
than half as much as those two cities. The
figures tell their own story.
The Comptroller recommends the aboli-
ton of the Loan Commissioners and the
transfer of the United States deposit fund
business and securities to his department.
This has been rendered advisable by the
discovery of mismanagement and fraud
which have not yet been fully de-
veloped. He urges economy in the
public schools and recommends that
the State charitable institutions shall
be placed under single-headed man.
agemcnt, like the prisons, abolishing all
local boards Of trustees. He is strong in
the conviction that to insure the future
prosperity of the State economy must every
where prevail. the general taxation for
State, county, town and city purposes must
be greatly decreased and justice must be
done in valuations. The report is full of
interest and suggestion and will well repay
careful consideration.