New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-08
NINE MILLIONS FOR CANALS
A BIG ISSUE OF STATE BONDS ABOUT TO
BE MADE.
ror-p MILLIONS o., THEM Will. BE READY FOR
SALE BEFORE JANUARY l-WHAT THE
MONEY MIST RE Used FOR.


MONEY MUST BE USED FOR.
Albany. Nov Now that the proposition 10
appropriate 100000 Cor improving the canals mas
apparently been carried. the State officers are look
ing into the matter OF the issuance of the bonds 1t
is found that the law makes about AUooo OF the
50 600 600 almost Immediately available 1t being nee
essary only await the official declaration OF the
vote BY the State Board OF Canvassers State Con-
troller Roberts will probably have arrangements
made for floating the bonds, so that they can De
placed on the market shortly after tho CanvasserS
meeting or before January /. When the bonds are
sold Mr. Roberts Is to furnish the proceeds TO Su-
pe-lnten1ent Aldrdge. OF the State Department OF
Public Works at such times and In such amounts as
he requires for construction purposes
In case Of the adoption of the proposition the Noh
troller under the direction Of the Commissioners OF
the Canal Fund Is TO cause to be prepared the bonds
to an amount not exceed 100000 TO bear interest
not to exceed per cent payable sem-ahhuany III
New-York CITY The bonds are 10 run Tor periou
OF not more than seventeen years and are not 10 De
sold less than par. They are not to De soid all
AZ one time but In lots not exceeding 100000 at
time so as 10 provide funds for work contracted 70
be done during the ensuing twelve months
Within three months after the Issuing or the ponds
the law directs the Superintendent OF PUBLIC NorKs
TO proceed TO enlarge and improve the Erie Cahai'
the Champlan Canal and the Oswego Canal. the
Improvement to the Erie and Oswego canals TO con-
sst in deepening them 10 depth OF not less than
nine feet OF water except over and across aqueducts
m,tre sls culverts and other permanent structures
where the depth OF water shall be at least eight
feet but the deepening may be performed by rais-
ing the banks wherever 1t may be practicable; also
the lengthening or improving the locks which now
remain 10 be heightened, and providing the neces-
sary machinery dra wing boats into the improved
locks and for building vertical stone walls Wnere IL
may be necessary. The improvement or the Cham.
plain Canal is to consist In deepening the canai
Ia seven feet OF water and the building OF such
tfcalc
work is TO be by contract entered into by the
SUPERINTENDENT OF Public Works on the part or the
state with the lowest bidders. but In no case shall
the amount OF any contract exceed $JOo.Vp
The State Controller Is charged with the duty or
selling the bonds 10 the highest bidder AFTER ad-
yertising The Legislature must annually Impose
FAY of thirteen-hundredths OF mill upon each
dollar of valuation OF the real and personal property
in the State subject to taxation the proceeds or
which tax after paying the interest due upon the
bonds Is 10 be invested by the Controller under the
JSrsc,ion Of the Commissioners OF the Canal Fund
and together with the interest arising therefrom
devoted 10 the sinking fund created for this pur-
pose. A.. 500. o. - ...,.z.
canal Improvement not yet obtainabe. In the
thirtv-three counties which have been heard from
the plurality for the improvement amounts to nearly
TX O0 Seventeen OF these counties were opposed to
while sixteen were in favor Of the proposition.
New-York Rochester and Buffalo gave such large
went for naught Little attention has been paid 10
tahulating the vote the canal proposition. and
accurate figures will not be known until official re-
firn ar