New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-21
Money Idle in Funds.

Money Idle in Funds.
The second blundcr was the act Of
the Legislature in providing for pay
ments out Of the states general fund
TO the canal sinking funds, without re
gard to the earnings Of the sinking
funds themselves. The earnings, there
fore, are all excess, and likewise lie
idle in the funds.
"The intent OF the constitution and
OF the Legislature is 10 provide a
fund for the prompt payment Of the
interest on canal bonds as IL accrues
and the principal Of the bonds when
they mature. For these purposes the
excess Of s2O,000,OO) created as have
pointed out. and now lying idle in the
respective funds, ought 10 be used. Nv
bills permit this, and nothing more.
They would allo. the excess in the
funds 90 be substituted for the annual
contributions TO the fund now required
by statute The excess could be thus
used until exhausted, and then the an
nual contributions out Of the general
fund could be renewed.
"The bills merely correct mistake
OF the past, the money which was Err
roneously paid and accumulated being
used for the very purposes for which
10 was intended. The security OF the
bonds is not impaired. because the bills
provide that the funds must be main
tanned In such way as 90 insure the
payment Of current interest and the
principal OF the bonds at maturity.
The credit Of the state is not injured.
because the state is substGntiatinE
every obligation which the constitution
allows 10 20 incur. The bonds and the
securities are maintained az the stand
ard prescribed by the constitution.
The bills also provide a scientific
method Of determining in the future
the exact amount required to be an
nlally contributed 20 sustain the funds
az an amount sufficient to discharge all
interest and principal without permit
ting the illegal excess which Is now
present IN the funds"
Budget Plan Hearing.
Many important legislative measures
will be discussed before committees az
the Capitol this week. Although a res
u. Bennett. of New York, calling for
the Governors appearance before the
Legislature on Wednesday 90 explain
his tentative budget bill still rep0ses
with the Senate Finance Committee
she financial committees have set that
date for joint hearing on the budget
plan so far as 30 applies TO appropria-
lions Tor state charitable institutions.
Meanwhile. the Governors budget IS
p whole has been referred 70 the State
Controller.
In view Of the breach which devel-
oped between Governor Whitman and
the Republican state organization ~
last weeks convention, the course OF
the Senate Finance Committee viii be
the principal interest in legislative cir
clcs. The committee has not reported
on the Governor nominations Of
Travis H. Whitney and Charles )
lleryey as downstate Public Service
Commissioners. and Of the 1--WE mem
bers OF the Industrial Commission. The
committee viii give a hearing on
Thursday on the Governors recommen-
da,ion for stopping construction work
on the MOhansic state Hospital and the
Boys Training School at yorktown
Heights, on the New York City water
shed.
The Education Committee Of the As
sembly has fixed Tuesday as the date
for a hearing on the bin Of Assem-
bIyman Clarence +. Wclch, Of Albany,
10 provide compulsory military train
tpg in the public schools. Some COM
pIication is expected to develop in view
Of Governor Whitmsn's announcement
that as a result Of a conference with
Major General John +. Organ, Of the
National Guard, bill embodying the
views Of the executive will be intro
duced this week.
The bin Of Senator Slater, Of West
chester County, TO permit women 70
vote for Presidential electors viii De
the subject Of hearing before the
senate judiciary Committee on Tues
dag.