Report Upon the Finances and Internal Improvements of the State of New-York; 1838 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1838 edition. Excerpt: ... $233,616 19 was taken from the $2,973,617 70 above mentioned, and transferred to the Common School and Literature Funds, leaving... $2,740,001 61 To contradistinguish this amount of $2,740,00151 from the two special funds above mentioned, it was designated in the public accounts as the "General Fund." When the canals were commenced in 1817, another special fund was created for the security of the public creditors of whom money should be borrowed for the construction of the canals, designated as the "Canal Fund," and consisting of the salt and auction duties above mentioned, the tolls to be received from the canals when constructed, and some other items of minor amount. The establishment of this latter fund consequently diverted from the ordinary uses of the treasury, the salt and auction duties, amounting to $239,907, and reduced the nett income of the State from $419,907 65, as above stated, to about $180,000 annually. A tax had previously been laid on the whole property of the State, to defray the expenses of the war, which had recently terminated. That tax was continued at a reduced rate, until the year 1826, and was applied, together with the annual income of $180,000 above mentioned, to the payment of the ordinary expenses of the government. In 1826, the rapid increase in the canal tolls began to exhibit itself as is above stated, and the State tax was then discontinued, upon the ground that the principal of the remaining balance of $2,740,001 51, would sustain the government until the debt for which the salt and auction duties and canal tolls were pledged should be extinguished, and that those revenues would then be liberated and placed at the service of the State. Between that time and the year 1836, the whole of that balance was...