The New York Herald Newspaper, January 9, 1849, Page 1

OF THE COMPTROLLER of the STATE OF NEW YORK. Comprrotien’s Orrscr. Albany, December 30, 1849. To the Legisleture :— In obedience to the requirements of law, the Comp- troller res, ANNUAL REPORT. The first section of title 3. chapter 8 and part 1, of the Revised Statutes (1 that “let To tfully submits te your honorably bedy . S$. page 169,) declares It shall be the duty of the Comptroller, intend the fiscal concerns of the State, and tomapage the same in the manner required by Jaw. “2d. To e: | frayed from cifying therel: xhibit to the Legislature atits annual meet- * h object of expenditure, and dis- tivguishing between such as are provided for by per- manent or temporary appropri quireto be provided for by law; com which such expenditures are to be defray- nage me! tions and such as re- and showing the ‘By section 1st of chap 350 of the laws of 1847, the Comptroller is required to complete his anaual report for the previcu the cureat cal fecal year before thi dar year, and to present ¢! expiration of me to the Ligisiature inaediately after the commencement of ite appval session. For the convenience of mamsgement, and with the ‘View of promoting certain objects, the property of the State bas long been divided into different funds, the princi 1, Tue General Fund, 2 The Canal Fund. 3, The Literature Fund. of which are the following :— 4 The Common Sebool Fund, 5. The Un ted States Deposite Fund, Aud the fo.lowingitrast funds 1, ‘Lhe Bank Fund 2, The Free Bank Securities. 3. The Mariner's Fund. 4 The Sivking Fund_of the Auburn and Rochester d Compan: 5. The Sinking "eund of the Tonawands Rallrosd Company, 6. The ‘Sinking Fund of the Hudson and Berkshire Railroad Com ny. 7. The Sinking Fund of the Tioga Coal, Iron, Min- ing and Le a hndg ad way j. The Sinking Fund of the Company. Dy. Long Island Railroad ae. Zohsel and Gospel Fund of the Stockbridge In- a “Indian Annuities. terest Fund. 1 11. The New York and Erie Railroad Company In- ‘These several funds will be treated of in the order in which they are above specified. GENERAL FUND. ‘This is the fund out of which the of the government are defrayed Its; cbjects will be best understood by pegsins it. (1 R. 8. part 1, meral view of the the Srearary ae taecet © page ‘The following sy nope! expenses for the current year Reverv: ayment: Amount of warrants drawn on the Treasury, remaining un- paid on the 30th Sept.,1847 Amount of warrants drat the Treasury on account of the General, Fund, during the yesr ending 30th Sep- tember, 1848. Receipts: Surplus of revenue on the 30th Sept., 1847 Amount receivedintothe trea sury on account of the gene- ral fund, dorip ending 80th Sept., 1 Amount transfei from tl general fund debt sinking for one year’s interest fund, om $111,881 43, sdvanced from the general fund reve- nue im 1847, for demands on the sinking fund......... h transferred |, fer during the Awount of cael ‘the sebeot from bacegiay to the ear, ‘gene- 2a fund and transferred to the school fun . Awount of warrants drawn on the treasury, remaining un- paid on the 80th Sept., 1818. fand, y in the revenue of general fund, 30th Sep- e tember, 1848. ...e0.0eeeeeee Last year, it will be the revenue of this fund of presents finances of the State, the operatio: for the past fiecal year, and the estimated rer the year 848...... 718,293 31 he 111, 09273, $467 86 soe seees $884-780 14 $111,665 98 6,679 88 11,408 59 87 57 or tHe Gexrrat Funp, $885,248 00 848,155 28 $87,002 72 there was a surplus in 665 93, and this year This shows that of the general fund, $148,758 66 mere than | period. Comptrolier therefore feels it to be his duty Most respectfully but earnestly to urge upon the Le- lature the most rij ps from this fant, }d_ economy in maki: propri- It must 4 manifest to all that the expenses must be lessened, or the revenue in- erested. The latter can only be done and though the Comptroller doubts not by taxation; that the pa- triotism of our citizens would induce them cheerfully to submit to any burthen necessary for the good of the Btate. should et before asking them to do so, every effort made to retrench all unnecessary expences, A detailed statement of the actual receipts into the trearury on account of this and all other funds, during the last fiscal year, ending on the 30th of September, 1848, may xed to this hi seen by refe: time may be be It will Retuge of Western ‘were for old de a A tabular showing the increase be seen by reference to the table mar! nd, are kept distinct, it is necessary to coun! e operations of each in order to a: ed (A,) ort, and the payments for the same nce to the table marked (B ) m that more than $150,000 has been jew York, $38.072 06 of which by the Mount Pleasant prison. is also annexed marl 4 diminution of the general fund State debt for the fircal year 1847-8. it appears that this debt has been diminish the year $147 60. But as the accounts of St \t, general fund revenue, and general fand debt staking (C) From this rt actual amount of deficiency to meet all the demands ‘upon this fund for the year. Surplus of General Fund re. This is as follows ‘venue, 20 September, 1847. - $111,005 93 Deficiency in the revenue 80th September, 1848. 87,092 72 ‘This shows an exoess of payments overthe receipts of the Treasury during the last fiscal year, Of... 6 cece ae eeee sewers Surplus of the General Fund Debt Sinking Fund, 80th September, 1847.....6.... Deficiency cf the Sinking Fund. 80th Sept., 1848. . Bhowing eu excess of oount of the Sinking Jest fiscal year, of. Less, statement above referred to. $5,335 23 1,008 97 yments on sc- ‘und, during the iminution of the State debt, as per bef tm actual excess of payments dur- tl u year ending 30th Si And after deducting the from the surplus of the General Fund revenue the 30th Sept, 1847 . . And the surplus of the Ge: al Fond Debt Sinking Fu: at the came time. It show: Sept. , 1848, of... STATE OF TH Balance in the Treasury on the $538,101,11 30th September, 1847, Amount received into the Trea- sury On ascount of all t famds during the year 6,335 23 ing the 30th September, 1848, 5,229 724 98 Amount of warrants drawn on the Treasury, on account of all the funds. during the year ending 30th September,1448, 5,462,526 01 Amount of warrants drawn on the Treasury remaining un- paid on the 30sh Sept. 1847, 467 86 $5,462,903 06 Less, amount of warrants drawn on the Treasury, re- maining unpaid on the 30th September, 184: Balance in the T: tember, 1848 Statement of balances due from the 30th September, 1848, vi To the Schcel Fund. Copiral. ..... $143.236 81 Revenue, 122,265 41 $2 908 78 1,866 64 To the U.S. Deposite Fun Cc ri $99 842 77 1942 76 Revenue, and to 266,502 22 2,750 42 41,285 63 43,626 80 $1,068 $148,758 65 6,344 20 $155,102 86 147 60 $154,956 35 117,001 1) increase of the General Food State debt. during the year ending 30th $37,054 19 —$5,767,916 09 Auction duty.. Tex on foreign insuranee companies Salew of lands for tax: Agricultural societies” ‘To the Railroad Company Sinking Fund, viz: Auburn and Rochester$1.047 08 Tonawanda, . 60 Tioga Coal.&e...... 106 56 Hudron and Berkshire 613 76 Long Island.......... 1579 74 4,035 64 From the General Fund Debt Sipking Furd............ $117,675 63 From the General Fund revenue. 37,092 72 From the Tressarer. for balance in the Treasury. 805,009 688 d Revenue applicable to the ordinary neces to county treasurers. for non resident taxes Ovondaga ralt springs. . Interest on arrears of county taxi Interest on Treasury deposites. . Pedler’s licenses. . . Fees of the public offices. ......- 4 Fees of the clerk’s office of the Court of Ap- ate of the ordinary expenses of of Judges of the Supreme Court. . the clerk of the Court of A) the of expenses of g Hon of crim'nais. -y’s department. Keepers of arsenals Printi Blind, for the erection of « buildin, Ho ital, New York. , or —— of Physicians and Surgeons, ster of the State Lunatic Asylum, insane conviote......... eens Rent and taxes of the house «coupied by the Gevernor...... en of the Capitol. Expenses of the State Hall. Apprehension of fugitives frem justice. ... Expenses of the Geological Museum and old State Hail. ... oe os erseee Committee te examine the accounts of the Treasurer, and of the Canal and Bank- Jing Departments «sows seen o:s+ Contingent expenses of the Court of Ap- peals and the Supreme Court......... Pay of electors of President and Vice Pre- sident of the United States.......... Normal sehool, for the erection of « build- moe itt ~ fd MORNING EDITION----TUESDAY, JANUARY 9, 1849. 450,778 05 expense for the current year, commencing 4 2 2 SEE S tty 382 8828 = $33 $883 $ Z Bad § $8322 $383 8 88 322333 gis 8 Bs 900 00 IDge ees - cee seeeeeecee ss see 15,000 00 Balanee due the Specific Funds on the 80th September, 1848, being the amount of de- ficiency in the revenue of the General Fund ...sssesseeees 87,092 72 Miscellaneous......... 40,000 00 $555 492 72 The above estimate is exclusive of appropriations TALE Til be required for the Mount Pleasant and of Western ical survey, New York York, Nor- wal School, and other miscellaneous items, will probably increase the above amount imo okey expenses to the sum of $700,000. it must alse be borne in mind that appropriations are made for the fiscal year, commencing on the first day of October in each year. and that they ly been made for the ordinary exp: ment for the fiscal year 1848-9, 381.) with the exception of seme items which cidentally overlooked. appropriations for the fiscal year com: 1, 1849, marked D. which it will be n during this session. He also submi| appropriations which were accidental; last eersion, and for the sion should be made. They are annexe GENERAL FUND DEBT SINKING FU: it due the eral Fand revenue for ‘advances from the treasury to meet the sen Of gO" Laws of 1848, chap. ha’ submite herewith an Reese tet ot omitted at th: payment of which early provi- ed demands upon the Sinking Fund. ++ $117,075 63 Amount invested im six per cent stock is- sued on account of the Bank Fund, re- deemable in 1858 . . 116 666 66 Deficiency in the Sinking Fund on the 30th September, 1845........... 0005 The estimated receipts and payments of the Fund for the current year are as follows: — Receipts, Annual appropriation from the revenue of the canals. ..... $350,000 00 Interest on Bank Fund Stock . 7,000 00 Payment: Interest on State Stock. ..... $46,665 35 Interert on temporary loans to je Treasury............ 87,256 03 Annuities to sundry Indian tribes... saseercass 9,861 69 Interest on State Ik to railroad compani: 191,986 50 rgd ok of Com: bonds. tee eeee 14,395 84 Interest jount need from the revenue of the General Fund ., . 7,060 53 a Deficiency in the Sinkin, for 1848. Estimated deficiency in the Sinking Fu: fer 1849. lates in each fiscal ye ues of the canals to the 7, section 2, of the fro $1.008 97 Sinking 357,000 00 payment of the prin- interest of the General Fund aebt, the reece Sect) and requires thatit shall be “sacredly ap- plied to that object” only. It, therefore, of the fand from which he 16 ot! forms no pert er ordinary expenses of government can be defrayed, but it is set apart exolu- sively for the payment of the General Fund state debt. The receipts for the current year, including the in- terest on $116.666 66, stock issued on account of the bank fond, will be $37.00, and the estimated of payments for the same period, includin: elenoy in the fund at the close of the lant amount the defi- scal year, in $357,786 81, leaving an estimated deficiency in the fand on the 30th September, 18.9, of $735 81, as will appear by the foregoing statement. 't will also be perceived from that statement that the sum of $117.675 63. has been advanced from the reve- eral fund to meet the accruing upen the 8,t0 the 30th September, 1848, and of the principal falling aue during th mall me interest debt, payable from the lst of June, portion od. — The art in relation tv the Erie canal, cuapeer 259, Jaws of 1837, appropriated $200.0( 0 out of the ing to tl payment o: made out of there mieneys ; and for the purpon rying ovt the provisions of that act; and to Commissioners of the Canal Fund to pay the moneys Erle aud Champlain canals, provided 4 appropriation should not interfere with the sundry other appropriations previously @ of car- ble the eeveral appropriations referred to they were authorised “ to their discrstion, provid at less Svan yar val troller’s report of to the $116,666 66, payal Sinking Fund, from the Bye 1} or otherwise dispose of tie Bank Furd Stock at the same should not be sold sary dehy 1947, page 23 roger y . je 23, in reger to the General Fant vebt nal Fand, for one-third of . from the Ist June tothe 3.th September, 1846 it will b« seen that he raya" there was no money be- lo: Canal Fund applicable to this payment g to the on the Xth September,” (1846) and suggests that ‘the best arrangement for ail interests. is to transfer vo the General Fund $116,666 66 of the Bi beld by the Canal Fund, the rate of six per cent ment for the from the banks will pay the Principal in time the first payments en the stocks which have fallen on the Treasury,” This will be a fair Fund Stock, now and which bears interest at invent- jinking Fund, and the contributions to meet sued to ratiroads, In accordance with this view, and by virtue of the authority given, the Commresioners of the Canal Fund did, pursuant ts the act above referred to, on the let July, 1847, trans. 66, in stook ok Fund, in lieu of m po Ion payment of that amount due on the Sth ™ ferto the Treasurer. th ierued op account of thi 1846, from th to the Fund Debt Sinking Fund Itw iso be perceived by reference to the the Comptroller, of the 6th Januar y, 1847, in estimating the recel; nd Sinking Fund, P- Genera report of thet to (80th September, 1847) he $112.666 66 But it now appears in that esti the terest on the Stute debt from to 36th Sep- which has vt 116 666 of the Si in Bank Fund stock, was based upon the that there would be a sufficient a he fund on the 30th Se; ip Fund, it hae required an from the revenue of the Genera) Fund, of $11! unt of surplus ber, 1847, to warrant suo’ inking Fand; the refore,on the advance 7,075 03. At the avnusl interest payable upon the State debt Dea:ly amounts to the sum appropriated from the ea: pal revenues to the Sinking Fund, there will be no means to repay the sum advanced from the revenue of the General Fun‘, except by resorting to the avails of the Bank Fund stook. But whether such repayment or the use of the money will be required for the ex- nses of government, will depend on future legisla- jon. In order, however. to adjust these accounts the Comptroller would suggest that the $116 666 66 Bank Fund stock be transferred to one of the specific funds for an equal amount of money in the treasury, now upinvested. The stock bears interest at 6 per cant, and an the principal will. no doubt, be paid when due, it would probably be an advantageous investment for either of the fund: provision cou!d be made that in case of failure to pay, or loss on the astcck., tl such loss should be # charge upon the General Fand, to make good the fund to which it msy belong at the time it becemes due. T mount of this General Fund State Debt is $5,999,- which includes $122 694 57, being @ principal bh, at six per cent. would produce an amount puities paid to sundry In tribes. hich this debt is composed. the times it bears, and the ob- All appear by reference anvexed, aod marked F 1; and they show the wisdom of the reo constitu tiopal provision inat loaning the credit of the State to private corporatio: encouraged the commencement of works which b falied in their prosecution, and the enterpri-e has proved alike disas- thone who embarked in it, and unfortunate to hich loaved its credit. ver, gratifying to know that the State has ys been equally unfortunate in the loan of its credit, to aid private rprire iu the construc. tion of worke of acknowledged public utility. It will be seen by the same statement, merked F 2, that the ny hag loaned its credit to the amount of $1 220,- 69 44, to State have #0 much exceeded the bene- fits that the constitution has wisely prohibited such loans hereafter. (Art 7, sec. 9) CANAL FUND This fund properly conrists of the following works of interval improvement. They are twelve in number, ) thelr value was estimated ip the last report from this department. at their cost, $50.987.335 94. As suming that that estimate of their coat was correct, by adding what bas been expended on the Erie canal en- lergement and the Black River and Genesee Valley cavels. during the last fincal year, ending Septemter 30, 1848, it shows the entire coat of the whole of our works of interna! Smprovement, owned by the State. to be $31,763 467 86, and the whole amount of tolls de- rived from them during the last fiscal year, $3,033,- 570 20, a8 follows :— Statement Snowina tHE Cost or THe FouLowine Wonks or Internat Improvement ur To Oeroner 1, 1847, anv THE AmouNnT Exrenpkrp THeRKON, AND THE To.1s Received FROM EACH FOR THE Last Fis- can Year, Am'nt Ex- Tolls for Fis- Cost to Oct, pen'd yor Total cal ¥'r End's 1847, Maat Fise'L Cost. ‘September 0 Year. 1848, $7,143,769 86 — $7,143,789 88 $2,744,006 43 12.989 851 76 684,573 08 13,624,424 84 1,287,606 8 —- 1 plai 257,04 25 120,753 21 Oswego canal. 60543735 = — “6543735 6,832 76 Cayuga ard Se- neca canal 257,00008 = — = 287,00000 27,7329 Crooked Lal 1 155.7600 = — 15577600 1,482 at 643,00058 = — ANUS 15,921 58, 2,420,000 00 .40,00000 27,803 62 1,164,100 0 108,522 95 1,672,522 95 em 8,885,000 88,035 89 SVIKOS5RD 25,293.01 6,000 00 — 64,000. 00 00 76 Oneida Ri 69,7618 = (69,276 13 200 50 Seneca Ri towing path, - - - 472.60 $30,987,835 94 776,131 92 81,763,467 86 3,033 670 20 The fund consists of these works of inter! rovement; its revenue consists of the tolls incidental receipts derived from them. W) the true value of these public improvem j State, would be by the re which they produce. ‘Things are not always worth what they cost, but some times they are worth much more; and it is believed it 1s aleo to be ase. works are of the latter kind. value of all property | Nias the b Sa al “ rel wbat these works are wor! e people as iM much they have increased the value of the proper trt4 the State generally but what are they wi ‘to the State asa great stockbolder in there works in which it capital. All must admit that their value must be estimated by what they produce. To determine their value, the net revenue only should be taken into account, as this is all that reaches the treasury, and can be made a: ble to the State for The charge. also, for superinten- bas invested it thould be deducted, as that isa apense unavoidably incurred, without which the revenue covld not be produced It stands ou the same ground as the expense of collection. Ac- cording to this mode of estimating the value of these worke, it must be borne in mind that several of the are worth nothing, when estimated by they do not produce revenue enough to F collection, superintendence and repairs. A t ban ali expended upon that part of Valle; which is not yet completed, e,and therefore produces no reve- ‘his is also the case with the Erie canal en- h thi xpended there will le until the whole is completed, s0 as to rmit boats of x dimensions to ite whole jength. And all thet bas been expended upon the Binck River canal is unproduetive, as no part of that canal bas yet been brought into use. A Jarge sum ($457,622 49) {9 also charged te the cost of these canals which bas not been expended in mak- ing them, but in paying ‘damages to eontractors under the law of 1842, which prevented them from completing their contracts. Owing, as it is believed. tothe bad condition in which the publie works were left in the fall of 1847,in consequence of the great pressure of buriners during the latter part of season, the ex- penre of repairs for the last year bas greatly exceeded that of the year previous; and owing to s diminished demand for our breadstuffs abroad, the business of the canals was much less for the past season than for the year previous, showing « falling off in the toils of $269,414 44. Yet with all these disadvantages and drawbacks, if we take our works of internal improve- ment as s whole, productive and unproductive, and estimate their value by the net revenue produced this boos Giminiehed asit is by the decrease of trade, and ipereared expenres of repairs, (btn of which will be temporary,) it will be found that their value to the State cannot be lers than $39.136 992. That is, if that sum were put at interest, at six per cent per annum, it would produce $2,348,219 52, which is the reve- nue realized during the Jart fircal year, as will appear by the following tabular statement: — RECEIPTS AND EXPERDITURES ON ACCOUNT OF THE CANALS, FOR THE FISCAL YEAR ENDING SEPT. 30, 1848, Tolls, including those on railroads, penal- ties. copies of clearances, and salaries retained by collectors Rents of surplus water... or brought into ur nve. $8,158 614 24 3.364 14 Interest on current canal valu 47,101 78 $3,204,070 16 Payments: To superin’ts of repairs, . .. $687,702 Te Canal Commissioners 670 To collectors of tolls. To weighmasterr To the Rol Fietor ban; iD. For tolle refun For printing. . Fer salaries of youn ‘recor rita . *s os 46 ‘or misce! eous menta,. },260 83 ea 855,850 64 Amount set apart by article 7 of the eon- stitution, to pay the interest and re- ipal ef the State debt, and for the support of government, viz: For that port of the debt called tLe canal debt, (st) + $1,300,000 ht called the bt. (42). 850,000 For the General Fund, to defray the necessary expenses of « Sovermment, (§3,).........4.. 200,000 —. 1,850,000 00 The remainder of the revenues for the fiscal year applicable to the completion of the Erie Canal enlargement, Gene- tee Valley, and Black River cai 498,219 62 Worth of the canals, allow: surplus revenue would gi' r . . «$39,136,992 00 d increasing value ¥ mount of the debt for their construction, and (8 $17,713,649 91, as will abe orks to the Stat which bas been incurre: $132,820 80 6,734,069 63 87,000 08 645,600 58 Chi g' Biack River canal . . b ot Matec canal. . LL 8'886,000 00 oa 50 000 00 69.276 13 1314819 34 $16 718 649 91 Thi debt bas been diminished during the past fiscal year $80 099 66 and it will probably be fully paid by the year 18.6, It in to be hoped that in the mean time DO Unreasonable jealeusios will arise among those in- terested in the different works which are to be prose cuted with the surplus revenue under the new const! tuion. That instrument has epread ite broad shield over the whole guaantying the completion of the ies under article omatitation. 6.6... cee ee | Genesee Valley and Black River canals, and the en- ; but it must be apparent * by which this is to be ac- cowplished are to be derived from the toils of the Erie caval It cannot be doubted that these would be greatly ipcreared were the enlargement completed. Iv is therefore respectfully submitted, that it is for the interest of all concerned that the enlargement should be presred to a completion as rapidly as the means at the command of the State will permit, with due refer- esce to economy and the just d+mands of the other twoworts It is also important that the euverintend- ence ani repairs be conducted with as much economy ar possible as every doll: pplied to those objects is taken from these necessary worke, and delays bringing them into productive use by the State. LITERARY FUND. The productive capital of this fund, as will be seen by the following statement. is mostly fnvested in State stocks, The $460 invested in the stock of the Canal Bank i doubtlers a total lors, as the benk failed on the 11th day of July lest, and in now considered hopelessly insolvent, A portion of the $6,000 inverted in the capital stock of the Albany Insurance Company 1s also jon! This fund bas long received the fostering care of the legislature, (1 R. 8. pt 1, chap. 9, title 8. page 196.) and the capital bas recently been deolared inviolable by the constitution, (Art. 9) Most of the revenue fs annually distributed to: the support of academies, but ‘& rial) tum bas been devoted to the pur: of books for the State prisons. This, however, is in express vislation of the constitntion, whioh declares that “the revepues of the eaid Literature Fund shall b to the support of Academies.” (Art.9) This app priation was doubtless made, and has been paid with- out adverting to this provision of the constitution, Capitat This fund consists of the following items, viz.:— State stock:— Certificate No. 1,418, loan under the act to provide for paying the debt of the ‘ the act to provide for paying debt of the State, &o., redeem- able 1st July, 1849.7 per cent Certificate No. 3,087, loan under the act of 13th May, 1640, re- deemable let July, 1864, 6 per cent. sees eee eeee Certificate No. 69. Biack River ea- nal loan, redeemable in 1850, 6 per een Certifie 100,000 8,748 3,000 ¢ No. 20, Astor stock, re- deemable at pleasure, 6 per cent Certifieate No. 107, loan under the act to provide for deficiene! in the Sinking Funds, ke., re- deemable lat July, 1865, 6% per cent... . 37,000 ——— $218,442 00 Insuranee stock:— 100 sharés in the Albany Insur- ance Company, at $60 each. ... Bank stook:— 860 sbares of the Merchants’ Bank, New York, at $50 each. 28 shares of the Canal B: bany, at$20each..... Money in the Treasury........ 6,000 00 43,000 43,460 00 2.903 78 $265,806 78 To this fund also belongs about 10,880 acres of lend. evenue. Balance im the Treasury on the 30th September, 1847. . . .$18,204 69 Awocunt received into the Trea- eng che year ending tem ber, 1848. + 18,183 61 Amount received for appropria- tions from the income of the U. 8. Dep. Fund. . $63,888 30 Amount paid out of the Treasury during the year ending 30th Septe 1848. . Balance of revenue in the T y on the 30th September, 1848. . wees $10,855 64 The reve: of this fund i imated for the cur- rent year as follow: ++ $13.151 15 é 900 00 3,632 66 Interest on State stock. Dividends om Bank stoo! $17,051 15, Appropriation from the income of the U. 8. Dep. Fund. Ertimated expenses for the same period, viz :— Dividends to Academies.............. “Books i the several State prisons. . $40,000 00 800 00 *This has been ineluded in the estimated revenue ¢f this fund, as an appropriation has beem made from it fer the Porpore stated (see chap. 361, Laws of 1818), but as it is in violet on of the constitution (see remarks abov: ), it is neces sary that it should be provided for from other funds, COMMON SCHOOL FUND. This fund. the productive capital of which amounts 40 $2211,475 14, besides 301 759 acres of land, has been gradually increasing for many years under the foster- ing care of the Legislature, (1K. S. pt. 1, obap. 9, titl 4, pore 196) The Constitution bas declared its oapi- tal inviolate, and ordered its revenues to be applied to the support of common nd declared that “ the $25 000 of the revenues of the United States De- pe Fund, eball each year appropriated to, and Poh & part of, the capital of the said Common School fund.” ‘The tabular statement hereto annexed and marked (G ,) will rhow the incre: ad diminution of the ca- nd for the last fiscal year ending Septem- this it will be seen that the produc- tive ce ies bi d during that time $49,960 67. The following synopsis shows the capital of this fund, and the estimated revenue and payments from it for the current fiscal year come encing October 1, 1848. ‘apital, This fand consists of the following items, Bonds for lands eens via: $744,854 97 Bonde for loa: 236 901 74 Losn of 1792... 97 363 14 Loan of 1808. . 198 772 03 Loan of 1840. . 8,200 00 State Stock, viz: Certificate No 29, Astor stock, redeema- ble at plessnre, 6 percent... $1,755 91 Certificate No 40, Astor stock, redeemable at pleasure, 5 per COME... reece sconces cee Certificate No. },322, Loan un- der the act to provide for paying the debt of the State, Ko. and redeemable lst July, 1849, 7 percent......... Certificate No, 1, Chenango al loan, redeemable let 2y, 1861 6 per cent. .... 250, r 40,000 00 500 00 20,000 00 nal feeder Joc ‘let Jan’y, 1861, Certifi N per chap 204, Laws of 1848, redeemable at pleasure, 534 per cent....... Comptroller's bonds issued for loans to the Treasury, peysble on demand, 6 per et. shares of the Ma 280,500 06 451,645 49 Bank stook : 101 hat. tap omnes 50 each... 50,000 00 Money in the Ls Se 148 236 81 2,211.475 14 To this fund also belong about 301,759 acres of land. Revenue. Balance of revenue in the I'reasury. on the 80th Sept., 1647 + $124,047 16 Awiunt bats v oe sury during the year ending SUtD September 164 117,220 25 Amount received for approp: ation from the income of t! U.S. Dep. Fund... ++... 165,000 00 407,107 41 Amount paid out of the Treasury during the year ending 30th Sept., 1648...... 284,902 00 Balance of revenue in the Treasury on 30th Sept.. 1848 $122 266 41 ‘The revenue of this fund ie estimated for the current Interest on bonds for Joans Interest on loen of 1792, . + 6.600 00 Interest on Joan of 1808... + 11,600 00 Interest on loan of 1840. sees 612 60 Interest om State stock and Comptroller's : WIC si rai viscccrones costo sess, Some tO Interest on money in the Treasury, to be in vested... wee + 6,000 00 Rents of land oe nos dhad Ps for" 25 from the income of the U.S. Appropriation 185,000 00 ep. Fund . 3 Estimated payments for the same period, Nn— Common sehool dividends... s+. ++ 0 +s ++ $285,000 00 THE UNITED STATES DEPOSITE FUND. ‘The principal of this fund, amounting to $4014 520 71. was @ portion of the surplus revenues which had accumulated in the United States Treasury. and by « jaw of Congrees, (Sets, Laws of U.8 for 1836, ch 115, rec 13. p.95) was directed to be deposited with the several States Strictly speaking, it may be regarded asa trust fund, as ip legal contemplation the State is liable to be caled upon toreiundit Butin no event isthe State to be accountable to the general government for any- thing more than the original sum deposited. The ao- ering interest ie the property of the State Henoe #0 be fi Twenty-five thours nually added to the expital of the common sohool fund, (Const., art.9) acd the remainder is yearly distributed to collezer ana academies, (Laws of 1948, eb. 236, p. 312.) common rchools. (Laws of 1847,ch 8 p. 8) the normal school, (Laws of 1843. p 576.) medica! sshoole, (Laws of 1847 ch, 258, p. 284.) Indian schools. (Lawe of 1848. p 675-6,) orphon asylums, (Laws of 1847. eb. 435 Pp 724.) and applied to the education of colored. ebild- ren, (Laws of 1847. p 285.sec 3) and to defray the ex- of teachers’ institutes in the several counties, of 1847. ch 361, p 459.) and for publishing the District School Journal. (Laws of 1847, p. 284; Laws of 1°48. p 343) and ehould there be any surplus not oth- ereire apprepriated, it isto be annually added to the capital of the common schoc! fund, (Laws of 1847, p, 285° neo 7; Luwa of 1848. p 576 ) But it will be perceived from the statement below, that the amount appropriated by the several acts above referred to for the year ending 30th September, 1849, including the sum of $22700 of the appropriations for the last fiscal year, remaining unpald, and to be paid during the present year, exceeds the estimated amount of income for the year, $23 448. exclusive of tions that will be but tor which no appropriatio: If the rame amounts should be given them that they received for 1848, it would increase the amount of de- ficiency forthe present year, as estimated, to $27.048. But if the emountsof appropriations which remained unpaid at the close of las: year are deducted from tum, it will show a deficiency for the present year of $4,248. Retrenobment, therefore, in these appropria- tions fs neccesary, in order to provide for the existing deficiency, It will also be seen from the following statement, ‘hat an ascertained lors has been sustained in loaning ‘bis money on bond and mortgage, to the amount of $76,77048; and this would doubtless be much increased were an effort made to collect the whole sum ; but as- suming that the remainder could be collected, it would then show that an interest of 6 4-10 per eent per an- num bad bi e:ved upon the whole capital, for the last ten yeare, from 1838 to 1847. inclusive, ie very doubtful whether this is better th: ment in 6 per cent State stook at par, balf a million js now so invested. The tabular statement ai to this report, and marked (H.) shows the increase and diminutioa of the reveral items of this fund during the fiscal year ending September 30, 1848, The tabular tement marked (I.) also annexed, shows the foreclosures in the several counties, costs, ko &e., andthe amount of lands in each county bid in by the State, and remaining unsold on the S0th day of September, 1848. By the eriginal act for loaning this fund, the eommis- sionern were authorized to receive certain fees for speci- fled services, and they were also allowed « certain com- mission on the sum committed to thelr charge. (Laws of 1887, ch. 150, seo 18) end this per centage has also been extended to the Isnd bid in for the State. (Laws of 1844. ch. 326, sec, 4,) but no provision is made for ex- pennen incurred in going to view, and taking charge of, ‘and leasing lands belonging to the State, where the same have been taken by tke State on the foreclosure of a mortgage 1t has been the practice of this departm nt te allow for such expenses and services over and above the per centage allowed by law; but tt 4s reapectfully submitted, that such allowance should be regulated, or, at least, sanctioned by Jaw, and that. under the present constitution. requiring an appropriation, it cannot be paid unless it is. Capital. ‘This fund consists of the following items, viz:— Loans on mortgages in th ‘coun- the wee eee « «$3,408 833 50 Stat : Yet Jan. "55, 5 per ot. 182,500 00 State stock, red’able, Ist July 60, 6 per ct. 1,100 00 Comptroller's bends for loans to the trea- fury, payable on demand, 6 percent... 484,730 44 Money in the treasury........ . 39.342 77 $4,014,620 71 Revenue, Amount received into the treasury during the year ending jth September, 1848. . Arcount of payments out of the treasury during the same pe- + $242,902 16 ital of the fund for diminu- tion in the loans urder fore- closure of mortgage by the commissioners of the several counti wescass sens, 6,960.00 Balance due the treasury on the 80th September, 1847...... 1.373 38 $251,677 24 249,634 48 Balance in the treasury, Sept. 30, 1848,... 1042 76 ‘he revenue of this fund is estimated for the current on the amount loaned on mortgage in the several countie: + $214,000 Interest on State stock 6 60L Interest om Comptroller’ 25,084 Interest om money in vested... 1,377 Sales of lands. 8,000 $256,152 jated trom the income of the fund for the same pei neluding $10,700 of the appfepriations for 1#48, remaining unpaid. viz: For common school dividends. sass ses «0 G165,000 Sow 9 to be added tothe capital of the School BE rcccsesiccsceccc cesses veuases For distribution among the academ! Gi College, for 1848 and 1849. Geneva College, medical department, for 1843. University of New York, fer 1848 and 1849. Madison University, for 1848 and 1849, Hamilton College, for 1848 and 1849. St John’s College, at Fordbam, for 1849. Genesee Werleyan Seminary. Albany Medical College for 184! University of Buffalo for 1848.. Eye Infirmary, New York. for 1848. 1,000 Normal School, for 1848. $2 500, for 1849, $10,500 13.000 ount apse! Dietrict School Journal, for 1848, balance. 1,200 For support of sehools among the Indians. 1,108 For public instruction in erphan asylums. 3,000 For diminution in the loans uader foreclosure of mortg: ‘i Teaober’s Miscella: Foreclosure of mortgages belonging to the Us Deposire Fund in the several Count The amount cf principal due on mortgages, under foreclos of which the premires have been bid in for each year, is as follow $253,749 05 been received into ‘YY, oD account of + $118,511 96 capital of the School Fund, amounting to. 43,873 86 Awount realized from resale of remires bid in... .. ++ $167,685 82 The amcunt of principal due on the premises remaining unsold on the 30th Septem- ber, 1848, is $37.607 60 and the estimated value of these premises isabout........-+ 192 685 82 $61,064 18 Leaving a loss on premises bid in, of...... There v0 bee losres on sales of pre- be Commistioners of the reve- where the premises less sum than the mount of principals due the State, and in cases of failure of title, amounting to. 15,706 30 Showing the whole loss of prineipal of the fund from 1837 to this tim +++ $76,770 43 The amount of diminution in jowns under fore- elosure of mortgage, has each year been transferred from the revenue to the capital of the fund. to make good the sum of $4,014 520 ho lg }y received from the United States, amounting in the aggregate to $169,456 25: and the amount realized from resale of premirer bid in, bas been credited to the reven if the fund; the above | therefore, has been taken from the revenue, and the original capital of the fund nept unimpaired. ‘be amount of net revenue im each year has been an follow: 1887, vase $45,843 84 1838, wees 88.792 58 1889, + eee 200.089 20 1840, 269.061 46 261.577 24 $2746 903 91 Which shows an average income, after deducting all the losses of principal, interest, commissioners’ fees apd expenses, of six and four-tenthe per cent per an- pum on the capital of the fund from 1838 to 1847 in- clue! TANK FUND. This fund is made up by annual contributions from ty fund banks, of one-half of one iv opp ted y: of the banks liable to con- tribute te the seme, ould become insolvent. Chi fund iteeif has long since been exhausted, and $900, $28 47 of six per cent to ebapter 114 of the of thie fond: end tl $91,662 96 now in the tre: y ly previded for out of the future contributions by the TWO CENTS. banks to raid fund. The following tables show the sta ¢ cf this fund and its operations to the elose of the last firoa! year, It will be see a by a r-ference to these | tabies, that the banks have contributed to this fand since 1829 $176 063 76, and that the whole circula- tion redeemed for inrolvent banks is $1.548,558 83, leaving aeurplusef $327 505 43; but this, with «large emount besides, for which stock bas been tssued, has been swallowed up in p»ying other liabilities of insol- vent banke than thore created for their circulation. It ip aleo to be borne in mind that the notes of every insolvent safety fund bank which failed before the Pay’ year, have been redeemed That the ciroula- jon of the Canal Benk of Albany, which is the only safety fund benk that has failed this year, was less than the above surp! id might bave been redeem. ed from it bad the bank been wholly insolvent. and ot been applied to pay other liabilities; but it is understood that the assets of that bank be ample to redeem ite cirenlation. It is therefore apparent that the Safety Fund woald bave proved an ample indemnity to the bill holder, had it not been applied to the payment of other debts of insolvent banks than tho: Ine for their circula- ton, Were there say thing present or pi ative of this fund, it would still be liable to be applied im the for the law on this subject has not beew changed. But the Constitution, (art. 8, sec. 8,) if it applies to this fuod at all, (which is deubtfal,) bas simply preferred the bill holder to other crediters, but leaving ot creditors still witha cleim upon this ly if there be any thing left after redeeming he ciroulation. That benks which onjoy the exclusive privilege of furnishing @ outrency should be required to contri- bute something to @ common fund to make that our- afe and secure, seems reasonable and proper ; at propriety or justice can there bein requir- ing the banks to contribute to @ general fund to pay depositors or other general creditors of thi individual banks? It is no exclusive privilege of a bank to re- ceive cancer or to contract general debts. and no reason therefore is ceen why this fund should be ap- plied to pay them, It ie ri fadteg submitted that it should be sacred- Y devoted to the bill bolder and to nothing else. Conpiri0n or tne Bark Fuxn, Amount of 6 per cent etook ianed on countof this fund, per enap. 114, 1 a remainieg unpaid, and redeem ‘follows :— + $11,182 45 « 10',000 00 tondr, the payment of, whi avumed by Union College... . Money in the Treasury... .. Debt of the fand on tke 80th Sept., 1848.,....,.... $309,165 51 ‘There arg ‘no demands upon this fund for debts of the Wa- tervieit Bani, for which stock has not yet been issued, amounting to about $80,000, Statement of the Operations of the Bank Fund, Commencement to the 80th September , 1848, vi: Total amount of contributions paid by e ‘ ae pass + $1,576,063 76 Amountreosived for inté rest on i ‘ments and avails of the assets of in solvent banks. added to the capital. Amount of stock issued on account of the fund for reden.ption of bills and J went of debts of sundry insolvent he, remaining unpaid........, 900,898 47 Amount of balances due from sundry ireolvent banks, for redemption of Lilleand payment of ment below)... . Amount allowed the "Toc! ‘per obap. 124. laws of 164 Disovunt on State stock, so! ‘Anount of interest paid on stock tssu on aecount of the fod... ee. wee Excens of erevit to the City Bank ‘of Buffalo, on account, *f ansets of said 43,971 66 $2,820,803 69 ek, Amount invested in Compt $2,820,603 80 Statement of the Amount of Balances due the Bank Fund from sundry Inselvent Bunks for Redemption bits of and Payment vf Debis from, the Fund, Banks, Redempt bts, Total. Bank of Buffalo « $435 $62 00” $149,241'22 $934,6U3 22 City Banh of Butialo.. ...” 262.759 76 — 780 76 Commercial Bok {Buflalo 126,496 00 424.514 87 GLLOLO 47 ‘ommercial B’k of N.York 139,821 U0 146.124 28945 950 33 Wayne County Bonk... 113,129 0 16.677 70 129,206 70 “ ommercial Buk of Uswego 162869 (0 78,851 63 941,230 G3 Ba +++ 62435 00 $9,803 03 “92'258 03 4 124,000 87 linton County Ban! 937,875 39 a Fayette Bank, N. 33 00 Total... . 383 $1,010,375 12 $2,068,983 arety Kunp SysteM. There are now 78 of these incerporated banks in epe- ation, and two branohes, the ehartecs of all whieh will + apiee by the year 1866. bi amount of their capital is $29,635,860. onexed marked (J) will show the ch, its location, the date and expiration of its charter, the amount of its oapital and circulation, ere redeeming agent, om the first day of December, et of December 4, 1847, (oh. 419,) a chai in the mode of making the quarter; repetts partment. To carry this act into effect, and correct some irregulariti clroular was issued from this department to the several incorporated banks, on the 20th day of January, 1848, a copy of which is an- nexed to this report, and marked (K. By the act passed April 12, 1848. (ch 844) such banks as bad @ capital of more than $200.000 were authorized to increase their issues beyond the amount allowed by the act of May 16, 1887, but such increase was not to exoeed the amount of their capital, and the bank issu- ing it was to give the Comptroller ample seourity for the redemption in specie of such increased issues. To carry this act into effect, a suitable die was pro- cured, apd a circular dated April 24, 184! ued te the tanks, with » form of contract which a nexed to this report and marked (L.) Farcuse or tHe Canat Banx or Atpany, On the 10th of July last, the Comptroller heard some intimation runfavorable to the solvency of this bank, and early on the Lith he authorized Thomas MeMul- len, @ clerk in the bank department, and Andrew White, of the ope of Albany, to examine into ite affairs.and reporé thereon. They immediately entered upon the discharge of their duties, and the bank stopped businers, and finding at once apparent evidences of in- solvency, the Cowptrolier immediately reported that factto the Hon Ambrose L Jordan, Attorney General who thereupon filed » bili against the institut Recere the appointment of Andrew White as raselver. the raid MeMulien and White still continued their inv tion until the 8th day of August, made # Jong report to this department, fro appeared that t yale the time of its failure of $185,531, and that it was wholly insolvent, and that ite atfeirs had been illegally con- 6 jth such reprehensible irregalarit; at if not impossible to ascertain Jarge portion of its capital all appeared that in all proba’ yt partment did not the it were made. ma this dition of the bank at the timer ade. The d was published ia the State report was voluminous, required of the of riminal prosecutions ank have been com- and itis tobe hoped jation may be hed, that the innocent may be freed trom suspicion, and the guilty Be! apy) receive the just punishment due for the erimei It is however believed that the assets of the bank will be ample for the redemption of all its circulatio It appeared from an examination of the books papers of the Canal Bunk. that th Lo jy indebted to it The Comptroller therefore sppointed Joseph Salter to examine into irs and report to this department, which he did cu the 26th day of July Inst, and from this report, wbich wae eatisfactory, it sppeared that there wasn indebtedness. The report was accordingly pub lished in the State paper, and s paper published in Buf- ar required by law. Unfavorab!e rumors having reached this department: in relation to the solvency of THE YATES SOUNTY RANK, the Comptroller thereupon appointed Philo C, Fuller to examine into ite effairs and report to this depart- ment, which he did ins somewhat voluminous report, dated the 28th day of July last, which was published in the State paper, and ins paper published at Penn Yan, where the bank is located, as required by law. It appeared from such report that the rumors were unfounded, so far aethey imputed insolvency to the bank, but the bank was advised to charge over rome of its doubtful or bad debts to profit and loss, and meke Do more dividends till its oapital was fully restored, jeenaee todo, and it has been suffered to ceed. These are all the investigations which have been had during the year. but not all that the Comptroller would have deemed it his duty to make, did the law permit him to make them without having reason to suspect insolvency of the bank examined But by the law as it nds (Laws uf 1847, p 521, see 3) emptroliier is only aut irs of a bank wh reason to suspect that I perfect quarterly return, or is fn an unsound or un- safe condition to do banking business, and the result cers ofthe rized to examine into in his opinion there is good made mnorrect or im- of exomination is foithwith to be published. Whatever might have been the obdjsct, thi be no doubt that th fect of this law isto pi aminations that be useful. jo it is known that en examination o: where there is ground of suspicion, the fact of making it brings discredit upon the bank, the apprehension on the part of the Comptroller that he may thus injure the credit of a teal a necessarily expore its affair d incur the expense of publishing a useless, and perbaps mischievous report often deters an examination, when it would be made if the buy A publication were left to his disoretion. But he believes that it would teod much to the safety Of these institutions and the recurity of the public, if it was made the duty of the Comptroller to eause every * Nore—Two of these, the Manbattan Oe, and the N. ¥. Dry Dock Co, have ualimited charters, and are not eubject to tbe tafety Bund act,