The New York Herald Newspaper, January 9, 1851, Page 2

—_—_—_—_———— CONDITION OF NEW YORE. | amounting to THE FINANCIAL ANNUAL REPORT oF THE COMPTROLLER OF THE STATE. ; Comerrouier’s Orrices, Axsany, December 16, 1850. 3 ‘To the C— ‘The Comptroller, in obedience to chapter 350, jaws of 1847, has the honor to submit to the Legis- Jeture the following report, exhii the state of the treasury and the condition of the fu at the termination of the fiscal year which expired Septem- ber 80, 1850. , ’ The several funds belonging to this State, an ac- count of which is aes in this report, are the General Fund,the Canal Fund, the Literature Fund, the Common ‘School Fund, the United States De- positF und, the Sinking Funds, established for the payment of the public debt, the Bank Fund, and certain trust funds, to which reference will be made. GENERAL FUND. Re revenue. Balance in the treasury on the 30th of September, 1849 113,279 Amount received into the treasury on account of the General Fund, during the yearending 30th Sept., 1860 (see statement A.).. 751,297 66 Amounttransferred from the General Fund Sinking Fund, for interest on moneys advanced from the treasury to meet the demands on that fund... . Amounttraneferred from the School Fund, for bonds for lands received during the year, belonging to the General Fund, and trans- ferred to the School Fund Amount of warrants drawn on the treasury, remain- mg unpaid on the 301 September, 1850. 6,726 18 9,661 50 277 01 —————$1, 241 57 Amount of warrants drawn on the treasury on ac- counstofthe General Fund, enring the year ending S0un Sept@mber, — 1 (cee staternent B ) Amount transterred t tollowing funds forinterest on treasury deposits, viz -— School Fund. Bank Fund. J. S, Deposit - 4 $907,340 82 .$12,701 32 622 40 $80 86 Amount transferred to the General Fund Sinking Fund, for interest on State stock paid from said fund. Amount of warrants drawn on the treasury, which remained unpaid on the 30th September, 1549... . 18,204 68 1,026 66 148 73 $826,720 29 Surplus of revenue on the 30th Septem- ber, 1850 lt will be perceived from this exhibit that the General Fund is ina healthy condition, and has been found sutlicieut to meet all the demands upon the treasury duriog the year. There remained on hand at the close of the hag a surplus of $54,521 The surplus on the 30:h of September, 1: was $113,279 22, from which it appears that the ordinary expenditures exceeded the receipts of the last year $58,757 lt will be ooserved, that there is due to the Ge- nera| Fund revenue, from the General Fund Siak- ing F and, on account of advances made in 1846, a balance of $54,506 24, which should be refunded ravmediately by transferring to the hool F an investment of its capit an equal am the Bank Fund Stock, owned by the Fund. For this purpose it becomes necessary that \ue Legislature authorize the transfer to be made. {t will furpish a safe investment of the capital of th School Fund, and the Comptroller concurs in the recommendation made by several of his predeces- sors, that alaw be passed conferring the necessary pg soar ‘The Comptroller continues to entertain the opi- nion expressed to the Legislature, at its last ses tion, that the resources of the General Fund, as | now constituted, will prove sufficient to provide for a)l the legitimate expenses of governmeat, with- | ut 4 resort to further loans or increased taxation. | But it must not be disguised, that this opinion rests vpon a belief that prudence will be observed in ex- ercising the power of appropriation. A just and exlightened discrimination should be shown, in authorizing new objects of expenditure. In addition to the surplus on hand, it is aesumed in the estimate, herewith submitted, that the ordi- pery revenue for the present fiscal year will be | $672,630 57. | ‘Lhe principal revenues of the general fund are derived from the State tax, the auction duties, and the centribution of $200,000 per annum from the canal tolls. The proceeds of the State tax may be materially increased by such a revision of the laws regulating taxation, as will ensure a full and equitable valuation of the taxable pro- perty of the State. Further experience has gerved to confirm the soundness and importance of the suggestions on this subject, communi- cated to the last Legislature in two reporte from | this office. (See Assembly Documents No. 8 and | No. 132.) The present law is correct in the principle laid down for estimating the value of | Property; but some of its most important pro- visions ere practically disregarded. All per- soual property, (with certain specified exceptions, ) is subject to taxation, yet it is notorious that a | large amount of personal capital, having ro claims te exemption, escapes assessment. ‘he law re- quires that all reai estate (as well as personal,) should * be estimated by the assessors at its full value, as they would appraise the same ia pay- | ment of a just debt due from a solvent debtor.” | In the city of New York, and in some of the ecunties, full effect is given to the law, by estuma- | ting the taxable property at its actual value. But in many counties this plain and essential provision is utterly disregarded. A system of undervalua- tion has been adopted and carried out in practice | trom year to year, until it has grown into a cus tom too general to yield to the force of statutory requirements. It is safe to assure, that in a mejority of the counties, the average valua- tion of real estate, as returned by the assessors, is less than one half the actual cash or market value. Ja some localities, farms worth forty dollars per acre, are assessed at twelve or fifteen dollars per acre. The Comptroller cannot but regard this de- parture from the legal rule as a dangerous abuse, subversive of public morality, destructive of that equality which should be preserved between indi- vid 4 counties in the imposition of public burthens, and extremely prejudical to the interests of the treasury. It is of the first importance, that a uniform prin- ciple of valuation should be enforced throughout the State. The justice and equity of this proposi- tion, are £0 obvious as to command universal and we cannot doubt that it will be cheer- quiesced in by our citizens. ut while some counties reduce their assess- ments to jess than half the true value, other coun- Ges are constrained to adopt the same usage aa the only means ot self-defence, until at length the assessors yield to local influences, and the force of | precedent becomes stronger than the positive in- Janctions of the law evil here adverted to | requires the early attention of the Legislature. The Comptroller would recommend that the entire law, | regulating assessments and taxation, may be made the subject of careful review and revision. In ad- dition (0, the ueval of office, the assessors should be req d, after completing their assess mente, 10 make a further oath that all the taxable property of the town has been estimated at its full | value, according to their best judgment. The Comp- troller would also sug, that some new provi- | sions of law are needed to regulate the assesament of corporations §=Much embarrassment has been | experienced by assessors, and by this department, | in consequence of the inapplicability of the Revised Statutes to new clasees of corporations of recent origin and developement. A comprehensive. equita- | bie and well defined system for the assessment of the capital of ratiroad, plankroad, telegraph, and | insurance corporations, is deemed indispensable \tis thought proper to make these suggestions on the subject of assesements in this connection, be~ | cause of their immediate > | on the fature condttion of the General Fund. It may safely be estimated that @ full and uniform valuation of taxa- | ble proverty throughout the State, would increase the proceeds of the half mill tax from $100,000 to $150,000 per annum In estimating the ability of the general fand to | meet new appropriations, the Comptroller has not | lost sight of certain resources (aside from the esti- mate of current receipts from ordinary sources | herewith submitted) which will be realized within the next two years. The sale of tax lands made in 1848, included the gp taxes to the year 1844 inclusive. There is still due to the treasury for unpaid taxes on non-resident lands, returned for aya 1845, 1846, 1547, and 1948, the sum of $107,135, besides interest thereon, emounting to about $40,000. The two years allowed for redeem- the lots sold in 1548, having expirea, it will let to prepare for the sa ly as practicable. It imintend- | p LDL TT Tg MT above stated will be L is also due to — the treasury for advances on account of the tax | of 1849, on pon-resident lands, a furthey sum, | @5,319. These under the act | Committee to examine the accounts of ee eb ee of I Pro'viy for the sale of lands for uatiid reasurer, 4 taxesin te counties where they were assessed, _ eee Recsersseeseeweve 1,100 00 must be sold by the county treasurers on the fitst gent ex; Court : Tuesiay of Leampbinl 852, when the amount an and the 2,500 00 du¢on them will be restored to the treasu-y. of suits, *2,000 00. At the tax sale of 1848, the Comptroller reserved tion of journals and do- from sale certain lands on the Butialo, Cattaraugus cuments of the Legislature, Wc..... 2,000 00 and Allegany reservations, by,reason of legal pro- | Incidental expenses of the regents of ceedings commenced by pre-emption owners to | _ the University..... . 1,200 00 contest the validity of the tax. The amount due | Improvement of Racket river. 6,500 00 the treasury for advances on the lands thus re- | }mprovement of the upper waters served, Which must be realized either from a sale rive! 2,000 00 of the lands, or a call u, counties, is com- pated at 1,000. The c omptroller had Roped for 2,000 00 ane: jecision ol important question, But the hearing has been delayed. and the case is still 9,629 27 ponding before the Supreme Court. The Attorney 40,000 00 eneral is maki praisewerthy effort to expedite . pope | the proceedings, and a decision will doubtless be : . $602,443 27 obtained before ad’ for the tax sale of 1852. The forcariog estimate includes. $50,000 for the * Atthe sale of the Comptroller, for want of | ‘support of the Sing Sing and Clinton State Prisons. bidders, bought in the State certain at || An early appropriation 1s needed for this object, as the amount of the taxes thereon, being $30,025 94. | the prison SPRTOBAAIOOS have been made with re- There remains un) di *s, ides in- | ference to the calendar year, and the amount ap- redeeme. terest, and it is assumed that $25,000 will be reat ized from the redemption or re sale of these lands. In the last annual report from this office, the roller called the attention of the Legislature to the accounts between the treasury and the city of New York. The books of this depart- ment exhibited a balance against the city treasury of $113,716 21, consisting fly of certain taxes on mutual insurance jies returned to the Com» troller bv the Chamberlain of the city in the years 1845, 1846, 1847 and 1848, and this balance was ia- creased to $132,307 95, by similar returns of taxes for the year 1849. Doubts were entertained as to the legal liability of mutual insurance companies to taxation on their accumulated funds, and for this reason my predecessois refused to credit these returns. The last legislature, (chap. 186, Laws of 1950) provided for an equitable settlement of the accounts between the State Treasury and the city and coun- ty of New York. A proceeding was then pending between the Sun Mutual Insurance Company and the city corporation, involving the validity of the tax, and a decision had been given by a single judge ndverse to the city. The case was subse- | quently carried before the Supreme Court, and fully | argued atthe last May term, when the previous decision was reversed, and the legal liability of this class af corporations to taxation on their in- vestments of | capital was affirmed by the court Regarding this judicial decision as of binding au- thority, the Comptroller has deemed it his daty to admit the returns and place the amounts to the credit of the city treasury, in pursuance of section 20, title 4, chamter 13, part 1, Revised Statutes. A final and satisfactory settlement has been effect. ed with the.Comptroller and Chamberlain of the city since the close of the fiscal year. Certain returns conceived to be irregular and unauthorised, and amounting to $26,020 57, were rejected by the Comptroller, and that amount has been paid iato the State treasury by the city Chamberlain. The returns admitted by the Comptroller have been placed in the hands of the Attorney-General, who will proceed to recover the taxes ia the manner | preecribed by law, unless such proceedings should | be rendered unnecessary by voluntary payments The balance due on these returns is $106,237 38. Several of the corporations have failed since the imposition of the tax, but a majority of them are represented as prospero! d it 1s estimated that at least $60,000 will be 4 The Comptroller is of opinion that, in addition to the current or accruing revenues anticipated in the regular estimates, the General Fund will realize from the resources and balances above referred to, in the year, 1551 and 1552, at least $350,000, and probably over $400,000. Ifthe Legislature should deem it expedient to make eppropriations for new objects of utility and beneficence, the time and amount of such expendi- turesshould be adjusted with reference to these anticipated means, so as not to trench upon the cur- rent revenues required for the ordinary support of government For tailed exhibit of the receipts and pay- ments ¢ sount of the general fund, and the otk g the last year, refereace is made s hereto annexed, marked A | Siar THE TREA, R a the treavuryonthe °- ptember, 1849...... $471,725 5 Amount received into the tre: sury On secount of all the funds, (exeept the Canal Fund) — the year end- Ing on the 308! tember, ie | 1450, (see statement A)... . 2,835 354 30 oem ———— 5,007,079 87 Amount of warrants drawa on the treasury.on account ofall the funds. (except the Canal Fund) during the year ‘on the & Oth Beptean (nee statement B).. Amount of warrante the treasury, remait id om the 301 Ls . 2.495.424 63 Less amount of warrants drawn op the treasury remsii unpeid on the $0th Beptem- Der, 1960. . ce eecceeeees 1 | -——-——— 2,495,147 62 Balance in the treasury om the 30th Se | tember, 1860 +» $508,932 25 Statement of balance due from and te the Treasury, on he B01h September, 1560. nd:— To the U. 8. Deposit Fund. — Capital. ... 45,293 91 To the Bank Fu: 10404 To the Mariners’ Fd. 144,228 78 To the Railroad Bink- img Funds :— Auburn and Ro- ——= $12,220 21 To the General Fund Revenue, 64.621 28 —— — $573,509 36 54.508 24 8913 64 Fund Debt Katlroad Com; Sinking “ asbveer rs 1947 23 508.932 25 ————— $573,500 36 applicable to the ordinary year, com- Estimated Revenue, rr expenses of govermment for the mening x Fre Ist of October, 1950. State tax, after deducting advances to county treasurers, for non-resident Appropriation from the surplus revenue ot the canals,for the support of govern- ment,....... 200,000 00 pep tgs 8 . +s 85,000 00 Salt duty, deducting the expenses of the Onendaga Salt Springs, 000 00 Arrears of county taxes, 40,000 00 Pediers’ licenses, . 1,700 00 800 00 1,800 00 160 00 Fees of the Cler! Appeals, 1,000 00 Sales of jands,. ee 1,000 09 Tolls on Cayuga Lake lolet, . 100 00 City and county of New York ment of account for State tax, 26,070 57 Estimate of the ord: for the fiscal year, commencing lat October, 1850. Salaries of the officers of government, including clerk hite.... ce. ese. s.-. $45,000 00 Sala! of the Judges of the Court of Appeals, and the Judges of the Su- preme Court. . 90,000 00 Salary of the Clerk of the Court of Ap- peals, and clerk hire... . 0.6.6.0 cee 6,000 00 Legislature, compensation of members and Officers..... ...s ese cece cesses 75,000 00 Contingent expenses of the Legislature and the public offices... 2... 66... 20,000 00 Expenses of the Capitol 5,900 00 Expenses of the State Hall . 4,000 00 Expenses of the Old State Hall. . wi” 00 Lxpepees of the State Cabinet of Natu- ra! Histor! eee 1,050 00 | Expenses of the State Library . 7,000 08 Expenses of the State Lunatic Asylum, apd support of insane couvicts . 7,000 00 Expenses of the te Prisons, exelu- sive of erections, improvements, &o 50,000 0) Commiseary’s department. 15,500 09 Printing for the Legisiatare........... 60,000 00 Miecelleneous printing end engraving... 40.000 00 Deaf and Dumb. eiaihe . D784 00 Blind .... 12,480 00 How 22.500 09 Foreign poor, New York 10,000 00 Orphan Asylum, New Yor 5 50) 00 Orphan Asylum, Prince s' rk 500 00 Orphen Asylurme teecee = 6,000 00 House of I York. 6,000 00 Society for the Reetorm ion of Juvenile Delinquenta, New Yor! see §=8,000 99 New \ork Dispensaries 1,500 00 Brookiyn City Dispensary eyes cece 50 WO Lisceneary connected with the Albany Colored Orphan Asylum, New York 500 00 Agricultural Societies: 7,000 00 Postage of official letters, de. : 8,000 00 Rent and taxes of the house occupied by the Governor. 1,400 00 AW Ajyrebegsions of fogitives from jutige. propriated by the last Legislature is exhausted, In addition to the above esti several new appropriations are romuired for the current fiscal ear. The orders of the last Legislature caused a ge increase in the printing expenditure, and the amount ated for ita payment was inade- quate. The appropriation tor the present fiscal year (being $60,000,) 13 ceoneieabeused. Dur- ing the year there has been paid from the ordinary printing appropnation nearly $25,000 for engravings and illustrations. {t will be necessary to appropri- ate $30,000 more without delay, for the purpose of paying the cost of the Documentary History, &c., ordered at the last session. The ordinary printing expenses have been considerably ome by the cost of maps, engravings and colorings, intended to illustrate Indian antiquities and revolutionary incidents. # Thea riation for the expense of transporting books and documents to county treasurers, clerks, and to members of the islature, is exhausted, and it ie estimated that $5,435 37 more will be re- quired to convey the books ordered at the last session. This large increase of expenditure is caused by the unusual number of books distnbuted by order of the Legislature. An important saving might be eflected if the person entitled to these publications would receive them here. The ex- penses of the Western House of Refuge have been jargely increased “f the act of February 26, 1850, requiring all juvenile delinquents convicted in the 4th, 5th, 6th, 7th and 8th judicial districts, to be confined in that institution. No additional appro- priation was made with reference to this increase, and it was found necessary to apply $6,000 of the fund intended for building purposes, to the ordinary support of the institution, during the last fiscal year. In order to restore this amount to the build- ing committee, and to ie the ordinary expenses. of the establishment till the close of the present fiseal year, a further appropriation of 12,000 is needed. From a personal examination of the in- stitution and its management, the Comptroller is satistied that its expenditures have been regulated with great skill and economy. i ‘opriation for paying the coats of suits, is elso exhausted. This expenditure has been mach increased by the fees of counsel employed in the manor suits aud the State prison puede A further appropriation of $5,000 will probably be needed for the present fiscal year. An estimate of additional appropriations required for the expenses of government, during the remain- eer of the fiscal year, is annexed hereto, (marked THE CANAL FUND. It will be seen thi tinue to justify th pressed by the a the canals of this State con- nticipations so frequently ex- vocates of a liberal system of public improvements. The gross revenue of the canals during the last fiscal year, including interest on deposits and rents of surplus water, was $3,486,- 172 30, being an increase over the receipts of the eoang year of $43,265 68. (See statement — ) hi jount received forcanal tolls during the last season of navigation, as far as yet ascertained, was $3,276,903, being an increase of $8,677 upon the tolls of 1849. it is proper to state that the receipts for the fiscal year ending September 30, 1850, fall below the esti- Tnate of the commissioners of the Canal Fund at the commencement of the year, $55,827 70 A ccnsiderable reduction of tolls on some lead- ing articles of tonnage was made by the Canal Board before the opening of navigation. It is be- lieved that these reductions produced a conside! ble increase in the canal trade, without any di nution of the regate revenue. An interesting question arises, how far the pulicy of reduction can be carried without impairing the revenue. In con- sidering this subject, the vast importance of ensur- ang the Koen fay of the enlargement of the Erie canal should be kept constantly in view. Asa li- mited proportion only of the surplus revenues can be applied to this work, under the provisions of the constitution, a policy should be pursued which will place the revenues at the highest attainable point of productiveness. t was foreseen at an early day that the enlarge- ment would be necessary to maintain a successful competition with rival routes, for the western trade. The experience of the last year tends to confirm this opinion. A considerable diversion of business has been caused already by epening new channels of intercourse. The revenues of the Erie canal will be exposed to serious diminution, by a transfer ef trade to other routes, untilfthe cost of transportation shall have been materially reduced, by the completion of the enlargement. Yet itis believed that under no state of things likely to cur will the income of our entire system of cant fall below the receipts of the last fiscal year ing the first months of navigation, the last season, the canal trade was impaired by the short crop of 1849 in the Western States. After deducting from the gross revenues of the last fiscal year, the sum of $644,762, for the ex- penses of collection, superintendence and repairs, and $191,203 S1 for new locks, &c., on the Os wego and other lateral canals, there remains a net income of $2,650,206 49. Of this sum $1,850,000 has been carried to the. seme | Funds and the General Fund, im compliance with the co tional requirements, leaving $800,206 49 ‘able to the appropriations made by the last Legislature for the completion of the Genesee Valley and Black River Cannis, and the Erie Canal enlarge- ment. Adopting the last year as a criterion, the present value of the canals is equal toa capital, of $44,170,- 108, invested at six per cent interest. The average net income; fer the last kipoen yt $2,518,044 87, which 1s equal to a capital of $41,967,414 50 at six percent interest. é The entire cost of all the canals, including the expenditure on the Erie enlargement, the Genesee Valley, and Black River canals, to 30th September last was $35,115,237 76, as exhibited by the ac- company ing statements, (marked E. 1.) THE STATE DEBT AND THE SINKING FUNDS The entire amount of the State debt on the 30th of September, 1860, was $22,530,802 48, exclusive of the contingent debt, (loans to railroad compa- nies, &c ) amounting to $933,036 16. (See state- ments marked E 2, and E. 3. GENERAL FUND STATE DEPT. The amount of the General Fund State Debt on the 20th of September, 1850, $6,359,693 32. The amount required to pay the annual interest ow this debt is $354,071 37. ‘The amount set apart from the canal revenues, a8 a sinking fund, to pay the interest and redeem the principal of this debt is $350,000 per um, until the canal debt shall have been extiogeished, when the General Debt Sinking Fund will receive $1,560,000 per annum, until the entire debt shall be diecharged. The present sinking fund appro- priation is insufficient by §3,07 to meet the pay mente of annual interest; and this deficiency is previded for from the surplu the sinking faod, which amounted to $12,247 it the commence- ment of the present fiseal yea Of the General Fund Debt, $1,271,384 93 con- sists of Comptroller's bonds, bea 6 per cent interest, which are held by the Sate as invest ments of the capital of the Literature, Common School, and United States Deposit Fuads Although these bonds are payable on demand, (exce $305,000, payable in 1866), it will be ob that the principal cannot be extinguished the final discharge of the conal debt, ia he present state of the money market, ht readily be obtained to discharge this a of the debt, by @ new issue of Comptroller's o1 ring 5 per cent interest, which would re ving to the General Fund Sinking Fund of $12,713 84 per annum further saving of about $100,000, in premiums, might be eflected by ine @ State sock for the amoun', payable efter 1 ne ap ropriated by the constitution will become availa- le forthe extinction of the debt Although the Comptroller porserses sufficient authority, under exie'ing laws, to change the form of thie part of the public debt in the manner indicated, he has deemed it bis duty to refrain from exercising it until the subject should have been distinctly pre- sented to the consideration of the Legislature He has paid severa) private creditors of the State, who held Comptroiier's hoods, bearing six per cent, by an issue of new bonds bearing five per cent, ond bas thereby reduced toa small extent the ennual charge The question is, whether the sinking fund shall Six per cent to the echool fuad and other epe- cific funds, when the money can be obtained from other sources at five per cent, or even a less rate of interest? If the Compirciier’s bonds were held by irdividual lenders, there would be no ground of hesitation. As they are held by the State, as part of the capital of the specie funds, their payment involves the investmen a 6 bonds and mortgeges or other arities for the bene fir of those funds. It ie believed that the mo- ney might be safely loaned through the agency of the Commissioners of the United States Deposit Fund, on mortgege eccuri'y at seven per gentin- f amount in SE nena terest. Loans of Sle shakacte are subject to con which must be taken unto con- i x inve ‘of the Unie ted States Fund, after pa) expenses and all 8 of irom acc! have yielded a net i of over six uarter 1 om per , for the entire peried from 1837 to The debt of $30,000, created for the erection of ‘a new State arsenal in the city of New York, has been discharged from the proceeds of the sale of the old areepal grounds. THE CANAL DEBT. The amount of the canal debt chargeable upon he te king vane created by foes 4 arias i, © constitution, was, on the ember, i yy $ 5035,523 7 50,000 00 192,585 49 $16,171,109 16 ‘See statement marked E, 1. \ The canal oot was Saaaa during the last fiscal ear by the payment of $436,000 of stock, which Nl due on the Ist August, 1850. It was increased by the five per cent Albany basin loan above re—- ferred to, $192,585 49, (which yielded $203,415 36 a ‘ing @ premium of about five and a half per cent,) maifog the actual reduction of the debt $243,- 51. The act directing the loan for the purchase of the Albany basin. requires that the interest shall be advanced from the General Fund, until the canal debt shall have been extinguished by the Sinking Fund created by the constitution, when the amount is to be refunded to the General Fund, from the canal revenues. It becomes neceesary for the Legislature to ap- propriate $9,629 27 per annum for the payment of interest on this loan. GENERAL FUND DEBT SINKING FUND. To this fund belongs six per ceat stock, issued on account of the bank fund, redeemable in 1858. $66,743 32 And there is‘due to the treasury for advances to meet the demands upon this fund. . . 54,506 24 Amount of the fund on the 30th Sept., 1850 $12,247 08 Balance i ry on the 30th Sept , 1849.$104,178 16 Alount paid from the treasury during the year ending 30th Se pt., 1850, (see statement B.) Amount transferred to the General Fund revenue for interest on the ba- lance due from this fund 951,541 90 6,726 18 ————_ $462,446 24 Amount received into the treasury during the year ending 30th September, 1850, (gee statement A).$406,913 34 Amount trensferred from the General Fund reve- nue for interest on $30,- 000 of debt, created for the erection of the New York arsenal, paid from this fund in 1849....... 407,940 00 Balance due the treasury 30th Sept., 1850, (see statement above)... $54,506 24 CANAL DEBT SINKING FUND. Received, viz:— Balance on hand 30th Sept., 1849.... $200,877 01 Transferred from the revenues of the State canals, onder article 1,§ 1, of the constitution 1,300,000 00 Transferred premiums on loans, under chap. 370, § 1, Laws of 1850....... 215,610 76 Transferred the unexpended balance of loan, to pay debts due prior to Ist July, 1846, under chap. 376, §2, Laws Of 1850... e..e cee ceee eens 42,869 93 Total receipts... + $1,759,357 70 Paid, viz:-- For the redemption of Canal stocks, VIZ :-— 7’s of 1849 484,422 93 For expenses of transfer office, viz : To the Manhattan co. $1,250 00 To Walter Mead, ag’t 750 00 To Geo. F. Nesbitt, Stationer.... +s... + 85 00 —— 2,185 00 For interest on the Canal debt..... 861,211 00 For debts due ag to Ist July, 1846, under chap. 375, §2, Laws of 1850: 84,715 52 Total payments .... ++ « $1,432,534 50 Balance on hand 30th Septem- Der, 1850... .....seeeececeee 996,823 20 $1,759,357 70 The above balance is applicable as follows, viz:-- To redeem 6's of 1837, outstanding. . $160 00 do. 7's of 1848, do... 600 00 do. 5's of 1850, do. .. 43,275 36 Total outstandin, ing no ai interest... ... peda teseye 085 96 For the fiscal year 1850-51... 737 84 $326,823 20 LITERATURE FUND—CAPITAL. This fund consists of the following items, viz:— State Stock :— Certificate No. 3,987, loan under the act of 13th May, 1846, redeemable Ist uly, 1864, 6 reent Certificate No. 69, Black River Canal Loan, re- deemable Ist January, 1851, 5 per cent........ Certificate No. Astor stock, redeemable at pleasure, 5 per cent.... Certificate No, 107, loan under the act to provide for the deficiencies in the sinking funds, re- deemable Ist July, 1855, 5h per cent........-.4.. 37,000 Comptroller's Bonds :— Comptroller's bond, No. 2, issued a chap. 225 Laws of 1849, redeemable $100,000 00 8,743 00 * 3,000 00 00 $148,743 00 Ist July, 1866, 6 per cen seseeee 64,700 00 Bank Fund Stock :— Certificate No. 338, issued on account of the Bank Fund, redeemable lst February, 1858, 6 percent......... 49,918 34 Ineurance Stock :— 100 shares in the Albany Insurance ee 6,000 00 Company, at $60 each. s on the 30th of Se; Amount receiv Treasur’ Cp lage ending 30th Sept, 1850, rer statement A.)...... 39,489 16 —= $57,948 12 Amount paid out of the Treasury ues the year ending 30th Sept, 1850, (wee statement BY)... cccceuee oeve 869 59 Balance of revenue in the Treasury on the S0th Sept., 1860..........cce eee 914,078 53 The revenue of this fund is estimated for the current year as follows, viz. laterest on State Stock $8,403 00 do Comptroller's Bond. 3,882 00 do Bank Fund Stock. 1,497 40 do money to be invested 330 $14,112 40 Appropriation from the income of the U.S. Deposit Fund ....... 25,000 00 ~ $39,112 40 Estimated expenses for the same peel, te — Dividends to academies ++ $40,000 00 It will be perceived that t ture Fund was increased during the last fiseal ye the sum $6,913 34 This merease was duced by S00. shares of stock in the chante’ Bank, N $43,000, while th $49,913 4 The of the Gor ler. the par value being actually realized was ie was made by and with the T, given in pursuance of sec- 3, title 5, ehapter 8, pert 1, Revised Statutes. The premium obtained on the stock formed a euffi- cient inducement, but there were other considera- lions Which, m the estimation of the Comptroller, made it hie duty to gasnge the investment of this jortion of the capital of the Literature Fund. Although ‘he Merchants’ Bank is one of the rourdest and best managed institutions in the State, vs charter will expire in 1857, when a re-invest- ment will become unavoidable. A serious question had been raised how far the State was liable to be affected by the law subject- ing shareholders to personal responsibility. Ex- feriecee has shown that corporation stocks are not alwaye a cafe investment of the public funds. Six thousand dollars of the Literature Fund is invested in the Albeny Insurance Company, of whose capi- tal two-thirds has been by a series of lonses. Four hundred and sixt4 dollars is invested in stock of the Canal Bank, Albany, whieh is a total icee, The depreciation of the capital of the fund resulting from these investments will be 4 bi obtained on the Mer- ‘Been Bent keke Abe poceede the sale re- ferred to have beem invested in Bank Fund stock, bearing six per cent interest, redeemable in 1856. COMMON SCHOOL FUND. Capital ‘This fund consiste *of the following items, viz :— Bonds for Landes. $710,975 40 Bonds for Loans. + 198,269 02 of + 17,982 86 Loan of 1808. + 21,757 81 Loan of 1840 . 1, State stock Certificates Nos. 29 and 40, Astor stock, redeemable at pleasure, 5 per cent.... $41,755 91 Certificate No. 1, Chenango canal loan, redeemable Ist January, 1851, 6 pr ct. Certificate No. 250, loan for rebuilding the Chemung canal feeder locks, re- deemable Ist of January, 1861, 5 per cent... oe Certificate No, 1, State stock, issued per chap. 488, laws of 1847, re- deemable 1st of January, 1855, 5 per cent.. Comptroller’s bonds: — Amount of bonds issued for loans to treasury, payable on demand, 6 per cent. ..$551,645 49 Amouat of bonds, Nos. 4, 6.8, issued per chap- ter 225, laws of 1849, re- demable in 1866, 6 per cent 320,300 00 Balance due on bonds, issued to the College of Physi- ciens and Surgeons, New York, the payment of which has been assumed 20,000 00 1,445 05 160,000 00 ——— 213,200 96 by the fraataee of Union cae ae ollege, 6 per cent....... ge, 6 p | 981 65 Bank stock: One thousand s! tan Company, 50,000 00 Money in the treasury... 152,179 53 $2,290,673 23 See statement C for the increase and diminution of the capital of this fund. Révenue. Balance in the treasury on the 30th September, 1849...... .$162,762 03 Amount received into the treasury during the year ending 30th of Sep- tember, 1850. (See Siatement A ).......- Amount transferred from the General Fund Reve- pue for interest on money in the treasury, during the year,per chap- ter, laws of 1849.. 12,701 32 ——__ 463,554 13 Amount paid out of the treasury‘during the year | ending 30th of Sept, 1850. (SeestatementB ) 325,493 46 Amount transferred to the Bonk Fund, for interest on Comptroiler’s_ bonds due at the time of trans- fer of said bonds to this HORA. 00 000s voce cores 536 60 326,010 06 Amount o revenue in the treasury on the 30th September, 1850...... $137,524 07 The revenae of this fund is estimated for the cur Tent year, viz :— Tater: st on bonds for land « $35,000 00 Interest on bonds for leans. Interest on loans of 1792 and 1808. 5, Interest on loan of 1840.............. 1,000 00 Interest on State stock in Comptroller's Interest on money in the treasury 13,000 00 Dividends on bank stock......... 4,000 Appropriation from the i 7B. Dep. Fund. .eeee cece csesceceee I Estimated payments for the same riod, Viz.:— -ommon echool dividends... ........$285,000 0) The capital of the Common School Fund has advanced from $2 243,563 36, on the 30th of Sep- tember, 1849, to $2,290,673 23, on the 30th Septem- ber, 1880, being an increase of $47,109 87, during the last fiscal year. (See statement F.) The re- venue of the fund, during the same period, (in- cluding the annual contribution of $196,000, from the Deposit Fund,) was $300,792 10, being an in- crease of revenue, as compared with the preceding year, of $15,898 34. After paying all charges on he revenue, balance remained in the trea- sury on the 30th of September last, of $162,762 03 It is estimated that the revenues of the present fis- cal year will be 350. ¢ Comptroller deems it safe to recommend that the annual dividend from the revenues of this fund for the svppert of common schools be in- creesed from $235,000 to $300,000. After —- ample allowance for contingencies, it is believe the present condition of the fund will justify the pe gene mere: and the yearly addition of $25,- 00 to the capital, from the income of the Deposit Fund, vill gradually produce the means for eal arg- ing still further the amount of the annual distribur n. LOAN oF 1792 ann 1809. ‘The Loan Commissioners have proceeded, with commendable diligence and fidelity, in executing the act, passed April 10, 1850, requiring these loans to be clored by transferring the mortgages, under certain conditions, to the Commissioners of the United States Deposite Fund. On the 30 of Septem- ber there was still outstanding, on the loan of 1792, $17,982 86, end on the loan of 1808, $21,757 81. These amounts have been considerably re- duced since that day. But it is ascertained that tome loses will be sustained from failures of title, insufficiency of security and delinquencies of com- missioners in former years. Every effort has been made to secure the amounts thus placed in jeopardy. For a portion of the de- ficiency, the counties are liable to the State, under the original acts and the subsequent provisions em- bodied in the Revised Statutes. Itis for the Legislature to determine to what extent this liability shall be carrred The loss to the capital of fhe Common School Fund, when definitely ascertained, should be restored from the accumulation of revenue now in the treasury. After the passage of the act of April 10, 1850, insiructions were iseued to the Loan Commissioners, from this office, of which a copy is hereto annexed, (marked G) UNITED STATES DEPOSIT FUND. The capital of this fund is believed to be in a sound and healthful condition The o1 1 in- vestment of cipal being $4,014,520 71, been preserved entire, all losses having been restored to the capitel by the transfer of an equal amount from the current revenue. |t was shown in the last annual report from this office thet the approy made by the Legisia- ture, including spe to literary institutions, exceeded the reve: $23,683 This de- e 5 ficiency has been reduced ta $8,913 64 at the close of the last fiseal year. It is estimated that the Tevenves of the present fiscal year, after paying all existing appropriations, including the ordinary dis- tribution to common schools and academirs— 10,000 for the Normal school, and €3,000 to aea- ies for instruction of common achool teachers, will leave a surplus of $11,446 36 at the disposal of the Legislature It is hoped thet the income of the fund for the current year may be increased beyond the esti- mates, by the eflorts of the commissioners to dis- pore of the rerouining Idhde bought in for the State on foreclosure of teges. A circular was issued from this office in March last, (of which a copy is hereto annexed, marked H,) urging the commis- sioners to eflect sales of these lande as speedily as practicable. and to take proper steps for the reco- very of deficiencies due the State on account of this fund. Exprees authority should be given to the Comptroller to compromise and settle with insolvent or embarrassed debtors for balances re Maining due to the Deposit Fund after a sale of the mortgaged property. UNITRD STATES DEPOSIT FUND. Cagntol. (See statement | ) This fand consists of the following items, viz:— Loans on mortgages in the seve: counties : ‘ State stock, redeemal 1855, 5 per cent.. State stoek, redeem: s+ 142,500 00 6 per o 1,100 00 Comptrolle: mand, at 6 per 334,739 44 Money in the t 45,293 91 84,014,520 71 Revenue Balance due the treasury on t he 30th $1,658 89 September, 1819 Amount of payme the treasury durin, ist ending 30th " 860, (see statement By Amount trensferred to the capital of the fund for di- Mminution in the loans un- der forecloeure of mort- gages and failure of title Amount received into the treseury during the year ending 30th Sept., 1250, (eee statement A)....,, 266,928 86 256,150 09 9,992 70 ———400,141 68 Amount transferred from the 3 enerel fund revenue for pterest on treasury depo- BULB cae cone ceee waee ceewe Amount transfe from the capital for payment into the treasury, errone- outly applied as priacipal ———— 260,228 (4 Deficiency in the revenue on 30th Sept , 1850, 98,913 64 ‘Agpropriations from the income of nie fand for 1850, which remained unpaid on the Septem- ber, 1, ue t ‘ st Geneva College, $2;500 Madiron Daiger ‘2.500 00 Hamilton College, 2,500 00 00 the 500 Which shows an excers of srpropaierone Legislature, from the income of the United Fund for the last fixeal year, of $16,413 64. The revenue of this fund is estimated for the cur-- rent year, as follows :— Interest on the amount loaned on mort: ‘ gage in the counties ++ $218,000 00" Interest on State stoek, . 7,191 00 Interest on Comptroller’s bonds, . 20,084 00° Interest on money in the treasury, to be invested,. eae a 00 Sales of lands, . 10, 4 $256,860 00 Estimated payments during the same period, Viz i= Amount of balance due the treasu: $8,913 64 Amount of appropmations for 1850, which remamed unpaid on the 30th September last. ad 7,500 00° Common schools, +. 165,000 00 Amount to be added to the capital of the School Fund,.. ++ 25,000 00 Academies, . . pe . 25,000 00 Normal Schoo! +» 10,000 00 ~ Academies for instruction ef commen school teachers... ssscidsnanbas, 3,000 00 For diminvtion in the loans under fore- closure Of MOrigage..--.... esse eeee 1,000 00 $215,413 Gt Foreclosures of Mortgages in the several Cowntwes by the Commissvoners of the United States Depo- sit Fund. The following is a list of mortgages under fore- closure, of which the premses were bid in for the State, and remaiaed unsold by the Commissioners of the Land Office, on the 30th September, 1950 :— Princpal . No of When due at Counties. Murtgage. bud in. time of sale. Broome .. . 32 1844 600 00 Jattaraugus 21 1813 275 00 ayuga .. 212 1844 300 00 Chau'auque. 48 1812 300 00 Delaware. 3 1847 344 00- Erie 48 1839 500 00 + 117 1842 301 60 be 46 1843 1,266 00 ” 222 1843 300 00 $ 226 1843 1,100 00 Essex 40 1840 0 00 New Yor! 103 1845 1,000 00 = 104 1345 ‘800 00 Niagara 145, 1839 600 00 see 48 1843 500 00 Onondaga 289 1843 930 00 Ontario 146 1343 800 00 Oswego. 27t 184 300 00 (part) 278 1841 500 00 Rensselae 1846 348 00 bed . 1846 1,340 00 Seratoga 1844 400 00 Suffolk . 1841 3,000 00 = . 1843 2,000 00 =i) 1844 300 00 wa re 1850 1,000 00 Ulster .. 1839 400 00 Westchester 1st 3,000 00 bid . 1343 500 00 Wyoming... 1845, 250 00 During the last nxcai year the Comptroller re- . deemed $135,850 of the Benk Fund stock from the means on hand belonging to the fund. Of thie amount, $35,850 was received in pursuance of chap~ ter 352, laws of 1850 The State stock held onac- count of this fund, bearing 5 per cent interest, wae sold, and the proceeds applied in redeeming six per cent Bank Fund stock, by which a gein was pro- duced to the fund of $1,806 for premiums and dis- count, besides on annual saving of $350 from the difference of interest The Comptroller has issued Bank Fund stock to the commiesioners of the CanalFund for the balance due from the Watervliet Bank to the Canal Fund, amounting on the 23d of September last, to $72,059 31 Including this sum, the amount of bank fund stock outstanding on the 30th September, was 715,905 33. Since the closing of the hacal year, stock to the amount of $5,424 78 has been issued to the remaining creditors of the Watervliet Bank, which is believed to include all outstanding de- munds egainet that bank. A large claim was held by ho receiver of the Canal Bank of Albany, joubls w but © entertained as to its validity, and the question submitted, by mutual consent, to Wil- liam L. rey, as sole referee. After a patient and laborious investigation, he rejected the princi- pelitem, amounting to over $30,000, and decided that the actual balance due from the Watervliet Bank to the Caval Bank is only $2,276 50, for which sum stock has been issued to the receiver. Assuming that the banks continue to pay their annual contributions of 4 per cent on thelr capital until the expiration of their respective 1 rs, the amountto be realized from this source is $994,- 225 60, which will be sufficient, with cious menagement, to discharge both principal and ia- terest of all outstanding claims against the Bank Fund. In addition to these contributions, there remains a mass of miscellaneous assets of the City Benk of Buffalo, the Commercial of Buifalo and the Watervliet Bank. The amount to be realized from these deplorable concerns depends, in some degree, en the result of certain lingations still pending. It is believed, however, that with proper diligence, about $50,000 may be recovered from the assets referred to. The Comptrollor has made every practicable effort to secure some returns from them, and with some eflect, but he regrets to say that his success ha: not been commensurate with his endeavors. Since the close of the fie ar, a final settle- ment has been made wit he receiver of the Comme k of Onwego, and the balance in ee being $1,644 33, has been paid into the fund. An important question has been raised in relation to the liability of the banks to pay the annual con- “tribution of } per cent on their capital for the last year of their duration. The Comptroller and his predecessors have entertained no doubt on this point, and the payment has been made by all ex- qynee banks, without dispute, until the Bank of tica and the Bank of Monroe contested the va- lidity of the claim. The charters of these banks continued in force ‘until the first day of Jani * 1860.” The Safety Fund act and the act of April HM 1842, require every moneyed corporation subject to the act to contribute one-half of one per cent on ite ome ‘‘on or before the first day of January in each year.” The ground assumed by the trustees of the banks referred to is, expired with the ye: to make the contribu on eT the first day of January, 1850. Some other banks, which made the last payment voluntanly, now e claim to have the money refunded, on the fare wes paid under a misapprehension of the a wr. The question is an important one in ite bearr n the ultimate sufficiency ef the bank fund. Ifthe remaining Safety Fand Ranks, incl the Bank of Utica and the Bank of Monroe, es. cape the payment of the contribution for the last year of their chartered term, the lose to the capital of the bank fund will be $132,742 30, and to that extent impair the security of the creditors. It is feared that so large a reduction might render the fund insufficient to provide for the payment of the* stock falling dne in 1566 The Comptroller has considered it hieduty to place the claims against the Bank of Utica and the Bank ef Monroe in the bande of the Attorney General, and by mutual convent, the question will be pre- sented to the Supreme Court for decision as early as practicable. With a view to protect the creditors of the bank fund, and to guerd against future controv: Comptroller would recommend of a Jaw requiring the banks to pay their cont tions on or before the last day of December in each year. TANK FUND. reent stock issued, per chap. ccount of the Bank Fund, h Sept., 1860, and redeema- Batonce of six 114, laws of 1 outstanding on bie as follows $27,278 42 + 24414 00 « 77,218 Bt « 7,938 30 . 237,660 00 144,000 00 55,822 82 100,047 35 41,541 13 $715,905 3 Assets of the City Bank of Buffalo... +s $48,956 28 Money in the treasury..... 10,494 26° ——— 9,40 54 Debt of the Fund on the 30th Sept. ——————. on ee sees — 9658,454 79 To the above is to be added the stock subse- en, issued to the creditors of the Watervliet ink, amounting to $5,424 78. The contributions to this Fand, by the several banke, are pledged for the payment of the interest and principal of the above stock. The follow: ing statement shows the prac umt anpually payable