The New York Herald Newspaper, January 8, 1869, Page 8

8 NEW YORK STATE FINANCES. Annual Report of Comptrotier W. F. Allen. Srare or New YORK, OoMPTROLLER’S Orrick, ALBANY, Jan, 1, To Tae LEGISLATURE:— The Comptroller, in performance of the duty de- ‘volved upon him by law, to exhibit to the Legisla- ture, at its annual meeting, a complete statement of the funds of the State, of its revenues, of the public expenditures during the preceding year, with an es- ‘mate in detail of the expenditures for the ensuing year, and showing the sources from which such ex- Penditures are to be defrayed and to suggest plans for the improvement and management of the public yevenues, respectfully submits the following REPORT: Althongh the liabilities of the State are large and the burdens upon the people to meet the aceruing Interest and provide for payment of the principal at maturity are in excess of those to which they have ‘deen accustomed, the resources and @bility of the State to meet its engagements and provide for all Proper expenditures are ample beyond all ques- tion. The tax levied during the year, the largest in amount that has ever before been laid upon the property of the Btate, was met and paid by the tax-payers with ‘commendable promptness, and the greater portion ‘of the amount raised for State purposes has been paid into the State Treasury. With a single excep- tion none of the county treasurers are largely in ‘arrear, and all will, doubtless, soon pay the amount due in full. The taxes levied for the current year are considered less in amount than for the last, and nothing but unwise and La aay on Jegistation will nder an increased taxation necessary tm the fu- ture. ‘The debt of the State reached its maximum during the fiscal year ending September 30, 1866; and from that time it has been diminishea by nearly seven Aaillious of doilars. This statement does not take mato account the large unappited balances of the sev- eral sinking funds, which, when applied, will go stil farther to reduce the aggregate indebtedness of the State. In view of the ample provisions made for this pay- ment of the ‘aebt, by which the entire amount will de paid within a ee, brief period, the Mnancial condition of the State may be said to be satisfactory. All that is required to relieve the peo- pie from excessive taxation for State purposes and ae pad from*the encumbrance now resting upon it is a prudent management of the funds and reve- nueés of the State and the exercise of wise economy in its expenditures and legislative appropriations. ‘The crodit of the State fs unimpaired and its stock Bought afer at a premium. as asafe and desirable lnvestinent of unemployed capital. But as like causes will, so long as the world stands, produce like euects, of a large public debt shall ceage to be re- garded as uot wholly undesirable, and large reve- nues and resources, present and prospective, as chiefly valuable as furnishing the basis of a cor- Fespouding credit and the means to pay the interest of a Jarge debt, and a wanton and waste- fui expenditure and unwise liberality in appro- priations shall be encouraged, the experience of Yormer years may be repeated. it is a matter of his- tory that a series of legisiative expenditures, com- menced in 1858, and justified, as was supposed, by the flattering prospects of large revenues, resulted tn #o depleting the Treasury and impairing the credit of the State, that in the fall of 1841 and winter of i842 the six per ceat stocks of the State, “which, but a few years before, bore @ premium of more ‘than twenty per cent, were not suleable at twenty per cent discount, and large lots were solid at a depreciation of twenty-two cenis on each dollar of stock.” If the financial policy of the constitution is.rigidly adhered to and the appro- priations limited to the legitimate objects and pur- poses of the government, the State will, before many years, be tn a situation greatly to reduce taxation, and taxes may be so light that the questions no’ discussed with interest as to the best system of tax: on, with a view toa just and equitabie apportior ment of the burdens upon all, will practically be un- aa cee in exhibiting the financial affairs of the State the Precedents, as to order and arrauzement of former Years will be followed, as conventent aad famiitar to the Legisiature. DEFT. On the S0th of September, 1867, the total funded ‘Gebt was $45,367,632, classified as foliows:— General fund debi xse0.} On the 30th of September, 1868, the total funded Gebt was $44,908,756, classified as follows:— General fand debt. $4,797,526 Contingent. Canal pamt of the September, 1868, after de- <tacting the unapplied balances of the sinking funds at that date Debt on the| Balance | Balance of 20h Sept.,|ar Sink'g| Debt afer 1868, inason| appiying /0°h Sept.) Siting | | 1s68. "| “unas, 4,017 1,918,408 Total... ee... | $44,908,780 | 80,108, ‘The aggregate debt of the State was reduced dar- ing the fiscal year ending September 30, 1868, by the sum of 8,595, and if the unapplied balances of the sinking funds be deducted the debt wili be re- @aced from the amount as it stood on the 30th of September, 1567, with the like deductions as of that date, by the sum of $5,250,143. GENERAL FUND AND GENERAL FUND DEBT. The ordinary expenses and all appropriations for the support of the government and other ordi- mary expenses are paid from this fund. It has no capital; but aside from the revennes de- Fived from suction and salt duties, fees received at the blic offices, and pedier’s licenses, its chief source of sopply is from direct taxation tmposed year by year, a8 called for to defray the nece: expenses of the support of government and im the appropriations made by the Legtsiature. The Tund is better known br the debt which bears its name, the maent of which is provided for by sec- tion two of urticle seven of the constitution. The followi statement yives the items of the general fund debt on the 2h of September, 1895, and they are presented more in detail in the tables of the appeadix accompanying this report:— Astor stock, chapter laws of i827, and chapter #4, laws of 15 Deticiency loans, under chapte Comptrotier’s bonds Indian annuities.......... Not paying wterest 700/000 900,000 1578, an 00,000 At pleasure... ... Paying interest........c0..c00. Not paying uierest. diminishe the $0,705, Thirteen th aired dotiars of the debt whieh the iifeal year had not been presented for ‘@t the close of the fiscal year. ‘The funds ment Were provided, and this sum, togett | $6,000, before this due. and not presented f ~ | nent has ceased to bear interest, and $5,000 have | been presented for payment aud paid sinee the close | of the fiveal year. Up to the present time but $250,000 has heen con- tributed, in any one year, trom the surplus revenues of the canals to the sinking fund created for the pay- ment of this debt, section one of article seven of the constitution the surplus reveaues of tue canals, of collection, superin- nit of $1,700,000, in each f set apart as a sink fedeem , the principal of the « fuld to pay the inierest anat debt of 184 By seetion two of when 4 suf- ‘appropriated and set until the same shail be fully p the same article it was pier Helent sum should have ir apart,” under the first section, to pay the Interest and extingnish the entire principal of such canal the sum of $1,590,000 of the surplus revennes of nals shall be sect apart, in each fiscal year, asa sigking fond to pay the interest and reduc prin ctpal of the “General Fund De' The Comm stoners of the Caual Fund have been enspied t. NEW Receipts. Balance inthe Se) 1867. Received patios ath ae Transferred from the General Fun: 1,228, 537 Deficiency September 30, 1868. eeeeees $196,821 ‘The following table gives the several amounts chargeable on the General Fund Debt Sinking Fund to October 1, 1869, and the means applicable to their payment: Receipts, Constitution from oomal TeVeNUeS.........,.- $350,000 Deficiency September 30, 1867. Interest on deot Indian annuities. ..... Stock due and unredeemed. To he provided for. .. BOUNTY DEBT AND BO! FUND. The history of this debt is familiar to the Legista- ture and the public, Its n 18 recent, and was approved by the people at a general election in No- vember. 1865, pursuant to section twelve of article seven of the constitution. The act authorizing the submission to the people of the question whether a debt should be created for the payment of the bounties authorized by the several laws enacted by the Legislature at its providea for the levying of s tax suiticient to pay the in- terest and redeem the entire debt within twelve E meapied and this provision, approved and ratitied by people, has all the sanction and binding force of @ constitutional enactment. The debt becomes due in April, 1877, and there is no power in the Legisia- tnre, if it were desirable so to do, to extend the time of payment with or without the consent of its hold- ers. The constitution declares that “the tax im- posed by such act (the act submitted to and approved by the vote of the electors) in proportion to the debt and liability which may have been contracted, in pursuance ofsuch law, shall remain in force and be irrepealabie, and be annually collected, until the proceeds thereof shall have made the provision hereinbefore specified to pay and caches the in- terest and principal of such debt and liability.” It is possible that it would have been better had the time of repayment of the loan been fixed at eighteen years, the extreme limitallowed by the constitution, and thus extended the tax over a longer period. But the faith of the State is pledged and the constitu- on makes the act and guarantee irreversible, The Comptrotier in 1866 estimated that a tax of two and one-eighth mills upon the doliar of the then valuation of the real and personai property of the State would suttice to meet the requirements of the act, and a tax of that amount was levied, but proved insuflicient by the sum of $765,125, which deficiency was made up by an assessment, and alevy of a tax of three mills upon the dollar for the ensuing year. ‘The Comptrolier In lis report to the Legislature in 1867 estimated upon the assumption that the sink- ing fand moneys could be invested so as to yield six per cent semi-annually; that to pay the interest and redeem the debt in twelve years from April, 1365, the time at which the act for its creation me a law, $4,955,911 should be contributed annnally to tae sinking fund, or over two anc a half mills on the valuation of 1866. The increased valuation of the taxable property of the State since 1866 reduces the rate, but does not diminish the aggregate amount of the necessary tax. In estimating the amount necessary to be contributed annually to the sink- ing fuad to pay the entire debt and interest within twelve years, allowance was not made for the loss of interest upon the portion of the tax payable by the city and county of New York for nearly nine months. That tax is practically not payable before December, and con- stitutes over one-third, and nearly one-half of the State tax. Netther was any allowance made for the loss upon the taxes assessed upon property of non- residents, which ts estimated at about two per cent. ‘The amount therefore to be coatributed to the Bounty Debt Sinking Fund must he somewhat in excess of the estimate of 1867, The tax of three mills raised 2 larger amount than was necessary to make up the dedciency of the preceding year, and make the re- quired contribution for the year, and the tax on two and one-sixth mills levied in 1868 was less than would have been necessary but for the excess in the levy of 1867. The amoun? raised for the years 1866, 1867 and 1868 is $46,053 m excess of the amount es- timated for those years, A tax of two and one-quarter mailis wy the valuation of 1868 will raise $3,973,700, and this amount wiil be required to comply with the provisions of the act. The following tabies will show the amount of the debt at the commencement and close of the fiscal year, and the contributions to and payments from the Sinking Fund during the year:— BOUNTY DEBT. On the 30th September, 1868, the outstanding stocks and bonds representing this indebtedness amounted to $25,943,000, classified as follow: Registered stock + ++$23,757,000 Coupon bonds + 2,185,600 Comptroller's revenue bond unconverted. 1,090 Total .....0..-ceseeee one seee se $25,043,000 On the S0th September, 1867, the dept was. $26,862,000 On the 30th September, 1868, the debt was. 25,945,000 Reduction during the past fiscal yerr... $919,000 BOUNTY DEBT SINKING FUND, The following table gives the receipts and pay- ments on account of this und for the fiscal year ending 30th September, 1568:— Received, Balance on hand, October 1, 1467... +» $479,509 Proceeds of 8 mill tax levied in 1s67, in pursuance of chapter 325, laws of 1865... 4,892,476 Interest on investments. + 3,525 Total. $5,368,610 Interest on debt. ment.......... + 1,054,380 Accrued interest on stocks pur- cha-ed other than bounty loan stock. 996 Preminm, &c., on stocks pur- chased... in Treasnry, September 30, 1863. $2,372, tug the Sseal year the bounty debt was reduced in of $919,000, and other State sto¢ks were ed as an Investment for the sinking fund to punt of $135,500, Most of the stocks pur- cost the State less than the market prices current at the time of purchase, and for none was a price above the tnarket paid. The average premium patd for the bounty debt i abont 74 per cent, in- cluding ali the expenses of the purchase, and ali the purchwes were mace at rates which will yield to the State more than at the rate of six per cent per annum i the investment, The foregoing statement of the vunty Debt Sinking Fuud shows a bal the treasury to the credit of thet fund on the temberto the amount of $2,372,411, poreb ath This was not te fiable or actual balance on hand, but was made up very largely of the State tax uncollected | and payable the city and county of New Ygrk, witch. as before sald, is not practically payable be- fore December, The balance was constructive rather Since the close of she fiscal year and nnary 1, investments of this fund have been Made to the amount of ¢ 700, $156,000 of whieh is Inthe bounty loan debt and tne residue in other stocks of the Sta CONTINGENT DEBT, This indebtedness has been reduced during the year by the sugn of $62,000, The $14,C00 of State stock loaned to the Schenectady and Troy Railroad and outstanding at the comme einent of the year has been paid and cancelied, ana the loaned to the ‘Tioga Coal Tron Mining and Ma ty wring Company, to the amount of $45,000, chapter 206 of (he laws of 1540, has been paid by compa and surrendered to the Comptrolier aud cancelled. The only remaming debt is the loan of $04,000 to the Long Island Rafiroad Company, the interest of which ts paid by that company é com pany wil! undoubtedly provide for the payment of ins debt at maturity, The following siatement mt the changes in this liability during the past cal year: — = Conuingent debt September 99, 1867 at + «$190,000 Contingent dett September 30, 1868. 65,009 —— Reduction. . $62,000 CANAL Mt AND CANAL REVE! During the fiscal year this portion of the State debt has been reduced by the purcuase and cancellation al stocks by the sum of $1,483,100, and the * of the debt outstanding on the 30th day of aber, 1863, Was $1),249,960, against $15,725, nding September 90, 1467. ‘Ths, however, in- the balance of the caual debt of 1844 out «ting, but for which provision has been made by nues set apart 4 appropriated to ite redemp- tion, and which may be regarded ag practically paid to the amonnot of $2,230,700, If the sinking ply with the first section’ of the articie, and have “wot apart and appropriated” a sum sufficient to pay the interest an redeem the entire principal of the canal debt of 1646, and the provision of the second section for tie benefit of the General Fam Devt Sinking Fund ts now fully operative, and henceforth the surplus revenues of the eanals will con- tribute annually $1,500,000 to that sinkin Sund, This wall provide » fund for the payment o the interest and redemption of the entire principal of the general fand debt by the close of fiscal ening September 99, 1472. that avery jarge proportion of uw. rodeemable ytion of the stock, aul the State will not be subject to joss or embar- yassment In Ie oy investwents for the fund awalt- Jug the maturity of the debt. $1,200,000 matures before ae oo m rer ir, of the debt tabl ow! in charges upon aud Fercipts of thie fund for the current fiscal year, that on the 3th of September, 1009, shere will ie an ap- fund for the payment of this debt, and the unap- Plied balances of the sinking fands for the payment of of portions of the canal debt be dedu from the present apparent indebvedn it will Jeave the debt to be provided re 10,222,757. Some of the ge have been retired by the Canel Fund, by the lication of the proper sinking funds, since the ‘Clone of the fiscal’ year. The Sneneial report of the Auditor of the Canal De- Darttnent will give the detaiis, The following stetement classifies the debt in refer- ¢ Commissioners of ence to the consuirational provisions under which its Be oes is provided for:— ction i « $2,250,700 Section article 7, By 100 Section 12, article 7.. Ls 00 1,685,000 Total.......... toes Not paying interest. The report of the Auditor of tue Canal Departmen’ Will make a gratifying ‘exninie of the canal 4 navi tie caual has for the . The without setious the season ose «6 $14,249,960 Ki d, be necessary provision for the it snterest ‘and redem n of the principal of the debt secured by section three of article seven of the con- stitution. and that no contributions for that eros = be spree’ from other Caer e time will soon arrive when, making tbe necessary contributions to the sinking fund for the payment of the enlargement debt, and paying into the trea- sury the $200,000 towards the expenses of govern- ment required by that section, there will be @ large surplus which eek be paid ag po pnt for the use of the State in repayment 0! ee ‘to the oa Sinking Fund other canal purposes since ‘The same article is imperative that after the neces- sary contribution is made the $200,000 shail be paid into the treasury for the sup] of the government, and this provision cannot be ignored or set aside. The Commissioners of Canal Fund have no dis- cretion in the matter. ould there be a surplus of the revenues after the satisfaction of these prior claims it must be disposed of pursuant to section five of the same article of the constitution. ‘There has been paid and advanced tor account of the Canal Fund, under the present constitution, and which should be repaid to the treasury, the sum of $16,416,328, exclusive of interest, LOCAL DEBTS. Returns have not been received from all the local- ities, and therefore the present “local debts” of the State cannot. be accurately stated, and the amount be approxim: by adopting the report seta fee ana rary, ome ni} feceived from, the propersomeers,. The ate iv ym the propel of this debt of the several localities, after deduc! the unapplied balances of sinking funds applicable to their extinguishment. as estimated last year, was $89,081,035, Making the alterations in the tablo annexed to the report called for by the reports since made to this omice, the indebtedness would now stand and be classified as follows:— For bounties and other war expenses. For aid to railroads... For roads and bridges. For miscellaneous purposes. . Making an aggregate of..... REVENUE: Deficiency of the generat fund revenue on the goth of Sep- Amount of warrants drawn on the Treasury on account of the'general ‘fund during the year ending the 30th of ep tember, 1568 (see schedule iI.) 5,222,208 Amount transferred to the bounty debt sinking fund, being the proceeds of the three mill tax levied in 1867, in pursu- ance of eo Jaws of 1855. Amonnt transferred to the following for interest on money in the Treasury during the year belonging to said funds, viz.:— $34,765,746 +++ ++ $83,603,018 $2,560,586 $4,892,476 School fund.... sees . $62,139 Literature fund + os 6,358 Long Island Rat!road Company sinking fund...........+.++++ 680° General fund debt sinking fund 23,417 Tioga Coal, &c., sinking fund.. ff Nc scien, SRO OOT Amount of warrants drawn on 5 the Treasury remaining un- paid on the 30th September, _——- —— $13, 088, 784 Amonnt of receipts mto the Treasury during the year end- ane September, 1868 (see edule I.) we $10,111,017 Transferred he fund for bond for lands. 300 Transferred from the m record fund for amount erro- neously paid to the credit of said fund, and refunded from general fand................ 100 DOD. 5 osc oseseeckcsen cnc sss os Q1O,101,617 Amount of warrants drawn on the Treasury remaining un- — on the 30th Septembe Welesscceees m3 —-—— 10,112,330 Deficiency of the revenue on the 30th There was received during the 0: count of the general fund revenue:— From taxes. From salt duties. From auction duties. ‘The pi ree of re ing the taxes imposed upon the property of the State from year to year, and the principal expenditures for the support of the goverument and all the ordi- nary feck ety Seyret made by the Legislature being paid from this fund, the question ot taxation is one of immediate interest to all, and will be so long as the present rate of taxation, which may appropri- ately be said to be excessive, shall he necessary. ‘The question of expenditure has also a special interest to the people. The increase of taxation for Stale and local pw within the last twenty years has been such as to bring the subject heme to every taxpayer. From 1845 to the present. time the tax has increased from about two-thirds of one cent upon the dollar, representing a tax of $4,170,524, to about 2 8-10 per cent im 1867, repre- senting @ tax of $46,515,921, and 2% per cent in 1868, representing & tax of $44,298,405, Neither the increased weaith of the State nor the necessities of the government justify this increase tn the bur- dens upon property. The assessed valuation of the real and personal property of the State is now not quite three times the valuation tn 1545, while the tax fs. more than eleven times that of the latter year and the rate of taxation is more than quadrupled. ant lesa the assessed valuation is greatly leas than the actual value of the property reached by the asseas- ors, amt some and perhaps iurge amounts of per- sonal property escape taxation altogether, but the increase in taxation 18 none the less and the burden is none the less onerous. Estimated per capita the tax imposed under the State jaws ts more than twelve dollars upon every man, woman and child in the State. In any consideration of this sub- ject the taxes collected by the United States govern- Ment caunot be ignored. | It ts true that a large por- tion of the federal taxation is por- tion of the tax falls upon all none areexempt. Tn the language of Ciief Justice Chase, “No one who eats, drinks, wears or ts sheltered under any roof, however humble, now escapes taxation.” Without disparaging the wealth or the resources of the State, or the patrioti«m of its citizens, it cannot be denied that property ts taxed, if not to ite utmost capacity, at least more heavily than a wise and liberal ment ought unnecessarily burtdn it, and tt nothing more to spare at the call of the taxgal The annual tax upon property, incinding State and federal, now exceeds the limits which political economists assign as the average net profits upon its Value. If State taxation is now uneqnal, and the burdens of the State are not equitably distributed among those who shouid bear them, {t is the proper func- tion of the Legisiature to remedy the evil, The tax- ation is direct tn form, which Is more honest and more economical than indirect taxation, and it would be unwise, if it were feasibie, to resort to m- direct taxation. It wonld but sugar-coat the pili— the medicine would be the same, The expenses of the ca@lection of a direct tax is less, and there 19 more certainty of the entire sum taken from the ctti- zen reaching the public treasury, as the opportuni- es of fraud aud embezzlement’ are iess; economy in expenditures will be promoted, as the taxpayer knows the arnount demanded by the yovernment for its expenses, and can better tinders.and and know whether the demand ts exorbitant, and will be more mabe scrutinize coe eapenmares buow the cost Ol the governmental protgg! “ is not compeljed t6 Say ea yf upon the ortizinal payment of an ind » 1 Sell the amount paid by him upon whom the den eventnally rests, The Comptroller is not pared t commend any raical eh io x lowe or the system of tixat: and amendments might be mace Tefal re. vision would he serviceab The wh Sart pro. bably not so much in tue their execution, If most of the existing exem; it would provably be better. ‘sas in the manner of Mone were abolished nelivicnal @: are invidious, and if any reward ts © alles for tn bee half of individuals rendering servieos to the State It Would be better to make it ¢irectiy, in & pecuniary form. The present system, though not perfect, and heeding amendment in itv detail, is based upon the proper theory, and if well execute? in ite proper Spirit there Woukl be no just cause of complaint of inequality or og! in the imposition of the (axes, Every system will be liable to be amected by the wh Ge elon Mey against the pia Med 4 lelency or unfaithfuine Neer Chae with ears it Into eifect, mbites Oris ‘4 Which county treamrera are en- titled, or whether they are ‘entitiey = pensation from the ‘Stare by tor. sollestiog the State tax, is not we: Revised Statntes the comp charge upon the county, ir originally one-half por ‘cent for money received and one-half per cent for all moneys id out by them. They were paid by the State at this rate for receiving and paying into the State Treasury the State tax. While ihe State tax was smialiin amount the comrissions retemed bt the county treasurers was comparatively trifling an’ hot important. § Various laws have been enacted regulating the fees of county treas- urers—some local, affecting only a eingle county, ae and the result has been that th rol countics the treasurer claims to receive at Fete @ Gbe per cemt from thy Sigte ppoy the ‘som lieved that the time is not far people wiil find it convenient and Mf not a pressing necessity, economy on the part of thelr eependilnres of the State tailed, and that without loss or injury there is no doubt. The table annexed to this report and marked XXIV. has been carefully compiled Se ea cack ofa penditures for the last ten years. are sel and coll: here Legislature jected ry that the a may see the ns ata glance, ih at in offices. 2 Expenses of lic offices. 9,470 20,160 Legisiature—| of members an ofticers. “33 ae for the State. Hall for the Cabinet of tory...... Milita and Governor—incidental ex; government.. 750 5,570 Promotion of agri¢ 8,758 19,747 Rivers, roads and bridges. 4,535 57,007 State prisons, including building. (This is only for eleven months of New York Institution for Deaf and Dumb. sevassrsesecseees SH652 95,877 New York Institution for Blind. 21,431 188 Orphan Asylums, &C.........+ 97,766 = 141,328 ( does not include the special appropriations made in the “Ohar- ity bill”’ of 1868, amounting in the aggregate to $201,000.) QbarAnune.... ce eecceeeceececeeeee 96308 280,845 Insurence department.............. 900 40,619 It is not claimed that no part of this increase was made necessary by the altered circumstances and cyudition of the State and the increased cost of liv- ing, but it 19 believed that a very large portion of the increase in the expenditures is without justification or excuse. The increase of the legislative expensi it will be observed, has been the most rapid ant largest in amount. The pay of the members was vie same in 1359 as in 1868, and the great addition to the expenditures in subsequent years for the pay of “members and officers’ was for officers and at- tendants, and to that class of public servante, “omcers and attendants” alone, about $33,000 was paid in 1363 in“excess of the amount pald in 1859. ‘The contingent expenses of the Legislature were about quadrupled during the last teu years, being $52,713 1n 1859, and $128,696 in 1868, If the State is ever to return to that rigid economy which characterized the administrauon of its affairs in former days, this is a propitious ume to inaugu- rate a change, SALT DUTIES. The report of the Superintendent of the Onondaga Salt Springs andexed shows the following receipts and expenditures for the fiscal year, viz:— RECEIPTS. For duties on salt manufactured For rents and penalties. Expenditures. Gb TEVORUC....06..00 se see sees eee eee eee e+ + $38,811 The surplus revenue exceeded that of the tlacal year ending September 30, 1867, 52 the sam of $21,546. The ‘quantity of salt spected was 8,793,514 bushels against 6,777,060 in 1867, an increase of 2,016,454 bushels. This addition to the quantity manutactured is, in whole or in part, the result of bringing into use new salt wells by which the manu- facturers were iurnished with a larger supply of water. The Superintendent estimates the necessary ex- penditures for the ensuing year at $69,000, an excess of $10,762 over the actual expenditures for the year just closed. Twenty-one thousand dollars of this ts for new lines of agueducts and new machinery for pumping, for new wells and new rotary pumps. AUCTION DUTIES. Another source of revenue for the stated supply of the general fund is the tax imposed upon the sale by auction of wines and ardent spirits, whether for- eign or domestic, and all goods, merchandise and effects of foreign Agi ae and im) into the State. The law 1868, extending the duty to all sales of like property by brokers, was repealed at the last session of the ire. It was found dim- cult of execution, and was belleved to be contrary to sound policy, and calculated to interfere with the commerce and business of the State. The following statement exhibits the receipts for the year from this source, and shows a decrease of $63,916 from the Hd preceding. It is not supposed that this resalts rom the repeal of the law of 1866, and whether the legitimate falling off of this branch of trade would so greatly reduce the revenue is at least dount- ful The law is, beyond all question, evaded, and eer the agents of the Comptroller have been enabled to detect some fraudulent practices and cofapel amended reports by the auctioneers, and the -payment of duties withheld, it isnot supposed that ail the evasions of law have been or will be detected. If all private sales by auctioncers at their piaces of business, of goods subject to the auction dutie: whether soid on commission or ad the property of the auctioneer, were subjected to the same duty as if sold by auction, one of the means of evading the Jaw would be removed. ‘The receipts from auction duties for the past fiscal year, as compared with those of the previous year, were as follows:— Year ending September 30, 1867. soe ee $191,618 Year ending September 30, 1503. ~ 127,701 TAXES. The following tables show the amounts paid and received for the various pur; indicated, and the rate per dollar upon the vaination for the State tax in each of the years 1863 and 1569, and an estimate of the rate of taxation and of the ainounts which will be reqmred forthe fiscal year commencing on the 1st of October. 1869. The estimate is upon the val- uation of propary for 1967, and the amount which will actual jt from the rates named may vary somewhat from the amounts estimated, as the total valuation of the ‘property for 1863 may be more or Jess than that of 1867. But whether the estimated taxation will suffice to answer the demands upon the treasury will depend very much upon the action of the Legislature, For fiscal P gd ending General fan September 20, 1968:— $4,094,065 2,080, 134 1,040,067 2 479-1040 mills. 1 4 milis 58 mau 3 — milis.. 55-208 mull. Ptah verrerrercericne T 35 mills... r fiscal year ending September 39, 19 General fund, «1 4 . Schools. 1 1-4 Canal os +e 1 11-195 muills., 1,866,714 Bounty debt sinking FUNG... eeeees eee 2 1-6 Mills. 3,820,526 Railroads. 113ml... 135, 968 Total.:...........00. & 4-5 mills. . $10,248,317 For fiscal year commencing October 1, 1869: General fund. 1 14 mi Schools... 1 it 207, Danals.... . 18 = mill... 220,701 ag A debt sinking CD Serene eee milis.. 3,973,700 ——s- Total... .4 78 — mills,. $8,600,682 It is not le to anticipate the sppropriations which may be made by the Legislature. If appro- priations were confined fo the legitimate noceta pe and purposes of the governmeny there Would he S~ pore | py umount necessary to curacy for ai sing the same with saMcient ac- nately, yer~ + practi purpoves. But, uniortu- ic mer many of the appropriations of the pub- jor? wes are for pu entirely foreign to the gitimate pa of the State government, and it is possibie that It 1s too late to hope for a change for the better, But it 1s respectfully submitted that where taxation, direct and indirect, is so very onerous, and where all appropriations must be paid by direct taxation, very few, Wf tions should be made to extrinsic object that the State ought not to be called u, a extend omg 4 aid to railroads or other private enterprises. The “Supply bill,” which has grown out of the “Deficiency vill,” has come to be very — in depleting the treasury and putting at de- jance ali estimates of probable payments to be made from the treasury. New and ad appropriations and prprepee for new objec ind @ place which would probably, in many instances, receive more appropriate attention if they were acted uj singly of in @ different connection. If the su and Daneed to poly bill Was mi a deficiency bill to crencies in former jations owed of before the last days of the ses. sion, the State would be largely the gainer, It is true the “Supply bill” is not alone responsibie for the vory Brest discrepancies between the estimated and tne actual expenditures of the State, ‘The bill extending aid to charitable institutions has also become an important element in all estimates of expenditures and, taxation, and embracing, ER ay fons to more than can only be paid from the taxes for the s after they suall have been paid into the trca- sury. TRUST FUNDS. Certain items which haye beon heretofore in- cluded among the “trust funds” adiain atered by the State are not p'ace: in the si at this time. There 44 no fund bed in trast by the State for the payment of the Metropolitan Police, Board of Health or Fire Department. The sews im the accounts kept at this “aos oua oe revenue for the year and the estimated revenue for the current year, and schedule IV. shows the in- crease apd diminution of the fund for the in detat!, the result being an increase of $25,' ‘The constitution, lo nine declares that $25,000 of the revenues of the United States Deposit shall each year be appropriated to, and made a of the Common Schoo! Fund, and that the capital of the com- ‘mon scitool fand shall be preserved inviolate, and that the pipiens: of ehecrerte abel be applied to the support of ‘common school "RE the last session of the Legislature $155,000 of the revenue this fund ppropriated to common schools, $84,000 to the normal and training school and $5,000 to Indian schools, by the Appropria- tion bill, The additional sum of $17,000 was appro- priated to normal schools from the same fund by the “Supply bill.” Eight normal school gre provided for and will soon be in opperation, and the average expense of each may be safely estimated at from $18,000 to $20,000 per annum. the appropriations are legitimat made for this object from the Common School Fund and are to be continued, from $144,000 to $160,000 will be diverted annually from ae rena schools, and there is no rentcs. these appropriations oe inoame of oe ee the su) of schools, not 01 3 the neomnmOn schools.” When the State Normal School was established in 1844, which is the model of those recently established in other parts of the State, it was regarded as properly to be classed among the acaiemies, and the appropriations for its support were made paras from the Literature Fund, which by the constitution is devoted to the support of academies. It is believed that the first appropriation for the support of normal schools from the Common School Fund was by chapter 460 of the laws of 1866. If the amounts appropriated from this fund to the support of normal schools ‘have been surpral rly diverted, they should be restored by the Legislature. COLLEGE LAND SCRIP FUND AND CORNELL ENDOW- MENT FUND. Both the “College Land Scrip Fund” and the “Cornell Endowment Fund’ are the fruits of the to Mr. Jornell of the College Land Scrip, do- nated to this State by the United States, in pur- suance of the act of ne ery approved July 2, 1862. ‘The following table shows the condition of this fand on the 30th of September, 1868:— Capital... Represented by: Bonds of Mr. Cornell « 179,600 State stocks. . + 174,000 United States stocl + 10, Money in the treasu: » 41, Since the close of ss y then in the ti , with the exception of a small amount unin has been invested, a part in the stocks of the State and the remainder in the stocks of the United States. Balunee in the treasury September 90, 1807... $15,200 in su r 3 fess Z Recaived during the jesfe-secc-sts ens. 11,603 Balance in the treasury September 30, 1868 $12,259 ‘The balance has since the close of the fiscal year, been paid to the treasurer of the Cornell University 4m pursuance of the appro) riation made by oar 830 of the laws of 1! the 30th of mer, 1868, the capital of the “Cornell Endowment Fund’’ Was $97,200, and was in the treasury. Since the close of the year, with the exeepeen of a small sum still remaming in the treasury, It has been invested, in State stocks and the remainder in United ‘tates stooks. Since the last annual report of the Comptrolier there has been sold of the , by Mr. Cornell, with the approval of the Com) a! Neces, ti 280,000 for the represen' acres of aearegase snm of $270,000, of which 000, in- cluding $10,000 represented by United States 7 3-10 Treasury notes, has been paid into the treasury, and constitutes the increase of the capital of the two funds named. For the of the purchase money a transfer of land scrip for lands donated by the United States to the State of North Carolina, representing 16,000 acres, was taken in lieu of mo- ney, at the rate of $76 per acre, and is now held by the Comptroller.upon the same as the original scrip. RECEIPTS AND EXPENDITURES, ‘The receipts into and ents from the Treasury on account of all the funds, except the Canal and Free Schoo! funds, for the fiscal year ending Septem- ber 30, 1868, were as follows:. $16,002,173 Receipts... 15,354,657 Payments... Balance in the Treasury September 30, 1868.0... Jhoi aasuasctatasn so, SUMMER In the repo is department of January 1, 1868, the receipts and payments on account of the neral fand revenue, including defictency for the fren current tiaca: year, were estimated as follows:— Receipts. . $14,415,903 Payments. 13,468,387 Estimated surplus to September 30, 1868. $947,416 The actual receipts and payments, including den. oe of previous year, w Recei Payments, Actual deficiency September 30, 1868.... $2,956,453 ‘The recelpts an yments on account of the gene- ral fund revenue for the fiscal year ending Septem- ber 30, 1869, are estinated as follows :— Estimated receipts to 20th September, 1869. $13,687,717 Estumated payments to 30th September, Estimated surplus to 30th September, 1869 © 872,147 Amount feceived into the Trea- sury on account of the several funds during the year ending woth September, 1868 (see schedule 1.).,. $16,002,265 Amount of warr: the ‘Treasury remaining un- paid on the 30th September, 18 we 913 ————— $16,003,178 Amount due the Treasury on the Soth September, 1867.... 350,009 Amount of warrants drawn on the Treasury on account of the several funds, during the ' year ending 20th September, 1868 (see schednie II,)..... vee 14,903,891 Amount Of Warrants drawn on the Treasury remaining un- paid on the 30th September, I8OT... ss eee eoentdaes esepeves 156 15,254,657 Balance in the Treasury on the 30th Sep- tember, 1865... ‘ sevee | $748,521 ‘The balances due frou and to the treasury on'the anal eptember, 1868, were aa given in the following statement:— general From the venue. From the fund re- d debt fund... ate ‘Treasury, for balance “> w the Treasury.....ce..cce0e. 748,621 42, " ‘To the schoo! fund, vin.t— 996 06 Capital .. “0” Revenue. pe $1,152,188 To the literature fa 4 Capital 7 Revenue, pect — 463 fo the United States deposit nip ie Vit 5,459 apital essressescus sesceveevsece To the mariner’ hind, viz.;— Capital...... . $164 Under protest. 1,169 1,834 To pe college land scrfp tand, vizt— Capital. . $41,083 Revenue, 12,260 \ 63,352 To the Gornell endowment fond, vig. — re 4s 97,200 ‘o the Lol Com 15,517 To the era’ 54 To the military 16,088 To the bounty del "inking fo the partment fund 59,000 ga,cegoe ‘The following statement gives the principal ob- Jects to which the general revenues were ap- propriated for the it ivcal year, the sourc’s from ‘whence they were derived and the amouats received pursed :— . RECEIPTS. and dist ‘and deposi pr hdabece covscascvesen chs QIGE1L,007 PAYMENTS. Executive department. 17 Judiciary. os . 585 Public ottices, salaries, clerk hire and ex- oans nges esee A Capitol... se 22,416 New Capitol—advances to commiss! 50, State Hall....... 8, Hall for the Cabin 22,116 Natural History of New York.. , 2019 Legisiature.. 260,183 Fuel for the 1,826 905 1,019,266 tures incld ne Military expenditures tncident incluing bounties, chapter 184, laws of fee 3, eC... a . i Onon Salt rings. . 60,000 _ prisons aad asylum for insane con- iA victs... ences canncnnierersvarscnss M Penitentiaries for the support of convicts. 6,398 Agricultural soc! BC... 00200 ose 19,747 Sale of alck aan | wounded soldiers and io itary ageucies.... " Chemung canal feeder. - ie Transportation of journals, documents and packages for the Legislature and Pe tens Ree crcstensisenistens a: toe 4,882 rovement navigat udson river, &C...... . 44,150 ere sot roche nea paneas iat Ttable fastitutions.-s-s- Tae 176,002 8,428 8,000 Inspector of steam boilers, 1,823 Bridge over State ditch at Jack's reefs. 8,508 Bridge across Tonawanda creek. 1,140 Cornell University, chap. 174, law: 000 Rensselaer Polytechnic Institute. 15,000, Albany and Susquehanna Railroad. 000 Whitehall and Plattsburg Ra'lroad.... 70,000 Improvement of Chaumont river or bay. 5,000 WOME sso cacnsgurnschprcages cinta t<segh ina, SOAR AOe Transferred to the Bounty Debt Sinking Fund, of three mill tax levied WL TOR ca sss <ishcabadopansnaeas'sostses<¢ 4,892,476 Total.......seeecesecesee sreeeseesee ees $10,114,775 STATE PRISONS. The exhibit of State prisons for the past year is pot satisfactory. Whether the unprofitable financial re- sults are to be attributed to imperfections the system, or to a defect in the general conduct ana management of the institutions, or some other cause, will be a proper subject of jnauiry, to the end that # proper remedy end devi and appliea, fhe advances from the iry to each of the prisons are! largely in excess of the advances for any former year, and while the aggregate earnings of the prisons are nearly $5,000 in excess of those reported for the previous year, the deficiency—that Is, the excess ot the advances from the Treasury over the reeeipts from earnmgs—is greater than ever before. Tn 1867 this deticlency was. In 1868 it Wa8.....-...000e Larger in 1868 than in 1867 by.. $96,656 ‘The following statement shows the expenditures and earnings of each of the prisons for the year end- ing September 30, 1368:— dv. Sm Bxe's of the try. expend. $208,839 $83,004 *420,008 181,579 fz. *303,364 168, Miscel. expr not distr’ted. - = + $932,212 — $499,127 $463,50 advances for Se; ber amount to 49,016, This would swell the actual deficiency to $512,547. The expenditures for the year ending September 30, 1857, were as follows:— . Auburn. 188,577 Clinton. 340, 754 Sing Bie $i 206,106 It 1s dificult to assign @ reason for the largely tn- creased ex, actin ie last year eg aS on ear preceding. The payment of $86, fo1 - tans and the site for coal kilns at Clinton Prison a — in the increased expendi- res for tl he fakes purchase of 10,000 acres of woodland for,the use of Clinton Prison, under a contract made by the inspector in charge with Smith M. Weed, was subject to the roval of the State Ei eer and Surveyor and maptroller, They visited the lands and became satisfied that the con- tract was advantageous to the State aa: that the price therein to be paid was a fair and rea- sonable price, and made and filed a certificate to that effet in the office of the oer and there- the purchase price of $80,000 was paid, and lands were conveyed to the State by decd, approved by the Attorney General, who examined and certified the title. ADVANCES TO PAYMASTBRS AND OTHERS FOR MILI- TARY PURPOSES. Quite a large amount now stands to the oredit in bank, or is in the hands of the different Paymaster Generals of the State, who have been on commission since 1861, which has been advanced to thei for the ‘ment Of military claims and expenses. ii ecks have been drawn by them agaiust this fund ‘and are outstanding, but, in many tnstan the time which has elapsed 18 80 great that there is rea- son to believe that the checks are lost or the drawees are dead, and for these or other reasons but few of the checks will ever be presented for payment. Under the circumstances tt is suggested by the officers that the money should be returned tothe treasury, and proper provision made for the payment of the checks when presented. It is competent for the Legialature, by law, to make the necessary provision for this, and it is recommended for the benefit and relief o} the paymasters, as well as to provide against thet death, or other coutingency whlch might embarrass the fund. NEW CAPITOL. The follwing appropriations have been made to this work:— By chapter 648, laws of 1865.. $10,009 By chapter 485, laws of 1867. 008 By chapter 830, laws of 1868. On the soth of September there had been ad- vanced to the commissioners........... 60,000 Leaving... of the ap) «$460,000 Since the advanced to ions ‘in the “ts i. Se nctee sera expenses to the Utle. This amount was inexcess of unexpended appropriations “for the new capitol,” even if it had been determined that the appropriations oer cable to this object, and it the appropriations had been devoted to such payment the work of prepara- tion for and constraction of the new capitol must have been suspended until a further appropriation could be made. Under these circumstances it was thought expedient byfthe commissioners, and con- carred in by the Arco tokyo not to encroach upon the Fo eng ng oe Poenius the band of paying for the lauds. The commu ouers@therefore Teeued certificates of indebtedness to the owners of the land purchased or taken for the amount payable to them respectively, bearing interest at the rate of six per cent per annum. Some of these certificates are held by the or! nal owners, while the larger amonnt of them have been taken by the banks of the city upon the suggestion of the commissioners and Comptrovier that the Legislature would probably, at an early day f thé session, provide (or their payment. ‘This w hovlght a econoinical measure for the gStw and more in 4ecordance with the policy indicated he the legisiation tuan to await the w ONE fou at the loss Of A EnULe yaar, “ype % 4 this sui ean ve provided for by tae 2%, PAJmenT. Of ing t 4 year, aud be «=~ Sidhe levieagar* of ‘itil n , euthorizing an Inveatinent be nor! Tuhos in that tax the money can at once to the parties entitled, nt OPFICERS AND CLERKS, “or The Comptroller recornizes ana cheerfully ac- knowledges his obligations to the clerks inthe de partment for their fdeliiy, Intetigence aud industry They have been faithful to thetr trusts and eMetient aids in administering the oMice, Respectiully submitted, W. F. ALLEN, Comotrolier COLD-BLOODED = ASBASSINATION.—-A foul wurder Was counmitted @ few nights ago in the vi Celina, Jackson county. One Sib Willaims shiv kilied Abe Gearhart, finoud grud; them, Mr. Isaac Johdson, @ inerchant of Celina, Navi given a ballon the evening in question. Williani« and Gearhart met on the street, when some angry Words passed, but friends interfered aud the mater Was thought to have been setiled., Gearhart went into the ballroom and gave up his arms, and Wii- liana agreed to go home. The ball broke Wp about. midnight, when Gearharc accompanted 1 young laay howe, wear by, aud was returning up thetaireet, when he met Williams, Wo drew his pincol and ahot him dead, searcely a word having boon exchanged. existed be bd mounted his horse and in tire on of the“\noment escaped. Both Gearhart and Williams have beea rave #oldiers,—Varhertle Kanner, Jan, de Naw Postage Stamps.—A new series of postage Stamps ts in course of reparation by the Tor ities Popartinent, They will be amailer than those now two cent Harare ene capa ot a S ps 18 an engraving of a post buy on horseback, and on the cent a locomutive Her @fuil head of steam, five cent stamp contains a head of Washii re cent stawp is sald to be very tinely contains a picture of the Deciaration of mdependence. This nareving Pxecuted, On the Proven as and delicately : . ) cont stamp a ity vent S no ocean steam- the ot Desa 4 stamp is docorated