lands, tenements and privileges thereunto belonging: And this the act declares shall be done, "for the purpose of cOMPLETELY Securing the people of the State of New-York for any risk or responsibility incurred by the pledge of their credit as aforesaid.” In 1833, the company petitioned the Legislature to be discharged from this mortgage and the claim of the State, and it was on a reference of this petition to the Attorney-General, that his report, before referred to, was made. The value of this mortgage, and the reason why it has not been foreclosed, may be inferred from the concluding paragraph in the report of the Attorney-General, which is as follows: "It is believed that the debt, now amounting to more than eleven thousand dollars, is lost already; that the mortgage upon all the privileges of the corporation is worth nothing, and that to foreclose it, would be a useless expenditure of money. Still, it is believed that the prayer of the petition ought not to be granted. Mr. Van Tuyl, on being inquired of by the Attorney-General, about the manner in which he expected to raise funds to go on with the work, answered, that if the claim of the State were discharged, he could raise funds on the hypothecation of the stock of the company. To grant this application, might be placing it in his power to commit another fraud in the name of the Neversink navigation company. But there is a still stronger objection. With the knowledge that Mr. Van Tuyl has pocketed at least eight thousand dollars of the people's money, the mortgage cannot be discharged for his benefit without giving some degree of sanction to this plunder of the public treasury." The report of the Attorney-General shows conclusively, that the loan to the Neversink navigation company is a loss to the State of the whole amount of the stock issued, and the interest thereon, from January, 1831, to the time when the principal shall be paid. This stock is now a part of the surplus which has been accumulated for the payment of the Erie and Champlain canal debt. It is recommended that provision be made by law to pay off the principal of this loan, as well as the interest which has accrued, and have the stock cancelled. OSWEGO CANAL. The receipts and payments on account of this canal, from the 30th of September, 1834, to the 30th of September, 1835, have been as follows, viz: Paid, (see Statement D,). .... Received, (see C,)....... $34,030 78 25,003 54 Deficiency in the revenues of the canal to keep it in repair and pay the interest on the debt created for its construction,...... $9,027 24 The deficiency of $9,027.24 has been drawn from the Treasury, as provided by chap. 228 of the laws of 1830. The tolls upon this canal have increased $2,982.11, comparing the present with the preceding year. The second section of the act entitled "An act to connect the Erie canal with the waters of Lake Ontario and the St. Lawrence," passed November 20, 1824, appropriated "all the proceeds of lands owned by the people of the State of New-York in the tract set apart for the use of the Salt Springs in the county of Onondaga," "for the improvement of the navigation of the Oswego river." These lands have been sold from time to time, and the proceeds applied to the use of the Oswego Canal Fund, leaving in the Comptroller's office, on the 30th September, 1834, bonds and mortgages amounting to $6,043.25, as stated in the last annual report, page 2. By virtue of the 4th section of chap. 260 of the laws of 1835, the bonds and mortgages belonging to the Oswego Canal Fund have been assigned to the Common School Fund, and in payment therefor a certificate of 5 per cent stock, for the sum of $6,043, has been transferred to the Commissioners of the Canal Fund; and being a part of the stock originally issued for the construction of the Oswego canal, and forming a part of the debt of that canal, it has been cancelled, as provided in the fourth section of chap. 260, before referred to. The debt of this canal was reported last year at $427,347. In the present report it is stated to be $421,304: The difference being the amount of stock cancelled, as before stated, $6,043. The Surveyor-General has made sale of a gore lying between farm lots 259 and 261, in the Onondaga Reservation, for $1,105. This belongs to the Oswego Canal Fund, but the bond was not executed so as to have it transferred to the School Fund, as provided by chap. 260, previous to the 30th September, 1835. ESTIMATE OF RECEIPTS AND EXPENDITURES FOR THE CURRENT Thus showing a deficiency in the estimated revenue of this fund to meet the charges upon it, of $20,965 21 The estimate for the repairs of this canal for the current year exceeds by nearly $12,000 the sum expended for repairs during the year embraced in this report. The necessity for this increased expenditure arises from the fact, that many of the wooden structures on the canal will require to be replaced by new works; and in the case of the "mud lock," originally constructed of wood, it has been deemed expedient to rebuild the lock of stone, which will cost about $8,000. The increase of business upon this canal renders it important that all the works connected with it should be put in good repair, and that permanent materials should be used in making the repairs. CAYUGA AND SENECA CANAL. The receipts and payments on account of this canal for the year ending 30th September, 1835, have been as follows, viz: Showing a deficiency in the revenue of the canal, to pay the annual charges against it, of....... $22,132 16 18,779 65 $3,352 51 The sum of $3,352.51 has been drawn from the treasury to make up this deficiency, by virtue of chap. 288 of the laws of 1830. The tolls upon this canal have increased $1,765.24, from last year; and the expenditures for repairs are greater, by $1,159.66 than they were the preceding year; leaving the deficiency only $409.25 less than in the previous year. ESTIMATE OF RECEIPTS AND EXPENDITURES FOR THE CURRENT Thus showing a deficiency in the revenue of this canal, to meet the charges upon it, of..... $4,850 00 CHEMUNG CANAL. The receipts and payments on account of this canal, for the year ending on the 30th September, 1835, have been as follows, viz: Paid, (see statement H,)....... $26,985 01 Received, (see statement G,).... $3,143 72 Deficiency in the revenue of the canal to keep it in re pair and pay interest on its cost, ... $23,841 29 [Assem. No. 4.] 3 The above sum of $23,841.29 has been drawn from the treasury, by virtue of chap. 316 of the laws of 1833. The tolls upon this canal have increased $1,441.81, comparing the present with the preceding year. The sum expended for repairs of the canal has been less by $12,518.51 than in the year preceding that for which this report is made. The sum drawn from the treasury, to make up deficiencies in the revenues of this canal, is $16,882.26 less than in 1834. There are two collectors on the Chemung canal, whose salaries and office expenses, amounting to the sum of $1,051.08, have been retained out of the tolls collected. The actual receipts for tolls, therefore, have been $4,167.40, from which deduct the expenses of collectors' offices, as above given, and it leaves the nett proceeds of tolls, after paying the charges of collection, at $3,116.32, as given in statement P, at the end of this report. ESTIMATE OF RECEIPTS AND EXPENDITURES FOR THE CURRENT Thus showing a deficiency in the revenue of this canal, to meet the charges upon it, for the current year, of...... $27,813 16 CROOKED LAKE CANAL. The receipts and payments on account of this canal for the year ending on the 30th of September, 1835, have been as follows, viz: Paid, (see J,)... $9,696 36 1,453 01 Deficiency in the revenue of the canal to pay for repairs and interest on its cost,.... $8,243 35 |