The nett revenue of the Erie and Champlain Canal Fund for the year, amounts to ... The Common School Fund revenue, to.... The Literature Fund revenue, to ... $1,156,000 134,000 15,000 $1,305,000 The aggregate debt of the State, as given at page 7, amounts to $7,190,992.21. This includes all the outstanding stock issued for the construction of the Erie and Champlain canals, and it is proper, therefore, to deduct from the above aggregate, the amount of funds in the hands of the Commissioners, $3,406,809.72, applicable to the payment of the canal debt. This will leave the amount of debt unprovided for, at $3,784,182.49, as follows, viz: Balance of Erie and Champlain canal debt, Oswego canal, ... Cayuga and Seneca canal, Chemung canal,........... Crooked Lake canal,.... Chenango canal,.... Stock issued to J. J. Astor, Loaned from Bank Fund,... $820,899 47 The Erie and Champlain canal debt will not be increased, or a new debt created, on account of the contemplated improvements on the Erie canal. A sum sufficient to pay the entire debt of these canals, will be provided and invested as contemplated by the amendment to the Constitution. When this is done, the revenues from auction and salt duties will be restored to the General Fund; after which, the surplus revenue from tolls will be expended in doubling the locks until after 1837, when, by the 9th section of the act for enlarging the canal, "the expenditures shall be so limited as to leave, from the canal revenues, an annual income to the State of $300,000." The sums drawn from the treasury, to make up deficiencies in the revenues of the lateral canals, for the year ending 30th September, 1835, have been as follows, viz: Oswego canal, (per chap. 288, 1830,).... Cayuga and Seneca canal, do Chemung canal, (per chap. 316, 1833,). The estimate of these deficiencies, for the current year, is given at $61,000, (see page 6.) To this should be added from five to eight thousand dollars, to be drawn from the treasury by virtue of chap. 276 of the laws of 1835, for the purpose of lowering the upper level of the Crooked Lake canal, and making other alterations in it. The aggregate amount paid from the General Fund, during the last six years, to make up deficiencies in the revenues of the lateral canals, has been as follows, viz: Oswego canal, 6 years,.... Cayuga and Seneca canal, 6 years,......... Crooked Lake canal, 3 years, ........ THE COMMON SCHOOL FUND. The revenue of this fund, for the year ending on the 30th September, was estimated in the last annual report, at $108,400. The actual receipts, on account of revenue, for the year, amount to the sum of $134,006.40, being $22,000 more than six per cent upon. the entire capital of the fund. The excess must have arisen principally from arrearages of interest on the numerous bonds and mortgages belonging to said fund. The products of the country have commanded high prices, and the payments into the treasury on account of interest and principal, have been unusually large. The payments on account of principal for bonds for lands, loans. to individuals, and county loans, are greater by about $118,000, than were the payments for the same objects in the preceding year. These are generally voluntary payments, as the principal is rot exacted according to the terms of the bond, so long as the security is good, and the interest punctually paid. It has been fortunate for the School Fund, that whenever its capital was paid into the treasury, it could be used for the support of the government, and an equal amount of bonds and mortgages, bearing 6 per cent interest, transferred to the fund in payment. The productive capital of the fund has been increased during the year, by sales of School Fund lands, $83,869.94. The capital now amounts to the sum of $1,875,191.71. This sum is invested at 6 per cent, and will produce an annual revenue of about $112,000. The sum apportioned to the common schools, under the new census, may be safely increased ten thousand dollars. In 1831 and 1832, the revenues of the School Fund were about $26,000 short of the sum required by law to be distributed in those years. There was authority to make up these deficiencies by drafts upon the General Fund. The needy condition of this latter. Fund, induced the Comptroller to omit drawing upon it, and consequently, the sum of $100,000 paid to the schools on the 1st of February, was made up from receipts into the treasury on account of the School Fund, between the close of the fiscal year and the time when the money was required to be paid. The excess of the revenues, beyond $100,000, for the last three years, amounts in the aggregate, to about $47,000, from which deduct the $26,000 for the falling off of the revenues in 1831 and 1832, and there will remain a nett surplus of revenue amounting to about $21,000.This surplus will make up any deficiencies which can reasonably be anticipated, and ensure the means of paying $110,000 annually, to the common schools, after the apportionment under the new census. Pursuant to chapter 260, of the Laws of 1835, the bonds and mortgages for lands belonging to the General Fund, Literature Fund, and Canal Funds, have been transferred to the School Fund, viz : From the Literature Fund, From the Erie and Champlain Canal Fund,... From the Oswego Canal Fund,.... Total amount of bonds and mortgages transferred 6,043 25 from the other funds to the School Fund,....... $461,183 52 To pay for the securities thus transferred, pub.ic stocks and bank stock, belonging to the School Fund, were transferred to the several funds, as follows, viz: To the Literature Fund: 5 per cent Astor stock, 5 per cent Oswego canal stock, of 1846, 2,499 shares Merchants' Bank stock,.. $3,000 00 93,851 00 124,950 00 To the Erie and Champlain Canal Fund: 5 per cent Oswego stock of 1846,.... To the Oswego canal: 5 per cent Oswego stock, (cancelled,) To the General Fund: Principal moneys in the treasury, used for the support of the government,.. Deduct excess of stock, consequent on the necessity of transferring even dollars and whole shares,... $221,801 00 27,106 00 6,043 00 206,258 17 $461,208 17 24 65 $461,183 52 Besides the above sum of $6,043.25 of bonds belonging to the Oswego Canal Fund, which were transferred to the School Fund, as of the 30th September, 1834, immediately after the passage of the act, the further sum of $203, received during the fiscal year ending 30th September, 1835, was transferred at the close of the year. But an equivalent in canal stock was not transferred from the School Fund to the Oswego Canal Fund, as the act required; because the whole of the canal stock belonging to the School Fund had been previously exhausted. The Comptroller respectfully suggests the expediency of a further provision, directing him to draw his warrant on the Treasurer, in favor of the Commissioners of the Canal Fund, for the above sum of $203; and upon the transfer to the Common School Fund of any bonds which shall hereafter be received for account of the Oswego or the Erie and Champlain Canal Fund, pursuant to act, chap. 260, of 1835, to draw his warrant, in like manner, for a sum equal thereto; which said warrants shall be charged by the Comptroller to the capital of the Common School Fund, and passed by the Commissioners of the Canal Fund to the credit of the fund to which such bonds may belong. In this way, the Canal Fund bonds will be immediately available, and the capital moneys of the School Fund favorably invested. THE LITERATURE FUND. There has been received into the treasury during the fiscal year on account of revenue of this fund, the sum of $15,736.25; exceeding, by $126, the revenue of the preceding year. There has been an exchange of bonds and mortgages belonging to this fund, as detailed in the remarks in relation to common schools, for State stock and Bank stock, amounting to the sum of $221,776.49. The productive capital of this fund now amounts to $265,342.87; consisting of State stock and Bank and Insurance stock: (See statement C.) The revenue for the current year, is estimated at $16,051. The following sums have been paid from the treasury, out of the revenues of this fund, viz: Dividends to academics, .. For education of teachers and for books,... Total,... $12,323 53 5,954 00 $18,277 53 At the close of the fiscal year, in 1833, the nett reve nue of this fund amounted to..... The revenue for 1834 was. The sums paid from the treasury, since Sept. 30, 1833, $17,244 16 16,175 92 15,736 25 $49,156 33 $10,716 48 28,994 01 $20,162 32 Balance of revenue in the treasury, THE BANK FUND. The contributions to this fund for 1835, from the Safety Fund Banks, amount to the sum of $118,048.56. This sum, with a balance in the treasury belonging to the fund, was borrowed by the Comptroller, to meet the current demands upon the treasury, and certificates of stock were issued by him to the Treasurer in trust for the Bank Fund, by virtue of Chap. 274 of the Laws of [Assem. No. 5.] 5 |