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PUBLIC PAPERS

OF

GOVERNOR

CORNELL.

MESSAGE

STATE OF NEW YORK:

EXECUTIVE CHAMBER,

ALBANY, January 6, 1880. To the Legislature :

In obedience to the Constitution, information relative to the condition of the State is herewith communicated, with such suggestions and recommendations as are deemed expedient.

The year just closed has been one of increasing prosperity and encouragement. With the resumption of specie payments by the National Government, and the restoration of a sound financial basis, there has been marked improvement in all business affairs. Renewed confidence has set in motion the current of industrial activity, and willing hands have had ready employment. Ample crops have found eager markets, and agricultural interests have abundantly prospered. There has been unusual exemption from disease, while peace and good order have prevailed within our borders. Seldom, indeed, has there been such cause for thankfulness. May we, as a people, have a realizing sense of gratitude for the Divine favor so generously bestowed upon us.

FINANCES. The finances of the State are reported to be in ,a satisfactory condition. The operations of the last fiscal year and the general condition of the State treasury, on the 30th of

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September, 1879, are shown by the following statement :
Aggregate balances in the Treasury of all the
funds October 1, 1878...

$4, 293,883 54
Aggregate receipts during the fiscal year end-
ing September 30, 1879

12,852,944 88

Deduct payments during the year..

$17,146,828 42
12,628,472 01

Balance in the Treasury, Sept. 30, 1879... $4,518,356 41 The amount of receipts into the Treasury on

account of the General Fund revenue, during the year ending September 30, 1879.

$7,101,964 40 The payments..

7,191,533 60 Apparent deficiency, September 30, 1879.. $89,569 20

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$147,984 66

SUPPLEMENTARY STATEMENT. Balance due from County Treasurers, Sept

ember 30, 1879, on State tax of 1878 ... Add amount paid on account of 1879, appro

priations included in tax levy of last year, payable in State Treasury in April and May, 1880..

835,352 18

2983,336 84

$89,569 20

Deduct apparent deficiency of the

revenue, September 30, 1879, as

shown in preceding statement.. Also balances of 1878, appropria

tions unpaid and in force Sept

ember 30, 1879 Also balance of 1879, appropria

tion for New Capitol, not included in tax levy..

274,725 59

217,763 56

582,058 35

Actual surplus September 30, 1879.

$401,278 19

DEBT.
On the 30th September, 1878, the total funded

debt was $9,154,054.87, classified as follows:
General Fund.
Canal
Bounty.

$122,694 87 9,020,360 00

11,000 00

$9,154,054 87

On the 30th September, 1879, the total funded

debt was $9,122,054.87, classified as follows:
General Fund.
Canal
Bounty.

$122,694 87 8,988,360 00

11,000 00

$9,122,054 87

The General Fund State debt is all paid, and the item of $122,694.87, included above, represents the amount required to yield, at the rate of six per cent, the sum necessary to pay the Indian annuities. The balance of $11,000, Bounty Debt for which funds are provided, had not been presented for redemption at the close of the fiscal year. A balance of $1,451,628.48 in the Canal Sinking Fund, leaves the amount of that debt, unprovided for, September 30, 1879, at $7,536,731.52. The State Debt on the 30th September, 1878,

after deducting the unapplied balance of the Sinking Funds, amounted to....

$8,130,726 69 On the 30th September, 1879 (including $122,694.87), to ..

7,659,426 39 Showing net contributions to the Sinking Fund of....

$471,300 30

The actual reduction of the debt during the

same period by cancellation being

$32,000.00

863 1000

TAXATION. For the fiscal year 1879, the tax levy was at the rate of 2 som mills, which is expected to produce the sum of $7,690,416.34, while that of the previous year, being at the rate of 210 mills, produced the sum of $7,941,297.94.

Among the questions which public sentiment will press upon your attention, is a revision of the laws for the assessment of property as a basis of taxation. The laws now in force are imperfect and unequal in their operation. By unjust discriminations, enormous values of property which should contribute a fair proportion to the public revenues are allowed to escape taxation, thus imposing onerous burdens upon a portion of our citizens. Perhaps no subject demands more careful consideration, and a wiser exercise of sound judgment. The important and complex questions involved require close, constant and long-continued examination, and it is doubted whether the necessary attention can be devoted to them during an ordinary legislative session. It is, therefore, suggested that the subject be placed in the hands of a Commission fairly representing the agricultural, commercial and other material interests of the State, to perfect a plan for the consideration of the next Legislature. It is believed that such course would give the best promise of an early and final determination of this important question.

CANALS. The aggregate receipts of the canals from tolls, and all miscellaneous sources, for the fiscal year ending September 30, 1879, were $921,252.81, being less than the preceding year by $67,398.54. The total expenses for ordinary repairs, superintendence and collection of tolls were $751,774.82, or $12,025.85 more than the year previous. The surplus revenues were $169,477.99, showing a decrease, as compared with the preceding year, of $79,424.39.

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