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2. Table showing the Annual Demands for the discharge of the General Fund
and Railroad Debts.
If the canal sinking fund, provided by the constitution, starts with the debt as it stood at the commencement of the fiscal year, on the first of October, 1846, it will pay the canal debt in eighteen years and a quarter, leaving a surplus of $95,000 on the first of January, 1865. But if the debt, which was cancelled on the first of July, is taken into the account, and the interest on the excess, beyond the sinking fund, is computed for the whole period, it will extend the time of paying the canal debt to the 30th of September, 1865, according to the computations which have been made.
In 1865, the payment of the canal debt being completed in January of that year, the annual sum of $1,500,000 will be realized for the payment of the general fund debt, and will fully cancel the debt in 1869.
The above is the debt as it stood on the first of June: at the close of the fiscal year it was ascertained that the debt had increased $107,000; this is to to be added, with interest on it, for twenty-two years and a half.
In consequence of the failure of the Hudson railroad company to pay the interest due on $150,000 of state stock lent to that corporation, $150,000 of principal and $135,000 of interest, in all $285,000, above the sinking fund of the company, must be added to the direct debt of the state.
In constructing the preceding tables, it is assumed that the principal of the debt will be paid as it falls due. The sinking funds provided by the constitution, however, are not sufficient to do this; and hence there will be a large accumulation of the aggregate sum required to pay the whole debt, being interest on the deficiency of means to pay the principal as it falls due. The interest on deficiencies in paying the canal debt amounts to the
sum of $2,397,893.50; that of the general fund debt to $2,900,250.40; making the total cost of deferring the debt, $5,298,143.90. During the next twenty-two years and a half, the state must pay, on account of interest for money borrowed, the sum of $17,221,892.93
There has been paid for interest on the canal debt, from 1817, to September 30th, 1846, twenty-nine years,
Add payments of interest on railroad stocks, from 1842 to September 30, 1846,
And it makes a total paid and to be paid for interest, of $31,985,230.44
General Fund in 1846.
The whole sum charged for the support of government dur
ing the year ending Sept. 30th, 1846, is
Receipts in this year, including the mill tax, and excluding
temporary loans, were
Chief Items of Receipt.
Deficit in ordinary receipts to pay expenses,
The gross amount of the sixteenths of a mill tax is $361,309.62. Expenses of collection, $12,007.47; making the net proceeds of the tax, $349,302.15. There has been paid during the fiscal year, for aid to the sheriffs in enforcing the laws in Columbia and Delaware counties, the sum of $109,904.62.
Interest on deposits,
Interest on arrears,
Hospital and foreign poor, 32,500.00
Canals. The annual interest on the cost of the canals ($30,987,335.94) at
5 per cent., the average paid on the present debt, is
The tolls from the canals for the fiscal year are
The net revenue from all the state canals, after deducting
Chief Items of Expenditure.
Interest on debt,
the expenses of collection and superintendence, is Excess of revenue beyond 5 per cent.,
The canal system has for the last year yielded a net revenue nearly equal to seven per cent. on the capital expended. For railroads, see ante, page 194.
Resources and Liabilities of all the Banks of the State on the 1st day of
Loans and discounts,
Bonds and mortgages,
Stocks and promissory notes,
Loss and expense account,
Bills of solvent banks,
$ 72,301,980 3,642,711 2.784,012
* Including seventy free banks, with an aggregate capital of $12,783,198.
Bills of suspended banks,
Due from banks and bankers,
Nov. 1, 1846.
Common School Fund,
Due State Treasurer,
Due depositors on demand,
Due United States Treasurer,
Nov. 1, 1846. 150 banks, 2 branches.
Education. The amount of capital and the annual revenue of the several funds appropriated to the purposes of education, are as follows, viz. :
43,024,658 5,498.222 22,268,522 669,829 581.737
VIII. NEW JERSEY.
801,392 12,978,464 1,098,330
There has also been paid directly from the treasury for the deaf and dumb, $25,192.99; for the blind, $17,575.48; making the whole amount paid in 1846, for purposes of education, $453,970.66.
Property and Taxation. In the year 1846, 28,126,245 acres of land were taxed. The assessed value of the real estate was $496,483,411, and of the personal estate, $119,880,236, making an aggregate of $616,824,955. The amount of state, county, and town taxes was $3,574,922. Total taxation, $4,647,461.88. The average rate of state, county, and town taxes throughout the state, on $1 valuation, was 7 and 53-100 mills.
The territory comprised in this state was included in the patent for large tracts in America, which was granted by Charles II. to his brother, the Duke of York, in 1664; and in the same year the duke conveyed this territory to Lord Berkeley and Sir George Carteret; and it then received the name of New Jersey. In 1665, Philip Carteret was appointed the first governor of the province, which then contained only a few families.
In 1676, New Jersey was divided into two provinces, East Jersey and West Jersey; the former continuing under the government of Carteret, and the latter being held, for a time, as a dependency of New York.
In 1682, East Jersey was transferred to William Penn and eleven associates; and Robert Barclay, the celebrated author of the “Apology for the Principles of the Quakers," was appointed governor.
In 1702, East and West Jersey were again united into one province, by the name of New Jersey, under the government of Lord Cornbury, who was also governor of New York; and this connection with New York continued till 1738, when a separate government was instituted, which lasted till the American Revolution. Lewis Morris was the first royal governor; and William Temple Franklin, a son of the celebrated Dr. Franklin, the last.
Every white male citizen of the United States, 21 years old, resident in the state for one year, and in the county where he claims to vote for five months, next before the election, may vote. Members of the "General Assembly" (the House of Representatives), not exceeding 60 in number, shall be 21 years old, citizens of the state for two years, and of the county one year next before the election, shall be apportioned among the counties according to population, allowing not less than one to every county, after every general census of the United States. Senators are chosen for three years, one from every county, and must be 30 years old, citizens of the state for four years, and of the county for one year next before the election. Members of the General Assembly, and one-third of the senators, are chosen on the second Tuesday of every October; and both houses meet on the second
Tuesday of every January. The governor must be 30 years old, a citizen of the United States for twenty years, and a resident of the state for the seven years next before his election, and shall be chosen by a plurality of votes, or, in case of an even vote, by "a majority of the members of both houses in joint-meeting," for the term of three years; but he shall not be eligible for the next three years, or nominate or appoint to any office during the last week of his term. He may veto a bill; but a majority of the members elected to each house may pass it, notwithstanding his veto. He may grant reprieves, except in cases of impeachment, for a time not exceeding 90 days after conviction; and he or his substitute, the chancellor, and the six judges of the court of errors and appeals, or a majority of them, of whom the governor shall be one, may grant pardons in the like cases. In case the office of governor be vacant, it shall be filled by the president of the senate, and, after him, by the speaker of the house. If the governor die, resign, or be removed, more than 30 days before the election of members of the legislature, a successor shall be chosen at that election; if within 30 days, at the next election but one. Members of the legislature shall be paid not more than $3 a day for the first 40 days of the session, and not more than $1.50 a day for the remainder, and ten cents a mile for travel. In extra sessions, they shall receive such sums as shall be fixed, for the first 40 days. The president of the senate and speaker of the house receive one-third additional pay. No member of either house shall, during his term, be nominated or appointed, except by the people, to any office created, or increased in pay, during that term. The credit of the state shall not be lent in any case; neither shall the legislature create any debt, which shall raise the whole state debt above $100,000 (save in case of war, invasion, or insurrection), unless it "be authorized by a law for some single object or work, to be distinctly specified therein; which law shall provide the ways and means, exclusive of loans, to pay the interest of each debt or liability, as it falls due, and also to pay and discharge the principal of such debt or liability within 35 years from the time of the contracting thereof, and shall be irrepealable, until such debt or liability, and the interest thereon, are fully paid and discharged; and no such law shall take effect, until it shall, at a general election, have been submitted to the people, and have received the sanction of a majority of all the votes cast." No divorce shall be granted, or lottery authorized, by the legis lature; and no lottery ticket shall be sold in the state. Every law shall have but one object, and that one expressed in the title. No special law shall be passed authorizing the sale of land belonging to minors, or other persons under legal disability. Bank charters shall be granted, continued, or amended, only by a vote of three-fifths of the members elected to each house, and for a term not exceeding 20 years. The court of errors and ap. peals consists of the chancellor, the justices of the supreme court, and six judges, appointed by the governor and senate, for six years, one every year; and such of the six as attend receive a per diem compensation, to be fixed