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and the pursuit of personal welfare and enjoyment, there shall be no undue or unnecessary legislative or official interference. We must so act as to promote contentment, reconciliation and harmony, rather than to encourage dissension, alienation and division.

We must not favor legislation which creates, in the minds of a large number of law-abiding citizens, dissatisfaction with. law and law-makers. All enactments should be, as far as possible, general in their application. All legislation should be for the whole people. It should be our aim so to conduct public affairs as to avoid those. sectional jealousies from which have sprung suggestions that a division of the State might be desirable. State pride and State interests alike forbid such division. New York stands to-day the Empire State of the Union, and, if governed by wisdom, it has before it a career of ever-increasing greatness and prosperity.

There is no real conflict of interest between city and country. Agriculture and commerce together make our State great and prosperous. The merchant and the agriculturist are mutually dependent upon and interested in each other's welfare.

During the past year the agricultural interests of the State have been greatly favored by Providence. Our fields have yielded large harvests, for which the farmer has found a ready market and abundantly compensating prices. He does not feel at present the full weight of the burdens of taxation, and he rejoices in his prosperity. He knows, however, that these burdens must in the end be borne by country and city alike ; that he cannot escape his share of them; and that at some time a season of disappointment and trial will

He therefore unites in an admonition to all in authority that public resources must be husbanded ; that no unjust or unnecessary taxes shall be imposed; and that, while in all public affairs a reasonable liberality is to be encouraged, extravagance and waste will be condemned. A large amount of invested capital has been declared by Congress exempt from the taxation which now oppresses nearly every interest in the country; those who bear no portion of the public burdens will never be active in opposing their increase. Some will be always ready to favor projects involving great outlays of public money in enterprises of real or supposed merit, but the great body of the people will not sanction any expenditures or appropriations, the necessity of which is not clearly apparent.

By the Constitution, the Executive is required" to communicate, by message to the Legislature, at every session, the condition of the State, and to recommend such matters to them as he shall judge expedient.” I proceed to discharge this duty.

come.

The following is a condensed statement in relation to the finances and indebtedness of the State.

RECEIPTS AND PAYMENTS.

General Fund. Deficiency in the revenue on the 30th of September, 1867, two mil

lion eight hundred and sixty thousand five hundred and eightysix dollars and thirty-eight cents,.......

$2,860,586 38 Payments of the year, ten million two hundred

and eight thousand one hundred and ninety-eight dollars and forty-six cents, .........

10,208,198 46

$13,068,784 84 Receipts, ten million one hundred and twelve thou

sand three hundred and thirty-one dollars and thirty cente, ......

10,112,331 30 Deficiency of the revenue on the 30th of September,

1868, two million nine hundred and fifty-six thousand four hundred and fifty-three dollars and fifty-four cents, ....

$2,956,453 54

NOTE—There was due at the close of the fiscal year from the City of New York, four million five hundred and thirty thousand and fourteen dollars and seventeen cents ($3,530,014 17), of which four million dollars ($4,000,000) has since been paid ; making up the above deficiency, and leaving a large surplus.

GENERAL AND OTHER FUNDS. Receipts of the year on account of all the funds, except the Canal

and Free School Fund, sixteen million three thousand one hundred

and seventy-eight dollars and fifty-three cents.. $16,003,178 53 Balance due the treasury on the 30th of September,

1867, three hundred and fifty thousand and nine dollars and fifty-eight cents,.....

$350,009 58 Payments of the year, fourteen mil- .

lion nine hundred and four
thousand six hundred and forty-
seven dollars and fifty-four cents, 14,904,647 54

15,254,657 12 Balance in treasury on the 30th of September,

1868, seven hundred and forty-eight thousand five hundred and twenty-one dollars and fortyone cents,

$748,521 41 TAXES. The State tax levied in 1868, was 54 mills, for the following purposes : For schools, 11 mill; for general purposes, 1} mill; for canals, 119, mill; for Bounty Debt, 24 mills, and for the Whitehall and Plattsburgh Railroad, i mill — total, ten million two hundred and forty-three thousand three hundred and seventeen dollars and one cent ($10,243,317.01). The State tax levied in 1867, amounted to twelve million six hundred and forty-seven thousand two hundred and eighteen dollars and seventy-one cents ($12,647,218.71).

STATE DEBT. On the 30th September, 1867, the total funded debt was fortyeight million three hundred and sixty-seven thousand six hundred and eighty-two dollars and twenty-two cents ($48,367,682.22), classified as follows: General Fund debt, five million six hundred and forty-two thousand

six hundred and twenty-two dollars and twentytwo cents,

$5,642,622 22 Contingent, one hundred and thirty thousand dollars,

130,000 00 Canal, fifteen million seven hundred and thirtythree thousand and sixty dollars,

15,733,060 00 Bounty, twenty-six million eight hundred and sixty-two thousand dollars,..

26,862,000 00

$48,366,682 22

On the 30th September, 1868, the total funded debt was fortyfour million nine hundred and sixty-eight thousand seven hundred and eighty-six dollars and forty cents ($44,968,786,40), classified as follows: General Fund debt, four million seven hundred and seven thousand

eight hundred and twenty-six dollars and forty cents, .......

$4,707,826 40 Contingent, sixty-eight thousand dollars............. 68,000 00 Canal, fourteen million two hundred and forty-nine

thousand nine hundred and sixty dollars.......... 14,249,960 00 Bounty, twenty-five million nine hundred and fortythree thousand dollars, .......

25,943,000 00

$44,968,786 40

The following statement shows the amount of the State debt on the 30th of September, 1868, after deducting the unapplied balances of the Sinking Funds at that date :

Debt on the 30tb Balances of the Balance of debt
September, 1868. Sinking Funds, after applying

Sept. 30, 1868. Sinking Funds.

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It appears

from this statement that over six millions of dollars ($6,000,000), balances of Sinking Funds, have accumulated, applicable to the redemption of the debt, and that the net amount of the State's indebtedness at the end of the fiscal year was only thirtyeight million eight hundred and sixty-four thousand four hundred and forty-eight dollars and seventy-four cents ($38,864,448,74). The Sinking Funds, which there is no reason to suppose will be diminished, will, at their present rate of application, extinguish the whole debt within nine years.

Canals. The following statement will show the condition of the Canal Fund for the fiscal year.

Canal Fund. Balance in the treasury and invested October 1, 1867, three million

eight hundred and forty thousand nine hundred and thirty-five dollars and sixty-six cents, ....

$3,840,935 66 Received during the year ending 30th September,

1868, five million six hundred and eighty-one thousand two hundred and twenty-six dollars and eleven cents,....

5,681,226 11

$9,522,161 77

Paid during the year, four million eight hundred

and twenty-three thousand two hundred and thirty-nine dollars and thirty-three cents.........

4,823,239 33

Carried Forward,.........

$4,698,922 44

* Includes $350,000 due October 1, 1868, and since paid. + Deducting interest accrued to October 1, 1868, payable January 1, 1869. Leaving a balance 30th September, 1868, of four

million six hundred and ninety-eight thousand nine hundred and twenty-two dollars and fortyfour cents,

$4.698,922 44

Revenues and Expenditures for the Fiscal Year. Statement of the revenues of the State canals, and the expenses of collection and ordinary repairs during the fiscal year ending 30th September, 1868:

Receipts. Tolls, four million four hundred and seventeen thousand five hun.

dred and fifty-nine dollars and fifty cents, ....... $4,417,559 50 Rent of surplus water, seven hundred and fifty dollars,.............

750 00 Interest on current revenues, thirty-two thousand

seven hundred and ninety-one dollars and sixtynine cents, .......

32,791 69 Miscellaneous receipts, twenty-six thousand four

hundred and forty-four dollars and ninety-eight cents,........

26,444 98

$4,477,546 17

Payments
To Canal Commissioners for ordinary repairs, two

hundred and forty-one thousand six hundred and
forty-seven dollars and eighteen
cents,

$241,647 18 To contractors, for repairs, seven

hundred and seventy-five thousand one hundred and eighteen

dollars and seventy-four cents,.. 775,118 74 To superintendents, for repairs,

two hundred and ninety-one dollars and two cents,

291 02 To collectors, for salaries, clerk

hire, pay of inspectors and expenses

of collectors' offices, seventy-six thousand seven hundred and sixty-one dollars and eleven cents,.....

76,761 11

Carried forward,

$1,093,818 05 $4,477,546 17

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