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 30th Balances of the Balance of debt 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,........ ........ Paid during the year, four million eight hundred and twenty-three thousand two hundred and thirty-nine dollars and thirty-three cents,......... Carried Forward,..... * Includes $350,000 due October 1, 1868, and since paid. 5,681,226 11 $9,522,161 77 4,823,239 33 $4,698,922 44 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. $1,417,559 50 Tolls, four million four hundred and seventeen thousand five hun- Interest on current revenues, thirty-two thousand 750 00 32,791 69 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, To contractors, for repairs, seven Carried forward,......... $241,647 18 775,118 74 291 02 76,761 11 $1,093,818 05 $4,477,546 17 Brought forward,............ $1,093,818 05 $4,477,546 17 To weighmasters, thirteen thousand three hundred and fortyseven dollars and seventy cents, For salaries chargeable to annual revenues, refunding tolls, printing and other miscellaneous payments, seventy-seven thousand and seventy-nine dollars and twenty-nine cents,.......... 13,347 70 77,079 29 1,184,245 04 'Surplus revenues," three million two hundred and ninety-three thousand three hundred and one dollars and thirteen cents....... $3,293,301 13 AMOUNTS SET APART BY ARTICLE VII OF THE CONSTITUTION, VIZ: To Sinking Fund under section 1, one million seven hundred thousand dollars, To Sinking Fund under section 2, three hundred and fifty thousand dollars,........ To Sinking Fund under section 3, one million one hundred and sixteen thousand two hundred and forty-two dollars and sixty-six cents,.............. For the support of Government under section 3, one hundred and twenty-seven thousand and fiftyeight dollars and forty-seven cents,......... $1,700,000 00 350,000 00 1,116,242 66 127,058 47 $3,293,301 13 There are also ten thousand one hundred and sixty dollars ($10,160) of Canal debt, which sum is past due and does not now bear interest; this is included in my previous statement of Canal debt. The aggregate balance of all the Sinking Funds applicable to the Canal debt in the treasury, and temporarily invested on the 30th of September, was four million and seventeen thousand two hundred and thirty-two dollars and forty-three cents ($4,017,232.43.) These Sinking funds are pledged for the payment of the interest and the redemption of the principal of the several debts and loans incurred under sections one, three and twelve, of article seven of the Constitution in the construction and enlargement of the canals. The application of the above balance to the several debts, for the payment of which these funds have been provided and set apart, would reduce the above outstanding indebtedness to the sum of ten million three hundred and seven thousand nine hundred and twenty-one dollars and twenty-four cents ($10,307,921.24), appear from the following statement: as will more fully It will be seen from the last statement, which is made up by the Canal Department, that the total amount of Canal debt is seventyfive thousand one hundred and ninety-three dollars and sixty-seven cents ($75,193.67) in excess of the amount previously stated by me. The first statement is from the Comptroller's books. The explanation of this discrepancy is as follows: Balance of debt Sink'g Funds. The Canal debt, under section 1 of article 7 of the Constitution, is two million two hundred and forty thousand eight hundred and sixty dollars,..... The Sinking Fund is two million three hundred and sixteen thousand and fifty-three dollars and sixty-seven cents,......... Excess of Sinking Fund over debt, seventy-five thousand one hundred and ninety-three dollars and sixty-seven cents, .... $2,240,860 00 2,316,053 67 $75,193 67 which the Comptroller has included in the Sinking Fund applicable to the payment of the residue of the Canal debt, and which the Auditor does not include. The amount carried to the Sinking Fund under section one, is fully sufficient to pay the balance due on the debt originally incurred for the construction of the canals, and known as the Canal debt of 1846. The extinguishment of this debt makes a further annual appropriation of one million seven hundred thousand dollars (1,700,000) no longer necessary, and enables the Legislature to apply the surplus revenues to the immediate payment of the General Fund Debt and enlargement loans, in accordance with the provisions of sections two and three, of article seven of the Constitution. The Auditor of the Canal Department reports, that the balance due on the General Fund debt for the payment of which the canal revenues are chargeable, is four million five hundred and fifty-fonr thousand six hundred and forty-seven dollars and eighty-six cents ($4,554,647 86). The annual appropriation of one million five hundred thousand dollars ($1,500,000) hereafter required by said section two, will be sufficient to pay the principal and accruing interest of this debt in less than four years. The debt contracted by virtue of the provisions of said section three, for the enlargement and completion of the canals, amounting, on the thirtieth of September last, to ten million three hundred and twenty-four thousand one hundred dollars ($10,324,100), matures on an average in less than six years. To supply the Sinking Fund with the means to pay the interest and redeem the principal of this debt as it falls due, will require an annual appropriation of two million three hundred and forty thousand dollars ($2,340,000). Funds have been provided for the payment of all outstanding claims and liabilities against the State, except such as may have arisen during the last year for awards made by the Canal Appraisers for lands appropriated or occupied |