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The revenue of the General Fund, exclusive of the annual appropriation of $200,000, from the surplus canal revenues, made by the Constitution, and including a temporary loan to the treasury of

$15,000, was, ... . . . . . . . . . . . . . . . . . . . . ..... $792,451 69 The canal revenues were,..................... 3,442,906 62 Aggregate revenue, ........... . . . . . . . . . . . $4,235,358 31

The payments on account of the General Fund during the year, amounted to $842,228.49, leaving a surplus of the revenue on hand, on 30th September, of $113,279.22. The payments out of the canal revenues were: 1. Expenses of collection, superintendence and ordimary repairs, . . . . . . . . . . . . . . . . . . . .......... $685,803 91 2. Appropriations made by article 7 of the Constitution, toward the Sinking Funds, and to defray the necessary expenses of the government, .......... 1,850,000 00

Total payment,....................... .... $2,535,803 91

This amount of payments deducted from the canal revenues of the year, leaves the sum of $907.102.71 applicable to the completion of the Erie canal enlargement, the Genesee Valley and Black River canals.

Notwithstanding the prevalence, during nearly the whole of the past season, of an epidemic disease, which greatly interrupted all commercial business, and diminished the amount of transportation on the canals, the receipts from tolls, &c., during the past year show an increase of nearly $225,000 over the receipts from the same source during the preceding year; while the fact that the canals were in excellent condition, and that the expenses of collection, superintendence and ordinary repairs are nearly $170,000 less than during the preceding year, is strong evidence of the economy, skill, and good management which have been infused into this department of the public service, under the direction of the Commissioners in charge during the vear.

T. General Fund debt exceeds the amount stated last year, by the sum of $400,000. $385,000 of this amount constitute the sum directed by chapter 225 of the laws of the last session, to be paid to the use of the Canal Fund, to repay the principal and interest of the amount stated to have been paid from the Canal Fund to the General Fund after the 1st of June, 1846, beyond the amount limited by the Constitution. The object of the act authorizing this re-payment, was to effect an adjustment between the two funds, in order to conform their respective actual amounts to the amendments which the Constitution made to the previously existing laws, and which amendments related back to the 1st June, 1846, although not adopted until some months subsequently. The remaining $15,000 of the above

(SENATE JotRNAL..] 2

sum, were borrowed in pursuance of chapter 188 of the laws of 1849, for the building of the State Arsenal, and is to be reimbursed from the avails of the sale of the land in the city of New-York heretofore occupied for the arsenal. The annual interest on the General Fund debt, now amounts to $354,829.86, while the annual amount set apart by the Constitution from the surplus revenue of the canals, as a Sinking Fund to be applied to the payment of the interest and principal of this debt, is but $350,000; showing a deficiency to meet the interest in each year from this appropriation of $4,829.86, which must be paid out of the revenues of the fund; throwing another burthen upon the fund, and presenting a strong admonition for the necessity of economy and discretion in the amounts and objects of legislative appropriations. With prudence in this respect, the revenues of the fund it is thought will be fully adequate to meet the current and legitimate drafts upon them. Of the canal debt, $3,140,819.34 will become due prior to January, 1856. The avails of the canal debt Sinking Fund will be sufficient to meet this amount, as the surplus for the years 1851 and 1852 can be arranged to meet the loans falling due in 1851, and no further loan on the credit of the fund will be required to meet the stocks now outstanding until the 1st January, 1856, when $4,000,000 will become due. On the 1st of July last, $2,149,000 of the canal debt fell due ; all of which, with the exception of $87,000, bore interest at seven per cent. The appropriations made by the Constitution from the surplus revenues of the canals to the Sinking Fund, not being sufficient to retire the canal debt as fast as it falls due, the 5th section of the 7th article of the Constitution, authorizes loans upon the credit of the Sinking Fund for this purpose. In pursuance of this authority, and under chapter 216 of the laws of 1848,81,739,024.76 were borrowed in June last, redeemable in July, 1865. A loan has also been effected during the year, under the 10th section, of article 7, of the Constitution, and in pursuance of chapter 228 of the laws of 1849, to the amount of $50,000 for extraordinary canal repairs. And a further loan has also been negotiated, on the credit of the Sinking Fund, under chapter 232, of the laws of 1849, for the purpose of discharging the claims against the State, for damages and awards due prior to 1st June, 1846; which, although not then liquidated, constituted a part of the canal debt at that date, for the payment of which, the 1st section of article 7 of the Constitution, creates the Sinking Fund. These several loans bear interest at six per cent, and it may be remarked with just pride and satisfaction, in contemplating the high credit of the State, that these loans, running for fifteen and sixteen years, respectively, have yielded an average premium of 111’,” per cent. A law passed last winter authorized the borrowing of a sum of money to repay to the city of Albany, certain expenses incurred for excavating and cleaning out the basin, opposite to that city, at the termination of the Erie and Champlain canals. The necessity for

borrowing this money, will be obviated, if the Legislature shall think proper to direct the application to the repayment contemplated by the act referred to, of the premiums received on the loan of $1,739,024.76 effected last summer, which amount to $207,954.56. The enlargement of the Erie canal, and the completion of Black River and Genesee Valley canals, are progressing as rapidly as consists with the limited appropriations for those objects under the Constitution. In the spring of 1850, 1221% miles of the enlarged Erie canal, and 415 j structures will be in use; being an addition of 13 miles, and of 47 structures during the year. Of the Black River canal, 34 miles are finished, and ready for navigation and will be open for use with the other canals next spring. Of the Genesee Valley canal, 36 miles beyond its present termination are in such state of forwardness, that they can be brought into use in the course of the next season. The appropriation made by the last Legislature for improving the upper waters of the Hudson river, has been judiciously applied, and will have the effect of opening new tributaries of revenue to the Champlain canal, as well as new channels of approach to a large and hitherto secluded region, rich in the products of the mines and the forest, and which, until recently, had received but little if any aid from the State toward the development of its resources. The condition, on 30th September last, of the three funds whose revenues are applied to purposes of education, was as follows:—

Capital. Revenue. Payments.

Com. School Fund,...#2,243,563 36 $284,903 76 $244,407 14 Literature Fund,..... 265,966 78 42,089 96 43,436 64 U. S. Deposite Fund,. 4,014,520 71 256,934 93 264,602 58

The adoption by the people at the last annual election, of the act to establish free schools throughout the State, will effect a most important change in the system of common school education. Under this law, the common schools are to be free to all persons over five and under twenty-one years of age. On the first day of July last, there were 11,191 organized school districts in the State; being an increase of 570 over the number reported last year; and the number as children taught in the common schools during the year, was 778,309, being an increase of 2,586 over the preceding year. There are 1893 unincorporated and private schools in the State, comprising 72.785 pupils. The aggregate amount of public money received by the several common school districts, from all sources, during the year, was $846,710.45. Of this sum, $626,456.69 have been apportioned for the payment of teachers' wages. . In addition to which, $489,696.63 were raised in the several districts on rate bills for the same object, making an aggregate of $1,143,401.16 expended for teachers' wages during the year ending 1st January, 1849.

The whole number of volumes in the district libraries, is 1,409,154; 70,306 volumes having been purchased during the year, and $93,. sum, were borrowed in pursuance of chapter 188 of the laws of 1849, for the building of the State Arsenal, and is to be reimbursed from the avails of the sale of the land in the city of New-York heretofore occupied for the arsenal. The annual interest on the General Fund debt, now amounts to $354,829.86, while the annual amount set apart by the Constitution from the surplus revenue of the canals, as a Sinking Fund to be applied to the payment of the interest and principal of this debt, is but $350,000; showing a deficiency to meet the interest in each year from this appropriation of $4,829.86, which must be paid out of the revenues of the fund; throwing another burthen upon the fund, and presenting a strong admonition for the necessity of economy and discretion in the amounts and objects of legislative appropriations. With prudence in this respect, the revenues of the fund it is thought will be fully adequate to meet the current and legitimate drafts upon them. Of the canal debt, $3,140,819.34 will become due prior to January, 1856. The avails of the canal debt Sinking Fund will be sufficient to meet this amount, as the surplus for the years 1851 and 1852 can be arranged to meet the loans falling due in 1851, and no further loan on the credit of the fund will be required to meet the stocks now outstanding until the 1st January, 1856, when $4,000,000 will become due. On the 1st of July last, $2,149,000 of the canal debt fell due ; all of which, with the exception of $87,000, bore interest at seven per cent. The appropriations made by the Constitution from the surplus revenues of the canals to the Sinking Fund, not being sufficient to retire the canal debt as fast as it falls due, the 5th section of the 7th article of the Constitution, authorizes loans upon the credit of the Sinking Fund for this purpose. In pursuance of this authority, and under chapter 216 of the laws of 1848, $1,739,024.76 were borrowed in June last, redeemable in July, 1865. A loan has also been effected during the year, under the 10th section, of article 7, of the Constitution, and in pursuance of chapter 228 of the laws of 1849, to the amount of $50,000 for extraordinary canal repairs. And a further loan has also been negotiated, on the credit of the Sinking Fund, under chapter 232, of the laws of 1849, for the purpose of discharging the claims against the State, for damages and awards due prior to 1st June, 1846; which, although not then liquidated, constituted a part of the canal debt at that date, for the payment of which, the 1st section of article 7 of the Constitution, creates the Sinking Fund. These several loans bear interest at six per cent, and it may be remarked with just pride and satisfaction, in contemplating the high credit of the State, that these loans, running for fifteen and sixteen years, respectively, have yielded an average premium of 11F," per cent. A law passed last winter authorized the borrowing of a sum of money to repay to the city of Albany, certain expenses incurred for excavating and cleaning out the basin, opposite to that city, at the termination of the Erie and Champlain canals. The necessity for

borrowing this money, will be obviated, if the Legislature shall think proper to direct the application to the repayment contemplated by the act referred to, of the premiums received on the loan of $1,739,024.76 effected last summer, which amount to $207,954.56. The enlargement of the Erie canal, and the completion of Black River and Genesee Valley canals, are progressing as rapidly as consists with the limited appropriations for those objects under the Constitution. In the ...; of 1850, 122% miles of the enlarged Erie canal, and 415 enlarged structures will be in use; being an addition of 13 miles, and of 47 structures during the year. Of the Black River canal, 34 miles are finished, and ready for navigation and will be open for use with the other canals next spring. Of the Genesee Valley canal, 36 miles beyond its present termination are in such state of forwardness, that they can be brought into use in the course of the next season. The appropriation made by the last Legislature for improving the upper waters of the Hudson river, has been judiciously applied, and will have the effect of opening new tributaries of revenue to the Champlain canal, as well as new channels of approach to a large and hitherto secluded region, rich in the products of the mines and the forest, and which, until recently, had received but little if any aid from the State toward the development of its resources. The condition, on 30th September last, of the three funds whose revenues are applied to purposes of education, was as follows:—

Capital. Revenue. Payments.

Com. School Fund,...{2,243,563 36 $284,903 76 $244,407 14 Literature Fund,..... 265,966 78 42,089 96 43,436 64 U. S. Deposite Fund,. 4,014,520 71 256,934 93 264,602 58

The adoption by the people at the last annual election, of the act to establish free schools throughout the State, will effect a most important change in the system of common school education. Under this law, the common schools are to be free to all persons over five and under twenty-one years of age. On the first day of July last, there were 11,191 organized school districts in the State; being an increase of 570 over the number reported last year; and the number of children taught in the common schools during the year, was 778,309, being an increase of 2,586 over the preceding year. There are 1893 unincorporated and private schools in the State, comprising 72.785 pupils. The aggregate amount of public money received by the several common school districts, from all sources, during the year, was $846,710.45. Of this sum, $626,456.69 have been apportioned for the payment of teachers' wages. . In addition to which, $489,696.63 were raised in the several districts on rate bills for the same object, making an aggregate of $1,143,401.16 expended for teachers' wages during the year ending 1st January, 1849.

The whole number of volumes in the district libraries, is 1,409,154; 70,306 volumes having been purchased during the year, and $93,.

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