Newspaper of The New York Herald, January 9, 1849, Page 1

Newspaper of The New York Herald dated January 9, 1849 Page 1
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* - - *1 TH NO. 5332. ANNUAL REPORT or THS MMDTDnM.RR nf ?li? STiTH III? MW Yd!?! I/U1U1 UIUUUUH VI UIV w I ? 1 V VI II IVUUI CoMrTKOLLIEB'l OfFVCK. ) Albany, December SO, 1813. J Te f*? Ltgitlolurt :? In olxditiee to the requirements of law. the Comptroller respectfully submits to your honorably body hi* akini ai. report. Tbe first section of title 3. chapter 8 and part 1. of tbe Revised Statute* (1 R- S , page 100,) declare* that " It shall be the duty of the Comptroller, ul*t To superintend the fiscal concerns of the State, and to manage the same in the manner required by law. "2d. To exhibit to tbe Legislature at Its annual meeting a complete statement ot tbe funds of the State, of Ite revenues and of the publlo expenditures, to be defrayed from tbe Treasury for the ensuing year, speoifyiag therein each object of expenditure, and distinguishing between such as are provided for by permanent or temporary appropriations and such as require to be provided for by law; and showing the means from whloh suoh expenditures are to be defrayed ; and "3d. To suggest plans tor tbe improvement and management of ibe publio revenues " by seotion 1st of obap 360 of tbe laws of 1847, the Comptroller is required to complete his annual report for the previcus fiscal year before the expiration of tbe cmri eat oalendar year, and to protect tbe came to the Ligls ature iumediately after the oommenoement Ot its annual session. For (he convenience of management, and with the wit w ot promoting certain objects, the property of the State has long b-en divided into different funds, the principal of which are the following 1. Toe General Fund. 2. Tbe Canal Fund. 3. The Literature Fund. 4 The i .ommon School Fund. ft. TheUn ted States Deposite Fund. And thefo.lowlng|trnst funds 1. 'I he Bank Fund 2. The Free Bank Securities. 8. The Mariner's Fund. 4 The Sinking Fund.of the Auburn and Rochester Railroad Company. 6. Tbe Sinking Fund of the Tonawanda Railroad Company, 0. The Sinking Fund of the Hudson and Berkshire Rallrced Company. 7. The Sinking Fund of the Tioga Coal, Iron, Mining and ManalaoturinglCompany. 8. The 8lnking Fund of tbe Long Island Railroad Company. 6. Sohool and Gospel Fnnd of the Stookbridge Indians. 10. Indian Annuities. 11. The New York and Erie Railroad Company Interest Fund. These several fund* will be treated of in the order in which they are above specified. GENERAL Fl'ND. This is the fund out of whioh the general sxpenses Of the government are defrayed It* general nature and chjecta will be beat underatood by a referenoe to the etatute defining and regulating it. (1 R. 8. part 1, chap. 9, title 1, page 188 ) The following aynopaia presents a general view of the finances of the State, the operations of the treasury for the past fiscal year, and the estimated revenue and cxpenaea for the eurrent year Revenue or the General Fund. Paymrnts : Amount of warrants drawn on the Treasury, remaining unpaid en the 30th Sept., 1847.. $487 80 Amount of warrants drawn en the Treasury on account of the General Fund, during the year ending 30th September, 1848 $884 780 14 $885,248 00 Rttiipli: Surplus of revenue on the 30lh Sept , 1847 $111,665 03 Amount received into the treu sury on account of the general fund, daring the year ending 30th Sept., 1848 718,223 31 Amount transferred from the general fund debt sinking fund, for one year's Intereet on $111,881 43, advanced from the general fund revenue In 1847, for demands on the linking fnnd.. 6,679 88 Amount of cash transferred from th* eehrMl rand, iw bonds received daring the year, belonging to the general fund and transferred to the eohool fund 11,498 69 Amount of warrant! drawn on the treasury, remaining unpaid on the 80th Sept , 1848. 87 57 848,155 28 Deficiency in the revenue of the general fnnd, 30th September, 1848 $87,092 72 Last year, it will be perceived, there was a surplus in the revenue of thie fund of $111,605 93, and this year there is a deficiency of $87 092 72 This shows that the payments from the revenue of the general fund, during the laet fiscal year, were $148,768 66 mere than the receipt! during the same period. The Comptroller therefore feels it to be his duty most respectfully hut earnestly to orgs upon the Legislature the most rigid eoonomy in making appropriations from this fund. It must be manifest to all that the expenses must be leseened. or tbe revenue increated. The latter ean only be done by taxation; and though the Comptroller donbta not that the patriotism or our oitisens would Induoe them oheerfully to submit to any burthen neoessary for the good of the State, yet before ashing them to do se, every effort abould be made to retrench all unnecessary expenses. A detailed statement of tbe actual reoelpts into the tresmry on aooount of this and ail other funds, during tbe last fiscal year, ending on the 30th of September, 1848, may be seen by referenoe to the table marked (A,) annexed to this report, and the payments for the same time may be seen by reference to the table marked (B ) It will be seen that more than $150 000 has been paid for the support of the Mount Pleasant and Clinton prisons, and towards the erection of the House of Refuge of Western New York, $38,072 06 of whioh were for old debts due by tbe Mount Pleasant prison. A tabular statement 1s also annexed marked (C,) showing tbe increase and diminution of the general fund State debt for the fiscal year 1647-8. From this It sno?sra thst this -l?ht his been diminished durinff the year (147 60. Bat as the accounts of State debt, general fund revenue, and general fund debt sinking fund, are kept distinct, it ia necessary to take Into account the operations of each In order to ascertain the actual amount of deficiency to meet all the demands upon this fund for the year. This Is as follows Surplus of Ueneial Fund revenue^ September, 1847. .(111,006 93 Deficiency in the revenue 80th September, 1648 87,092 72 This shows an excess of payments over the receipts of the Treasury during the last fiscal year, of (148,768 08 Surplus of the General Fund Debt Sinking Fund, 80th September, 1H47 (6,336 23 Deficiency cf the 8inking Fund. 80th Sept., 1848 1,008 67 Showing en excess of payments on account ot the Sinking Fund, during the last fiscal year, of 6,344 20 (166,102 86 Less, diminution of the State debt, as per statement above referred to 147 60 Making an actual excess ef payments during tbs year ending80th Sept., 1848, . , (154,966 35 And after deducting therefrom the surplus of the Genersl Fund revenue on the 80th Sept , 1847 (Ill 695 93 And the surplns of the General Fund Debt Sinking Fund, nt the same time (.335 23 117,001 1 1 It shows an increase of the General Fund State debt, during the year ending 30th Sept , 1848, of (37.954 19 STATE or THE TaEASUST. Balance In the Treasury on the 30th September. 1847 (538,191,11 Amount received into the Treasury on aseount of all the fuada during the year ending the 30tb September, 1848,6,220 724 98 . (5.767,916 09 Amount of warrants drawn on the Trenenry, on account of all the funds, durins the rear ending 30th September,IMS, 6,4fl2.6'Jd 01 Amount of warrants drawn on the Treasury remaining unpeid on the 30th Sept. 164", 467 86 $6,462,003 96 Lege, amount of warrants ' drawn on the Treasury, remaining unpaid on the 30th September, 1818 87 67 6,462 906 30 Balance in the Treasury on the 30th 8ept. ruber, 1*43 $306,000 70 Statement of halanctl dut from nod to the Trtoturf, on the 3U?6 S'pitmhet, 1848, via? To the Schtel Fund. Cepi al $14.1276 81 Jlt> venue 122,SO.) 41 266 502 22 To the Liteia'nr* Fund : Capl-al $2 903 78 Rev, nr.e lu,86i 64 12 760 42 To the U. S. Depcsite hund : CaettNl $39 842 77 Revenue.,.... 1842 70 41,288 63 To the Bank Fond ... ... 41,626 80 Te the Mariner'! Fund... 81,068 44 ENE1 MO To the Railroad Company Sinking Fond, vix: Auburn and Rochester*],947 08 Tonawanda. 688 60 Hudfon Hud Berkshire 013 70 Long Island 1 670 74 4 933 01 453.778 05 From the General Fund Debt Sinking Kurd $177,675 03 From the General Fund revenue. 37,092 72 From the Treasurer, fcr balance in the Treasury 805.009 70 450.778 05 Eitimatrd Revenue applicable to Ike ordinary expenee of fovernment, for the current year, commencing Oct 1. 1848 viz:? State tax. after deducting advance* to county treasurers. for non reeldcnt taxea $'215,000 From the surplus revenue of the canals 200.000 Salt duty, after deduoting the expenses of the Onondaga salt springs 17.000 Auction duly loo ooo Interest on arrears of connty taxea 7 000 Interest on Treasury depositee 2 000 Tax on foreign insurance companies 4 500 Pedler'S lies nee* 2 000 Fees of the public offices 2 000 Fees of the clerk's office of the Conrt of Appeals 2 000 Sales of lands for taxes 200 ooo Total $771 500 Ultimate of Ike ordinary expeneet of Government far the eamt period, viz Salaries ef the officers of government, ineluding clerk hire $40 000 00 Salaries of the Judges of the Court Appeals, and the Judges of the Supreme Court... 90.000 00 Salary of the olerk of the Court of Appeals and olerk hire 0,500 00 Salaries of the Commissioners of the Code, and the Commissioners en Practice and Pleadings 13.000 00 Legislature, compensation of members and offlreis 75,000 00 Contingent expenses of the Legislature and the pub'io offlees 15,000 00 Inoldental expenses of government and apprehension of crim'nals 2.000 00 Commissary's department 14 500 00 Keepers of arsenals 250 00 Printing 40,000 00 Deaf and dumb, f<r support and general purposes 25 000 00 Blind, do 17 000 00 Blind, fur tbeerectlon of abuilding 15.000 00 Hospital, New York 22 500 00 Foreign poor, do 10.000 00 Orphan asylnm, do 1 000 00 Expenses of the State prisons 17.000 00 8tate library 2 960 00 Agricultural sooietlss 7,000 00 College of Phystelans and Surgeons, New York 500 00 Postage of oftloial letters 2,000 00 Expenses of the Stat* Lunatic Asylum, and insane eonviot* 11,000 00 Rent and taxes of the house (coupled by the Oevernor 1 100 00 Expenses of the Capitol 5 000 00 Expenses of the State Hall. 8,000 00 Apprehension of fugitives from justice. ... 6,000 00 Expenses of the Geological Museum and old State Hall 900 00 Committee te examine the aooounts of the Treasurer, and of the Canal and Banking Departments 1,000 08 Contirgent expenses of the Court of Appesls and the Supreme Court 4,000 00 Pay of eleetors of President and Vice President of the United States 8,200 00 Normal school, for the ereotion of a building 15.000 00 Balanee due the Specific Funds on the 80th September, 1848, being the amountof deficiency in the revenue of the General Fund 87,092 72 Miscellaneous 40,000 00 $155 402 72 The above estimate is exclusive of appropriations wbtoh will be required for the Mount Pleasant and Clinton State Prisons, geological survey, New York Arsenal, House oriWnce ef Western New York, Normal School, and other nlicBiisswni items, and which will probably increase the above amount ?r estimated expenses to the sum of $700,000. It must also be borne in mind that appropriations are made for the flsoal year, commencing en the first day of October in each year, and that they have already hern made for the ordinary expenses of government for the fiscal year 1848-0, (Laws of 1848. chap. 361.) with the exception ef seme items whioh were accidentally overlooked. The Comptroller submits herewith an estimate et appropriations for the fiscal year commencing October 1. 1849, marked D. whioh it will be necessary to make during this session. He also submits an estimate of appropriations wbieb were accidentally omitted at th < last version, and for the payment ef which early provision should be made. They are annexed, and marked E. OKNKRAI. FUND DEBT SINKING FUND. Amount due the General Fund revenue for advances from the treasury to meet the demands npon the Sinking Fund $117,075 03 Amount invested in six per oent stock issued on account of the Bank land, redeemable in 1S58 110 600 0d Defldflnev in iha fiinkin# run/1 ah tka 30th September, 1648 $1008 07 The estimated receipts and payments of the Slaking Fund for the current year are as follows: ? Rtctipit. Annual appropriation from the revenue of the canals $3.10,000 00 Interest en Bank Fund Stock . 7,000 00 357,00 0 00 Payment*. Interest on State Stock $16,605 35 Interest on temporary loans to the Treasury 87,256 03 Annuities to sundry Indian tribes 0,361 69 Interest on State stock Issued to railroad companies 101,086 50 Principal of Comptroller's l bond 14,396 64 Interest en the amount advanced from the revenue ef the General Fund 7,060 63 Deficiency In the Sinking Fund for 1848 1,006 97 357,735 81 Estimated deflcieney in the 8inking Fund fer 1840 $736 81 This fund is crested by article 7, section 2, of the oonstltntion.which appropriates In eaoh fiscal year from the revenues of the canals to the payment of the principal and Interest of the General Fund debt, the sum of $360 uiO, and requires that it shall be "sacredly applied to tbatobjeot'' only. It. therefore, forms no part of the fund from which the other ordinary expenses of government can be defrayed, but it is set apart exclusively for the payment of the General Fund state debt. The receipts for the current year, including the interest on $116 C60 66. stock issued on aooount of the bank fond, will be $367.v00. and the estimated amount of payments for the same period, including the deficiency in the fund at the close of the last fiscal year, is $367 736 81. leaving an estimated deficiency in the fund on the 30th September. 18.0. of $736 si, as will appear by the foregoing statement It will also be perceived from that statement that the snm of $117,676 63. has been advanced from the revenue of the general fund to meet the accruing interest opto the State debt, payable from the 1st of June, 1843, to the 30th September. 1848, and a small portion ot the principal fading one during the same period ? The a?t in relation tu the Erie canal, chapter 269, laws of 1847, appropriated $?00 0G> out of the moneys belonging to tn? Kris and t'bamplaln canals, provided tbat said appropriation should not interfere with the paymtnt of sundry other appropriations previously made out of these m nejs : and for the purpose of carrying ont the provisions of that set; and to enable the Commissioners of the r.ansl Fund te pay the several appropriations refe-red to they were authorised "to sail or otherwise dispose of sank Furd Stock at their discretion, provided ihs same should not be sold at less l'*sn jaf value " By referring to the Comp rroiier a report of January titb, 1817. page 23. in regard to the $110,000 CO, payable to the General Fund Jebt Sinking Fund, from the Canal Fund, for ona-tblrd o' a year, from tbe let June to tbe 3 th September, 1846 it will b* aeen tbat be ray* " tbere waa no money belonging to tbe Canal Fund applteable to tble payment on tbe 3(tb September." (1840) and suggests tbat ' the beet arrangement for all lntereata la to transfer to the General Fund $110,660 60 of tbe Bank Fund Stock, now held by the Canal Fund, and whleh bears Interest at the rate ef eli per oent fhls will be a fair Investment for the Sinking Fund, and the eontrlbutions from the banks will pay the principal In time to meet tbe flret payments en the stocks Issued to railroads, wbicb hare fallen on tbe Treasury." In accordant with this view, and by virtue of tbe antborlty given, the Commissioners of tbe Canal Fand did. pursuant t* tbe act above referred to, en tbe 1st July, 1847, transfer <o tbe Treasurer, tbe sum of $110,600 06, In stock issued oe account of tbe Bank Fund, In lieu of money, for the payment of tbat amount due en tbe Soth September. 1840. from tbe Canal Fund to the Genera Fund Debt Sinking Fund It will also be perceived by reference to tbe report of tbe Comptroller, of tbe 0th January, 1847, page 34.that in estimating the receipts and payments of tbe General Fund Sinking Fund. from the commencement to the close of tbe flscal tear (30th September, 1847) be stated an excess of $113 666 00 But It now appears tha? tbere waa an omission In tbat estimate of the in* tereston tbe State debt from tbe 1st June to 30th September, 1846. amounting to $110 679 80, which has since been paid tnd charged to tbe Sinking Fund; the actual amount of surplus of tbe fund therefore, on the 30th September. 1847. (see Comptroller's report of 6tb January. 1848) Is $6 336 23 instead of $112 660, as estimated by tbe Comptroller tbe previous year. From this It is apparent tbat tbe suggestion of tbe comptroller to invest tbe $116 660 60 of tbe Sinking Fund In Bank Fund stock, wa* based upon tbe supposition tbat tbere would be a sufficient amount of surplue of the fund on tbe aoth September, 1847. to warrant suet Ir'e-tment. This however, waa not tbe ease, ae is shown above; and in ordsr to meet all tbe demande upon tbe Sinking F und, It baa required an advaoce from the revenue eftbe General Fund, of (I17,0"9 63. 0 if" Y O RNING EDITION?TU At the srnutd interest payable upon the State do^t nearly amounts to the inm appropriated from the eacal revenues to the Sinking Fund, there will be no meant to repay tbe aum advanced from tbe revenue of the General Fun*, except by resorting to tbe ava'ls of tbe Bank Fund atook But whether each repayment or tbe ute of the money will be required for the exrentet of government, will depend on future legistsion. In order, however, to adjuat tbeae account* the Comptroller would ru??eat that tbe #116 866 86 Bank Fund atock be transferred to one of the speclfl : funds for an equal amount of money in the treasury, now uninveated. The atook bear a lntereat at 6 per oent, end a* the principal will, no doubt, be paid when due. It wonld probably be an advantageous investment for either of the fund*; and provision oould be made that in case of tailure to pay, or loss on the atrck. that snrh loss should be a charge upon the General Fund, to make good tbe fund to which it may belong at the time it becemes due The amount of this General Fund State Debt is $6,9S0,608 82. which inoludes f 122 604 87. being a priuc'pal aum. which, at six ner cent, would produce an amount vuual to the annuities paid to sundry Indian tribes. Tha item* of wbicb this debt I* oompowd. the time* when payable, and tbe interest it bears, and tha object* for which It ?ii created. will appear by reference to tbe tabular statement hereto annexed, and marked K 1; and ibeyibow tbe wisdom of the recent eonstitu tional provision against loaning tbe credit of tbe State to private corporation* Sucb loan* have encouraged tbe commencement of work* which bare failed in tbelr prosecution. and tbe enterprise ha* proved alike dlsa*tron* to tboee who embarked in It, and unfortunate to tbe S'ate wbicb loaned it* credit. it ia, however, gratifying to know that the State has not nlwaya been equally unfortunate in the loan of ita credit, to aid private en'erprl'e In the oonstruitlon of woik* of acknowledged public utility It will be seen by tbe *ame atatement. marked K 2, that the State baa loaned ita credit to the amount of $122),8t'9 44. to eight eeveral incorporated oanal and railroad companie*. who have met their obligation* ao far a* to pay trelr Internet and indemnify tbe State But tbe hazard* to tbe State have so muoh exceeded the benefit* tbat tie conatltntlon ha* wisely prohibited such loana hereafter. (Art 7. aeo.9) canal fund This fund properly consists of tbe following work* of interna) Improvement. They are twelve in number, " tbelr value was estimated in the U*t report from this department, at their cost, $80 987 335 94 Aa Burning tbat thateatlmate of their cost ??< correct, by adding what has been expended on the Erie oanal enlargement and the Blank River and Oenenee Valley oanala during the last fiscal year, endirg Septemter 30,1848, it shows tbe entire cost of the whole of our works of Internal Improvement, owned by the State, to be $31.703 467 SC and the whole amount of toll* derived from them during tbe last fiscal year, $3,033, 070 20, as follow* :? Statement Shominu the Cost ok the Following woR KM OF InTEBNAL IMPROVEMENT III' TO o* rOHKB i, 1847, isi) the Amount Expended Thereon, and the Toi l* Received from each for the Last Fiscal Year. Am'nt Ex- Toll? for fuCost to (Jit. yrn'ii for Total citlY'rEiuto 1847. M it hue'I Coit, Srylrmher SO Year. 1848. Erie canal ... $7,143,789 86 ? $7,143,78980 $2,744,WW43 krie oanal en Urgemcnt... 12 9H9 861 76 634,573 08 13,621,424 84 Cban plain oa'L 1.207.60t 26 ? 1,267,*"4 26 170.76321 Oswego canal.. 60S,437 36 ? 666,437 30 69,832 76 t ay u*a ai- d Seneca canal... 237,900 09 ? 237,000 00 27,773 29 Clocked Lake caial 166.776 00 ? 156,776 00 1,457 41 Chemung cans! C48.a'0 68 ? 648 600 68 15.92168 Chenango canal 2.420,t'00 00 ? 2,420.(100 00 27,353 62 Black Riv. can. 1.664,000 00 108.622 95 1,672,622 95 ? 3,886,(00 00 33,035 89 3,918.035 89 25,293 01 OneidaLake '). 60,000 00 ? 60,000 00 660 70 Oneida River improvement 69,176 13 ? 09,276 13 200 50 Seneca Rivai towing, [alii. ? ? ? 422 60 $30,987,336 94 776,131 92 31,763,467 86 3.033 670 20 The fund ooneiata of tbeia works of internal imfirovement; ita revenue constats of tbe toll* and other neldental receipt* derived from them What then ia the true value of these public improvements ? They were estimated by my predecessor, a* stated above, at tbeir cost; but it seems to tha present Comptroller, that a more just mode of estimating their value to the State, would be by the revenue which they produoe. Things are not always worth what they coat, but some times they are worth much more ; and It is believed uivee worn are 01 to* uiier kids, it la alio to be borne Id mind, that such work* may have one value to the State In Ite corporate capacity, and a very different value to the people to whom they afford facilities of commerce, thereby increasing the value of all property in their vicinity. But the question la. not what these works are worth to the people aa Individual*, nor how much they have inoreaeed the value of tha property in the Stat* generally but what are they worth to the State aa a great atockbolder in there works in whioh it basinveited ita capital. All must admit that their value must be estimated by what they produce. To determine their value, the net revenue only should be taken into account, as this ia all that reaches the treasury. and can be made available to the State for general purposea. The charge also, for superintendence and repairs should be deducted, as that ia a continual expense unavoidably incurred, without pbich the revenue could not be produced It stands r u the same ground as the expense of collection. According to this mode of estimating tbe value of these works, it must be borne in mind that aeveral of tbe lateral carala are worth nothing, when estimated by themselves, as they do not produce revenue enough to pay for collection, superintendence and repairs. A large amount has also been expended upon that part of tbe Genesee Valley canal which is not yet completed, or brought into use. and therefore produce* no revenue. This is also tbe case with tbe Erie canal enlsrgement. Much that has been expended there will be unavailable until the whole is completed, so as to fiermlt boats of larger dimensions to pass its whols ength. And all that has been expended upon the Black River canal is unproduttive, as no part of that canal has yet been brought into use. A large sum ($467,622 46) is also charged t* the cost of these canals whioh baa net been expended in aiakisg them, bnt in paying damagas to aontraotors under tbe law of 1842, wnioh prevented tbem from completing tbeir contract*. Owing, as it la believed, to the bad conditio* in which the public works were left in the fall of 1847, in cons*quenoe of tbe g'eat pressure of business during the latter part of the season, tbe expense of repairs for the last year has greatly exoeeded that of the year previous; and owing to a diminished d>mand for onr breadstuff* abroad, tbe business of the canals was much less for the past season than for tbe year previous, showing a falling off in tbe tolls of $266,414 44. Vet with all these disadvantages and drawbacks, If we take eur works of interne! Improve uinav h m wuuir, piuuuuurv >UU uapruuuoviTV, HUU estimate their value by the net revenue produced thi? vear. diminished as it is by the decrease ot trade, and increased expense* of repairs, (hota of which will be temporary.) it will be found that their value to the 8tate cannot be less than $39 130 992. That is, if that sum were put at interest, at six per cent per annum, it would produce $2,348,219 52. which is the net revenue realized during the last fisoal year, as will appear by the following tabular statement: ? RECEIPTS 1SD EirXSDITUBCS on AccovnT OF THI CASALS, FOR THE FISCAL TEAS EftDIRN SKFT. 30. 1848. Tolls, including those on railroads, penalties copies of clearances, and salaries retained by collectors $8,153 014 24 Rents ot surplus water 3 364 14 Interest on eurrenteanal value 47,101 78 $3,204,070 16 Paymrnti: Te superin'ts of repairs. . ..$687,702 91 T# Canal Commissioners. . .. 87.070 96 To colleotors of tolls 61,882 60 To weigbmaster* 6,882 71 To the proprietors of tha Albany basin 0 003 14 For tolls refunded 791 36 For printing 1,841 68 Fer salaries of Chief Clerk, Auditor, and clerks in the Canal Department 5.721 46 For miscellaneous payments,. 8.260 83 865,850 64 Amount set apart by article 7 of the constitution. to pay the interest and redeem the principal ef the State debt, and for the support of government, viz: For that put of the debt sailed tLe eanal debt, ((jl) $1 300,000 For that part of the debt sailed the general Fund debt. ((,2,). 860,000 For the General Fund, to detray the necessary expenses of government, (^8,) 200 000 1,860,000 00 Tbe remainder of the revenues for the fiscal year applicable to tbe completion of tbe Erie Canal enlargement, Genesee Valley, and Black River canals. ... 498,219 62 Worth of the canals, allowing what the surplus revenue would give at six per cent ..$39 130.092 00 TV I. . .k... Ik. > ...I ?l?. of these work* to the State The amount of the debt which bae been incurred for their construction. and which jet remain* unsatisfied. Is $17,713.(149 91, as will appear by reference to the following statement Catial Dibt (See Statement V.) Eric and Cbamplaln canals $139,1129 89 Krie Canal enlargement 8.784,069 A3 Cayuga and Seneca canal 87.$00 0(1 Chemung canal f,4vti<>0 68 Crooked Lake canal 190,000 00 Chenango canal 68 004 34 B'ack River canal 1.604 (>00 00 Genesee Valley canal 8.886.000 00 Oneida Lake canal ' 60 000 00 Oneida River Improvement 09 270 13 Ti' provide for dedrlencies under article 7 of the constitution 1 314 819 34 $10 718 049 91 This debt bas been diminished during the past fiscal year $80 090 60 and It will probably be fully paid by ibe year 18t 0. It Is to be hoped that In the mean time no nnreasonsbln jealeusles wilt arise among those interested In the different works whtah are to be prose cuted with tbe surplus revenue under the new eonstl tuiin. That instrument bas spread its broad shield cm the whole gut untying th* com; tetica if tbe RK H ESDAY, JANUARY 9, 1 | Osnesee Valley and Black Hirer canals, and the to| larftemunt of the Erie canal; but it mu<t he apparent

I to all. that the chief mean* by wblnh this is to be acI coa pllshrd are to be derived from the toils of the Erie canal It cannot be doubted that these would be greatly increased were the enlargement completed. K is therefore respectfully submitted, that it is for t>e interest of all conoerned that the enlargement should be pressed to a completion as rapidly as the means at the oontmsnd of the State will permit, with due reference to economy and the just d-mande of the other two worirs It is also important that the suoerlntendonce an i repairs be conducted with as muoh economy as possible as every dollar applied to those objects is n?- u iri'iu inter nrrreeti r wui up, ?uu uviajb utiu^iu^ them into productive use by the State. LITERARY XUND. The productive eapital of this fund, as will be seen by the following statement, is mostly Invested in State e'ocks. The $400 invested In the stock of the Canal Bank is doubtless a total loss, as the bank failed on the lltb dsy of July last, and i? now considered hopelessly Insolvent. A portion of the $6,000 invested in the capital stock of the Albany I nsuranoe Company is also lost This fund has long received the fostering ear* of the legislators. (1 R. S. pt 1, chap 6. title 3 page 196.) and the capital baa recently been declared inviolable by the constitution. (Art. 9) Most of the revenue is annually distributed to the support of academies, but a small sum has been devoted to the purchase of books for the State prisons. This, however, is in express violation of the constitntion, which declares that "the revenues of the said Literature Fund shall be applied to the support of Academies " (Art. 0 ) This appropriation was doubtless made, and baa been paid without adverting to this provision of the constitution. Capital This fund oonsistaof the following itema, viz.:? State stock:? Certificate No. 1.418, loan under tbe act to provide for paying the debt, of tbe State, he.. redeemable 1st July, 1849 7 per cent. . . $47,700 Certificate No. 1,441. loan under tbe act to provide for paying the debt of the State, ho., redeemable 1st July, 1849. 7 per cent . . 17,000 Certificate No. 3 987. loan under tbe aot of 13th May, 1846, redeemable let July, 18G4, 6 per cent 100,000 Certificate No. 69. Black lliver canal loan, redeemable la I860, 6 percent 8,743 Certificate No. 26. Aator stock, redeemable at pltnsure, 6 per cent 3 000 Ceitifieata No. 107. loan under tbe set to provide for deficiencies in tbe Sinking Funda, he., redeemable 1st July, 1855, 6>, per cent. . ............ 87,000 $318,443 00 Insurance stock:? 1G0 shares in the Albany Insurance Company, at $60 each. . .. 6,000 00 Bank stock:? 860 abarea of tbe Merchants'Bank, New York, at $60 each 43,000 23 shares of tbe Canal Bank, Albany, at $20 eaah 460 43.460 00 Money In the Treasury. 2 903 78 $266,806 78 To this fttnd also belongs about 10,880 aorea of land. Htvenut. Balance in the Treasury on tbe 30th September, 1847. . . .$18,204 69 Amcnnt received into tbe Treasury during the year ending 80th September, 1848 18,183 01 Amount received for appropriations from the income of the U. S. Dep. Fond 27,000 00 $63,888 30 Amount paid ont of the Treasury during the year ending 30th Sept?n r. 1848.. 43,632 66 Balance of revenue in tbe Tr> y on tbe 30th September, 1848 . . .... $19,856 64 The revenue of this fund ie 'mated for the current yrar as follows:? Interest on State stook .... $13.16116 Dividends on Bank stock.... 3,900 00 $17,061 16 Appropriation from the income of the U. 8. Dep. Fund 16 000 00 $42 061 16 Estimated expanees for the lame period, viz : Dividend*to Academies.. $40,000 00 'Beefca r.r the several State prlioni 800 00 $40 300 00 This ha* been included in the sstlmated payments from Die revenue < I thin lund. as an appto nidation ha* been made from It ft r W e pnrpueo stated (*et chap. 3*1. Law* ot 18W), but ae It i* in violet on of the constitution (see remarke abov< ), it la neoc* i ary that it ahould be provided for from other funds. COMMON SCHOOL FUND. This fund, the productive capital of whleb amount* 4o $2 211.476 14, beside* 301 760 acres of land, ban been gradually increasing for many year* under the fostering cure of the Legislature. (1 II. S. pt 1. chap 0. title 4, page 180) Tbe Constitution ha* declared It* oapital inviolate, and ordered its revenues to be applied to tbe support of common school*, and declared that ' tbe lum of $26 000 of the revenues of the United States Deposits l und. shall each year be appropriated to, and made a part of, tbe capital of the said Common Sohool Kund " Tbe tabular statement hereto annexed and marked (O .1 will show tbe Increase and diminution of tbe oapltal of tbi* fund for tbe lant fiscal year ending September 30, 1848 and from tbi* it will be seen that the productive capital ban increased during tbat time $48,000 07. Tbe following synopsis shows the capital of this fund, and tbe estimated revenue and payments from it for the ourrent fiscal year commencing Ootober 1,1848. Capital. This fnnd consists of the following items, vli : Bonds for lands $744.864 07 Bonds for loans 230 801 74 Losn of 1782 87 303 14 Loon of 1808 188 772 03 LoanoflHO 8,200 00 State Stock, viz: Certificate No 29. Astor stock, redeemable at pleasure. 6 per eent... $1,766 B1 Certificate No 40. Astor stock, redeemable at pleasure, 6per cent 40,000 00 Certificate No. 1.822, Lean under tbe act to provide for paying the debt of tbe State. he. and redeemable 1st July, 1848, 7 per eent $2,300 00 Certificate No. 1, Chenango canal loan, redeemable 1st Jan'y, 1661 0 per cent 30 009 00 Certificate No 360. I.can fer rchui'dlng the Chemung canal feeder l?cke. redeemable let Jan'y. 1861, 6 per cent. 1,446 06 Certificate No.?, rtoek Issued par cbap 438. Lawe of 1847, redeemable let Jan'y, 1865, 6 per eent 160,000 00 Certificate No 1. atock ieeoed per cbap 204, Lawa of 1848, redeemable at pleasure, 6>? per cent 16,000 00 380,600 00 Comptroller's bonds Issued for loans to the Treasury, payable on demand. 6 per et. 461,046 40 Bank atock : ICOO abarea of tbe Manhattan company, at (60 each 60,000 00 Money In the Treasury 148 230 81 #2,311.475 14 To this fund also belong about 301,769 acres of land. Hecenue. Balance of revenue In tbe 1'reaeury. on the 80th Sept., 1847 (134.047 16 Amount rec'd Into tbe Treasury during the year ending 30tb September. 1848 117,220 26 Amount received for appropriation from tbe income of tbe U. 8. Dep. Fund 166.000 00 : 407,167 41 Amount paid out of tba Treaaury during tba year ending 30th Sept., 1848 384,002 00 Balance ef revenue In the Treaaury on ti e 30th Sept.. 1848 (122 266 41 Tbe revenue of tbia fund laaatlmatad for tbe currant year as fi.llowe Interest on bonds for lauds (40,000 00 Interest on bonds for loans 14,000 00 Interest on losn of 1702 6.600 00 Interest on loan of 1808 11,600 00 Interest on loan of 1840 612 60 Interest on State slock and Comptroller's <2?3?* 76 | Interest on money in tba Treasury, to be Invested ?>??? M Rents of lands 200 00 (120,067 26 Appropriation from the income of the U. S. ' .? . ins noo on wep. rung $2*j 657 26 Estimated payments for the snme period, via:? Common school dividends.- $285,000 00 T1IK ITNITKtl STATUS DKPOSITK Ft'NP. The principal of this fund. Amounting to $4 014.620 71. was a portion of the surplus rerenueawhicli had I accumulated In the United Slates Tremor? and by a I law ot Congress, (Sera Laws of U. S for 1KH). rh 116, i ere i:i t> 16 ) ?ai directed to he depoalted with the several States Stilet ly 'peaking. It may he regarded aa a trust fond, as In legal eontemplation the State la liable to be cal.ed upon to reiunu It But In no event Is the State to Be accountable to the general government for anything more than the original sum deooslted. The anrtulng Interest Is th? property of the Sta'e lleuoe so much it the accruing revenue as may he neeeesary la annnally applied to make good any deficiently In the capital, and the capital Itself I* declared by the eonetite?lot to be Inviolate. (Art 0.) Twentj-flve thousand dollars of the revenue Is annually added U the c.iplta) ol tbe common sohoMfund, I [ERA 1849. " " (CoBf-t .uit.fl) a> (1 the remainder la yearly dlstribut'd n rollejee ami academies |la? of 1848. oh. '230, p. 342.) roam oil schools. (Lsws of 1847, oti 8 p. 8.) the normal school. (Laws of 1848 p 574 ) mod lea' a-hools, (Lav a of 1847 rb. 2L8. p. 284.) Indian-nhools (Laws of 1848. p 576 fl,) orphnn asylums, (Laws of 1847 ah 485 p 724 ) ard apo'Wd to the education of oolorod. children. (Laws of 1847 p 285 s?o 3) and to defray tha exp?Dees of Usrhera' Institutes In the several counties, (Laws of 1847 ch 381, p 459 ) and for publishing the D'tlrict School Journal. (Laws of 1847 p 2R4, Laws of 1848. p 343 ) and should there be any surplus not nthi r"ti e sppr< pr ated. It Is lo be annually added to the rspital of the c( mnion snhocl fund, (Laws of 1847, p. 286' see 7; Laws of 1848. p 576) But It will be petcelved from the statemant ltelow, that It e Amount ennronrlated bv the several arts above r< IWrid to for the year ending 30th September, 1849, inoluding the turn of $22 700 of the appropriations for the last fiscal year, remaining unpaid, and to he paid during the present year, exceeds the estimated amount of income for the year, $38 448 exolusive of appropriations that will be asked for by several colleges, fce , which bar* heretofore bad assistance from this fund, hut tor which no appropriations were made for 1849. If the same amounts should be given tbem that they reeeived for 1848, itwou'd inorease the amount of deficiency for the present year, as estimated, to $27 048 But if the smountsof appropriations whicb remained unpaid at the close of las: year are deducted from this ruin, it will show a deficiency for the present year of $4,848. Retrenchment, therefore, in these appropriations is necessary, in order to provide for the existing deficiency. It will also be seen from the following statement, < hat an ascertained loss has been sustained In loaning ' bis money on bond and mortgage, to the amount of $T8,77048j and Ibis would doubtless be muoh inoreased v tie hp effort made to collect the whole sum ; but assuming that the remainder oould he would tbeu show that an interest of 0 4-10 per sent per annum had been received tipon the wnole capital, for the last ten years, from 1838 to 1847. inclusive. It Is vety doubtful whether this is bettor than an Investment in 8 per cent State ateok at par, and over half a million is now so Invested. The tabular statement annexed to this report, an d iraiked (H ) shows the increase and diminution ol the teveral items of this fund during the flsoalyear ending September 30, 1848. The tabular statement marked (I.) also annexed, shews the foreclosures in the several oountles, eosts. fco fcc., and the amount of lands in each county bid in by the State, and remaining unsold on the 30th day of September. 1848. By the original act for loaning this fund, the eommlssioueis were autbr:ir?d to reoelve oertalnfees for specified services, and they VMM also allowed a certain commission on the sum oommittsd to their charge. (Laws of 1837, oh. 150, ico 18) and this per centage has also been extended to the laud bid In for the State. (Lawe of 1844 . ch 326, sec. 4.) but no provision Is made for expenses inclined in going to view, and taking charge of, and leasing lands belonging to the State, where the same have been taken by tie State on the foreclosure of a mortgage It has been the practice of tbls department to allow for euob expenses and services over and above the per oentsge aliened by law; but It is respectfully submitted tbat such allcwanoe should be regulated, or, at least, sanctioned by law, and that, under the present constitution requiring an appropriation, it cannot be paid unless it Is. Capital. This fund consists of the following items, vi*:? Leans on mortgages in the several counties $3,40$ 838 60 State stock, red'able 1st Jan. '66, 6 per ot. 182,509 00 State stock, red'able,1st July '80. 0 per ct. 1,100 00 Comptroller's bends ior loans to the treasury, payable on demand, 8 per cent. . . 484,739 44 Money in the treasury 39.342 77 $4,014,520~71 Revenue. Amount received Into the treasury during the year ending 30th September, 1848.. $251.1?7 24 Airount of pay me tits out of the tieasury anting the same period $212,892 16 Amount transferred to the capital of the fund for diminution in the loans ucder foreclosure of mortgage by the ccmmifsionera of the several counties 6.289 00 Balance due thetreainry on the 80th September, 1847 1.373 38 249,834 48 Balanee in the treasury, Sept 30,1818.... 1 042 76 The revenue ef this fund Is estimated for the ourrent year, aa follows:? Interest on the amount loaned on mortgage In the several oountles $214,000 internet on state stock o out Interest on < oinptroller s bonds 25,084 Interest on money in the treasury to be inTested 1,377 Sales of lands 8,000 $256,102 Amount appropriated trom the Inrome of the fund for the same period, (nrlndina $10,700 of the appfbprtatlons for 1848, remaining unpaid, viz:? For eoonon school dividends $1(5,000 Amount to be added to the capital of the School Fund - 2,'i.COO For distribution among the academies 2ft,Ooo Genera College, for 1648 and 1840 6 009 Genera College, medical department, lor 1848. . 1,000 I'nlrerslty of New Y ork, for 1848 and 1840.. . . 6.000 Madison University, for 1648 and 1849 6,000 Hamilton College, for 1848 and 1849 6.000 St John's College, at Fordham, for 1149 3.000 Genesee Wesleyan Seminary 2.300 Albany Medical College for 1848 1,000 University of Buffalo for 1848 1,000 Infirmary, New York, for 1848 1.000 Normal School, for 1848. $2 ftOO, for 1849, $10,500 13 000 District 8chool Journal, for 1848, balance 1,200 For aupport of schools among the Indians.. . . 1,100 For public Instruction in orphan asylums. .. . 8,000 For diminution in the loans under foreclosure of mortgage 8,000 Teaeber'e Inetitutes in the several counties... 3,000 Miscellaneous 1.000 $278,000 Forecloiure of mortgages belonging to the United Statu Depotiie Fund in the eeotral Counties. The amount cf principal due on mortgages, under foreclosure, of which the premises have been bid In for tbe State, in each year, is as follows : 163 9 $4,054 75 164 0 57,000 00 184 1 13 918 20 184 2 83 723 51 1843 99 350 31 184 4 14.861 08 1646 11,705 10 184 6 ft,888 00 184 7 5,269 00 184 8 6,000 00 $253,749 95 There has been reoelved into tbe Treasury, on account of sales cf tbe afcove premises by tbe Commissioners Of tbe Land Office, tbe sum of..... $118,611 96 And there bare been bends t? ken for sales of lands, wblch have been transferred to tbe eapital of tbe School Fund, amounting to 48,873 86 Amount realized from resale of premises bid In $167 685 82 Tbe amount of principal due on tbe premises remaining unsold on tbe 30th September, 1848. la $87 607 60 and the estimated value of these premises Is about 25 000 00 192 685 82 Leaving a loss on premise* bid In. of $61,064 13 There have also been lost#* on sales of premises by tbe Commissioners of the several counties, in oases where the premises were appraised for a less sum than the amount of principals due tbe State, and in cases of failure of title, amounting to. 15,706 30 Showing tbe whole loss of principal of the fund from 1837 to this time $76,770 43 Tbe amount of diminution in the loans under foreclosure of mortgage, has each year been transferred ftom fbe revenue to tbe capital of the fund, to make good tbe sum of $4,014 520 71, originallyreoeived from tbe United States, amounting In the aggregate to $569,456 25 : and tbe amount realized from resale of premises bid in, has been credited to the revenue of the fund ; tbe abore loss, therefore, has heen taken from the revenue, and the original capital of the fun l kept unimnairrd The amount of net f avenue in each year hu been He follows : 183 7 $43,843 84 183 8 38792 68 1889 200 089 29 184 0 289 951 48 184 1 270.288 23 1842 280 806 76 184 3 268.741 83 1844 332 000 47 184 5 280 272 55 184 6 276 807 60 1847 202 870 76 184 8 261.677 24 $2 746 903 91 Which show* an average income, after deducting all the losses of principal. Interest, commissioners fee* and eipenses, of six and four-tenths per cent per annum on the capital of the rund from 1638 to 1847 Indus ire. tlANK Ft*Nr>. This fund is made up by annual contributions frem the Icerrporated safety fund banks, of one-half of one per cent on their respoctlre capitals. (Laws of 1829, ch 94. sec. 2.) and was by law appropriated to the paynent of the debts of euch of tne banks liable to oontribute te the seme, as should beeome ln?olreut. The fund Itself has long slnee been exhausted, and $900,828 47 i t six per cent stock has been Issued, pursuant to cbspter 114 of the Laws of 1845. to meet the wants of thle fund and the payment of this stock, except |9l.?62 96 now in the treasury or Invested, is to be prtTldtd for cut of the future contribution* by the 1 ii raw? 11 mi mur-.?rc;?rT?1 LD. TWO CENTS. I backs to raid fund The following tables show the | at* e (f thia (on J aod Its operations to tbo alose of the last fl.oal year. It will be ?e? a bv a r-fereoce to these tab es, that tbe barks bare contributed to this fond since 1829 $lh7O0ii3 76. and that tbe whole circulation redeemed lor insolvent banks is $1.518.568 83, leaving u surplus of $327 6C5 43; but this, with a large amount besides, for which stock has been Issued, baa been swallowed up In paying other liabilities of insolvent banks than those oreated for their etrculation. It is also to be borne in mind that the notes of every insolvent safety fund bank which failed before the present year, bave been redeemed That the elroula tton or toe Canal Bank or Albany, which la the only safety fund bank tbat baa failed tbla year, waa leaa than tbe above surplus. and might have bean redeemed ircm It bad tbe bank been wholly Insolvent. and had the fond not been applied to pay other liabilities: but It la understood tbat tbe assets of tbat bank will be ample to redeem Its circulation. It ie tbarefore apparent tbat tbe Safety Fund would bare proved an emote indemnity to tbe bill holier, bad it not been applied to tbe payment of other debta of Insolvent bauka than those due for their simulation. Were there any thing present or prospective of this fond, It would still be liable to be applied in tha line way, for tbe law on thte subject baa not been changed. But tbe new Constitution, (art. 8. sec. 8.) if it applies to this fuod at all, (which la deubtful,) bas simply prefeired the bill holder to other creditors, but leaving other creditors still with a claim upon this fund, If tbvxebe any thing left after redeeming be simulation Tbat banks which enjoy the exclusive privilege of furnishing a currency should be required to contribute something to a common fund to make that currency safe and secure, seems reasonable and proper ; but what propriety or justice can there be iu requiring tbe banks ie contribute to a general fund to pay depositors or other general creditors of the Individual banks ? It is no exclusive privilege of a bank to rei eive deposits or to contract generul debts, and no reason therefore is men why this fund should be applied to pay them. It Is respectfully submitted tbat it should be saoredy devoted to tbe bill bolder and to nothing else. Condition or tii* Bank Fran. Amountol 6 percent itook mind on iecourt of thin fund, per cusp. 114, of 11-46, remaining unpaid, and redeemable ai follows ; ? IMP $131,131! it i860 lo'.tmu oo 1851 37.378 42 1R?2 34,114 00 1153 5 164 00 1856 7 938 30 185 8 417 500 00 185 9 5.VW3K2 1S6I ltK),IH7 35 1860 41,541 13 $000,838 47 Amount Invested in five per eent Stats stock redeemable in 1855 $35,000 00 I Amount of fcalanoe duo on Comptroller's bonds, tbe payment of whioh has been artumed by Union College 13035 16 Money in the Treasury 43,636 80 9- 91,80 96 Debt of the fund on the 30th Sept., 1848 $809,165 51 There art -'so demands upon this fund for debts et the Watrrvleit Bai n, for which stock has not yet been issued, amounting to shout $80,000. Statement of the Oprrationt of the Bank Fund, from tkt Commencement In the 80ih Septembei ,1848, rir: Total amount oi contributions paid by tbe bat ks $1,876,063 76 AtLouutreooiTod for lute root on investments and avails of the assets of insolvent barks, added to the eaphal.. 13.971 66 Amount of stock issued on aocount of the fund for redemption of bills and payment of debts of sun'liy Insolvent Lanka, remaining unpaid 900,83$ 47 $3,820JM3 IB Amcvnt of balanccsdue from sundry li solvent banks, tor redemption of bills end payment of debts (see statement below) $2,6685133 45 Amount allowed tho Lockport Bank, per oliup. 124 laws ot 1841 3,1k*) 00 ! Discount on State ttook, sold In 1842.. 14,568 77 Amount of inteiest paid on stock issued ou account of the fuod 148,356 10 Excess of ereoit to the city Bank of Buffalo, on acoount of assets of said tank, bid In lor the land 4,341 61 Amount invented iu State stock SS.IKJU 00 Amount invested in Conptrollur's bond! 13,036 16 Money in the Treasury 43,628 80 $2,820,863 80 Statement of the Jlmount of Balancer due the Bank fund from sundry Inmlvent Banki for Htiemption hi 11$ of and l'ayment uf Dehtt from the fund. Banke. Redemption!. Debts. Total. Bank of Buffalo $433 So 2 110 $149,241 22 $.884,610 2! City Bank ot butlalo 262.7M' 76 ? 262,780 76 Commercial Bnk t Buffalo 186.496 U0 434 514 87 611.010 87 ommercialBk of N.York 139,821 liO 146 129 23 385 950 21 t? syne County Ihuk 113,129 HO 16.077 70 129108 70 cmmcrcia) bnk cfOswego 162 869 1 0 78,351 63 341.230 63 Bank of b) obi 52 433 PO 39,803 08 92 338 04 Wateivlist Bank 124,000 57 ? 134,000 57 lintou County Bank.... 71,618 00 156,157 39 337,875 39 a Fay ette Bank, N. York 38 00 ? 38 OU ToltL SI IMSiK 33 $1 010,375 13 $2,U6fi33 18 Safety Kir inn System There are now 78 of these Inoerporated bank* In epeatlon, and two branches, the eharteia of all whleh will . xplt* by the yet* lttiO. 1 be aggregate amount ot their capital la $28,*.'18,?60. The table hereto annexed marked (J ) will show the Game of each. Ite location, the date and expiration of ita charter, tbe amount of It* capital and circulation, end ite rede truing agent, on tbe fliat day of December, lts48.? By the act of December 4,1847, (oh. 410) a change wis made In the mode of making tbe quarterly reports to tbla department. To carry this act into effect, and correct pome irregularities, a olroular was issued from this department to the several Incorporated banks, on tbe L'Otb day of January. 1848, a oopy of which is annexed to this report, and marked (K.) By tbe act passed April 12,1848. (ob 944 ) such banks as bad a capital of more than $208 800 were author!aed to Increase their issues beyond the amount allowed by tbe act of May 16,1887, bnt such incraase was net to exoeed the amount of tbelr capital, and the bank issuing It was to give tbe Comptroller ample security for tbe redemption in speoie of such increased issues. To carry ibis act Into effect, a suitable die wae procured, and a circular dated April 24, 1848, Issued te the tanks, with a form of contract and oath, copies of which tre annexed to this report and marked (L.) Failure or the Canal Bass of Albany. On tbe 10th of July last, the Comptroller heard some Intimation run favorable to the solvency of this bank, and early on tbe 11th he authorized Thomas McVIalien, a clerk In tbe bank department, and Andrew Wblre, of tbe cUy of Albany, to examine Into Ite flairs and report thereon. They Immediately entered i upun me uiscnarg* oitneir unties, ana the bank etopped business. and finding at once apparent evidences of insolvency, the Comptroller immediately reported that factto the Hon Ambrose L Jordan, Attorney General who tbeteupon filed a bill against the Inatltutlon and procured'be appointment of Andrew White as receiver. The raid MeMuiien and White still continued their investigation until the 8th day of Angnat, when they made a long report to tbU department, from whleh it appeared ibet tbe raid tank bad a circulation at the time of ita failure of $186 031, and that It waa wholly insolvent, and tbat Ita aft a Ire had been Illegally conducted and with auch reprehenalble Irregularity that it waa difficult If not impossible to aaoertain where a large poitlon of Ita capital had gone?from all whleh tt appeared tbat in all probability the quarterly reports made to tbla department did not preeent the trne condition of the back at the timer tbey were made. The report waa voluminous, end waa publtahed la the State paper, required by law. Criminal proeecutiona agalnet aome of the officers of the bank hare been oommeneed. and are now pending, and it la to be hoped tbat a thorough Investigation may be bed, that the innocent may be freed from suspicion, and the gnilty (Ifery) receive the just punishment doe foe tholr crimes. It Is however believed that the assets of the bank will be ample for the redemption of all its circulation It appeared from an examination of the hooka and papers of the Canal li?nk that the rsttT etns ok mrriLO waa largely Indebted to it The Comptroller therefore n mediately i| pointed Joseph Salter to examine Into its sflairs and report to tbla department, which he did <u the 26th day of July last, and from this report, ebicb was appeared that there waa n such Indebtedness. The report waa aooordlngly pub llabod in the State paper, and a paper published in Buffalo. as required by law. I'nfavoreb'e rumors having reached this department In relation to the solvency of THK TATKS BOOSTS RiNK, the Comptroller thereupon appointed rhllo C. Puller | to examine Into Its affairs and report to this department, which be did In a somewhat voluminous report, dated the 28th day of July last, whieh waa published in the State paper. an<l in a paper published at Penn Van where toe bank Is located, as required by law. it appeared from such report tbat the rumors were unfounded, so far ae they imputed Insolvency to the bank, bnt the bank was advised te charge over some of its doubtful or bad debts to piofit and loss, and make no more dividends till ita capital was fully restored, wbleb it promised to do, and it has been suffered to pr< ceed. Tbeae are ail the Investigations whieh have been had daring tbo year but not all that the Comptroller would bare deemed it hie duty to make, did the leer permit htm to make them without having reason to suspeet Insolvency of the bank examined But by the law aa it now atande ( of 1847, p 531. eee 3 ) the Comptroller ia ooly authorliel to examine into the affaire of a bank when in hla opinion there la goad reason to anapect that it baa made au incorrect or low perfect quarterly re turn, or ia (n an unsound or unsafe condition to do banking business, and the reauit of any elimination la forthwith to be published. Whatever might have been the otyvat, there can he no donbt that the effect of this law ia to prerant examinations that might be useful. Because It la known that an examination ean only be made where there la ground of suspicion, the vary fact of making It brings discredit upon the bank, and the apprehension on the part of the Comptroller that he may thna Injure the credit of .i lank. and unnecessarily expose Its affairs and incur the expense of publishing a uaelasa, and perhaps mischievous report, often deters an sxamlnatlon. when It would be made if the duty and publication were left to hla discretion. Bat he believe* that It wonld tend much to the safety of these Institutions and the security of th# public, if It was made the duty of the Comptroller to causa every hovt?Two of these, th* Manbsitan 0*.. sad the V V. Dry Dock Co, have delimited ohsrtera and are not subject tc :be tsftty fund ??t>