NEW YORK. WEDNESDAY MORNING, JANUARY 8, 1915
{"newspaper_name": "The New York herald.", "edition": "01", "page": "p1", "byline": ""}
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20 far from presenting surplus beyond the annual
expenses chaIgeabe upon the fund, are in fact de-
ncienf, and that the debt continues to augment
More than three ffths of this debt was contracted
by loans of the credit Of the State to railroad in
corporations, which have wholly failed, and
thrown the amount upon the general fund. With
out the debt, the present revenues of the fund
would be ample to meet the charges upon il, and
would authorize the Legislature moderately to in
crease those charges, when the public interest
should % found to require it; Sut with it, and its
constantly accrulng interes', the charges upon the
fund must be diminished, or Its revenues increased,
debt. ''-0'''''''~'' : :


True economy, as well as sound policy require
the arrest Of this process. A portion of the reve-
nues OF this fund.- than equal to all the aid il
derives from the mlll-tax. is now annually consum-
ed IN The payment OF interest alone, upon this in
eressing debt Such an expenditure. while it
makes taxation perpetual. works no public benefit.
The money passes from the pockets OF the citizens,
through the hands of the tax-collector, to the
pocket Of the public creditor, with the loss to the
process may be repeated with the same loss, as re-
gularly as time shall bring around the seasons; and
still the demand is undiminished, the weight of the
load unmitigsted; To reverse this action is the
brought to meet the annual expenditures and leave
balance to wear upon the debt, and then each
payment Of the tax will bring with it hope and
couragement. The third subdivision of section 2,
Of the act Of imposing thir tax, looks to its dscen
tinuance. after the present year, through ability
in the revenues Of the fund to meet and extinguish
the debt, without i. further aid; but that expecta-
ten cannot be realized. while the debt is ncreas-
ing. against the power of these revenues the tax
included.


There is also contingent debt hanging over this
fund, amounting to $l,92o,ooo. This is for loans
of the credit of the State to canal and railroad in
corporations, which have hitherto fulfilled their
obligations, by making the payments of interest
It 10 hoped they will be prepared for the reimburse
ment OF the principal at the day. This contingent
liability presents another reason for strengthening
the condition of the General Fund, and taking
prompt measures for the gradual extinguishment Of
its present increasing debt. ta 81


Aer deducting the revenues of the School, Literature
and United States Deposite Funds, from the aggregate
amount Of the revenues of the Ave funds the balance
maining was $3,423 06l oS
Those Of the General Fund having been ex.


amined may now be separated. They


are l073,34s OF