This board, from that time to 1848, received and disbursed all canal moneys, audited the canal accounts, and in general transacted the financial business of the canal department. In 1848 the canal funds were turned over to the Treasurer and made subject to the warrant of the Canal Auditor. By his audit and warrant all accounts against the canals were paid; the management of the canal debt and sinking fund remaining, as before, in the Commissioners of the Canal Fund. In 1883 the duties devolving upon the Canal Auditor were transferred to the Comptroller's office. The majority of the Commissioners of the Canal Fund signed all checks on canal account prior to 1848. Since 1883, the Commissioners of the Canal Fund have had no duties to perform except to designate banks for the deposit of canal funds, and, ordinarily, to supervise the issuing of canal bonds. The first canal debt bonds were issued in 1817 under legislative authority, and their disposition and the management of the sinking fund which was provided for their payment were put in the hands of the Commissioners of the Canal Fund. The amount of the debt that year was $200,000. As the canal system was extended, and later when the canals were enlarged, this debt was from time to time increased until in 1860 it reached the sum of $27,107,321.28. From that time it continuously decreased through the payments to, and the application of, the sinking fund, until on the 1st day of October, 1893, the last of this, the last bonded debt of the State, was paid. Something of financial history may be learned from a study of the rates of interest paid on these loans to the State. On the loan of 1817 the rate of interest was six per cent. From 1820 to 1830 the highest rate was six per cent and the lowest, five. From 1830 to 1840 a rate of five was sufficient. From 1840 to 1850 the rate advanced, the lowest being six and the highest seven per cent, the latter rate being in about 1842, the period of uncertainty as to the State's financial policy. From 1850 to 1860 the rate again fell to five and six per cent. In 1861 a small loan was made at seven. From 1870 to 1880 the rate was six per cent. This was the last of the old canal loan. By vote of the people in 1895 a loan of $9,000,000 was authorized to be used in the enlargement of the canals. The amounts thus far borrowed under that authority have been at the rate of three per cent. [Illustration: W. L. Marcy (signature) _6th COMPTROLLER_]