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 commissioners of the canal fund was now reduced to three members (January 20, 1820) at a salary of $2,500 each. To meet the extraordinary expenses of 1819, as previously detailed, the commissioners were empowered, April 12, 1820, to borrow $122,500 at six per cent interest; three fourths of this was to be equally divided between the Eastern and Western sections; the remainder was for the Champlain Canal. The first tolls were levied on the Erie Canal July, 1820; in that year $5,244 was collected, $450 of it from the old canal of the Western Inland Lock Navigation Company at Little Falls.

By a concurrent resolution in the legislature, the comptroller, A. McIntyre, was allowed to put into execution a plan for a sinking fund for the extinguishing of the canal debt, January 12, 1821. He took, as a basis of his calculation, a debt of $5,905,456 and a revenue of $210,000; the loan of $600,000, with revenues, was to be continued as heretofore. By this plan the debt was to be extinguished in 1842, at which time the revenue, it was estimated, would be about $580,000, and the canal tolls,