The herald. [volume] (New York [N.Y.]) 1835-1837, 1836-01-11
GOV. MARCUS SPECIAL MESSAGE.

Conference.-The situation of that porf,on of ouy
constituents who have been directly affected by the re-
cent destructive fire. in the city of New York requires
your immediate attention. Unless your aid is prompt
iy hterposed, the consequences of this disaster will
soon become more severe and extensive The citizens
OF New York appointed comee TO confer with me
IN relation to the relief to be afforded by the state in
this great emergency.
Their views on this subject are represented in , com,
municaton addressed TO me, which herewith trans
NIT 10 you, with request thai it should receive your
early attention. Several projects for relief accompaui-
cd Inc communication OF the committee, and | have
deemed ii proper to transmit them also along with it.
that you may be apprised of the various modes of Civ
ing relief which have been suggested.
LII Is oil the first importance that the claims on the
insurance companies for losses should be speedily adj
Justed MANY of the merchants who have these claims
depend Principally upon the payment of them for the
means oil AGAIN commencing business and they are ex-
ceedIsgly anxious TO have them settled as soon as
practicable. The memorial from the common council
and citizens of New York, this subject will require
your immediate consideration. Ii appears by the ac-
companying statement of the committee that about one
hall oil the insurance companies have become nsovent
in consequence of their heavy losses and that most of
those who are not so, are, from the cause very
much embarrassed.
A very large amount OF property in New York; usu-
ally kept under Insurance. issow in effect without il
in consequence of the failure and embarrassment of
these institutions, and the this time feel a
peculiar uneasness on this Ii proper that
you should give them the means of efcctiDe safe nsu
pose Your attention ought therefore, partic larIy
directed TO this object Where il is practicable TO re-
organize the old companies it seems 10 be advsa
bic TO do sos and if new companies should be required
see no objections 10 granting charters for them; but
in resuscitang the DID, and in creating new companies
you ought TO confer Only the rights and powers appro-
pirate TO the business OF insurance, and carefully restrain
them from using any others.
The corporation of the city of New York. il is under
stood, will apply to you for authority 10 raise six mil
hons OF dollars, TO be used principally in purchasing or
advancing money the bonds which have been taken
by The insurance companies on the investment of their
capitals cannot anticipate any objection 10 this mea-
sure and hope there will be delay 10 acting ON IT,
In addition TO the measures already mentioned il is
generally suggested that increase of capital or of
bank accommodations will be necessary TO enable the
commercial community sustain, in proper manner
the pressure caused by their heavy losses The Banks
in the city of New York have now about one million
of the surplus monies belonging TO the Canal Fund
The commissioners OF that fund authorized TO bor-
row S860O00 for the completion Of the ChenaHgo Ca
nal. No considerable part of this will be wanted
until after part of the tolls of NEXT year shall have
been received. If the commissioners should immed;-
aely issue the stock for this loan they would be ena
bled, by this means, and by using some other stock
under their CONTROL TO place in the Banks Of New York
including the sum now loaned 10 hem two millions Of
dollars, without producing inconvenience 10 the
pecnnary affairs Of the oIhsr paris of the stale The
accruing tolls of the Erie and Champlain Canals can
be applied to finish the Chenango Canal, and the por-
lion OF the two millions belonging 10 this canal can al
the time, be transferred the Erie and Champ
lain Canal Fund, and thus the whole two millions be-
come part of the surplus of that fund.- The
debt for the payment of which this surplus is PLEDGED
will not be due till 1887 and 1915. The whole of The
two millions therefore be loaned TO the banks in
the city of New York until July 1887 and if necessary
the principal part of it continued until July 1885,
To give greater efficiency this sum in affrdng re-
lief mght be distributed among the safety fund banks
in that city, with authority to each of Them TO regard the
portion IT may receive as SO much increase Of capital
and TO discount suc for The time they NAV re-
tain the loan. or for such period as YOU NAV think
proper to designate This arrangement will give these
banks the privilege TO extend their accommodations
five millions beyond the amount they are now autbo-
rsed TO discount Although these banks might not be
able TO avail themselves of this privilege to the full ex
tent they could undoubtedly increase their accommo
daons three or four millions
In these any other suitable to the case
and calculated 10 give speedy and eectua relief to our
citizens of New York, shall give you nv cordial CO.
| operation. WI MARcr
| Albany January 9Th, 1886.
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