Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-24
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STATE Of Nc,c York, 1889.
On tho lah of March, 1898. Mr.. SAMUEL d. RIO
CHS Chairman of the Committee OF Ways and
Means of tho Assembly Of tue State OF New York,
submitted to The House an able Report from
which make the following highly interesting
extract:
In order 10 comprehend truly the present situa-
ton Of our finances, and correctly To estimate our
future progress, IT will be useful 10 revert TO the
condition OF the Treasury When tho canal policy
commenced.
Our financial history, during the last twenty
wears is indeed rrplcte with instruction. Within
that ercn'ful period We behold the origin, progress.
and final OF those great measures OF internal
improvement which have overcome not only the
barriers OF Nature, but the formidable obstacles
Of prejudice. incredibly and error, and which are
destined, in the latter respect at least TO achieve
victories yet more signal.
No fact in all tina, history Is striking than the
remarkable failure OF our distinguished mcn adc.
qnatcy 10 estimate the pecnniary value of the Ca
nails. The most sangulnc auticipaons of the most
enthusiastic supporters Of our policy OF internal i'm
pruvement, fell Tar short OF the actual results which
that policy has produced. while tho doubts and
iofebudiugs 81 It's opponents, arc remembered ouly
rs curious portlons Of our intellectual history. The
State Itself seemed wholly unconscious Of its latent
strength In the present plenitude Of our success
the fact Is hardly CREDIBLE aud yet The documents
of the da, testify, that before commencing the canals
the Legislature by deliberate act, directed COM
missIoners 10 solicit pccunary donations in aid ofthe
enterprise. not only hom Connecticut and Yer
mont. but even from the States, then III their inian-
CIV, beyond the AlleghanIes and so far was this
r,mld and dscrcdtablc policy pursued, that The very
preamble to the law OF 1917, which finally directed
canals to be commenced, took care 10 express the
humble hope, that the States interested IN the work
"would contribute Iheir full proportion to the c1-
peusc."
The torrcn, of ri1icule and obloquy which the
canals encountered, during the first few years Of their
progress, rs well ns the more solemn doubts of some
Of our abcst statesmen, will long be yemcmbered.-
Without ad,crlng to names less distinguished il
needs but 10 state the memorable fact, tia, Mr. JEFF.
fcrson pronounced The undertaking utterly ylsona-
~ aud chmetica and that IL was NJ least a c,ptu
~ in advance OF the age" Nor did the more de-
cded friends OF the canals appreciate, in any lnst de
gree, Their pccunary value. Ia the year 1921 four
years after they had been commenced, the COMP
tioller OF the State IN obedience to resolution of
the Legislature, prepared an estimate of their re-
venue, IN which he stated, that for the ten years ne
succeeding their completion, the tolls would amour,
annually ono hundred and fifty thousand dollars
The amount which was actually received during tina,
period OF ten years, exceeded ten millions of dollar,
Among the names truly illusrous in the ea,ly his
tory OF our public works, few are moro distinguish.
ed than that OF Governor Morris. His compfeh,n.
look far beyond most OF his contemporaries into tho
rapidly expanding future and yet even he fell sbor
oi the realities which the Erie canal has broupb,
within our view. In the singularly eloquent and
animated memorial by which ms fame il forever con.
nectcd with that great work. and IN which he en-.
deyored 10 enforce upon the Leg lslatnre the impor
lance in all future iIme OF connecting the HUDSON
with tho Western waters, after depicting the wide
spread region around our inland seas aud il, cam
city to supply The means OF great and profitable
commerce, lac asked "hcther II would be dcemed
cslrayagant to predict that the canal within twcnty
years, "would annually bring down 800, 900 tons u;
The actual amount whch reached the tide in sqc
was G97,3i7 tons, or nearly three fold the quaint, ,
estimated by Mr.. Morris and the total topnop. ot
that year. ascending aud descending exceeded ih,r
teen hundred thousand tons.
Tho tolls Of HE canals IN 1894 one wear b, 6,e
their completion, wete S340, 900. In The ne., ,ca,
they reached $500 900 and rose in leo6 10 S7Go no
With tho rapid progress thus strkingly exhibited
lew oil our CITIZENS were inclined believe that Tho
canals had impoverished the Treasury, or thai ,hrv
would prove IN any way injurious TO the pccun,ary
! interests OF the State.
The death of tins great man dewitt Clnton) in
February OF that year, withdrew from the cau,. Of
/ Internal improvement its ablcst CHAMPION and IN,
loss las been severely felt by the people of this
State.
The predictions Of his last message as to the p,o.
S'ess"e increase oil the tolls and the extingulsh.
]
annual tolls which in 1896 were soy. l67. Ia, ne
cofding 10 the statement OF Mr.. Wright, about $3.50
oool amounted IN 1883, 10 SI,5aa695, although
the rates bad previously been reduced neat, % ne,
cent? and IN the year 1885 To Sl,4S5.7;9 aithouy b
again reduced aboutl5 per ceat
On The LIST day OF July, 1886, the toll, had ,rcu
mhated IN the hands OF the commissioner to an A.
mount sufficient with the and OF the auxiliary f,,J,
previously realized from the salt and auction ,,,s
10 eA''hsurh The whole of the outstanding debt
PREVIOUSLY TO that iinc upwards OF four millions nj
doas iad been pad IN cash directly TO the pnblic
creditors; and the residue, amountng 10 be,,,een
three aud iour millions, was then invested IN ,rnn
fafy loans by q u Commissioners "A t,us,e.s Ia, ~,
holders oi the balance Of the debt.
ms hh"i contamination may justly be regarded
's 'he GROWING event IN the canal policy of IN,
STATE and hxes an Important epoch in It's fl seal IN.
,ofy' IL anofds moreover, an opportunity peculiar.
~ htng, not only To review the progress OF our Tren
snfy since the commencement OF our canals but nj.
so to examine how far the view OF the inanc es ake
by the committee of the Senate in the reno,, nj
/ 1887, has been borne out by the facts.
In the year 1917, when the canals were comm.nc
ed, the funds OF this State consisted Of
l. Productive property in bank
stocks, mortgages aud other claims,
amounting 10 SI77o 3Oo II
1 The Stale then owed a debt Of / jl3 6s5 M
~, leaving balance OF S3,275,6l7 &c
vi these CLAIMS Il portion was subse-
quently discovered to be worthless
to The amount OF 800, 900 OC
Leaving S2,973,6l7 &c
The annual income ofihis
balance was about SlS0000 90
| The State derived IA rcve.