The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-27

largement Of The Erie Canal The cost Of that en-
terpTse originally estimated at Si20000 GOO, viii
probably fall short Of SIS 100000 50 that only the
nett revenue (now amounting as is above shown, 10
S7s7 s3 shall be applied TO that purpose, the work
cannot b. completed sort Of twenty years and dur
ing the whole OF that time those other works must
be deferred, which could be aided BY this revenue
in case proper scheme Of finance were 10 be adopt
ed. The plan of charging the canal, has been de-
fnely settled by the constituted authorizes ard up
on mature consideration. Expenditures have alrea-
dy been incurred in prosecuting the work TO
amount exceeding 5000 600 and contracts have been
made in addition 10 the extent Of nearly three mil
lions. The idea OF abandoning this undertaking.
even il il were desirable, is therefore quite Out of
the question.
Your committee are moreover satisfied that the
speedy enlargement Of the canal is required by the
BEST Interests not only Of the inhabitants in its inn
mediate vicinity but by The people Of every part OF
the State Its annual tolls within few years afer
IL shall b. completed, have been estimated by the
Canal Commissioners in their recent report 1T no
less than three millions of dollars, equivalent 10 an
income on a capital of sixteen millions. OF this
large at least one-half Tin The judgment of the
ConmisSionerS) will be paid upon property passing
70 and from other States. Il is quite evident that
such an income will enable the State, AMER making
the most ludicous revision OF the rates Of toll 10
tend It's fostering aid to every portion Of lis territory
however remote or sequestercd. The speedy secur-
ing Of such result is, therefore object OF gene
raj importance.
The canal when enlarged, will be greatly increas-
ed in value and power and in point Of magnitude
viii Be one Of he most important works not only Of
this country bur the age. Its capacity will exceed
that Of the present canal al least seven told-baing
seven feet deep and seventy feet wide, with double
locks Of enlarged dimensions throughout the whole
line and il will furnish the means OF convenient
transit for not less Than ten millions OF tons annual
~. The supply Of water will be abundant and
failing, and The enlarged size of the boats by which
will be navglted Will reduce the cost OF transpor
taiion nearly oneha sothat il the tolls should
hp n he
community IN The aggregate expense Of conveyance
would be from one-iuuIth 10 one-lhrd Of the amount
now paid. To effect this saving, il will become ne
cesSary, however, 10 complete The enlargement
throughout the whole line, and thereby avoid the
cost OF transhipment, and in that point Of view The
work involves financial consequences necessary to
be considered. By proper efforts the enlargement
may be completed and made available within five
years. Al the expiration OF that period the interest
al five per cent compounded half yearly on the cost
OF the work, ESTIMATING it at fifteen millions) will
amount 70 about two millions and a-haf Of dollars;
whereas, ifthe completion shall be DELAYED twenty
years, the intervening interest alone will exceed nine
millions showing loss of interest by proceeding
at the present sluggish rate Of at least six and ahaf
millions OF dollars sum, which ofitself would so
far 10 extend the benefits Of internal improvement
10 every other section OF the State.
II Is not possible, however, to expedite the work
without lncuriing temporary debt and among
those who regard public debt as the greatest OF all
public calamitieS this suggestion will doubtless ex-
cite alarm and II may not imprubaby arouse oppo-
Sitiun no less bitter than that which was arrayed
against our canals in their early stages The hope
is however indulged, that the successful example
furnished by that great experiment will dispe any
groundlesS fears and impart to our public councils
that degree oil moral courage which The occasion
guires.
Our fathers did not hesitate to encounter debt even
when the means Of paying the interest unascer-
tanned and contingent; and surely may safely make
similar effort that are certain that the reve-
nues Of the State will suffice pay the interest The
present nett annual Of the State after paying
It's expenses and interest on lis debt, is 1857 1885,
above stated, That a!one will pay the annual in
teres FIVE per cent GAS 660 and that amount
may be borrowed and expended aud the interest pune
tually met without taxation. Any augmentation which
shall be experienced (ether by Of the expcnd-
of that sum, from any other cause) in the cve-
Of the canals, will itself increase corresponding
extent the ability Of the State again borrow and pay
the interest il is evident that every $500 900 oGIcvc-
nue. will serve basis Of finance to sustain ten mil
hons Of debt. II the estimate of the Canal Commits.
IS correct (and from their well known caution,
their opinions in this respect peculiarly entitled
confdence) that the annual revenge will amount TO
three millions, then Of thirty millions might he
borrowed expended. and finally reimbursed within wen
ty years forty millions might be so borrowed aud
pended and reimbursed, III lwentye!ght years ~
No need is TO he aPprehended that order produce
these immense results, the tolls OF the canals must be
maintained at oppressive injurious rates During
the years 1888 1884, and 1885, the were reduced
in the aggregate about 35 per and vet during these
three years The tolls amounted to "a 200 00o whereas
the three years next preceding the reduction they
amounted only So 1876 OOO exhibiting an increase Of
upwards OF million Of dollars The responsible duty
OF regulating the tolls TO be imposed upon the AID
almost ilml,able trade which is destined to flow thro
our State, and OF fixing the rates ludcIousy best
TO promote commercial and agricultural prosperity
aid at the same tmc adequately strengthen our is-
cal resources, will unGoubtedly be exercised with that
prudence hberality and forecast which the magnitude
OF the subject demands Whatever rate of revenue may
be eventually adopted, the State will undoubtedly take
10 retain such amount in the aggregate as the
interests of lis treasury and general welfare Of its ct
shall require.
The committee, therefore, have no hesitation in re-
commencing that the State proceed promptly TO Dor
row such moneys as are needed to prosecute most
goonsly It's public works. aud in lieu of appropriatng
the revenue only OF the present canals for the purpose
OF making such expenditures the interests of
zcns require they would suggest that the State should
retain that revenue sinking fund pay the interest
on all moneys II may borrow from time TO time to pro-
secuic and perfect liberal system of internal improve
ment,
1t is not the appropriate duty Of this committee to
point out those particular works which stand most in
need OF the efforts the STEERING Of the State
That gratifying office will devoye upon those hy whom
It will doubessy be faithfully and wisely discharged
The view which your committee have sought to take
purely fiscal IN It's nature aud II has been their aim
only TO demonstrate the pecunary ability of the State TO
proceed promptly aud liherayIn the great work Of I'M
proving It's internal condition and developing its
They believe that the success hitherto attain
cd IN the prosecution OF our system ofiutcrnal improve
mcnt is but the precursor Of trumphs lar mpor
tan that the results We enjoy but family shadow
forth the vast realities which within our reach and
that 1t needs but to employ promptly aud vigorously
resources toaugmeut fully and aloously the pros
perry and power of the State. Without trespassing
upon the province OF those whose duty is prescribe
the particular details of those great measures Of policy
by which the dormant energies OF the State thus to
be reused into sautary and profitable action, the COM
ult nAnud nhsnrrn nnnnrnLu lLni LIZ