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

cessio' increases lhe dhculty Of accurately eslma-
ting the future condition Of the treasury The move
Of the State for the last few wears at least have
been irregular and disconnected, yielding only 10
occasional impulses, and proceeding without much
plan or method, A struggle for some time has been
going on between the friends Of vigorous system Of
internal improvements and those who deny its expe-
dlency safety and our legislation has fuctuaied
according the prevalence Of the other Of these
contendng opinions. IL is not necessary or desirable
TO enter this time into the particulars OF this
t"versy, and it is alluded TO only explain the difficult
" has occasioned in predicting with that precision
which could be desired, the future movements Of
fiscal system
In order TO comprehend truly the present situation
OF our finances and in order to correctly estimate
future progress, will be useful TO the
auon OF the treasury when the canal policy was COM
menced.
Our financial history during the last twenty years,
replete with instruction, and cannot be too attenlye
~ examined Within that eveniful period we witness
the origin, progress and final success Of those great
measures OF internal improvement, which have
not only the barriers OF but the formidable
obstacles Of prejudice ncreduity and error and which
are destined, IN the latter respect least achieve
victories yet more signal
Perhaps the striking fact which all that history
presents, is the remarkable failure of distinguished
men adequately 10 estimate the pecuniary value OF the
canals. The most sanguine anticpatons Of the most
enthusiastic supporters Of our policy Of internal linz
proyemcnt, fell far short of the actual results which
that policy has produced while the doubts and
iorebodiDgs OF It's opponents, remembered only
curious poftions Of intellectual history. The State
Itself seemed wholly unconscious OF its latent strength
In the present penude Of our success, the fact is
hardly credible, and yet The documents of the day
tIiy that previously to the commencement Of the
nails, the Legislature, by deliberate act, directed
commissioners to solicit pocunary donations in aid Of
the enterprise, not only from Connecticut and Yer
mont but even from the States, then in their infancy
beyond the Alleghanes and so far was this tiid aud
dscredtabe policy pursued, that the very preamble to
the law of 1917 which finally directed the canals be
commenced took care to express the humble hope that
the States interested in the work, "woud contribute
their full proportion Of the expense"
The torrent of ridcue and obliquy which the canals
encountered during the first few years of their progress
well as the solemn doubts Of of abest
statesmen, wlIl long be remembered. Without advert
ing TO names less distinguished, needs but state the
memorable fact that Mr.. Jefferson pronounced the
deraking to be utterly visionary and chmerica and
that It at least century in advance OF the age"
Nor did the decided friends Of the canals appre
cate IN any Just degree their pecuniary value In the
year 1921, four years aftor the canals had been
menced the Comptroller OF the State, IN obedience to
resolution of the Legislature prepared estimate of
their prospective revenues which he stated that for
the ten years next succeeding their completion the tolls
would amount annually to one hundred and fifty thou
sand dollars The amount which was actually received
during that period OF ten years. exceeded ten millions OF
dollars Among the names truly llustrlous IN the his
tory OF our canals few more exalted than that OF
GouSerneur Morris His comprehensive intellect and
ardent temperament enabled him to look far beyond
most OF his contemporaries into the rapidly expanding
future and vet even he fell short of the realities which
the Erie canal has brought within view. In the
snguary eloquent and animated memorial by which his
fame for connected with that great work, and IN
which he endeavored to enforce upon the Legislature
the importance in all future time of connecting the
Hudson with the western waters after depicting the
vide spread region around inland and lis capa-
city TO supply the means Of great and profitable CON-
mercc, he asked whether it would be deemed extIava-
giant TO predict that the canal within twenty years,
'would annually bring down $50, 000 tons y The sc-
tua amount witch reached tho tide in 1886, $685.
3i7 tons, nearly three fold the quantity estimated by
Mr. Morris and the total tonnage OF that year, ascend
ing and descending, exceeded thirteen hundred thou
said tons .*
The tolls Of the canals in 1924, year before their
completion, were $40, 900. In the next year they
reached S5G6,00o, and in 1926 to S762 900
With the rapid progression thus srklngy exhibited, few
Of citizens inclined to believe that the canals
had impoverished the Treasury that they would prove
IN any way injurious TO the pecnniay interests OF the
State The subject was, however presented to the
public in the year 1897 in aud unexpected light
In that year, the canal committee of the Senate, of
which Mr. Slas Wright, Jr. was chairman introduced
into that body report, made avowedy for the purpose
OF drawing the attention Of the public to the effect which
the construction of the canals had produced upon the
finances Of the State, ard of generally dfusng among
our citizens a knowledge OF tho real situation of the
public funds 1t announced that an alarming change
had taken place in the public fundsthat the school
FIND was annually charging the State with debt Of
Sl500O"-hat the literature fund was " no longer able
TO the calls which the interests OF education
qurcd should be made upon ttha, the actual income
of the canals was "hghly exaggerated in the public
opnlon"-that their gross receipts for the year 1926,
without any deduction for expenses but 1852 600,
and paid interest of only GIG per cent on their
total costha the debt Of the State for the canals then
made or making "would more probably be enlarged
les n and q
1t thus continued to increase its final payment was
not approaching "unless assisted by anxli-
airy funds, the canals would not pay their interest
and expenses and therdebl within any reasonable
time if they would do that the " debt, with the
whole aid OF those funds could be paid off in great
number Of years 10 come'and finally, that any appro-
prlaons by the State for the purpose of constructing
other works. unless they should be productive than
the Erie and Champan Canals, would hasten the Pc
Rod when direct taxation must be resorted to
The feeling Of dependency which this celebrated do
cument produced among the friends of internal improve
ment, only in this State. but throughout the Union,
is well recoIeced and yet it is somewhat surprising,
that an intelligent and sagacous people should have
permitted themselves for moment to be msed by the
financial view which the report protested to take Its
hacy misunderstanding in the total omission
take into the account the prospective, but certain
and inevitable, increase in the growth Of the country and
the trade of the canals and in assuming the receipts OF
the year 1926, immutabe basis. 1t is needless
add, that the friends of internal Improvement made
rcsoute though Intellectual struggle against the doc
and tendencies OF this report The late Governor
Clinton on the assembling Of the Legislature the year
1928 abored earnestly in his annual message 10 dis
abuse the public mind He declared that the real con-
dnon of the finances had been greatly dscolored and
misunderstood by inaccurate views and partial eSamina-
tion"--that aliacous statements had been mingled
with the sutiect'--that the constant and progressive
increase Of the canal revenue, and the correspondent
dmlnuton Of the debt, would in few years produce It's
total tytinpuIshmen--th the elaborate and syste-