Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-01

Erie canal, or any other public works. 1t 10 very
certain that the revenues from the canals will not
that resort to loans to some extent will be inds.
pensable. To exhaust all the income for that pur-
pose and reserve none Of il for the payment Of in.
terest new debts, would procrastinate that work,
and continue the embarrassments which it occa-
sions to the navigation Of the Erie canal, to in
definite extent, and thus postpone the period when
its benefits, particularly in the augmentation of tolls,
will be realized. Past experience has shown that it
fthe better economy to complete our public works
~ promptly as may be consistent with careful super
vison and cue regard to the demand for laborers,
and thus enjoy their revenues at the earliest period
For il these revenues exceed the interest on any
debt contracted for the works that produce them,
the the surplus is realized the greater will
be the ability to discharge those debts. The im-
prOvement would thus be made to pay for itself In
this view funds which would be insufficient to com
plee any work, within given time, il applied d.
rectly to It, would be than adequate to sustain
q loan which would finish such work, and enable II
at the earliest period to commence the repayment OF
the cost Of its construction 1t is upon this prnci-
pie that canals have been constructed, and ex-
perience has justified its wisdom; and in the pres
ent condition OF the public works, In reference to
the system of internal improvement as whole, and
and the Just claims OF different portions OF the State,
the egislaurs should determine that the sums to be
expended on the enlargement, or any other public
work, should be limited by the amount Of loans
thorised for such work. then the surplus OF the in.
come, after paying the present claims it, and the
interest of such loans, might be applied as sinking
a.
of the existing stocks, before any large amount
should accumulate. The amount has already been
stated to which loans may safely be made during the
next seven years, without resort TO direct taxa
ton TO new loans to pay the interest; and has
been show that large surplus will exist, particu
ary in the earlier years Of the SERIES which may be
invested in some form. Ii directions were given to
apply this surplus whatever il be, or portion of it,
to the purchase Of outstanding stocks, its effect
upon the credit of the st ate would be most benef-
cial; while it would relieve the community from the
consequences of drawing from banks or any other
depository or borrower, large amount at one time
for the pay ment of such stocks Another portion Of
it might be applied to the prosecution of the
largement or any other pubic work.
Intimately connected with that part of the sub
ject just discussed is tn. enquiry contained in the
supplemental resolution Of the Assembly, as to the
" extent to which aid may be rendered by the State
to enterprises of internal improvement, by loan of
ces to prosecute the canals now in progress, and
without injury to its financial arrange ments."
The enterprises Of internal Improvement referred
panies; and I'd, those which the State may be called
on to execute With regard to the first class, it is
presumed that the aid of the State by loan of its
stock would not be asked granted, without the
reasonable expectation that the principal and interest
of the stock would be faithfully paid by the company
to which such aid should be extended. The only
limitation to aid of this description would be pre-
scribed by a regard to the amount of State stock
which should be sent into the market during any
year. 1t should not be permitted to exceed the
tural demand, but should rather fall under it, So
much depends on the state Of the money market in
Europe, and that is nuctuating that very accu-
rate calculations can be made. The recent advices
frcm England indicate great improvement in the
quantity Of money seeking investment, and IN the
rate OF interest Assuming that the direct loans OF
the State for the year will exceed three four
millionSof dollars it is believed that the loan of its
certificates Of stock might be made the amount of
another million, without endangerng the public ere
dit or Cutting the market. But in the opinion of
this Board it is of the last importance that the time
of selling such stock the manner of such sale, and
the price, should be regulated by the Commssion
Of the Canal Fund, in order to prevent direct and
vexatious interference with the loans which the
State may make.
With respect to loans ofstock to companies which
not expected to pay the interest the whole of
may be considered with the second class of enterpr
SEES; subs criptions to the stock Of any company
would be absolute advances, and should be in the
same class The aid which the state may safely
render in these cases. and in those where is called
upon to execute the work, depends upon the esti-
mates Of the probable amount Of revenue in the next
seven years, and upon the amount Of prior claims
upon such revenue. The Board is not aware Of any
application TO the legislature, pending to under
take the execution ofany new work, except that OF
q rail road between Ogdensburgh and Lake Cham
plain. The comparatively small sum which may be
necessary to commence the preparations for that
work, and which could be judicioasly expended the
present year. would not be felt in the amount Of loans
which the public exigeneies seem to require,
fnaucal condition of the State for the ensuing
years, the Canal Beard will proceed to answer the
question proponnded to them by the Assembly
" hch requires them to state, =" whether, in their
opinion shy change can be made, advantageously to
the public interests in the plan, dimensions or man
ner Of execution Of the work, adopted for the en-
argement Of the Erie canal, so as to lessen the ex
Pense Of that work, and also how lsng a period Of
time will be required to complete, most advanta-
yeously to the public interests the enlargement Of
said canal"
The object Of charging the Erie canal is to
DIV those defects in its present construction with
which all are familiar who are connected in any
manner with its trade navigation. These defects
have been frequently explained in official commu.
to the legislature, that il is not deemed
necessary at this time to specify them in detail
Briefly they may be stated as follows: the canal has
not sufhcIent width; il Is unnecessarily crooked;
md il is too shallow its structures are feeble and
TOO small, and IL Is not well supplied with water.
ace, and % on he bottom, not permitting more
han two boats to lie abreast; and the locks, which
are 10 feet wide and 80 feet long, are too wide in
proportion to the width Of the canal The enlarged
:anal will be 10 feet wide on the surface. and AZ
IN the bottom, with double locks Is feet wide, and
no feet long The original depth OF the present ca
,al was feet; but being left exposed on side TO
he wash Of the adj AGENT country, IL has become OBJ
Itructed by bars, and for several years has been
gradually filing with alluval deposites, so that
here is but little more that feet available for
he purposes of navigation. The depth Of the en-
arged canal will be feet and that depth will here
lfter be fay maintained by securing the trench
rom allsvial deposies, by conducting the rivulets
md larger streams now discharging their sediment
INTO the canal. through cuiverts passing under the
canal, eccasioned by unnecessarily adhering in its
original construction to the hill side will be mate
rally diminished, and the line Strengthened, so that
ts total length will be lesssned nearly ten miles
l. fl -. -. a