New-York tribune., 1841-05-01
The public Works and the Finances.
N AGSEMRIN

Mr HoLLkY, ilon the Committee Of Ways and Means 10
winch referred much of the Governor Message a.
relates 10 debt and expenditures OF the state
also the annual message the Comptroller and he enroSSeo
bill from the Senate entitled An Act 10 provide LUNGS lo'
carving on the public works now n progress,
TIM, at an earlier period of the session the CoHaiitee mad
supposed that all the information necessary 70 enable tie
House TO act upon the subjects referred contained III
the Reports .. the Canal Commissioners, the Commissioners
# the Casal Fund and C.pcer, and oiner eiofts
and documents before the LEGISLATURE 5ct from some e'es
which have occurred calculated TO produce anxiety
regard 10 the financial condition OF he State the Committee
hsve concluded 70 submit considerations 70 the House
on those subjects in the hope of promoting urn2iy and
confidence among fellow citizens IN reason 10 ouF e
works OF Internal Improvement.
The expenses CT The Enlargement OF the Ere Canal! &C
cor5iny 10 he corrected estimate, will DC 23oi'3l VI
I'M, there has been expended the of Sc .25O
The estimated cost of the Geaeee Valley Canal
O5O on which tn OF 12300 mas been AREA y nait
The estimated expense OF The construction OF the b!acH e
Canal 237 374 ard hore has been paid account OF
that Canal s13l7 597 The pubic cred; pledged
10 the Newly DIRK and Erie Railroad Company was 3oOo
00o of which stock the amount OF 100000 a- already
been ISSUED The aggregate required from the treasury
10 carry into effect all these enterprises ascerained from
act. heretofore passed and from the corrected estimate OF
inc Canal Commissioners $33 260,3jj OF that amount
the sum OF $1399e,347 been already expended leaving
10 for those works the further Of S196iU Jus
All these undertakings commenced under previous
Administration OF the expended in their prosecution
eI064e 347 we're paid sndey laws passed during he
Administration The wholo debt of the State Sl490537o
OF this SO 100000 authorised b the last LcgSa-
rc and all the residue with the exception of $50 600 boz
rewcd for the improvement Of the Oneida River by LegSa-
lures within the period before referred With the
ton of ubou; 100000 the whole of SO 1851,
pended the Enlargement 81 the Erie Canal AID III the
construction the Genesce Valley and Black Ryer Canals
has expended the performance o made by
the predecessors OF the present Commissioners. There
existing requiring for their fahmoat the pay
n1ent bv the State previously June 1913. Of the
$sl0ol85. OF this amount ONLY the sum OF S43383e i
PAYABLE upon contracts made by the Canal Commits
sioncrs Tha sum of 774 2l will be required TO comply
with existing contracts which will expire prior to April 10.
1872 the OF $23Oe,379 to fulfil further contracts cN-
prng previously April 10 l843 and the sum ~ 80 95
on further contracts which will expire before June l. 1913.
No new work except the Improvement of the Oneida Rivcr
ut an estimated expense CT So 060, asd the purchase Of 9
Oaeda Lake Canal and feeder for $4,000 mas been ugd:r
taken during the present Administration When al the exist
ing contracts shall have been performed only about three
ths the construction The Public WORKS undertaken
der previous Administration will have been ceaplced
These references former period. made with
view to raise questions concerning eXpcdcncy of all
or any the public works. but with view illustrate
clearly the policy which has been heretofore pursued AID
that which be Indicated for the future. Since the
discovery that mistakes and niscaeua,ons made by
our predecessors, the of about fifteen millions in
thor estimates Of the OF the Public Works and since
experience of the rcvusons Of and the proi-
of credit throughout the Union all agree that it would
have been well if limited scale cautious
progression the prosecution 81 Public Works had been
adonted by our predecessors Yet there are c per
who affect have that time orcsccn the prcseat
condition OF the
Such however as has been stated the undertakings
in which the State engaged. and the of progress
established when interests committed the hands
of those Lv whom they are conducted. It soon
discovered that and extraordinary difficulties were to
he encountered the disastrous condition OF commercial
affairs and that the estimates made Of the be
lu0st Of he Ot
the works which had been commenced. After full con-
sideraon OF these circumstances and after careful cx
animation the fiscal condition of the State
nounccd that with rc,enchment and rcarda;on the Public
Works might be completed: and that although the
awakened expectations OF fellow citizens in various
parts OF the Stale, in regard these and projected improve
necessarily be delayed. they need be ul
natclv disappointed.
Fully convinced OF the ultimate ability OF the State 10
prosecute IL system OF Improvements 10 successful
result in due time. and the just expectations OF all
portions State important. nevertheless notice
such circumstances and OF cugh
To known and considered determining tine OF the
. present Legislature.
The pclicy of borrowing money carry Public
Works relying .hcir surplus revenues when completed
reimburse tho principal AID interest Of thc loans cocyn
with our OF Improvements, and indebted
that pocy for all the benefits rea- ing the
adoption OF hut system. Jn very recently. of the
funds required nave been obtained OF interest
exceeding per b. the daily quotations o; the stock
be obtained without advance upon that
probable the Of n;crcs; will be reduced Until the
Congress upon fiscal subjects the Special Session
which mas been called. shall be known.
Since the 25h OF January last the mare; value ii five
per stocks of this State redecnaoc period from
fees twenty years distant has ranged from ei.htoRe
aneiyone per cent. The latest quotation eighty
thxce L! moey should be now borrowed
upon stock having the pcrisd run would
cordn this standard and order obtain par the
Stock be FROM five per and FIVE eighths per
AID three quarters An addition of three q1artcrs
per per the Interest upon million of
dollars would amount in tweat years hundred and
fifty thousand, and upon millions OF dollars
millions FIVE hundred and fifty thousand dollars The
portanco OF procuring ssg loans low OF ise,est
therefore cvideH since the ability OF the State carry
lis system diminished proportion as the amounts
paid Cor interest increased Although the of
est Is not subject control may lie affected by
acen 1t cerai&y be reduced by Offering higher
from time to time Indeed the offer large
OF stocks At high would operate very niuouy The
lnrro r,,,,i