Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-05-04

n
| Frances Of New Iork, While most of the States
| in the Union are deeply involved in debt. and some
Of them have little less than prospect We bankruptcy
before them il is gratifying to learn HAT the En-
pire State forms noble exception. WhA>cS or
temporary panicS have been created to subscryc par
isan purposes, aud impair pubic confidence in the
credits of the State, it is clear that State has
er exhibited better evidences of its sovcncy; and
ability discharge all its liabilities and engage
! ments From a report of Mr.. Vcrplanck made in
the Legislature giving statement of the financial
condition Of the State, We gather the following sum
mary of facts
The total amount of the State debt including all
Liabilities not Immediately provided for is 1885,
80
The assessed value othe real and personal rropcrty
Of the state,r.s $50 l73, COB
L. S. deposit, school and literary f,nI 6,513 81
Canal revenue clear Of al expenses, 10000
Revenue from salt duties, 10000
Auction duties 49, o.
Various other sources, O1,0JO
The revenue ar sing from canals alone in the
State would pay the Interest AT > per cent on debt
Of ! 5 C0O,00 The revenue from this source IS
increasing ra}ily annually, and " i'll in f. fewycors
he nearly doubed-ncarly one half of tho eXpendl-
lures on the public works. yet unproductive ow-
ing to their unfinished condition. The report ofN
erplanck proceeds to show that the State may safe
ly appropriate ) 100000 annually to the prosecu-
ton of her works nprogress with The certainty
OF paying all accruing interest out of her annual re-
venue.
Here there is an example Of one State in the Union
having constructed with its credits the most mag mfr
cent and >tupcntous internal improvements in North
America, and yet maintained lis finances unembar-
rassed Not dollar has been raised by direct TAXI
ton not dollar will be raised in that way. Still
how many miserable pcttoggers there are who dis
avow the principle entirely of states lending its
credits for works Of internal Improvement, AMI CON
tend that individual enterprise is ample TO meet the
necessities the people however great those neces
sites may be. The sanity of that mans mind is
questionable, who supposes that the New ork and
Erie canal and other important public works. would
have been constructed by the agency of private en-
pi;ai or the voluntary association of capitalists. The
state of New York its prescn: exalted station to
wise and iudicous legislation and to the liberal pa
tronage extended by the government to works of in
ternal improvement
Ii is true that many states have hcceme involved,
and contracted debts offearlu nagnitude in their zeal
chiefly traced to a time when the mania of specnla-
ton turned the brain Of both legislator and people.
Especially were the western states carried away by
this nfatuation, and plunged in almost intermnable
embarrassments. This is not chargeable to the prn
cipe of state lending It's credit to aid in improve
mens, but to the and imprudence ofegisation
Many merchants and business men failed by the i'm
prudence Of overrading, but il does not follow that
all trading. however judIcous or economical should
be re2udiaied.