New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-01-03

! fulfil us engagements to them; and demands iol
the payment of temporary loans to the amount OF
more than million and half were about 70 DC
made upon an empty Treasury. Indeed the State
was rapidly approaching disastrous crsls IN It's
pecuniary affairs. The sudden suspension OF our
| public works alone would not then have rescued
us from our difficulties. Our necessities required
| loans. and they could not be made without dong
something TO revive and invigorate our credit.
This was effectually done, not only by arresting
the progress of our public works, but by resortlng
to taxation, and by pledgng the avails of the
State tax and the surplus income of the Canals
to the public creditors. Such were the objects OF
the law of 1912, and the wise policy of the mea-
sure has been indicated by its happy results
In view of the large expenditure on some parts
of the public works, and the comparatively small
sums required to complete them, regrets have
been felt in some quarters that the surplus reve-
n,le of the State from all existing resources, IN
Guiding the product of the tax, was placed beyond
the reach Of the officers Of the government. or
the Legislature, by the solemn pledges OF that
law. The means Of doing any thing more ct
this time, than making all needful repairs, and
keeping the canals in a gsod navigable condition,
cannot be obtained without increasing the pre-
sent State tax, or disregarding the public faith.
The former deem highly inexpedent and the
latter entirely inadmlsslbe.
While | approve Of the present policy OF the
State, forced upon US by the exlgencles OF our
situation, it cannot be denied that it has been at
tended with some injurious results. individuals
in some instances have been lncommodcd by the
unfinished state of new bridges. designed to take
the place of old ones removed; and IN several
place roads and streets have been so obstructed
by the progress or changes made IN the sus-
nended works, as to cause considerable public IN
convenience. do not doubt that the Leglsla-
ture will feel it to be their duty to remove all
lust grounds of complaint in regard to these
subjects.
What is necessary to be done for these pur-
poses, cannot be regarded in any other light than
as repairs, and the nconsiderablc expenditure re-
o,lired can, in my opinion, be made without de-
parture from the policy Of 1912. Where new
structures are SO nearly finished, that 1t would
cost less to complete them than TO keep IN repair
the old ones they were designed to supersedc,
they should, in my judgement, be put in condl.
ton TO be used Whether the new structures shall!
be brought into use in such cases. instead OF sus-
tanning the old ones, is only question as to the
best mode of making repairs, and keeping the ca
nails in good navigabc state, and where econo-
nv is best consulted, by completing the former,
that course should be pursued. Under this I'M
preston. | recommend that the Canal Board be
authorized to complete such new works, as IN
their opinion can be done with better economy,
than to sustain those designed to be superseded.
Il is also proper that l should suggest that some
parts of the new works suspended, are exposed
by the condition in which they are left, to great
and permanent injury. Where this can be pre-
L. LII aroI
with the damages likely to be sustained, good
economy requires It to be DONE L commend the
subject to your attention.
II is certainly much to be regretted that the
State has so much unfinished work, now entire
ly suspended, some of it under circumstances OF
such unavoidable exposure as must soon materl-
ally affect its durability.
The people submitted, in the spirit of patriot.
ism, to the payment Of a direct tax, rather than
see the State dishonorcd; but they have right
to demand its discontinuance as soon as the
emergency which called for that measure shall
cease to exist
The toll collected on the Canals for the last
season Of navigation, amounts to S2Gol ,UOO, and
shows large increase of business, which is MAN.
lv from the Western States. The trade on the
Canal and Lake Erie presents, in its magnitude
and variety, gratifying evidences that the busl-
ness OF the country is assuming more healthy
aspect, and that the enterprise of the people is to
be invigorated bv the steady, but sure returns,
which always flow from industry, perseverance
and economy, when properly directed. This
trade will doubtless continue to increase, and
there is reason to believe that the commerce OF
Lake Erie will be doubled within short PERIOD
The Wabash and Erie Canal is nearly COM
pleted, and the navigation was opened last July.
Il passes more than 200 miles through fertile
country; but like all new canals, has probably
done but limited business for the last year. The
Miami extension, it is said, will be completed
next year, and in connection with the Wabash
and Erie Canal, VIII open a canal communlca-
ton between Cincinnati, on the Ohio river, and
Lake Erie.
The people of the State Of New York cannot
but feel deep interest IN the construction of roads
and canals in the Western States. and they have
reason TO rejoice that the pressure of the times.
and the consequent financial embarrassments, are
gradually yieding 10 the influences Of a genial
climate, productive soil, and the industry OF an
intelligent and enterprising people.
The following statement shows the amount OF
the State Debt, the rate per cent Of interest, and
the sum required to pay the interest, on the 3Oth
September, lS43, including the stocks issued for
defaulting railroads:
Debt. Int.
A lSF 'S' sss 7s5 9? 81 49, i iss IS
-. '",................ ,62S, gG0 Gu 50 DO 90
{" 8 % ................ 3 Gj.5l2 81 lS6 $40 rs
Z" '' ............... 1888 81 90 27j.Cy6 II
! avs :