New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-01-08

only, TO be distinctly spec!hed therein snai IN
poso and provije for the collection OF elfec' AZ
/ puaI tax 10 pay the interest 'Roh Inc io-i Pr
posed, as it fails due, and also 20 p&y ana US
/ charge tie principal suE borrowed, "itnlh uie
period OF eighteen years from the ume nc deo. -
contracted; shall! be irfepesiable rn'i las oeo',
interest and principal, shall have Seen ia!y p-iu
and discharged and that the moneys loaned ui,-
der It stall be applied TO the object or worn
named in tho law, and 10 no other purpose WIZ u
ever. I, fc:;her provides that when deot sha'l
be contracted TO rspel invasion or suppress ihso'
rectior, the EEoneys borrowed shall be aPpneo 10
those OBJECTS or 10 the repayment OF FAC dcot 50
contracted, and u no ot6e- purpose "nate'e''
The re .ent free use OF the pubic cFedit, N over
! fastening loans 70; State works, ADD IN iendihg
TO irresponsible corporations, the eh''a'lasssu
| condition Of our finances, and the consequent
call for direct taxation 10 restore puoilc conn
deuce ka7e doubtless gwen rise 70 these proposed
amendments, as they did give Use 10 tie "a" o'
1872, when the first amendment proposes 20
surround by constitutional SANCTION:
The manner in which that Legislation was re-
ceired BY the people, although !mpcsl0g a ensc'
taxupon all Their taxable property as lis fist provl-
sion. The sa!utary nfiu noes il so promptly exert
cd MOON public and private credit. and the I'll
~
lev have been sustained By the people, whenever
the wisdom and sgundness Of either have been
brought in issue, at any subsequent election pre-
SECT a more forcbe argument in favor 81 the hrst
of these amendments, than any II would se N
nv power to offer.
Tse second is manfestiy INTENDED, as It APP
pears y me to be wisely framed, to secue the
PEOPLE against like hazard and loss iof the fl-
lure, end their credit from further over use and
consequent depression. The provision requiring
each law 10 provide for 4 loan 10! q single object
only. is necessary TO enable the ireemen at the
polls 10 form d distinct and satisfactory cplnlon
upon the p.opriety OF the contcmplred eIpendi-
ture, and to express that opinion N IN inicligi.
bic and unequvocal manner. 1t strikes eiso
efectually at one cf the most universal causes oil
complaint and dissatisfaction growing out OF the
recent appropriations Tor our works of internal
Improvement. refer TO the charge, who;her
well or IL founded, that combinations OF local IN
tcrests a;c formed, on the part OF Tie friends OF
different works having 10 natural or necessary
connection with each other, and that, IN this
way, loans ara authorized and appropriations
secured, which the intrinsic merits aud strength
If no single work IN The combination could con-
mand.
This amendment cannot fail 10 have strong
tendency also to mitigate, or entirely remove
another practical eyi! too often experienced IN
connection with this legislation. The Legislature
is always composed OF members OF the TWO great
political parties which arc ever STRIVING ioF the
mastery. The majority in the legislature is very
naturally, and TO great extent very justly, nelc
responsible fer the action and measures OF The
b5dy. The minority Will not be over soi!ct'ous
to diminish this responsibility resting as 1t dces
a.. 10
times at last as far az a nseof pubic duty VIII
permit. be willing 10 increase 1t. To such MI
nyrity these applications for local Improvements
and expenditures present temptation VII ch the
journals of the Legislature will show are not al
ways resisted. The interests Of a section OF the
State are involved. The application Is pressed
with the earnestness ard feeling which personal
and local interests arc likely TO impart on such
occasions. The majority is looked 10 as holding
the power TO make the grant desired, and the ma
jority, prma acla, at least, Is responsible io' the
action. II defeat be certain, the minority, by rs
favorable vo.e, may conciliatc and gain the inte-
Iest without hazard or injury 10 the public tTea-
sury. Ii the majority be divided, aad the vote OF
The minority hold the p0ge-, The same oppoftd-
nifty is presented TO gam tie party advantage by
the favorable vote, While the responsibility OF lie
measure, when adopted prcsumptvely rests upon
the majority, aud may, al the worst, be made
matter Of debate between the political pa.tes.
intend 10 inyitious reference to individuals,
to political paties, or to particular measures, by
these remarks. My sole object Is 20 point out
wba. believe TO be an evil tendency AID temp
taticn, connected with legislation vi this char4c-
ter, and refer 20 this provision OF the proposed
constitutional amendments, as eminentiy cacu-
lated to remove them. Fit be adopted, no con-
test can take place offering party advantage, as
to the objects Of expenditure to be embraced IN
any proposed law, OF as TO The amount which II
shall appropriate and every member Will De feql!-
red to meet and Justify his own vote, before his o.7n
constituents, whether be belongs 10 the majority
or minority of the body; because those const!tu-
EMS viii be called upon directly to vote upon the
same question:
The requirement that tar shall! be imposed
by every such law, sufficient to meet the interest
upon the loan to be made, 10 but preserving the
same safe prec.uon which marked our early iegis
la,ion OF this character. Then the State possess
ed rich revenues which it could spare, and they,
together with certain specified ia1e' were pledged.
Nov, as has been seen al its revenues ap2Ilca
bic TO these objects, are incum0ered to their Jul
extent by existing deols, and the only p'edge /
can MAKE 10 iotliy and sustain It's credit, Is the
one here proposed THIS the citizen should un
defSiand at the time he votes upon such law,
and 10 make it certain that he Will unders:andit
he should be called TO vote for the tax as we'll as
he Loan 1t may appear To some as going too
far, to require that the tax should be sufficient to
redeem the principal OF the debts within sPeci
fed ime as welt as TO pay the current interest Ii
the object OF expenditure be one not expected 10
ivld revenue, then the provision is clearly right
and absolutely necessary, Ii it be one rom
which q return OF revenue Is anticipated and that
anticipation be disappointed, as has been the case
with most of the lateral canals, then the provision
is equally right aud necessary. And II the an
t.ciyaed revenue be realized, then me debt VII be
s9oner paid, and the tax imposed be but partially
required, or collected; while It any event, the
people will be protected from load OF unexpect-
ed deb. and Unforeseen taxation.
The pledge contained IN the Constitution TO
secure the payment OF the CID canal debt, aad
protect the citizens and the property OF the State
fa- fc-f f-af m he c1rnolef,,