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

sb.iI snpersede demands for constitutional change
- any other form. II 10 matter of public no
| ,o-;ctv. that portion OF our cluzcss have ioT
,;rnc thought, and sill think, that call
-. convention 10 revise our Constitution, has
10" H. H., became expedient l have been induced
| 80 he,sve that the desire for amendments upon
tho very points embraced IN those now lncef
discussion, and perhaps upon one or Two Gthc's'
:, ,cfererce 10 which, propositions are also nov
bsior, Won. has excited this feeling, ana gwen II
- nresfnt strength know that further mn
;,etSon Of tie power Of the Executive over sp-
Dointusents TO 5!iice is also SUBJECT upon WHICH
many desire au amendment Of The Sonsti'u''o'i;
Seeking personally, hope may be osi:e'o0
when say that any curtal!meDt IN tiat o'.h1'
of the Executive powers and cut!es, Wh.1e ai,i
to he honored with the exercise o! taese h'SI
functions, would be most gratsiu! 10 me; ana 1
am prepared further 10 say that oeileVe many
of the officers row appointed upon me noniina-
ton O; the Governor and the consent oil inc SC
nate. ,nqht be directly elected by the people, or
o,herwise appointed with equal safety to the pub
lie and more IN accordance with the popular eei-
mo If The line shall come, however. when TIC
requisite assent OF the Legislature shall fan to be
obtained. 10 author &c a submission to the people
nj snch PROPOSITIONS Tor amendments, as clear
majority Of the ireemen Of the State shdI! &c
manG. and believe to DC necessary for the prctec-
ton of their rights, discontsnts will be expetienc-
ed. and other forms OF amendment WILL nc propos-
ed and perhaps successfully urged. Under ths
conviction. teel il 10 be an imperative duty, re-
specially but earnestly to request you to give 10
these, snd all other piopgsed amendments whlch
may come before you, such cain, uHProuotced
and thorough consideration, as shall be calculated
10 satisfy our common constituents with me con
illusions to which you shall cowc
TIE nstalmen's of the State debt, falling cue
after the present ycar, nave not been brought lHto
notice IN The preceding exposition OF the coadi-
ton OF re public funds The last annual report
of the Comptroller EXHIBITS the times OF payment
of the whole debt, and vii! show that Inc amounts
which become payable IN lS4o ana lof'' arc
comparatively small. This may enable the reVc'
nues of those wears to meet those tedemptons,
and the unpaid balance Of the present year oui
the sums falling due in tho following years are
large, exceeding FIVE millions, and require
more than any surplus the present revenue EN-
furnish, to preserve the public faith, by making
these pavneo,s when due. \ deferred stock mas
been suggested as practicable MODE OF meeting
these debts To the extent that the current rc-
venus. husbanded with the utmost economy, can
furnish the means OF payment, this course appears
10 me equally Questionable, in principle and ex-
pediepey. 4 deferred stock, to liberate revenues
nrDperly applicable to an existing debt that they
NAV be applied to other objects of expenditure is
the first and fatal step towards making debt per-
petual.
In any view | am able to take Of this portion
of our financial affairs ] am constrained to be-
lieys that the application Of the existing reVe-
nues TO the existing debts, SO far rs the current
expenses OF The public service Will permit mas
become an npe-ious duty to the whole people,
that toe burden of the present state tax may Dc
removed ar the earliest practicable day. ana thai
the danger OF its recurrence may be obviated by
Il payment Of the debts which have rendered II
necessary. also believe that true friendship
for our system Of internal improvements, and It's
safe and certain extension, equally require, and
will demand, the most speedy payment OF the
canal debt, and the liberation of the present ca
nal revenues from the wasting demands Of inter
est now resting upon them. recommend, there
fore, that course of financial legislation, which
shall make these the prominent objects oil It's
policy
Our financial condition is by no means desper-
ate The "a Did accumulation Of debt was arrest
ed, before it mad far surpassed the power OF cur
revenues as to render 4 return within the limits
Of sound condition hopeless. The able exposi-
tons of 1912, aud the sound legislation OF that
year, satisfied the people OF tins TACT, and tue Tax
alton necessary render this return sale and sure
was cheeriully submitted 10. The Improvement
of the revenues OF the Canals has already laid the
foundation of sinking fund, rendering the
speedy reduction Of that debt certain, II aided by
tho whole power of those revenues. RctIench-
ment of expenditures, it is hoped. may do some
thing towards bringing the payments from the
General Fund within it's revenues, and the whole
State lax, FIR the present year, Will at least re-
heye it from the accumulation of further debt, and
afford time for So strengthening its resources, or
diminishing its expenses, as TO give II power 10
commence the reduction Of lis heavy debt The
question submitted to us, therefore. IS not that
submitted to the Legislature OF 1872, whether
we will attempt to bring 10 order and soundness
deranged finances, and restore fallen credit; but
whether, finding our financial condition substan-
,ally sound, aud our credit nigh, we viii main
tain both IN that desirable condition, and soon
as it can be done consistently with these objects,
relieve our whole people from the tax which the
restoration Of lo42 imposed upon them.
II is pleasant 10 turn from funds thus loaded
with de5r, TO the consideration OF others annD-
ally dispensing their benefits, without any au'h
membranes, TO objects the most vital TO repu6-
lic.n institutions.
Tic productive capital Of the Comnion School
FUND was on me sum oayni Septeulber lds,,
81 1922 9l6 80, and the revenues OF the fund.- re
caivcd Hto the Treasury during the las. fiscal
year, amounted TO 1913 500 81. This revenue
is, by The terms OF the Constitution, to be lnvlo-
Iably appropriated and applied 10 the support Of
Common Schools, throughout the State The
School Fund was Instituted by law in 1905, and
the constitutional protection OF the fund TOOK e.
feet on the first dey OF January, 1923.
Ir Of tuat the revenues Cf tllS
fund have at no lime been anticipated, so as to
charge a deb, upon them, or upon its capital. II
distributions to the common SCHOOLS have been d.
re. ted beyond he power Of the revenues of the
fund, rs they sometimes haze The same l.w has
always provided the means from which the excess
was 10 be pad, SO DIS to fix no debt upon The fund,
orits revenues. The proceeds OF the sales OF i've
hu1d,cd thousand acres OF Inc Pablo domain of
the S:nte The ti1st th,s fund