New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-09-16
sEWY0Rk CONSTITUTIONAL CONVEETI0g
SIXTEENTH WEE6-LXXXTHIth DAY.

sEw-YoRk CONSTITUTIONAL CONVENTION.
SIXTEENTH WEE6-LxxxvITI.h DAY
Curreney-public Debt-Ecans-CaB Enlarge
nent-Trade Of New York-GeneSee Valley Ca
nal-A Sinking Fund-Sharp Practice-The
Peoples Veto-Debt Of England-The Use and
Abuse of Credit-Unsound BANKING.
AInANr Monday. Sept Il 1875.
T5.he Eaior Of Tic Tri5uHe:
SIR Mr. Townsend brought forward section
this morning giving preference to gold and silver coin
and the nores ofbanks secured By State Stocks over
other currency. Tor payments to and By the STATE au
thorihes. Mr. Hoffman was opposed to taking any &C
non on The matter. The section was laid on ne table
and Is 70 be printed. Mr.. BsTkers resolution was
amended and The rest the Standing Committees are or
de-ed % report BY me 22d inst
The Aitcrnoon Session Is haltpas. three. To-day
taey kept calling the I'll nearly four. Oh:
unable qaorun although there are 5ut free
working days between this and the close OF their session
and the business 10: halfdone yet - ?. ". &C Mem
ters we're obtnined and the Convention went again into
COMMITTEE Search Nature through It's Revolution
all" People were wearing their great coats week
Now the heat il almost unbearaDie Next week. per.
haps viii be chilly again
Mr.. JORDAN proposed last Saturday TO amend the 9TH
~ s. The claims OF the Stale sgains, sny Incorporated
company pay The nteres, and redeem the principal Cfhe
s:ocA OF the Stale loaned or advanced such company
shall be fairly ana duly enforced bu, may be deferred
compromised may he coGssien, with the interest
ofthe Stale
This asthe question this morning
Mr.. CTIANEERLAIN remarked that on Friday last kir
HotUian had asserted that it would SlsO0OOO to
finish the Gcnesee Valley Canal. and Saturday he had
said i would S3G000O0 The Canal Commissioners
had reported based on the high contract prices OF 1899
RI .-0 ~ -ui-il
ing $l 300 not get under They had the
correct Heans u forming accuraie and siorough
knowledge u tie work and OF estimating the tine cost
He prepared however 20 show that the cost would
10, less than million 70 complete the work from the
junction shaker Settlement Clean and that roud
len be one OF the best paying OF the side Canals.
r ANGEL spoke IN Illustration OF hi plan OF the 3Jth
ult We Live sad he, in most favored portion OF tho
earth and possess great natural and acquired adv sntage
Our country 4 well placed Tor trade. manufactures and
asrrul;ure-our state the great thoroughiare Of the
West-our School house. Court houses Prisons Roads
and many OF Canals builf--oUr Country iour
ishe and the pr'ae property oithc STATE IS al the low
6OJ millions beside 90 millions public
properly. are such People his unable TO apply
millions complete works OF great public utility
and which already have been iudiciously
ana proaby laid OUT He snowei that there was an
Log Cansi-tilat much labor had been half done ON it.
which looked Ike line OF ruins md That II the
tolls the Canal when finished did meet the inter
est on the expenditure, they add immensely to the
Of the Erie Canal.
This have shown to be inc case from 1lr Fleegs
statement. Lock al the eser;on making in Ros
ton by Railroads to take away the trade which
ccnters in the CITY of New York and OF which fhn Erie
and Lateral Canals and the Hudson River the feed
crs What change is scen in NETWORK when the
Hudson and the Canals open in the Spring Hotels and
full goods shipping produce coming down travel
business immigration and emigration Who would no,
cherish tic Canals n
Mr.. Angel. who exhibited much ability and research
and argued wen Tor the Canals said that when the nav
iga;ion completed to Oiesn, from Rochester lof
which fitytwo miles already navigable, Dansviiic
Livingston County. und only sixty six and hall miles
iuntnshcd) would be fifteen twenty miles OF
the coal and iron mines of Pennsylvania so important
for manufactures fuel &c Cuba IS the head level and
there will be lockage down OF sXy-eight feet 1t had
been said that the salt tsS debt due IN tho state
from the Canal That tax all paid By Western New
York lnl belonged TO the Canals The State had lent
the Canals not more than i've millions. instead OF tr
teen millions the Comptroller made II. and these Ca
mas had Increased the population wealth, and value OF
rcn in the city OF New or alone than the
whole cost OF the Canals Compare New York city in
ISIS and NclvNur city now Ny. a. gave a brief his
tory of the general fund The Canal tolls this year are
s2.'O0OJ0-net revenue S.,2o100l-deduct it YOU viii
100000 the interest and principal Of the debt
sun S60lo0O would remain for improvements.
We hear a great deal OF Sinking Funds-Pit:'s old
phantom for paying the English National Debt Sink
ing + Gnd here means a sum OF money collected 10 60
together in way FOR the payment OF debts due
future drnesay TO twenty years thereafter
This money is handed >Chancery fashion,
tain iayoriie political banks to keep Tor the Satecnt
out 10 triends--and sometimes lost altogether. Why
hsve any such 4
Mr. JORDAN said that If the Railroads which the State
had aided We're TO bc pressed hard where behind IN
payments. they would &c sacrificed. He would rather
delay and compromise than than press the sockhold
ers of these Railroads with an iron hand These Rail
iirfttr and pfr To
confer great benefits both. He did not look upon
them private matter: they enlarge and extend
commerce. benefit the farmer beauty and enrich the
state ana even where they do not pay one dollar to tile
stockholders service the great body OF the
People Why should the State, after il hss perhaps i'm
prudeptly and inproydenty, encouraged these I'm
Provemcnts run into the other extreme, and because
they do not al turn ont TO be all at source o.pe
cuniary gain, round upon and crush the improve
nent- it. bounty has created Turnpike roads have
rarely benefited The stockholders but who can enumer
ate thci. advantages 10 the people Of this state
Mir SrETsoS would rstier leave the matter 10 future
Legislatures and strike out tins section altogether than
adopt Mr. JorGsns amendment he would vote for the
section because the loans were unwise and because all
due diligence and compromise the true policy OF
the State.
The 9TH section which pleases Mr. Stetson provides
that, except million TO meet failures IN revenue eX
penses not provided for end contract debts no debt
sha be contracted by the State unless authorized by
law single work object specified in the Jaw, ind
prnvidn Tor the coecuon o! auIeci aiiN4 ta> ~ pay
whole debt in eighteen years and The interest it falls
due such law be submitted 10 the People Your Gro
ton Water Law submitted
What : The reason that the law should provide that
the Orey lorprincpal and neres, should be raised By
tax ana in eighteen years Is eighteen years the true
timr Eighteen years
WA not the next generation 90 much OF the benefit
Of the Cro;on Water WIN rot the Wster-rent Pay
par. OF the interest Why then should the present
generation pay ALL principal and interest in eighteen
years by :x2 50 fer the cro,On Aqueduct yields
an income surely no IS necessary Ii any law for
borrowing do not provide Tor the payment OF interest
who willend Why should il not provide 70 taAe thai
interest out OF the income OF he work 10 Ne accom-
pEshcd in the drs; place
iuay DC best ina; the principal and nteres; shall be
paid in Is years or in years IN y years VIII not
she Legislature and People be able TO Judge Of all that
ST the time n they are now