The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-19

STATE CONSTITUTIONAL. CoSvENTIoN.-Monday,
August H-Mr. Chamberlain presented re-
Of the literature fund to the common school fund Re-
ferred Mr. Bouck submitted the following proposition
o. h sns second on n sr ei Of
the report of committee No. Three of which Nr. Hon
/. The aggregate indebtedness of the State at the
time Of the adoption OF this constitution, shall be
increased unless to rspe invasion suppress iusurc
ton.
The auction and salt duties. and all the receipts
into the treasury not appropriated to other funds
specific Objects shall be set apart for the use Of tho gone
The tolls collected on the canals and railroads the
G S %.
arc appropriated to the maintenance of the canals and
the payment Of the canal debt and interest except
After paying the expenses of collecting the tolls.
the superntendsncs and repairs Of the canals and other
e each S:s as 'i9s
canal revenues sinking fund.- to pay the principal
set forth in the annual report Of the ConpOsr Of the
lssh o. January nssS on Ress seven ana 9 also
to pay the principal and interest Of the canal
debt The balance Of the canal shall, at the
discretion Of the Legislature be applied to dehct
meet the expenses Of the government to the payment
Of the public debt to the completion Of the enlarge
nssss Valley and Black River canals.
The Legislature may to meet casual deficits fall
make temporary loans which isgy or in he sgsrsssis
shall not exceed one million Of dollars Besides such
manner create debt Which shall in the asgrsgste sn.
coed FIVE millions Of dollars except repel
suppress nsurrection; and every law auhorzing loan
for sinking fund from available for te payment
of the interest the moneys loaned and the sxngush
from The time Of CONTRACTING such loan or debt and Il:
moneys arising from any loan shall BE- applied 10 the pur
the ANAL passage Of such acts either house Of the L.
gslature the question shall be taksn BY yeas and nays
be repealed modified to affect nuriOusy o. adversely.
the securities and interest Of the holders Of he stock t.
The Of toll upon the canals shall be rsgus-
sns g
sting canal debt paid After that period the tolls may
De per int
fiscal year shall be set apart for the use Of the 0snsfI
the School Fund-and the balance aha Be- appropriated
to fund for the purpose Of Internal improvements
No direct tax ns hsrsas. b ;,, s: on the real
ternal improvements
n any stocks outstanding shall fall due, and the
the Legislature shall provide for such pay b.
the issue OF new stock, payable ct tho shortest period
within the ability Of the canal to meet the
O. The Legislature shall not pass any law 10 loan the
credit OF the state to any corporation institution indvd
nal or individusl or In any manner or We. guarantee
made executed, and issued, by any corpostlsa ins
tuition whatever, or BY any individual or individuals
whomsoever.
EXPLANATORY ov TINE FOREGOING PROPORTIONS
The sinking fund Of s42o Co., in each fiscal year TO
pay the General Fund debt and interest 10 based on
debt OF 80 s55 So the amount stated in the last annual
| report Of the Comptroller.
The sinking fund Of 81 ATS Ooo in each fiscal year, to
pay the canal debt and interest, based on den Oh
| $40, ga $40.
ejaculation will show that the rate Of 81 per cent
interest the sinking fund will pay the general fund debt
| in 2ek years. and the canal debt in ash years
AfIer taking from tho canal revenues or col
lection and repairs aud the mentionedfor sinking
fund making in all 81 1876 s00 there would from the
canal evenue Of the fiscal year ls45 be balance OF
/ s2,l 600 and probably from lsa6. Of 417o 600
TO The committee of the whole when in charge
of report No g. and ordered to be printed Inc iurbes
oil the reports the Judiciary was resumed
The DEBATE was continued by Messrs Worden and Sim
mons Mr. 8. without concluding, gave way Tor mouon
| to rise, which was agreed to- Recess
ATrrr roor ssssor-The discussion Of the Judiciary
question was continued BY Mr. simmons, who had not
Concluded when the committe Adjournsd.--dL