New-York daily tribune., 1849-10-31

frresfl 4fl0 fle cltDtl-. which sIfl
tive inquiry must necessarily depend As one ot the
rereseutatives ~ the city OF New i0-k though cho-
.en O. that station against his wsh. the writer felt
that biz constituents were deeply concerned IN the
matter under inquiry and az the organ of the r.
narcial Committee 0i the Assembly. be owed silA
to see that their resources present ard prospective
were not deprecated. misrepresented. or mysthct -
70 regard the fcal interests Of the state n all their
ssrects. internal aui external to look calmly but
steadily. upon the vast world Of commerce. which
vas rising around our Western waters and to ascer-
tain and define within some reasonable limit. the
contributions which that commerce would yield %
our fiscal resources.
In prosecuting this examination which was render
ei statistical as far as the magnitude Of the elements
would allow. 10 l. quite possible that some warmth q
exuress.On may have crcpt into the heVor--and per-
har. degree Of earnesnes may have been exhibited.
startling % the nerves Of some Of worthlest cit
ren. AMI yet on calmly reviewing The paper, and With
the benefit Of ripcr age the writer really unable %
discover what portion OF rs descriptions or antcipa
tous or even Of IL tone c0ouring l. not more than
sguaei by the reality The sober truth i. the story
va. not half told-and the writer knew il at the time
ard 80 stated one Of his friends and colleagues
The fiscal calculations. % DO justice 90 the theme.
ought 20 have embraced twenty-five or even ATTY
years instead O the narrow term Of twelve yeaF'' u
which !, was lmited-out he expressed hi, fears
and thev have been sufficiently realzed.-that even
the moderate estimates then presented might become
the subject Of doubt. If not o furious political attack
And now that the term Of twelve years, embraced
iu the report il the very point otexprng. and the
revenues uredicted IN li- have become matters, not
# estimate but OF history-the writer may be allowed
10 claim that be has been dealt with somewhat un-
kindly The rates Of toll existing IN Is, have been
reduced since that time and DOUBTLESS for wise COM
mercial purposes. least ID per cent hat TINS re-
drcton has operated 20 increase the transportation oi
oe of the coarser PRODUCTS paying low rates OF toll,
Is undoubtedly true but after fully allowing tor that
effect the alteration Of the rates has operated TO re-
duce the aggregate revenues at least 10 per cent.
The estimate Of the Report Of ISIS was, that me
Erle Canal should be enlarged, is tolls would reach
the sum Of three millions Of dollars a, the close OF
navigation in the year 1919 The Canal has not been
ENLARGED and it, rates Of toll have been reduced
and yet the tolls Of the year Sis we're ;322--l- ana
Of the preceding year (Which was one however Oh uo
usual activity S3,63j.3-l
Iffo he tolls of i~l- be added 10 per cent for re-
ducton in the rates, being ;S25 22l it makes total
Of s3.j77, ,l33
In this amount are included the tolls Of the lateral
Canals-the receipts from which. a. Kept separately
are about equivalent to their cos, OF maintenance
But under the head Of repairs Of the Erie CANA Is IN
cuded the cost Of many new works properly charge-
able 10 the enlargemeut-sO that after making the
propcr allowances Tor these items the amount chargea-
ble 10 the Erie Canal will not exceed soF i5j, leaV-
ing the net revenues 80. .0OJ 900, as predicted
Ii is circumstance worthy OF observation. that
the doctrine that no debt should be incurred by tie
state for the purpose OF constructing public WORKS
nparstively Of recent origin. Sucn was not the
theory or the practice of this state IN the year ic5,
nor had It been for twenty years before tnat time.
On thc contrary, the Ere and Chan PLAIN Oanals
them elves and an the lateral canals, had been built
by means b)rrowing money. Massachusetts, by
using tor rIbic credit, had called, or was calnng'
into cxisterce her noble monument OF art-the es-
tern Ran ad "A road tributary 20 the Ire Oanai,
aud forever linking the commercial and political des-
tiny Of Ncw England with that Of New ork, ana the
Western Stateswhilo the city Of New or1, posses,
sing not more than onethird, if fourth, oi the real
wealth of the state, was cncounterirg With the ap-
rrobaiion of all classes of her citizens a deot oil
thirteen millions for the Croton Aqueduct
When therefore the report Of -.'s appeared u was
not e.teemed Al all novelty either IN doc.rnc OF
practice 20 build public works by the use OF the pup
lie credit. The main question then was woui' 'helr
revenues pay the interest his was the point 70
which the attention OF the Committee OF l,3s was
mainly directed They then thought, as all sen,
sibe men still think. that with clearly ascertained
revenue of three millions Of dollars, money might
safely and prudently be borrowed, TO moderate
amount and for moderate period relying on that re-
venue in due time TO reimburse II.
In the annual message Of Governor MARCY OF
that year, which the Committee had under
animation, he had expressly recommended 70 the
Legislature the expcdsucy Of making more fapid
procress in charging the Canal than 10 was possible
TO ID with the surplus tolls alone. MI boucA ana
his colleagues the Canal Commissioners, also recon-
mendcd as speedy completion a. the aciiities Tor
obtaining means WOulu lu'lAy i"''0 '"e'',si'
could only be obtained by borrowing money, unless,
indeed We were 70 do IL by direct taxation, aud throw
the whole burthcn Of work destined for ages upon
the present generation. Even Mr.. fLAGG would
scarcely venture 20 recommend that
The Committee then merely worked out, what any
sebool.bov decently instructed. could have done,-a
hort sum in arithmetic-and showed that an annual
revenue Of three millions would suffice 70 pay the IN
erest at five per cent. on debt OF thirty millions ana
reimburse the principal in less than twenty years or
on a debt Of forty millions and reimburse II IN t"en-
ty-eighi years.
In trath this proposition was so simple and
evident that II was not unta two or three
wears after the year ls;i', that the soundnes OF
this portion Of the Report was seriously qgestionei
The main stress was laid by its opponents on wlat
bv termed the speculative, conjectural and visionary
character If the estimates. And now that those esti
mates have ceased % be visionary and turned INTO
substantial realitie.-that those iancies so called,
have become factswill any man pretend 10 say that
the revenues now actually in our hands and under our
very eycs are not adequate 10 the purpose Nnicn ne
Committee proposed IN -,
Is not our debt at his very moment 10 process on
rsuid extinction by means OF these very revenues
l. not the much lauGed financial provision oI the
Consultation Of l-li i.sef founded on the very a.
.un,tion Of the adequacy OF these revenues And Is
il not the boast Of those who assisted ~ iamlhY 'hat
in.frvmeut. that finding the state encumoered with
a debt Of twenty-eight millions, this same Constitution
intends with these ,ame revenues, TO discharge IL Al
within the next twenty years
II then became the duty Of the Committee OF ways
and Means. 70 examine the existing engagements Of
the state. They found that two years before that
time had been passed for constructing the Genesee
Valley and Black River Canals, at an expense OF at
least FIVE millions and for charging the Erie Canal,
AZ a cost which Mr. B0UCK AMI bis colleagues had
estimated at :l2 2ll6,l l50 but which, for greater eau
lion. the Committee raised to 1iteen millions. Inc
Canal Engineers had reported that this enlargement
would save 70 the commerce Of the state. al least
one-haf Of the cost Of transportation exclusive Of
tols aad in that mode would operate rapidly 10 n
crease not lnly the business but the tolls Of the
Canal At hat time the surplus tolls amounted TO
little less than ss0OO0 annually If they were 70 IN
crease 10 more rapidly than was then admitted by MIR
q ACC AID others the time 70 be consumed IN enarg
ing the Canal would not be less than fifteen year,,
sysu Il is cost should not exceed fifteen millions
But. at a cost q twenty-five millions, the work could
not be accomplished under twenty years AZ least
Il was therefore obvious, that large loss Of inter-
venin interest must ensue, unless the Work should be
expedited by borrowing money. The committee ac-
corlingy reported. lat IN their opinion loans ought
70 De made FOR that purpose
With this single exception the Committee recon-
menGed no expenditure on any Fartcul ar Work What-
ever but left nat subject wholly % the otner apIro