New-York daily tribune., 1849-09-08
oar -tntc Work. aud Finances.

Inc friends OF Internal Improvement are now
IN power 10 our State their enemie. are ost Of
place and out OF humor Those hereditary foes Of
'Ciutons Big Ditch and Of Stewards More
Speedy Enlargement are unabs 10 stop the State
WorAs aud Impose State Tax ba. they show
Their teeth lor rather their Sans on every oppor.
t1nty.
The New Constitution prescribes that no addi-
tiousl State Debt shall be contracted but that
9 100000 shall be appropriated Of the accruing
Canal Revenues TO pay OF the State existing 10.
deotedness lineluding interest; and that after
1888 this sum shall be increased 10 o., ,7OO,O 900.
The balance Of the Csnsl Revenues after deduct
ing snrusl charges, is appropriated 10 the com
Peton Of our Unfinished Canals including the
Ene Enlargement Under tbs system the amount
Of our Indebtedness is annually diminished while
our Public Works are slowly but surely approach
ing completion. But their enemies grodge every
dollar that goes " the account Of Construction
they would have the whole applied TO the pay
ment OF our Debt. We, on the other hand, think
true economy a. well as beDefcent policy would
have been consulted by completing the Works
hrst and paying the Debt next Now are
annually losing the interest on some Twenty Nil
hons OF Dollars invested Ia useless because 10
finished Canals Every years postpOnement Of
the completion Of the Ere Enlargement is a State
les Of at least Half Million Dollars Yet the
Hsrkimer breed OF Statesmen would like 10 defer
any further work on the Canals until we shall
have frat paid the State Debt
writer in the EUemag Post and Atlas has
been charging the Whig State sscenda.cy with
unconstiturionsliy ncrsoiing the State Debt-tnst
is, reducing it 80 fast that school would like
lie is answered, at length by an aole aud well
informed writer in the Albany Ev,n n'ng journal a.
follows
Tx LOCO JOCO PARTY THK CRrnlr OF rHt sTATE-
The Ngw COssrITCTIOV
There has been for many years remarkable consist
sncy The hostility msnestsd by the LocOFocO party
pu.c works OF the State and 10 The public credit
based upon their prOducveness The highest efforts Of
financial skill exhibited by that party when controlling
the legislation OF the State limited 10 the resflc
tion md suspension oi works Of improvement wisely
desgned to augment the wealth and revenues Of the
State Their most effective tactics when striving for
restoration OF power. have always been displayed n
assaults upon fhe public welfare bsse and un'ounded
sspersions Of the policy sustained by the Wings and
lsbOriOus depreciation ~ he credit OF the State Once
successful IN l-4 and 1872 IN restoring Themselves 20
power by these mesns. they again hopefully resort
ing the reckless course Of fraud and msrepfe
sentsuDn regardless Of the injuries, publ private,
which may result from their unpriuciped conduct
Only weeks nav" elapsed since "lthout snsnoW
OF Foundation or excuse. one of our presses, the N
York Eo~pia9 Poet, moved thereto by party leaders
high IN Office sounded false alarm m relation ~
loan required Tor The eNunguishment OF portion oi
the state Debt IN advance of the accumulation by the
Sinking Fund OF sufficient sum for that purpose
Woether the dishonesty in which this movement
originated confined 10 pOlitics or 10 gambling In
stocks mingled with boih, Ire morality was equally
indeiensble and equally Characteristic OF is source
This attempt to depreciee the public credit, and to
impair the value oinvesmens IN the public securities
- and tfnr
was promptly exposed, and resulted only IN shame 20
It's suthors But experience seems TO teach these reck
less psrtisaus no useful Lesson. Ihwsrted IN one At
tempt they gatherup their strength, hrHne themselves
with accumulated and reiterated fasehOOds for another
ponderOus article has recently appeared IN the Albany
Afas. from which II has also been transferred To ihe
Argus the statements OF which would str1ke with
sstonishment any not already familiar with the
peculiar morality OF these people, and the hsbuai con
tempt with which they regard the public Intelligence
The writer of this production cannot shield ms lntg g}
under the plea OF Ignorance mistake. HIS article
shows thai be has made himself familiar with the pub
lie document. relating the finances of the state aud
be may be- presumed 20 have been IN confidential feia
tiols with II not a member Of the Administration
guided by Controller Fisgg. from his perfect ecquai
with all the contvsuces oi that ohce 10 eNhoe zoe
provisions of the Constitution IN favor of the unfinished
pubIio works. Nor he claim exemption from ihe
charge OF deliberate dishonesty upon the ground that
HE paper srgumentative aud shows fsify the con
cusions Of HE mind from premises which he SUB
uits To the judgment and candor of HE readers On
the contrary he pushes boldly out with his eyes open
the ignorance Incidence Of HE readers against tue
danger of being pursued and exposed This reliance
shall not avail him We shall follow him through NE
various statements and show the deception OF each
The nrst materisl statement consists OF ssummsry
of the provisions of the tn article of the Consutuuon
called the financial article This ssiement correct AS
far a. goes but IL will be found recesssy 70 refer 10
the article at length, as II stands IN the Consutuuoh IN
order fully to understand the provisions Of each sec
ton and the in which they have been regarded
nv the Loco Foco state Officers and whig Legislaures
-. 49, {
nal Debt A. il existed the lst DAY of June, 1870
which was provided for Ia the hrst secuon OF the h
article 10y Sinking Fund Of o. JoVVuV year. ui June
1855 and from that time 81 IuO,uOo year, sci SpNit
In the language of the Constitution TO pay the inter
est and redeem the principal OF that part OF the SIA.
nsbt called the anal Debt existed NJ the time nrsi
aforesaid ana including $500 900 then To oe borrowed
until the same shall be wholly paid " and II "a iurthei
provided that the principal and Income OF tne sa"
Sinking Fund shall be sscredly applied 10 thh' pu'
po,e The amount of this debt 10 assumed u be me
ou.tanding stocks the fret OF June. 1870 el'-lo
llg 81 and of 500 900 rs specned IN tne Con
suturon. 70 De borrowed making sl'oio.ltS % Al"
An argument 10 attempted from the TACT that the Con
tro.r hsd stated the amount of outstanding stocks ss
above. to the Convention which framed the Consutu
tion that therefore Constitution h~ed the sum 10
hs char,ed upou the Csnsl Debt Sinking Fund al pre-
ei.ely sl75l6ll9 81. This. then says The writer
"s the sum made certain in dollars and cents to pay
the interest on and redeem the principal Of when 'n'
Sinkius Fund IS 20 be sscredly applied
But the Constitution reads differently lhst lnsuu
pent a. above quoted provides that the SINKING funo
all
redeem the principal Of that part " the State Debt can
"a me Canal Debt existed on the lst day OF june
ls46 Nov let II be remembered thst the eS'NuVV b
be borrowed was provided 70 meet the demands theu
un-soertsined due tor "lsnd damages on the sever'
cAnss sFrearsgcs 20 contractors and Diners i"i
work performed" D." damages awarded 10 contractors
Tor breaches OF their contracts extra allowance
made 20 contractors snd awards Tor damages on any Of
the unhc works under the Revised Statutes or under
.pecisl zws" and tor the payment of engiueers l.
A. not plain that al the parties having clsms under
eher oi these hesds creditors OF the State DO
not thai part OF the state Debt called the Canal Debt
a. II existed" on the lot csy o June. lS4o include al
these branches Of Indebtedness which then existed =
Had not esch Of these parties contractors who had Il
b,r.d for the state. or been wroDged By Locofoco
breach OF fsth-fsrmers whose lands had been taken
for IN. public use injured by the construction OF the
puhhc works and engineers VINO had rendered tneli
servce. on the states assurance Of payments eooo
rieht under the Constitution. To claim that the Sns
tng Fund should be sAcKEpLy APPLIED 10 the DIS
charge of the debt due him the capitalist VINO nsd
lent money 70 the Ststsf What II the Stse bad oeen
di.torv in sscertsnng the amount Of its obligations 20
these people the obg -tious thereby discharged
Sypuae that amount Of these obligations hsd is,n
shor, OF estimate. and instead Of s0oVo been re-