The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-01-07

further amount will be required to certain ex-
mate is hereto annexed specifying several obi for
which early appropriations should be made, exclusive
the support Of the Western House Of Refuge the Nor
NAL school the Geological Survey, &C., for the present
THE CANAL FUND.
The public works Of the State upon which this
is predcated, are to be- considered in two sspects:
First, Their money valus. ss an investment Of capi-
tai to be ascertained by their average income fer
Second, Their utility to the people, as channels of
T. ais and cheap and easy access to
markets impsrtng additional value to property and
labor and creating new elements Of public and private
property.
1t must Low be conceded that the construction Of
the canals udicious and profitable investment Of
the public funds and credit when regarded =
Of revenues yielded to the treasury The most san
guine antcipaions Of the early friends Of system
actual increase Of business and tolls. The estimates
presented TO the Legislature Of 1885, in the celebrated
report OF 'n year amsa oy one ot the most enlight-
have b. en- confirmed and more thaa realized by posi-
tive resu. In the calculations Of that report, 1t
assumed that, II the Erie Canal should be enlarged as
speedily economical expenditure of the MOI
would permit, and the rates of toll maintained upon
the basis then established the for year
navigation ls49 would reach the of So 900 0O0 It
will be seen frsm the statements rewth submitted,
that the actual received during the last
1888
In the meantime, there has been q reduction Of tolls
equal to 10 per cent; the work Of enlargement on
which than thirteen millions have expended
has not yet been brought into use; and IL should not
were considerably impaired BY calamity, which gave
q temporary check to the buein pursuits Of the
whoie country Inc gross oi the canals during
500 o2, and after deducting $6s5 500 81 for the
pepses Of collection, superntendsnce, and repairs
there remains clear income Of 81 757 lO2 III.
Adopting the last year a criterion it will. be OBJ
served that the value Of the canals is equal CAPT
tai OF S45 951m III So invested six per cent interest
81 $40 9l6 IS which Is equal to capital Of $50 5l5
Z19 60, at six per cent interest.
The entire cost Of all the canals, Including the ex
pediture the Erie enlargement, the Genesee Val
ley ard Black River canals to 3oth September last
exhibited by the accom- panying statement (marked
f. p, was $50, ,2l4,15s 81
or this amount there has been expended the sum Of
Sl4t2474s 81 on the enlargement " the Erie Canal
whilst no portion Of the enlargement has been made
available for the purpose Of increasing the size azd
cost Of transportation II is anticipated that the
larged locks will be brought into for the
navigation In 1851 and we may reasonably assume
that, when this expectation realized N must be fol-
loved by material increase Of trade and revenue.
In presenting these general results the pubic works
constructed snd owned by the State have been
gard.d entire 81 stem Of improve ements without
reference to the relative preductveness Of particular
portions.
No instance eau be found in the history Of States,
ancient or modern, where a government expenditure
has yielded tuch rich returns, and produced such
triun plant results By the enlig ghtened of its
means and credit the State has opened fountain Of
revenue, which may be deemed inexhaustible. Our
ductiveness Of the canals, csntempates the pay
nent 81 the entire debt Of the State including the
than twenty years. During the same period q munif-
cent contribution Is to be made from the canals yearly
to the general treasury for the ordinary expenses Of
government. After paying these ample appropria.
tions, amounting to 81 $50 900 per to provide
for the debts sod wants of the treasury there will
main nearly million Of dollars per aunum. set apart
by the constitution, for the completion OF the un
Dshsd portion Of The public works The surplus for the
ast hseal year applicable to the latter object amounts
If estimate time with proper reference to the du
ration Of States. the period Is not distant when all
th-,e things will be accom- plshed; when large
State debt alarming as its proportions have onetime
Appeared will be- sxtnguished, from the PROFITS OF the
expenditure In which 1t oIigpaied aud when noble
system Of improvements viii be perfected from tue
Iich tribute which 1t will have poured into the tres-
sury:
When this stage Of proyress shall have been ached
our State Will pres.nta spectacle without psrssL
IL will oren new era In the history Of States. The
canals becoming the uninc uulb property Of the
commons ealth viii form estate Of vast and
liable valoe. Our people will have secured for them
selves perpetual exemption from taxation for State
purposes. The revenues of the canals will form an
smIle fund for the suppoIt Il government and 1t will
then become question, not how money shall be raised
but TO what new purposes shall 1t be sppliedg Afer
reducing the tolls to rates amost nominsl compsred
with those nos enforced they will yield bountiful
sbundant me sns 10 perform works ct b-nehcencs
to sdvance edues'iop, by sndownents still more
pe TO encourage naive geDios in the higher walks Of
literature ana art; aud accomplish a. it were without
sn effort, Wise undertakings for the elevation ard hap
pifess Of mankind.
IL Is conkdspty believed that the day has gone by
fer INDUCING Ia dismal contemplsons of ruin aud
taxation, A. the tstimate consrqnetoes OF on. later
nal Improvements Experience has thovn that all
such fore budDgs are more visionary than the pcculs
tive cs,iu atss Of the most cnbusstc advocates of
public progess and every year wifortiy this coDclu.
sion BY new testimony. Instead Il loading posterty
with oppressye weight OF debt the canal. will
lieve the younger portion Of the present generation
from the oroipsry burtheDs Of taxation
when consider the effects OF canal policy, In
IT, influence ppon the general prosperity OF the peoples
ffs nj n flrt h. oh.
ne chtnte of the proJucts of Industry IN enhancing
the value a property and the rsssd, Of labor. the
happy results uf the system eth satisfactory
~ IL In this com cton that he eTa canals assume
tbfir true che seter and Importance Asa Treasury
investmsnt, singe channel from the Hudson the
lakes would have ben more pfoduets- bat TO have
refused imsr facilities 10 other portions Of the tate
would have been an entire di.rsard Of the equal rights
OF large body Of our citizens whom such policy
have excluded from convenient soosss 70 markets In
consrnng benefits upon the people is not the
oply ot.ct and just Mt will ala 10 give to
all its citizens q fair participation lI
The incuassd wealth Of the people Of this State pro-
duc.d BY the construction Of tn. canals cannot be
tir ated with accuracy The sSregst- valuation q
oiS 5eb
When we reflect upon the standard Of valuation
adopted ny the u s obvious that this return
is far bsiow the real vsius lt IL conceived to be
saie estimate 20 assume that the canals have doubled
the aggregate value q the property Of the people Of the
state, std q iu annual PR duet
The commercial faculties ~hich they afford have
given birth otown and citss have more than doubled
the population of sbts sections; they have given a
lsfxe and Increasing value Of coil vhich would have
been uuoccupied have yielded bot subsis-
tence, but fer the aid Of artificial transit and in
variety ways have ulu Piled plo ments and pro-
nts
~ that half OF the assessed values of
the State have been created by these bspnes OF trade
ard iptercoure fellows that our pesps are indebted
70 the canals fnr than s325OcO of real and
personal wealth aud the interest on his sun foT
titse yar would pay more than half the cost q our
ipsrrsi Improvements when all the works In progress
si all have be N CON peted.
u, not 90 be dsni,d that some sec,ico' d. not 81.
rectly share In the advantages from public
vtrks Nature has favored come portions witn
tural iliti, aud utArr portions remote from
the csnals TO be affected by them bat Incidentally
but correct and euiyt tened view on the fuoject,
ut sstsfy every impartial mind, that DO part OF the
thd hone OF its citiNus 60 suffer permane Mt
injury rom these Improvements by dOubliaR the
Nslne OF shSble property. they diminish the weight
of taNtt upob untiss th. remote aud when the
canal revenues are rsisa.sd from all pledges By the
payment - ID" debt, thi- benefit will be vastly .u-
febctd II must be b0tne In mird In this
that slrgs bare of the canal 10 psid BY the
people ~ other States. To whom canals afford the
~, spett and safest mode of couuerc.I .ccss. 10 the