The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-05-22
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To lie Electors of the State Of NeW York;
The uoderrgnsd, who were members OF the const,ta.
tionAl convention OF 1885, ard VINO concu!Ted WIN the
majority Of that body in maturing and adopting the imam
cal article of the constitution feel Jusuned oy recent
events affecting the construction OF that article 10 address
you this occasion
Without arogating to ourselves any peculiar auihor-
ty in relation to Questions arising under the CONSTITUTIONS
may be permitted TO say that we were placed IN s
uson OF advantage IN respect 10 the objects ana
intentions OF those by whom its financial provisions were
prepared, :, u.,; ~h;.h LA - ,hs call If a
Convention and our own knowledge of the design OF the
trainers OF the constitution, with the entire hnan
csl article both in its general scope and IN It's Details m
pointing the evils intended 10 remedy and the
object il intended to accomplish.
It's design to secure the payment OF the existing
State debt out oil the canal and to insure there
after prosperous financial condition by placing al the
disposal OF each succeeding legislature the revenues OF
its fiscal year. unencnmbered by the debts OF pre-
yious legsationt0 permit no anticipation and expand
ture by the legislature OF future revenues. and to allow
to contract public debt without the sanction OF
direct vote by the people, except for certain specied
emergencies, and to a limited amount
These designs, we do not hesitate to say, were car
red out in the constitution 1t approprates the revenues
OF the canals as follows: #t..s.r Aea a.
To pay annually towards the canal debt 81 300 900
To pay interest on the general fund debt 800 200
For the support Of government -- 2DOoOO
- s.a..,.s 1866, 900
These appropriations continued until the year 1885,
when the sum 10 be annually applied the canal debt is
increased 10 TOO, O00 making an annual aggregate
after that time of 81 100000 until the canal debt 10 paid
or saficen, sci apart for that purpose and after
that ~ $780, 900 appropriated to be applied annually
to extnguish the general fund debt, until that shall be
paid
Having thus provided for the payment Of the existing
State Debts the constitution declares that he remainder
OF the of the canals shall each fiscal year De
.j..I thn turn chu IN
the completion of the Erie canal enlargement and OF the
Genesee Valley and Black River canals, until said canals
shall be completed
be Sold leased, otherwise disposed Of but shall
main the property of the State and under its management
forever"
Again. it is provided "that no moneys shall ever be
paid out OF the treasury of the State any of its funds
any funds under ts management except in
of appropriation by law, nor unless such payment shall
be made within two years next after the passage oil the
appropriation act" p4 N4se s4s4 4e.1
And finally prohibits the creation Of any debt by
on behalf of the State except 10 the extent the whole
OF one million of dollars and except to repel nyasions
suppress instruction, and defend the State in war, with
out first submitting the question to the people, and OBJ
tanning their approval BY direct vote upon at gen
These are the provisions OF the constitution.
The measure lately pending in the legislature, known
as the canal BILL directs the completion Of the Erie canal
enlargement, and the Genesee Valley and Black River
canals, within three years. gsf.
Il provides for receiving money for that purpose by
millions Of dollars. the principal payable in twenty-one
years. and interest at per cent semi annually out OF
the surplus canal revenues not specifically appropriated
by the constitution to the public debt and the support OF
government.
/, requires the canal board regulate the tolls the
canals in such manner as to produce at least
public debt and the support OF the government Tor three
years, and 81 100000 year thereafter for the repay
ment OF the advances upon these canal revenue cer-
Gates. #5otsa .s1ts ~ 81 sea Agsg ~. ...g
The last provision, being part of the law under which
the canal certificates to be issued and Sod constitutes
part OF the contract OF the State with the lender, and 10
in effect aguaranee the part OF the State that 100000
annually for three years. and 81 900 afterwards. shall
be raised by the Slate out OF the remainder Of the canal
revenues to pay the principal and interest on the money
The bill further provides that these certificates shall be
received in security for bank bills in the
State stocks. ~
Such are the principal provisions OF the canal bill and
feel TO be duty TO declare that in judgment
it violates the entire spirit and object of the financial
article Of the constitution, and is inconsistent with several
OF its express provisions. ag ga. atsaas 81
The bill in effect proposes create State debt to the
extent Of nine millions of dollars, without the sanction
OF direct vote Of the people, a. required BY section IL Of
the financial article OF the constitution 90
BY appropriaf,na N advance for ftceAy one years the
surplus revenues OF the canals for the repayment OF
violates section Of the article which requires the
remainder OF the of the canals to be applied
each se year, such manner the legislature shall d.
rect, to the completion OF the canals
By appropriaing moneys more than two years in ad
vance Of the time OF their payment. II violates the spirit
if not the letter, OF section OF the article.
The transaction is not sale OF the surplus
OF the canals, by which the State is released from all
further responsibility; il is q mere pledge OF them to
the reimbursement OF advances the State treasury
The lender takes risk of loss II the fall short
for the State guarantees that they shall be kept up
given sum sufficient to reimburse the loan The lender
gains nothing If the surplus 10 larger than anticipated
tor be limited to the principal and interest Of his ad-
vances.
The bill proposes 10 raise money upon the prospective
OF the canals enhanced by immediate improve.
ment II certain that the proposed 10
be raised will be sufficient TO complete the canals, and
hazards failure 10 complete them il the amount should
prove insufficient pledges to the lenders the cer-
Gates that the canal tolls shall be regulated by fixed
rule which takes from the government the power TO
modify them to meet the public wants and the compet.
spects violates the policy and the objects
the constitution was established to secure.
In expressing an opinion of the proposed measure in its
relation to the constitution we have purposey avoided
referring to other provisions contained in IL oil
ordinary character but which referrbe 10 questions
OF public policy distinct from thoss Of constu,onaty
We appeal TO you to preserve involate these most sal
utary restraints upon the power OF the legislature
ate public debt They are founded in the wisdom OF
experience Many otheI States have followed our ex-
ample, and inserted smilar restraining provisions in their
organic laws II these restraints sometimes operate to
prevent desirable investments Of anticipated revenues
they also secure us against the hazards OF improvdent
expenditures, and constitute only safety against the
greatest Of public evils in free govenmen,--an over
burdensome public debt
John Tracy, Bishop Perkins,
Jonah Sanford, Aaron Ward,
Sietson, William s Conely,
IL