The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-20
THE NEW YORK CANAL BILL.
To provide FOR the completion OF tho Erie
Canal Enlargement, and the Genesee VAL
ley aad Black River Canals.
OR ALBANY CORRESPONDENTS.

bill, which has been under advsement since the COM
nencement Of the extra session. The only material
alteration is an amendment, giving the power to
one man--either Commissioner Cook, or Engineer
SEYMOUR make the con tracts or the expendi-
ture Of the whole nine millions If there serious
objections to tho bill it stood at the regular
sion, giving the power to execute contracts to a
majority 81 the Canal Board, composed Of ave per-
persons, how much more danger is there in vesting
such power in single individual together with the
surveyor and engineer, and that individual Com
missioner Cook-the constructor of the famous
Chemung Ship Canal The following is a copy of
the bill. reported this morning, and as it will
pass both houses and the executive chamber before
Saturday night
IN SENATE, June Is, 1851.
Recst.ed from assembly ipIl 1851 irs reading Apra
4; second reading April s. attorney G.nera-re
ceed 'om he attorney General and referred to the Com
,aee ON Canais--'eportei tauorabty from said Committee
and ordered 10 third resdng .4prgl5-read aud quo
run on its passassl
TO rnosDf THr COMPLETION o rHF EsIr cASAL -.
LARosMEyr, AND usE GESEslE VALLEY AND BLACK RIVER
The People Of the State Of Neo York, represented ~
Senate aud assembly, do enact as fOu0US:
Sec 1. The remainder of the revenues of the
State canals, after defrayng the expenses of col
lection, superlntendence, and ordinary repairs, and
alter paying the several amounts provided by the
constitution to be applied To the extingushment of
the canal debt and the general fund debt, and for
the necessary expenses Of government shall be APP
Piled IN each fiscal year 10 he completion Of the
Erie canal enlargement, and the Genesee Valley
and Black River canals, in the amer hereinafter
directed, until the said enlargement and the said
canals shall be completed
Sec. 2. The comptroller shall cause to be pre-
pared certificates, to be denominated "canal reve-
nue. certificates" in the manner specified in the
secosd section of chapter three hundred and twenty
of the laws Of one thousand light hundred aud thr
q ne N att fad
except that the same may be in any sums not less
than Fifty dollars, which shall purport their face
10 be issued by virtue of this act and without any
other liability, obligation, pledge on the part of
this state than such is contained ia this act, of
the surplus revenues of the canals, and to be re-
deemed and the interest thereon to be satisfied
provided in this act Such certificates shall be
made payable at such time, not exceeding twenty
one years from the time of their issue, as the Comp
troller shall designate being the period when, in
bis Judgment, the revenues provided by this act will
be sufficient for their redemption and the payment
of the interest thereon; and they shall bear in
terest Of not exceeding six per cent per I'M pay
able Sc annually, such days and at such places
as the Comptroller shall direct. All the existing
provisions Of law in relation TO certificates of stock
issued by or under the authority Of the Commits
sioners of the Canal Fund, SO far they appl-
cable, shall extend and be applied 70 the said canal
revenue certificates and all the powers and duties
of the Commissioners of the Canal Fund in respect
to the certificates Of stock issued by the State under
their direction, shall deyolve upon and be performed
by the Comptroller in relation TO the canal revenue
certificates authorized by this act The said cert-
hestes shall be in the following form
CANAL REVENUE CERTIFICATE.
This certificate Is issued under the authority Of an
act Of the Legislature Of the State Of New York,
entitled An act to provide for the completion of
Erie canal enlargement, and the Genesee Valley
and Black River canals, passed Iyof
one thousand eight hundred and fifty one; aud en-
titles Or assigns to receive dollars,
thereon, at the rate of per cent per aanum,
day of in each year, until the time when
the principal sum will be receivable, al as pro-
v1ded IN the said act, without any other obligations,
liability or pledge the part Of the State Of New
York than such as is contained in the said act.
Dated this l.
fcially, and countersisned by any transfer agent
appointed by him.
Sec. 3. The surplus revenues specified in the first
section Of this act which have and may accrue, in
the years eighteen hundred and fifty one, eighteen
hundred and ffty-two, eighteen hundred and City.
three and eighteen hun fred and fityfour, shall be
applied TO the Erie canal enlarge nent and the Ge
nesee Valley and Black River canals until the same
shall be completed. After the close of the fiscal
year IN eighteen hundred and hftyfour, or at such
earlier period as the said enlargement and canals
shall be declared by the Canal Board to be peted
the whole OF the said surplus revenue specified il
the first section Of this act as the same shall be
ascertained at the end 0f each fiscal year. shall
shtute q separate fund for, and be applied to, the
payment Of interest on the said canal revenue GER
tihcates 80 issued by the Comptroller, as the same
shall fall due, and 10 the redemption Of the said
certificates as they shall become redce able or to
the purchase Of such certificates hereinafter pro-
vided and as soon as the amount Of such surplus
shall be ascertained in every fiscal year, the Audi
tor Of the Canal Department shall, by his warrant
on the Treasurer transfer he same to the credit Of
the said fund, until sufficient SUN shall have been
th2s transferred and safely invested d redeem all
the Canal revenue certificates issued under this act
and to On the interest thereon such sufciency aud
safety 70 Be certified by the Commissioners Of the
Canal Fund.
Sec 4. The Compti 9iler and treasurer shall keep
proper accounts Of the SAT- funds, separate and dis
tinct from all other funds, ana Dali annually report
10 the Legislature the condition. thereof The Comp
Lroller shall, from time 70 = draw ~ ss-rant on
she tesseref, paw ,le out,of the said fund on,J,
...,ss Ut Ut interest On the said cana revenue
Gates, a. the same shall become due; and also
for the redemption Of the said certificates as they
shall become redeemabe, and for the purchase OF
such certificates herein provided, and for the IN
veament Of any part Of the said fund. aud for the
payment Of the expenses Of preparing, ISSUING, aud
transferring such certificates.
sec 5 The Comptroller shall. from time to time,
invest any part Of the said fund, which may not DC
required for immediate application % tae interest Or
principal sum Of the said canal revenue certificates,
In any stocks for the payment ofwhich the faith Of
this State Il or may be pledged; )r IN the manner
provided By law for the investment Of the capital Of
the Common School Fund; and he may, from time TO
time, purchase any canal revenue certificates issued
under this act, such terms a. the Commissioners
Of the Canal Fund sh All Judge 10 be most sdyan-
tageous to the fund hereby created and he shall 10
like manner, invest any income Or interest arising
from any investment made by him.
sec g. The canal revenue certificates, Issued &C
corjng to the provisions q this act shall De re
ceived from any person or association q persons,
formed for the purpose u banking, and intending
10 conduct banking operations under the laws Of
this State, for circulating notes, % be delivered 70
such person or association, 10 the same manner,
upon the same terms and 10 the same extent a. nov
provided BY Law, IN respect TO the public stocks
issued By this state; and the said certificates may
also be received from any Insurance company o.
gsnised 10 any other state, in compliance with any
sv requiring the deposit Of certificates u stock,
security for the performance u the undertakings Of
vcb company
rec. T. The Comptroller shall sell canal revenue
certificates Issued herein provided 70 the amount
OF three millions Of dollars, within one year after
h. nf r-A --.LL -.