The New York herald., 1851-08-06

the Mayor elected by themselves
The CANAL REVENUE CERrFTcArEs-WHL
THEY BRING A PREMIUM During the discussions
in the Legislature the Canal bill, from the COM
mencement to its final passage, its friends con-
tended that, in consequence OF the super abundance
of capital, both in this and foreign countries seek
ing investment, the nine millions proposed to be
raised upon canal revenue certificates could be
promptly obtained. Indeed it was asserted in the
House of Assembly, by Mr.. o. Allen, that a
number Of capitalists stood ready to make the ad-
vances contemplated in the bill. The Comptroller,
in issuing proposals for IN instalment of million,
suspected that the funds would not come forth as
rapidly as was anticipated, be distinctly assert,
that he reserves the right Of" selling less amount
than million of dollars if, in his judgment, the
interest of the State requires it, or, in other
words, should million be offered.
Immediately after the adjournment of the Legis-
lature, and the passage of the Canal bil stri.-
gency in The money market was perceptible The
fancy stocks, which are daily hawked ssout Wall
street, became depressed and manv OF the better
railroad stocks, such the Utirs and schenectady
and the Syracuse and Utica, reeeded one or two
per cent. Governments and state also taltered.
while large additional accumulation OF specie, in
addition to stocks. we're conveyed across the AZ
lantc, to pay for excessive importations, nine
tenths of which still remain in the warehouses for
want Of sale. The present fiscal year will un-
doubtcdy foot up the greatest aggregate of i'm por
tations ever known in any corresponding period,
while the exports of produce will be considerably
less. Many of these facts have been realized since
the passage of the Canal BILL This state of things
has caused capitalists to pause in speculatng in
vestments. They prefer substantial securities un
doubted endorsements, certain returns, rather than
risk upon any contingency whatever.
Nothing has yet transpired from which informa-
tion be derived that the first dollar has been
offered for any canal certificates. Nearly two
weeks lave ranspired since the Comptroller issued
his proposals, and in about the same ii ne from
low, he proposes to close the sale. Had no. the
act of berating the railroads from the payment Of
tolls been committed, then a much better security
would have been afforded. But that act has ul-
dolbtedly taken from the canal revenues $4,000
annually, besides driving the next Legislature or
the Canal Board to the necessity Of Immediately
TO lower and graduate tolls, that forwarlers and
boatmen on the canals may, ia measure, be ena
bled to compete with railroads.
Il was alleged, also, in debltv Ia the Legislature,
that foreign capitalists were anxious to invest in
those certificates. When i. was supposed that it
would be State scrip, such nigh. have been the
case but stree il has been conceded oa all sides,
especially by the friends Of the scheme, that the
State assumes no responsibility whatever, ~:
fsreign dollar viii be offered. This is reiterated
every day in Wall street. And f foreign capital
cannot be obtained, who is there il this countrj,
with full knowledge Of the kind OF security
offered, that will run the hazard Of petti0ning the
Legislature Of the state, some twenty-five years
hence, asking that the principal upon those certf-
Gates may be refunded
There is another important fact connected with
this matter, which viii go ss in ,autioning capt. H.
ists; and /. is this 1T is believed by the silver
grey portion Of the leading wings, that she word
9 sif' was erased, and the word canal" inse, ,ted
in the law, in the Office Of the Secretary OF state
after it had passed the Legislature and rece ed ta-
signature Of the Governor, thereby depriviug the
silver grey portion Of the commissioners and eng
neers from letting the canal contracts, and placing
that power In the hands Of the sevarditcs. 1t is
next to certainty that the silver greys will ra.-
chase Of the certificates. and Will rejoice, In
eecre, most heartily, should the effort to procure
the nine millions utterly prove failure.
few days, however, will test the question. We
shall then know whether any person is willing to
make the Investment, who they arc, the amount
offered, and the premium given FOR the privilege Of
making sacb Investments.