The New York herald., 1851-11-20

Oar Albany Corrsspondense.
ALBANY, Nov. IL, 1861.
The Nno Canal Board-Hs Duties and Obligations
10 the People Certain Notifications of the Canal
L00 OBVIOUSLY Necessary.
Now that majority of the people of this State
have decided, by their votes, that the Canal Board,
on the fret day of January next, shall be taken
from tie whig and placed in democratic hands, it
may be well TO refec. moment upon the probable
consequences which sre likely TO result from that
change Tie bill Of the extra session, authorizing
the pledgng Of the surplus revenues Of the canals
for years to come, in payment Of large amounts OF
meney borrowed by the state for the completion
Of the canals i'm poses earful RESPONSE biity upon
the Canal Board, more momento1s IN its conse-
quenoes than any duties which have ever been COD
ferred apon that branch OF the state government,
ever since it was first instituted. In April last,
when the Legislature of this State was virtually
dissolved by the resignation of nearly third of
the members of the Senate, in order TO prevent the
passage of the BILL the question assumed political
aspect which the whgs, naturally taking advantage
Of, succeeded in obtaining sufficient number Of
new Senator'S at the special election to enact the
Canal bill into law. The wings having sue
issue, and urged it upon their party at the late
election. The democrats, or rather that portion
who denounced the resignation of the twelve Sena,
tors, denied that such an issue existed; aud the
IA,
tically declared, ever and over again, that if
honored with the peoples choice, they would con-
nder themselves bound in faith and honor to carry
out the provisions of the Canal bill All along the
lines Of the canals, they nominated "canal demo-
Gratis, many Of whom had manifested as much
anxiety for the passage Of the law as any Of the
wings In several OF the canal districts, the demo-
Gratis have elected Senators, in which the wings
Fucceeded at the special election in May last. Even
Attorney General Chatfeld, who opposed the bill
because he believed it contained constitutional
provisions, asserted in several Of his speeches. made
curing the canvass, that elected, he should feel
bound, under the oath OF office, 10 sustain the Canal
law, as well as every o:her one passed oy the LsgS
lature.
1t was urged, and apparently with much force
and consistency, and with great effect, that if the
democracy should obtain control Of the Canal Board
the law would be disregarded-no mere funds would
be obtained under the law-and that the canals
would remain unfnished-tha. if the Legislature
should be demo cratic, an attempt would be made
TO repeal the law, and, consequently, the public
works would remain in st1tu giso. Il was urged, on
the other hand, and openly threatened, too, that
should the Canal Board be democratic, and the
Senate and Assembly whg, that then another law
would be enacted, or the Canal Law so amended as
20 take all power from the Canal Board by creating
q new board of State officers, whose powers should
exceed al others. But the manner in which the
Legislature will be constituted, dispels all fear
forbids any hope-that either Of those predictions
will be realized.
1t is now certain that a majority of the board
will be democratic. Much feeling exists as to
whether they will go on under the provisions of the
Canal law, and complete the unfinished works
Our opinion is that they will. There are several
reasons for entertaining this belief-lst. Tne
party to which the majority of the board is attached
have power in the Legislature to alter or modify
tie Law, if they felt so disposed I'd. They would
be universally condemned should they take upon
the emselves the responsibility of remaining inactive
under it. Sd. Comptroller Wright Commissioners
Follet and Mather, and Engineer McAlpine, are OF
the democratic wing which. .fayors the public works
the provisions of the law as they now exist. 9th
Lieut.. Gov. Church being a sensible, far seeing
man, will cooperate with the rest of the board in
executing the law, and thereby take the "wind out
Of the sails" which the wings anticipated would
carry them to victory, and retention of power in
the State. Such are few of the reasons we adduce
why We believe the new Canal Board will enter
with as much spirit as a whig board would have
dene in the final completion of the public works Of
this State.
There are other consderations connected with
this Canal bill not necessarily involved in it's honest
purposes, which may, and We think ought, very
early to engross the attention of the incoming
Legislature. The effort to procure a single mil.
lion upon new pledge Of the surplus revenue, Ills
well known was not as beneficial to the interests of
the State the friends of the bill in and out of
the Legislature, predicted. The opponents of the
bill told, and over again, that capitalists
would seek investments upon revenue certificates
The fact has proved quite different while State
stocks would have commanded premium of ten or
twelve per cent, those certificates only eazed trae
over par, and large majority of the bids only
at par. Now that some ten or fifteen millions more
viii be required under the law, and as any number
OF capitalists stand ready to pay a heavy pre- Riu
upon real State securities, 1t would be wise in the
lie gislature so to amend the law as to conform to
the constitution, and submit the question to the
people directly asking their consent to issue State
stocks for the remainder Of the money required to
finish mp the work on the canals. The amount
already obtained is probably sufficient for the en-
suing six months, and another million will suffice for
the year. Let the next Legislature enact law in
accordance with the twelfth section Of the seventh
article of the constitution, and the people at the
nett general election would undoubtedly sanction
the Issuing Of State scrip for the remainder Of the
amount required for the completion Of the public
works, As contemplated In the bill Of the extra Sos
sion. Had the last Legislature adopted the method
here suggested, the people at the recent election
would have sanctioned 1t, and the State would have
realized something like a million in the shape Of
premiums on public stocks thus issued. Let the
Legislature, then, breathe spirit Of confidence
and certainty into the remainder Of the certificates
to be issued for uads TO complete the enlargement
of the Erie canal, and finishing the lateral canals
By issuing bona fds State stocks, instead Of these
revenue certificates, the doubt Of their safety for
banking purposes would at once be removed AL
though the law declares that the certifca .es may
be deposited in the Bank Department, basis for
banking purposes, still II Is not known that bills to
the amount Of a single dollar have been issued upon
such deposit and as so great contin sency exists
under the law, as TO their redemption from canal
surplus revenues, there is consequently doubt as
to the final redemption of bills. in case Of failure
Of bank established upon such basis This fea
ture in the Canal bill being erroneous in many res
poets, should be modified by common consent, at
the earliest convenience of the Legislature. BY
the consent of the people, as the const
tion provides, every doubt would be removed, the
money obtained at heavy premium, the State
stocks used for any purpose desired, the canals
rapidly finished, and that al-absorbing element be
removed from the policsl contests among the peo-
pie, which has existed year after year.