The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-08
Our Albany Correspondence.

ALBANY, March 2, 1851.
Hhippiag the Derl around the Stump, or a Plan
foErais the Constifutio~in Finisti~g the Canals
--An Original Method to Create a Basis for
Blinking Capital.
An original and singular proposition to accom-.
plish the more speedy enlargement of the Erie
Canal, and the completion OF all the other canals
in the State, was submitted 10 the Legislature, a
few days since, by Mr.. Silas NJ Burroughs, a
member of the House from the county Of Orle ans.
He proposes the enactment of a law which shall
authorize the treasurer OF the State to receive de-
posts in money from individuals, yearly, sufficient
to complete those public works in the pro-
table course of three or four years, such
sums TO be expended under the direction o.
the Canal Board, and pledgng annually a
sufficient amount from the surplus earnings o
the canals TO pay an interest of six per cent
upon lhe amount so dsposited-'he principal
OF these deposits 10 be reimbursed, after the pay
ment from the canal revenues Of all previous
liabilities incurred ia the cons.ru .tion Of the
canals.
The bill further proposes that such deposi,ors
shall receive certificates from the treasurer, which
may be transferable the same as any other scrip
IL further provides that the Comptroller be author
lied 10 receive such certificates of deposit at par
for the same uses aud purposes as he - now au-
thorzed 10 receive the stocks of this State from
soclations individuals for the purpose OF banking;
and upon which 10 deliver the full amount of scrip
certificates in bills to be used for banking pu poses
Such are the main features Of the bill by which
MrHBurrOughs imagnes the canals can be
finished in very few years, and which will also
furnish basis for banking capital under the free
system Of this state.
Ii will al once be per ceived that this BILL IL pass
ed into law, would conflict with the express pro-
visions OF the constitution. In that instrument II
is positively enacted how fast, and from what funds
the canals are TO be completed. The constitution
has provided for every dollar of the earnings Of
the canals, certain amount yearly as a sinking
fund, to ray the interest and redeem the principal
OF the canal debt-ano.her amount to be appro-
prlated TO the general fund-other sums for super
iniendence, repairs, etc and the remain Ter,
Whatever Il may be, shall be spent annually upon
The unfinished lateral, and the enlargement Of the
Line canal For such purposes alone are the earn
lngso Of the canals Of this State inyolably pledged
~ The constitution, not a dollar Fl which can be
diverted thereirom for paying interest deposits as
contemplated 10 the bill introduced by MIR. Bur
rou3hs.
The gentleman who claims the paternity Of this
blu is professor of radcsl democracy, and, has
boosted OF being OF the Michael Hoffman school
lie has taken very strange position in regard TO
the question Of camel policy, and il would seem
that he has deliberately deserted the ground so
hrmy taken by the old Adm raj, 10 the convention,
ID relation 70 the course which the STATE should
pursue in finishing the canals. The democratic
party, either IN or out 81 the Legislature, viii
yer adopt the measure here proposed, unless they
abandon every position which they have occupied
during the last dozen years. IL is scheme
ffaughi with ten field more danger than the matter
proposed by Gov. Hunt. for he boldly wished 10
d, cision
Now, does Mr. Burroughs imagine that the Lee
gisatufe are silly enough 70 authorize the ray.
neni OF siX rel cent II should be thought advt-
sable 10 borrow any money, sufiiceucy could I've
obtained at third less. The premium which
New York state stocks new bear in foreign mar
kets conclusiyely shows that tie great capitalists
IN Hollbnd or Engiant would readily prasp a.
scrip a, fourper cent saving % two per cent
would Justify resort TO the method recommended
by exGoveflor Hunt, even II il should be thought
prudent to amend the constitution TO perfect a
.more speedy enlargement"
Not content with securing a SIX PER cent interest
10 heavy capitalists, Mr. burroughs also proposes
to allos them an addition Of some fifteen or twcn-
~ per cent. by allowing banks to BE- established
uion pledge Of these certificates. For this
scheme, Mr. b IL certainly entitled 10 orgi-
nslity For many yeas, the financial officers Of
tie State AID the committees Of finance in both
houses 81 the Legislature several Of the execu-
lives, ard numerous bankers IN the State, have
been tracking their brains" to find basis for
banking cepal. While all were fearing the with
drawal ~ State and United States stocks and re-
GREETING that Sufficient legal securities upon which
10 found free banks TO accommodate the business
OF the Stae could not be obtained, Mr. Burroughs
comes forward with plan at once simple, ample,
end convenient Il is q scheme as ingenious az Il
is original, and, II established, will furnish capital
10 i'll w the vacuum created by the withdrawal Of
government and State stocks.
This certificate project csnno, receive the sane
tiCn 81 the legislature. II IL only a method 10
wade the rtqurtmt nts 81 the constitution, and the
rIe assure vii 80 he viewed, If IL should ever come
10 for discussion. W.
ALBANY, March 3, 1851
Shall Fugtf rGnvwtsd ~ Railroads. be sabject
10 me Payment Of Canal Tolls
From the commencement of the present session
OF the Legislature 10 this time, constant, stream
Of petitions has been flowing into both branches,
upon the subject Of equslizing tolls on railroads.
By common consent the subject was left TO a select
committee Of the Senate, q which Mr.. johnson,