New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-08

an earnest purpose 70 ADOPT me Oh aCNon WI
,bv Of thu past trumphs Of the State IN the con
snmmation of great designs, and in some degree
comm ensurate with its present power ana us III
ture destiny. Ii is difficult TO form an adequate
estimate Of benefits so vast and varied as our
Ieople have derived from the original cohstruc-
ton of a water communication connecting the
Atlantic with the Western Lakes. The effects
Of This great work upon the wealth, prosperity
and advancement of the State surpassed the most
ardent anticipations of its early advocates IL
has doubled the trade and population OF our great
commercial emporium; and II we but emulate
the craftsmanship of its authors by adequately
increasing its facilities it is destined to pour into
onr lao during all future time, a stream of tribute
rich and inexhaustible beyond any example Ia
history, ancient or modern.
If we are not wanting IN the wisdom ana sa'
eacity required to perpetuate the advantages 50
happily secured no rival efforts can deprive US Oh
our constantly growing commerce with the fertile
States bordering on the great Lakes and the up
per Mississippi. Limiting our view to the bench
cial results Of the Erie Canal within our own Dor
ders we witness the creationO OF tourlshlnS towns,
the growth of cities; the conversion OF vast Tor,
ests into fruitful fields, the abode OF happy and
virtuous yeomanry; the profitable employmentot
enterprise and industry in every form of produc.
ton; and the consequent addition OF hundreds OF
millions in value 10 the property OF our citizens.
II seems impossible that the people should forget
the source of blessings like these, or neglect the
means necessary for their preservation. In less
| than ten wears after the completion OF the canal,
| its revenues having returned TO the treasury tne
entire cost of it's construction twas seen that an
increased capacity must soon be given 70 1t 20 &C
commodate the internal commerce, oil Wh'cn II
was the outlet
| Ii ia near sixteen years since the Legislature oil
1895. after mature deliberatiOn determined to en-
| ter upon the enlargement of the Erie Canal. do
NOT bropose 10 review or discuss the changing
| policy which has retarded Tne prosecution tine
| Undertaking. Our responsibilities relate to the
present condition and future welfare OF the State'
| rather than to past events which belong TO the
| proyince of the historian. Since the work OF en-
| iargement was commenced we have expended
upon it the sum of Sl5990443 81. Some OF the
great objects Of this expenditure cannot be fully
| realized until the work is completed. In the
| meantime the annual loss OF interest on tue
amount invested at six per cent. IS over one NIL,
lion of dollars to which must be added an annual
| loss of at least another million in the needless
! cost Of transportation which would have been
saved by the completion of the enlargement and
these unnecessary sacrifices must increase, from
| wear 10 year, With the tardy progress OF the ex-
| penditure. The amount already lost under these
heads cannot be less than ten or htteen millions.
The question then arises, how much longer shall
! this be borne -
According to the most recent estimates of the
| Engineer Department it will require eleven mil
lions ofdollars to finish the enlargementOthe Erie
Canal and 81, l65, 900 to complete the Genesee
| Valley and Black River ceu~i-.- IL we assume
that the canal revenues, after paying the yearly
contributions to the General Fund and the SINKING
! Finds required by the Constitution, will continue
70 Weld net surplus of $500 900 per annum, it fol
lows that the completion of this great undertaking,
40 urgently demanded by every consideration OF
! public policy, must be postponed until the year
| 1896 A net revenue of Sl,000DOO per annum
would effect the same object i'll 1868.
An important question is presented to the con-
sderation of the people and their representatives,
whether the contamination of the work shall be
deferred for this long series Of years. or whether
some judcious and practical plan shall be adopted
TO its completion at the earliest period con-
! sstent with economy OF expenditure and the due
servation of the public credit
/ AS On original question, free from the embar-
easements which have been thrown around 1t by
the financial provisions of the Constitution, the
path of interest aud duty would be too Plan to
admit of hesitation Under the guidance OF CLIN-
ToE and his compeers, the Erie Canal was con-
structed in a period Of less than eight years. in
the face of formidable obstacles, in defiance OF
powerful opposition and amid the doubts and en-
barrassments always attendant upon bold and
untried experiment. Genius and energy trl-
umphed over every difficulty This grand result
was achieved at a time when the State was COM
paratively feeble in resources. Since that day
! our population has advanced to upwards of three
millions and the wealth of the community has
| been multiplied more than four f0ld
II is indeed remarkable, after an experience
| like ours that any portion of our people should
| deem il wise or necessary to occupy quarter OF
! a century in enarging and pertecting work,
! which was constructed orig Indlly, under clrcum-
stances far difficult, in less than one third OF
| that period. IL becomes necessary in our DELHI
erati0ns on this subject to consider the effect and
operation Of the financial provisions embodied in
the Constitution OF 1916.
Not only are large portion of the Canal reve
nues specifically set apart for the payment of the
| dol hntf hp Of Ia
to create new liabilities beyond 81 ,OOO, OOO) IS
| virtually annulled These constitutional provi-
sions are the supreme law, and must be observed
with scrupulous fidelity. Although their opera
! tion may thwart defeat objects of the highest
public concern, so long as they remain in force,
/ they are not to be evaded or disregarded.
1t is important therefore TO inquire whether by
any and what safe means, consistent with the
constitutional restrictions referred TO, the early
! completion of the enlargement may be ensured
Three distinct modes have been suggested for the
attainment of this object, each OF which will
doubtless receive your careful consideration. By
the first it is proposed to obtain the necessary
funds by issue OF certificates transferring IN al
vance for sufficient series OF years, that portion
! Of the canal revenues which is devoted by the
Constitution to the enlargement Of the Erie Ca
nal That it is within the competency OF the
Legislature to dispose of this part Of the tolls in
the manner indicated is confidently asserted by
some of our ablest jurists. Ii is obvious, howev-
er, that an absolute sale of the revenues, at the
risk of the purchaser, without recourse 70 the
State, is the only mode by which they can be res-
lized in anticipation, without violation of the
provision restraining the creation of a new debt
mere pledge OF revenues, as a security for mon
eys advanced on them, would constitute debt
against the State, in a new and unusual form. An
unconditional transfer Of the future tolls involves
practical difficulties which cannot be disregarded
1t may be doubted whether the necessary ad-
vances could be obtained on this basis, on terms
satisfactory 70 the State. Capitalists would natu
rally require either the ultimate guarantee OF the
/ State that the revenues shall prove adequate or
a stipulation that the rates Of toll shall not be
/ reduced below a certain scale. The first of these
conditions is incompatible with the Constitutions;
the second is subject to serious if not conclusive
objections. Important considerations of policy