Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-01-11

annum follows, that the completion ofths great
deraklug, so urgently demanded by every consideration
OF public policy, must be postponed until the 1866.
A net revenue of 81 600 600 per annum would effect
the same object in 1868.
An important question is presented TO the considera.
ton oil the people and eir representatives whether the
eonsummaton OF the work shall be deferred for this
long series of years, whether some udicious and
practical plan shall be adopted ensure its completion
at the earliest period consistent with economy of ex-
penditure aud the due preservation OF the public credit
As an original question, free from the embarrassment
which have been thrown around it by the financial
provisions OF the constitution, the path of interest and
duty would be too plain to admit OF hesitation Under
the guidance OF Clinton and his compsers the Erie Ca
nal was constructed in period of less than eight years.
10 the face Of formidable obstacles in defiance of
powerful opposition aud amid the doubts and embar-
easements always attendant upon bold aud untried
experiment Genus and energy trlumphed over every
difficulty. This grand result was achieved at time
~nen the state was comparatively feeble IN resources.
Since that day population has advanced upwards
OF three millions and the wealth OF the community has
been multiplied more than toIrtod.
1t is indeed remarkable, after an experience like
ours. that portion OF our people should deem wise
or necessary 10 occupy quarter OF century 10 enlag
ing and perecng work, which was constructed orlgi-
naly, under circumstances Tar more difficult in less
than one-third OF that period 1t becomes necessary
IN our deliberations this subject consider the effect
and operations ofthe financial provisions embodied in
the Constitution of 1916.
Not only are larger portion of the Canal revenues
speclayet apart for the payment OF the existing debt
beyond 81 900 000) is virtually annuled. These
sutlona provisions are the supreme law, and must be
observed with seropulous fidelity Although their ope-
ration may thwart or defeat objects OF the highest pub
lie concern, as long they remain force, they
not 10 be evaded or dsregarded.
1t is important therefore, to enquire whether by any
and what safe means, consistent with the constitution
al restrictions referred 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
sideration BY the first is proposed obtain the
cessary funds by issue ofcerthcates transferring in
advance, for sufficient series OF years. that portion OF
the canal revenues which is devoted by the constitution
to the enlargement OF the Erie Canal That it is with
in the competency of the Legislature to dispose Of this
part OF the tolls in the manner indicated confidently
asserted by some of our abest jursts 1t js obvious
however, that absolute sale othe revenues, at the
risk OF the purchaser without to the State
the only mode by which they be realised in anti
clpaon, without atlon OF the provision restraining
the creation of debt. mere pledge Of revenues
as a security tor moneys advanced on them would con-
sntute debt against the State, in and unusual
form An uncondiona transfer OF the future tolls
involves practical difficulties which cannot be dSre-
garded
1t may be doubted whether the necessary advances
could be obtained on this basis satisfactory
to the State. Capitalists would naturally require
either the ultimate guarantee OF the State that the re-
venue snail prove adequate, or stipulation that the
rates OF toll shall not be reduced below certain scale
The hist OF these conditions is incompatible with the
Consttutlon the second ssubec to serious if
elusive obJec lions. Important considerations of pocy
would dictate that the unqualified power of regula-
Board.
The next plan to be considered is the authorization of
loan under the 18th section OF the financial article
before law Tor this purpose could take effect must
DC submitted to the people for their ratification and
Inc constitution requires that every such law "shall
provoe Tor the collection OF direct annual tax to pay
tne interest on the debt it tails DUE"
NO sufficient reason, founded in equity or expediency
can De assigned Tor the imposition of direct tax upon
e al large TO pay interest on any portion Of the
fully adequate that object Whilst all sections of the
state are interested in the early consumption OF the
WORK, and will deriy Charge benefits from the increased
revenues which it will yield direct tax would operate
unequaly aud unjusty and would be unacceptable to
me counties remote from the line of the Improvement
~ me third and last resort, Is amendment OF the
itself. Wv
Whatever diversity of opinion may exist in regard to
me wisdom OF the policy which governed the Conven-
uol OF 1910 IN tins respect cannot doubt that large
majority OF our citizens OF all parties in view of the
steadily increasing revenues OF the Canal would now
unite In conering upon the Legislature the NECESSARY
au'aorlty 10 create loan of seven eight millions
VI pedge OF the surplus revenues, for the early COM
piehen OF the Enlargement. The proposition to be
submitted Tor this purpose should include provision
ieqafng an additlonal contribution from the Canal
70 Inc Sinking Fund, sufficient for the payment
OF interest on the new loan, and eventual reimburse.
ment OF the principal. To give effect to the amend.
ineol under consideration, it must be agreed TO by two
ty ofthe people. - - '-''o'''
II the amendment should he adopted by tho pr..ont
ana succeeding Legislatures, and then sanctioned by
the peoples the egsa ture of 1853 would be enabled to
create the loan and the final completion of the Enlarge
ment would be accomplished before the opening OF
cation in 1885,
am aware that the sentiment of our people is ad.
verse TO the accumulation of large public debt and
none VIII deny the proprety OF exercising such pre-
eauuohs as are needed to prevent the imposition OF
eayy taxes on the present or future generations 1t
Is believed, however, that to the public credit
LOT means TO expedite the Enlargement of the RE Ca
nal Is Tree from the objections commonly urged against
an increase OF the State Debt Such loan would ex-
pose the people TO now new burthens. The present
revenues Of the Canal sufficient tolensure the dis
cnaree CT the new liability, and of our existing debt
sent money value of the Canals adopting the average
revenues OF the last five yea RS, equal to capital Of
S4I,9b3 ,4l4 30, at six per cent interest
The completion Of the wort for which the loan ia
needed will add largely to the financial resources OF tie
Treasury. There is WIDE distinction to be observed
between debts ludica lily made in furtherance OF trade
ana intercourse, and the gigantic debts which weigh
down the people IN most the European nations The
former serve TO develope latent and open new
fountains OF wealth, creating the required for
tneir exngushment, and intusng fresh vgor all
The clements OF publ prosperity Widely different is
the influence public debt, originating in wars of
amLltion IN the proigacy Of courts, the vanity OF
princes Expenditures OF this nature yield no return
aud the burtheDs resulting from them press with crush.
ang force upon the toiling millions, from age to age,
entertain hrm conviction that the Enlargement Of
the canal will produce large increase of revenue fur
nlshing all the required to paw the cost of The
WORK, and that its income after paying the debt will
ultimately relieve our citizens from taxation for support
OF Education and the prosecution OF new improvements
question like this, so emnenty practical and surely
within the comprehension Of sagacious popslation
like ours, may safely be LETT to their own INTELLIGENT de-
cision.
SuIcIDE-Mr. Ralph Dixon, an old and reputa-
Die citizen OF Princess Anne, for number of years
past occupying the Church Point farm on LYNN
maven river, put an end to his existence on the
morning of new years day by hanging himself,
lie appears TO have committed the act with great
dellOeratlon: taking rope from the stable and