The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-16

- cvsrstioas In most Of the stocks named In the
aAsve list have for time past been knitted and
prices have not varied much during the past month
sspt those Of fancy character United States and
HtAte stocks have not been in active demand either for
1rsign home account The Legislatures Of most Of the
States have adjourned and those stl in session wiz
adjourn Nothing Of Importance has transpred in any
Of those which have adjourned affecting the public in
debtednes 1t is fortunate for the creditors " those
States which already deeply involved tina. the iegs
lsures have not the power to contract loans The
new constitutions which have been adopted, restrict
legislation this subject and but for this should
have had quantity of plans proposed for an increase
d debt and projects for the extension of works OF inter
nal improvement would have been presented from every
quarter The Legislature Of this State Is at this moment
engaged in discussing the consttutionay Of making
loan Of nine millions Of dollars TO enlarge the Erie
and other State canals More than dozen lawyers have
given opinion in relation to the matter, about
half Of whom ray. that such an act would be con-
stitutonal and the other half say it would not The
friends Of the bill making every effort to get it
through. but the probability is that they will not
succeed The constitution Of this State prohibits
the Legislature from contracting any loan, without
hrst submitting the project to- and obtaining the
consent Of the people at the election following the
passage Of the bin, and direct tax is levied for
ts liquidation To avoid this those interested in rails
ing sufficient TO enlarge the public works of this
State at once, representing that the money be
obtained without infringing upon the constitution
making direct loan the credit Of the State This
the point and the best legal talent Of the country has
been employed to settle the question The opinion of
Mr. Webster will be found in another part this days
paper 1t is in favor of the b aud pronounces consti
buonal i'm every particular. The Attorney General OF
Abe State gives contrary opinion The Legislature has
now now all the light possible to obtain and must
vern itself accordingly This matter illustrates clearly
the importance Of prohibiting by constitutional enact
mtnts the Legislature from the reckless contraction
debt, which formerly characterized the proceedings
Of the representative branch of nearly every State GO
v.rnment in the Union, and resulted in 50 much public
delinquency, bankruptcy and population 1t would be
much better for the Legislature of this State to remodel
ths bill and consider ii loan at once and let il 90
Through the forms prescribed by the constitution to
the final ssue, and the matter will be disposed Of for
ever. The enlargement Of the Erie canal is popular
measure and vote of the people upon the contraction
d loan for that purpose would, without doubt be f-
Sorable, and in that shape the appropriation of an
amount from the Of the canals for the pay
Of interest and liquidation u the principal would be
constitutional, beyond doubt This IL the most mpor
tant financial question under consideration in any
State Legislature, and its progress ia watc he'd with a
great deal Of interest and anxiety by parties holding
present evidences Of our public indebtedness