The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-08

or modern.
If we are not wanting in the wisdom and 90
gacity REQUIRED to perpetuate the advantages 20
happily secured, no rival efforts can deprive u
OF our constantly growing commerce with the
fertile States bordering on the great lakes ana
the upper Mississippi. Limiting our view to the
bene ficial results of the Erie canal, within our
own borders, we witness the creation OF flourish
ing towns, the growth OF cities, the conversion
of vast forests into fruitful helds the ABODE OF a
happy and vlrtuous yeomanry, the prohtaoie en-
ployment of enterprise and industry 10 every form
of production, and the consequent addition OF hun
dreds of millions in value to the property OF our citi
zens. II seems impossible tnat the people should
the means necessary for their preservation In
less than ten years after the completion of the
canal its revenues having returned to the trea-
sury the entire cost of its construction, it was
seen that increased capacity must soon be given
to il To accommodate the internal commerce, Of
which II was the outlet.
IL is near sixteen years since the Legislature OF
1885, after mature deliberation, determined to en-
ter upon the enlargement of the Erie Canal do
not propose to review or discuss the changing
policy which has retarded the prosecution OF the
undertaking. Our responsibilities relate to the
present condition and future welfare of the State,
rather than 10 past events which belong the pro.
vince of the historian. Since the work OF enlarge
ment was commenced, we have expended upon It
the sum of els, $50 ,443 81 Some OF the great Oh
jects Of this expenditure can2Ot be fully realized
until the work is completed. In the meantime, the
annual loss Of interest on the amount invested at
SIX per cent Is over one million OF dollars, 10
which must be added an annual loss OF at least
another million in the needless cost of transport
tdtiop, which would have been saved by the COM
pletIon of the enlargement; and these unnecessary
SO crihces must increase, from year TO year, with
the tardy progress of the expenditure. The amount
already lost under these heads cannot be less than
ten or fifteen millions. The question then arises,
how much longer shall this be borne?
According to the most recent estimates OF the
Enginee r Department. il will require eleven millions
dollars to finish the enhancement the Erie
NAL and 81 los 900 To complete the Genesee Valley
and Black River canals If assume that the
canal revenues. after paying the yearly contribu-
tons TO the general fund and the sinking funds, re-
CURED by the constitution, will continue yield
net surplus of $500 600 per annum, it follows that
the completion Of this great undertaking, so ur-
gently demanded by every conside ration of public
policy must be postponed until the year 1866 A
net revenue of 81 000 900 per annum would effect
the same object In 1865.
An important question ls presented TO the conside
ration of the eople and their representatives, whe-
ther the consummation of the work shall be defer
red for this long period of years, whether some
judicious and practical plan shall be adopted 10
its completion al the earliest period consistent
with economy OF expenditure and the due preserya-
ton of the public credit.
As an original question, free from the ennbarrass-
menis which have been thrown around II 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
compeers, the Erie canal was constructed IN Pc
rod of less than eight years, in The face OF for
midable obstacles, in defiance oil powerful oppo-
sition, and amid the doubts and embarrassments
always attendant upon bold and untred expert
ment. Genius and energy triumphed over every
difficulty. This grand result was achieved at a
time when the State was comparatively fee bic III
resources. Since that day, our population has ad-
vanced TO upwards of three millions, and the
wealth OF the community has been multiplied more
than four. fold.
II is indeed remarkable, after an experience like
wise or necessary TO occupy quarter Of a century
in enlarglng and perfecting a work, which was
constructed originally, under circumstances far
more difficult, In less than third OF that period
Ii becomes necessary, in oursdehberations this
subject to consider the effect and operation of the
financial provisions embodied in the constitution of
lS46.
Not only are a large portion of the canal reve-
nues specifically set apart for the payment of the
existing debt but the power OF the Legislature TO
create liabilities (beyond 81 ,000, 000) is vrlu-
ally annued These constitutional provisions are
the supreme law, and must be observed with scru-
puous fidelity. Although their operation may
thwart or defeat objects Of the highest public con-
cern so long as they remain in force, they not
TO be evaded or disregarced.
II is important, therefore, to inquire whether by
any and what safe means, consistent with the con-
s,itutional restrictions referred TO, ,he early COM
pletion Of the enlargement may be ensured 7 Three
distinct modes have been suggested fer the attain
ment OF this object, each OF which will, doubtless,
receive your careful consideration BY the first il
proposed 10 obtain the necessary fuads by an issue
Of certificates transferring IN advance, for suffi-
cient series OF years, that portion OF the canal re-
venues which is devoted by the constitution 10 the
enlargement Of the Erie canal. That it is within
the competency of the Legislature 10 dispose of
this part Of the tolls, in the manner indicated, is
confidently asserted by some of our abiest jurists.
Ii Is obvious, however, that an absolute sale OF the
revenues, at the risk Of the purchaser, without
course TO the State, is the only mode by which
they can be realized in anticipation, without VIC.
lation OF The provision restraining the creation of
a new debt. A mere pledge of revenues, as a
security for moneys advanced on them, would con.
sutute debt against the State, in a new and
unusual form. An unconditional transfer of the
future tolls involves practical difficulties which
Cannot be disregarded.
II may be doubted whether the necessary ad-
yances could be obtained, on this basis, on terms
satisfactory TO 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 re-
duced below certain scale The first OF these
conditions Is incompatible with the constitution;
the second is subject to serious, If not conclusive
objections. Important considerations OF policy
would dictate that the unqualified power ofregula-
ting the tolls should continue to reside in the Ca
nal Board.
The next plan to be considered is the authorize
ton Of a loan under the 18th section Of the fnan-
ciai article. Before law for this purpose could
take effect, il must be submitted 10 the people for
their ratification; and the constitution requires that
every ruch law fbdn PROVIDE TOT the CORRECTION OF
direct annual tax, TO pay the interest the debt
as II falls due d"
No sufficient reason, founded in equity or expe-
diency, can be assigned for the imposition Of di-
rect tax upon the State al large to pay interest
any portion of the cost OF the enlarge when
the casal reyenue@sre fully adequate to that OBJ
Ject Whilst all sections Of the State are interested
IN the early contamination OF the work, add will
derive large benefits from the increased revenues
which IL will yield, direct tax would operate un.
equally and uniustly, and would be unacceptable TO
the counties remote from the line Of the improve
mert
The third and last resort, is an amendment Of the
constitution in the manner prescribed by the instru.
ment itself
Whatever diversity Of opinion may eiis, ia re-
gard 10 the wisdom 81 the policy which govern
sc the Convention ~ 1876 in this respect. cannot
doubt that a large majority Of our citizens o. oil
parties, IN view 81 the steadily increasing revenues
OF The canal, would nOw unite in conlerring upon
the Legislature the necessary authority 20 create
loan Of seven or eight millions, on pedge Of the
surplus revenues, fer the early completion Of the
enlarge ment The proposition to be submitted for
this purpose should include a provision requiring