The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-03
Our Albany Correspondence.

ALBANY, April L, 1871.
The Bill plciyiag Elerca MAions of the Canal
Rcronucs, passed through the assembly.
The most important bill, in truth the only bill of
any magnitude, which has engaged the attention of
the present Legislature, i the passed to a third
reading in the House, to provide for the enlarge
nent Of the Erie canal, and the completion of the
Black River and Genesee Valley canals" A
scheme originated with Governor Hunt in his mes
sage At the opening of the present session, to en-
large the Erie canal more speedily than the method
designated by the constitution, by issuing certi-
Gates, transferring in advance for series of years.
the surplus revenues Of the canals. His excellency
told the Legislature that they had the right thu
TO dispose Of that portion Of the canal tolls provided
the certificates were taken at the risk of the
owners.
Well, before the canal committee Of the House
ventured uron this expedient of pledging the re
venues, the bin which had been drawn out in ac-
eordance with the Governors views, was submitted
to the inspection Of John Z. Spencer, Samuel Ste
vens, and Daniel Lord, three distinguished legal
gentlemen, for an opinion how those revenues could
be pledged without violation Of the financial pro-
vision Of the constitution Of lSi6. This opinion
appeared in print the 9th day of March, and
the 18th Of the month. the canal COM
mittee Of the House, Mr.. Orlando Allen, of Buff
falo, as chairman, reported the present BILL
This bill i clearly unconstitutional Ii has here
tofore been alluded 20 in the columns Of the HouM
but the great wrong which is being inflicted upon
the people, we believe will justify Us in again call
ing the attention of your twenty thousand daily
readers to the subject The bill proposes that de-
poeits may be made in the state treasury for the
year lsJl TO the amount OF two millens Of dollars;
in the year 1852 three millions and during the year
1853 such further sum shall be found necessary
TO plete all the canals-and in return such dc
positors shall receive certificates signed BY the trca-
surer and attestel by the Secretary Of State under
his official seal The rate of six per cent interest
IA Ia l0 ont ut tha rfrfu I.gg
state upon such certificates.
Ihs II not all-the bill authorizes the Comptrol-
Ter to receive those certificates at par for the same
and purposes az be il now authorized by law TO
receive the stocks Of this State from associations
individuals engaged in the business Of banking
and deliver bills to the amount VI certificates depo
sed.
Notwithstanding the pledging Of the revenues. in
order to induce capitalists TO deposit their means
and bankers to issue bls, still this bill declares in
in eighth section that depositors shall not be deem
cd 10 have any claims against the Safe for the
payment Of such deposits, other than an appropria-
tion Of the surplus revenues. Who is 20 credulous
as 70 believe, for moment, that the state Of New
York would dare to repudiate dollars worth Of
those eertihcatssl Not single member, certainly,
Of the present Legislature.
4 hs BILL obnoxious and unconstitutional a. ii is,
has been hurried 10 third reading in the House.
and PROBABLY by this time has been read the third
and last time II then goes to the Senate for con-
sidcration, and an attempt will be made there to
run 4 through with railroad speed. An important
election approaching-on the unfinished portion of
the Eric canal, and through the line Of the Black
river and Genescc Valley canals, thousands Of la
borers are wanting to be placed, Of a particular
party creed, whose votes viii be necessary at the
neat electon-and from indications about the Ca.
Pto, ne longer time will BE- given than can posi-
bly, be avoided 70 run the bill through w.
ALRtSY, April |, ISL.
Appropriations ASKED for hc Nee York Pubic IN
solutions.
Mr.. Wheeler, Chairman II the Finance Commit
bee, in the House, has reported bill making va