The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-05-16

>. IA. r. THE CANAL ELL.
W. Law bsfoe our readers to-day the opinion OF Judge
Beardsley on the constitutional question involved IN the
TINS clearly and closely reasoned argument it is proper
10 saw was not volunteer opinion. but given pro-
REASONABLY in reply to inquiries on behalf Of capitalists
here and elsewhere who in the event OF the passage OF
the canal bill and The sale OF the certificates solicited his
views Of the consulionay OF such act, and OF the
safety OF investments in IT,
Judge Beardsley ees the question with the ability, d
RICHNESS. and force which characterize this eminent us
Whilst he en,ertans unhesating confidence IN the con
nusd and steady OF The canal revenues and Is
strongly inclined to second all proper and cons iutiona
means having in view The completion OF The pubc works
careful examination and reflection lead hmto ihe con
cluson that ;. the hill 49, IN various respects uhau'ho
lied by the constitution. and IN conflict WIN ~
These views were publicly avowed by Judge Boards
ley II the Utica meeting. They are here eaoola'eo anu
come before the public the clear convictions OF one
who standing upon professional reputation OF conceded
sminence weighs carefully his POSITIONS and conclusions
AS SUCH this very lucid and unanswerable argument viii
be read with the interest which belongs as well TO the
subject It's source - ,
Those familiar with the bill will perceive that the
opnion of Judge Beadsey has reference 10 the measure
AZ originally introduced IN the assembly with the favor
able views of Mr. Spencer on its consluiionalily. The
two opinions therefore, being based on the same project
the public who in possession of both, have the OPP
porunily to compare and to Judge between the opposite
conclusions and reasoning of these distinguished unss
opinion Of the Hon samuel Bsardsley.
Under the former constitutions of the State of New
York. the power borrow money the credit OF the
State. and to contract State debts, was unlimited and
unshacked II had been frequently exerted--most OF the
money expended in the construction OF the EHe canal
and In the prosecution OF other public works having
been obtained under the authority OF he legislature azure Ky
present constitution was adopted the State debt mus
contracted amounted to twenty millions OF dollars
That constitution, while it has not wholly annihilated
the legislative power contract State debts has imposed
several important restrictions upon its exercise Thus
although the constitution declares that the legislature
may contract debts TO limited amount ITO meet casual
deficits failures in revenues, or for expenses not pro-
vided for. and to unlimited extent to repe invasion,
suppress nsurreeon or defend the Staten war IT new
erheess expressly provides that with these exceptions,
no debt shall be hereafter contracted by or on behalf OF
this State unless such debt shall be authorized BY law
for some single work object, to be distinctly specified
theren; which law shall impose direct annual tax to
pay said debt and interest within eighteen years from the
time of contracting the same and before SAID law shall
take effect il must also be submitted to the people at
general election, and receive in lis favor majority OF all
the votes cast such election for against said law
tConst, art. 2 sec TO- II, III s, .,;,.,;o u.
State owed large debt called he canal debt" and an
other called "e general fund debt, the ultimate pay
rnent OF both of which, with interest, deemed i'm
portan to secure by proper spulaions In that instru
ment.
The chief revenue of the State at that time, and for
the future anticipated be derived from the
nails which, the public interest would require, should
be kept all times in good condition and repair This
and the collection OF canal tolls, would call for large
annual expenditure OF public money! add TO which, pro-
vision also to be made TO meet the current expenses
of the government.
With these objects view, the constitution provides
that "afte paying the expenses OF collection snperln
endence, and ordinary repairs, there shall be appropr
ated and apart in each fiscal year. out OF the revenues
OF the State Canals commencing the first OF June, one
thousand eight hundred and ortysx, the sum of one
million and three hundred thousand dollars, until the first
day of June, thousand eight hundred and nifty five
and from that time the OF one million and seven hun
bred thousand dollars in each fiscal year, as SINKING
fund.- TO pay the interest and redeem the principal oil that
part Of the debt called The canal debt which money was
directed to be sacredy applied TO that purpose. Cart T.
sec. The constitution then requires that alter comply
ing with these provisions "thee shall be and
set apart out OF the surplus OF the State canals
in each fiscal year. commencing the FIRST day of June
one thousand eight hundred and tortysix the sum OF
three hundred and fifty thousand dollars until the time
set apart under the said first section, 10 pay the neres
and extngush the entire principal of the canal debt; anc
after that PERIOD then the sum OF one million and live
hundred thousand dollars in each fiscal year. SINKING
fund pay the interest and redeem the prime OF tina
part Of the State debt called The general fund debt and
which also directed TO be sacredly applied 10 thai
purpose Cart T. sec a. Ii is then declared that aiie
paying the charged The canal revenues, there
shall be paid annually tout OF the surplus revenues Of
the canals TO the treasury OF the State" "such sum,
exceeding two hundred thousand dollars as may be re
CURED 10 detray the necessary expenses OF the STATE
(Au. 7, sec. 81
ing the canals in repair and collecting the tolls thereon
for the ultimate extnguishmen OF the canal and genera
fund debs. and the expenses Of the government to
not exceeding two hundred thousand dollars annually
the constitution in the section last referred to, declares
that "h< remainder OF the revenues OF the SAID eana
the legislature shall direct To the completion OF the Enc
canal enlargement aad the Genesee Valley and Blacs
River canals, until the said canals shall BE- completed
Then follows, IN the same srciion, further provls
ion, that H. at any time after eight years from the adop
ton of said constitution the revenues OF the State, niap
proprlaed by said seventh article shall be insufficient
TO deray the necessary expenses OF the government with
out continuing or Dg direct tax, the legislature may
nj its discretion, supply the deficiency in whole
part from the surplus oil the canals, alter
plying with the provisions Of the first sections of said
article for paying The canal and general fund debts bu
the authorized to be appropriated 10 meet the
OF the government not event. To exceed
the OF three hundred and fifty thousand dollars
nuslly until said general fund dot shall be exlngulsh-
ed, or the Erie canal enlargement and Genesee Valley
and Black River canals shall be completed but after thai
debt sall be paid, said canals shall be completed, the
sum Of hundred and seveny-two thousand ye hun
surplus canal revenues TO defay The expenses Of the gov
eminent.
The constitution therefore, in the first place. charges
the canal revenues with the expense OF repairs supern
tepdence, and the collection OF tolls with certain annual
sumo TO pay the canal aud general fund deb and also
with the expenses of the State government leaving 'de
remainder Of said TO be applied the oons,-
tuition directs IL should be, to the enlargement and
pleon Of the Erie, Genesee Valley, and Black River
canals.
There two other clauses OF the constitution which
should be presented order 10 have before full view
OF every provision in that instrument which is material TO
the question whether the bill recently passed by the
semely entitled IAN TO provide for the completion Of
me Enc canal enlargement and the Genesee Valley and
paek Rive: canals" is any Of its provisions, viola
on OF that constitution The clauses referred to are the
ciwse dispose OF any of the canals Of the State they
snail remain the property of Stale and upder ia