The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-05-06

etts Frs~ De n Y. Bvsains Pest, Msys
Another Feature OF tho nin.-niilion Fraud.
There 10 an advantage arising from the resignation OF
the democratic members OF The New York senalc which
even the friends OF the nine million bill will mol deny
Il gives the people an opportunity 10 examine THAT
ordinary measure and become acquainted with It's merits
Ii kept back, our readers know, by those who
concoctsd NIL the session Of the legislature was APP
proaching its close, and was then spsng upon the mi
noy before me people had had time TO understand lis
nature and its bearings.
The Eovsroor,in calling new election in the senate
rial districts AID special session Of the legislature has
gwen tbs people short time he could for consider
Ing the provsions Of the bil and making up their minds
ss to ts consutionslly and its policy. be hoped
however. Notwithstanding this ,palon. that The cleo
tors will get at The real nature OF the question before they
vote at all events delay OF few weeks, in
involving such important consequences better than
nothing We make the most OF the little space for
discussion which Governor Hunt allows us.
We showed YESTERDAY that the nine million bill con-
tanned principle that would inevitably, II II should be
como law, divert The entire trade from the Erie canal
We showed that il put the State government under the
strange and ssiy oil raising the tolls in pro-
portion rs the the canal should dimn
ish that il pledged the government to take the amount
OF tolls received this year. and nix the tolls OF the
year 90 high that II the same amount oil business were
again done the canal il should produce surplus of
eight hundred thousand dollars be applied 10 The en-
laement Of the canal and that The process was re-
Qursd TO be repeated IN each year. the receipts OF
,welvemonth the basis OF the tolls Of the next
The effect OF this is. that II the New York and Erie
railroad any other Of the public works, shall attract
any portion OF the business from The canal the tolls
NOT be lowered to recover It they must be raised to OBJ
tain the surplus required BY the bull II The transportation
On the canss decline this year fifty per the tolls
must BE- raised next year in that proportion II the
nue. tails Oh s conseq OF these high tolls
y: e.s. board must put on s higher ass 70
must raise the tolls ~ the amount OF transportation the
canals dimnishes.
Will not the proprietors of the railways which con vey
m he aptIc IN
sanly take advantage OF this povisonl Most assuredy
they will They will break down the canal. and turn
into useless ditch by lowering their OF trans
pora,ion and compe ling the canal board to raise theirs
When we look al This peposterous provision OF the law
10 almost impossible TO believe that was not ORA
mp BY collision with the shareholders in the rail
But there is another point connected with this par,
oil the subject on which have word two 10 say
The lawy employed by the wing politicians who are
eager get the nine millions into hands give il AZ
their deliberate opinion that mo debt" will be contracted
BY issuing and selling the certificates OF this nine
conclusion expressed by Daniel Webster, John C. Spen-
and others. II they right, how shall recon-
ce this bill with that provision OF the constitution
which relates to the security given by those who
bank notes!
The 9th section Of the nine-millon bill provides that
the certificates OF the nne-mion loan 'ah be received"
from any person association OF persons formed for
the purpose of banking" &c. or ereuia,ing votes to
be delivered 70 such person or association"
Compare this with the sixth section Of the eighth ar
ticle OF the New York constitution, which says:
The legislature shall provide by law the registry OF
all bills issued put circulation as money
sams specie"
First, the authors OF this scheme say that the cert-
6cates OF the nine million loan will no debt; no
body debtor for their amount; there is no
porea incorporea living dead who has agreed to
pay them, who be held 10 pay them as debtor.
Next they propose that these certificates for redemp
ton OF which nobody 10 be responsible shall be re-
oeived ample security for the redemption of nine mil
lions OF circulating notes in specie.
Let them suppose the law TO be passed. the certi
fcaes cold, and the nine millions received for Them BY
the State A numerous brood OF new banks rise up
bankswilh an aggregate capi
tal OF nine millions OF dollars, invested this new y.
invented stock Tor the redemption OF which nobody
liable. These banks, AS a matter OF course, discount
literally, having themselves been literally dealt with by
the government. Their circulation al length reaches il.
highest limit the money market visited with one OF
those coniractlons which abou, seven
The annual surplus OF eight hundred thousand dollars
which the State pledged itself iron the canals
ia not realized In consequence OF the competition OF the
railways. The people make run upon the banks for
specie and the banks the practice in such cases
make a run upon the leg slature.
Will the legislature answer the delegates of the banks
in the spirit OF the million bill Will il say to ihem
" Gentlemen, you had the opinion OF Daniel Webster
procured BY before the law passed YOU had thai
Of another Daniel second only him in wisely expound
ing the Stale constitution that these certificates create no
debt, and that the State under obligation legal
equitable, honorable, moral, TO make them good
nsyr '' " : p'''''' NC "'
Will the banks then turn TO the people who hold their
notes. and say in the spirit ALSO of another provision of
the nine million bill, Gentlemen clear legal prop
os,ion-ss clear the statute make i,-hat these
certificates ample security Tor the redemption o.
ill notes in specie; these certificates are lodged
with the comptroller Tor your benefit get the specie on
them you please. 20 10 the canal ATE
fund, which the law engages all be produced
from the canal and safely invested Tor your benefit and
get your money there'"
We do not undertake 10 say what course the legislature
would adopt In The event winch have supposed for
he rhpn. k.,t
would be. vehement rush would be made upon the
two houses by the lobby TO drive them into measures
either 10 make good the depreciation Of the certificates
protect the banks their creditors Ii might b.
that the Transaction which began a dell beraie violation
OF the constitution would close with an act OF UNANIMOUSLY
corrupt legislation. Whether this should be the case
whether the specnlators In this OF State stock.
should be left adjust the dispute with their creditors
they best might the result in any event, would be dis
graceful to the State.
The CANAL BILL ASTIcIPATED.-l has been frequently
asked, in discussing the con-utoDalty OF the canal
bill, whether such project under The third section had
been anticipated by the trainers OF The constitution IT
would not have been forbidden reference TO the de-
bales IN the convention upon this section shows that
something OF the kind ANTICIPATED and provision
to prohibit il was rejected. MIR LOOMS OF Herkmer
the leader OF the opponents OF the canals offered 10
amend the section reported BY the committee follows
The Surplus OF the canals after com
with the last preceding sections, Ohio relating sink
Ing unds.) shall be appoPriael al tn discretion u the
legislature deffay ordinary the
ing, for the construction Of canal
railroad u such beyond those OF the year
current nj The time Of passing sucb law"
The design of This pfovisiDD evidently prevent
nj ftflsHl the