The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-08-17

The NINE MILLION CANAL SCRIP ~ WALL
SrREEr.-Accordng to all appearances, and from
the tone and temper Of Wall street, where hawkers,
brokers and rogues most do congregate, the canal
certificates to be issued under the unconstitutional
bill appropratng nine millions Of dollars for the
enlargement Of the canals Of this State, passed by
the last Legislature, viii not be eagerly sought
after by capitalists, was expestei they would be-
so far from premium being realized on them, the
prospect is that they cannot be disposed OF except
at discount. This arises fro the doubts that
are entertained about the constitutonality Of the
bill.
We are not at all surprised at this, for, notwi.h-
Standing Judge Bronson, Daniel Webster, and
other lawyers opinions to the contrary, many
eminent men, in whose judgment equal conf
dence is reposed, as well as great portion of
the community, believe, conscientiously, that the
bill in violation of the spirit if not Of the very
letter. Of that part of the organic law of the State
relating to debt This feeling is strengthened by
the extraordinary course pursued by the friends of
the measure in the late Legislature, il attempting
TO throw impediments in the way Of testing its
constsutionality in the manner pointed out by law
and legislating with the view Of preventing .ae At
torney General from bringing the subject before the
supreme Court, and the Supreme Court itself fco II
having jurisdiction over it. 1t is wonder that
capitalists arc not inclined to touch scrip issued or
to be issued under such circumstances They ve-y
naturally suspect that all can't be right in the mat
ter, when they see such unparalleled ana un'
edented course Of procedure as was adopted TO
force the bill through, without the Formally Of
submitting it to the people FOR their sanction,
the constitu lion directs If the bill had created
debt against the State fairly and openly, and had
been su bited to the people Of the State ut large,
at the November election, and been sanctioned, as
it undoubtedly would be. the scrip. instead Of being
stunned by capitalists, would be taken with avid
ty, and probably at premium. There is not one
in fifty of the voters of the state who is not ia favor
Of charging the Erie Canal-for every intclli.
gent person knows that mere ased capacity is ncces-
ssry to transport the increasing products Of the
country to tide-watec, and, generally, 10 carry
or the commerce between the Atlantic and the
Great West, which is augmenting every day. Very
little time would have been lost by the operation
But no: the majority OF the Legislature wanted to
make capital out Of the measure, and they adopted
device by which their scrules in regard 70 tao
consttutionality OF the measure were removed; and
accordingly, they hurried it through the forms Of
legislation, before the adjournment, @. railroad
speed.
Such are some Of the fruits Of the proceedings OF
the last Legislature, than which moro c0rrup. or
imbecile body never presided over the des.incs Of
this great State It is to be hoped the people will
bear this and other Of their disgraceful and reok
less acts, in RENE mbrance, at the next election.