The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-13
NEWS BY THE MAILS.


Our Albany Correspondence
ALBANY, March IL, 1851.
a ccmbi@atto~ Of Spectators to Break Through
the Fi~aneis! Artiets Of the Constellation.
The isct has been brought TO light to-day, that
strong combination has been formed among canal
money brokers, corrupt politicians,
stock jobbers legslators Of easy virue and Others
10 obtain the passage OF Burroughs bill. Con-
spirators to oyerleap the sound injanction OF the
constitution OF this State, have never presented a
more fiattering or more plausible attitude. 1t I'M
donb,edly extends throughout the State, from
Montauk to Erie, from the ST. Lawrence to the
Hudson. Perceiying that some portion of the
members of the Legislature have questioned the
c0nstitutonaliiy of the bil the conspirators have
retained some OF the abest counsel In the State to
instruct the members upon that question.
Although reference to the provisions OF this
bill was made Jew days since IN the Herald, still
II may not be deemed inappropriate on this occa-
son. to recaptulate them Il authorizes the
Comptroller 10 Issue certihca es, founded solely
upon the surplus revenues ut the canals for their
redemption, principal and interest. Persons re-
ceiving certificates are TO deposit an equal amount
in available funds in the State treasury upon six
per cent interest, which funds are TO be applied to
finishing the State canals The bill also regulates
the tolls on the canals so as TO ensure a surplus
revenue of $sC0,000 annually, until the Erie canal
enlargement shall be completed, and the re after to
one million Of dollars, until the certificates thus
ssued by the Comptroller shall be redeemed
The wire workers, in this operation, have CON-
Menced the scheme very adroitly, and exhibited a
skill in log rolling equal TO the bank corruption
days Of 1885 and 81. The bill was introduced by
MI. Burroughs, the embodiment of hunkeroburner
democracy of the house, and referred to the Com
mittee on Canals, of which himself and Mr. Or
lando Allen, OF Buffalo, silver wooy, are the
prominent members. The bill was referred to Mr..
John o. Spencer, requiring his opinion whether
he thought II contiicted with the constitution. His
Yu,Ts ted nFUa fSnr Iap
since, but appeared in print yesterday He enters
upon the discussion of the question with his accus
toned hair splitting and logical reasoning, quotes
yancus dscopnec ied portions Of the constitution
Discusses the meaning of the words scredit," .sa-
y, ""revenues." "debt, &c &c, with greater
volubility OF ''words WORDS" than all the lexi-
copraphers who ever existed He deliberately ar
rlves at the con cusion that the State may receive
millions on deposite, and may also. without vio-
laung any of the financial provisions of the
tuiioD; the Legislature may pledge a large por-
ton OF the surplus revenues for the payment Of in
terest annually, and ultimately, the redemption of
the principal; and then he goes on to say, 'the
holders of such certificate can never think that he
is giving credit 10 the State, and of course there
the surplus resenues, and TO the pledge contained
In the BILL that those revenues shall be applied to
the redemption OF his certificate.
Such Is q small portion o. the reasoning put forth
by the Hon. John G. Spencer, standing at the head
OF the antiquaed bar of this State He advises the
passage of the bill; and so, a lawyer, he gives
his opinion TO his clients, in the manner, and
upon the identical principle which he would argue
Q cause IN the Court OF Appeals. Mr. Spencer ad
vocates the passage of law, by the constituted
authority of the people in the Legislature convened,
BY which the State pledges a large portion OF its
revenues for the payment of moneys interest aud
principal; and in the same breath he tells his eli
eats that they never cen think tn the depo sor of
money under the act, Is giving "credit to the
State !" AS obtuse as many Of the Legislative in.
tellects ackpowled TO be- II Is very question
Ia = Fe
mon sense. however much IL may Approximate TO
the views Of all the Oliver Oldschoos in the State
The trainers OF the present constitution had the
greatest reason 10 appre0end that future legisla-
lures would be az reckiessin the creation Of debts
~ several pre- cedlng ones bad been They had
the example OF experience, that millions had been
sauander.d IN loans 70 pd railroads-in unpro
ductive caDais, and other objects that never could
reimburse even the interest, much less the princi-
Tal Hence. they saw the necessity OF so tying up
the hands OF future legislatures, as to effectuslly
pr vent the reensctmen of the scenes OF extrava
gance and was.efuress which run hot from 1885
to 1884,
There is an implied obligation ia Mr.. Burroughs
bali, which creates deot, and binds the State TO
supply all Deficiencies which may accrue, all the
sophsiry Of Mr. John Spencer TO the contrary,
notwithstanding; and 80 long there shall exist a
doubt IN the minds OF the right thinking members
Of the Legislature, they should hesitate in passing
. law which they may afterwards be called upon
10 repent OF most he arty and sincerely la day
: two Mr.. Spencers "oppIop" will be laid on the
able OF members, when they viii be 4bled 20
crutinize lis many erroneous positions.
Mr. John G. Spencer belongs 10 the old school
arisiocrscy; he is not IN favor Of any Of the re-
forms 81 the day; there rs no progress IN him The
tode of law which he studied fifty Yeas since a,d
the antiqusted practice Of tn. profession he still
Cinss cioet iy 20; so much 81, that he absolutely
rerustd place on I'll code commission a year or
two since, because noIon OF his fellows were
radical Law reformers. The present generation
travel too fss; for his notions; he would prefer the
all pace Of the Locomotive rahe than the light
ming speed OF the telegraph He believes the ap-
plications Of steam and electricity are unnecessary
atoms in the annihil alton Of time and space;
ard would rather enter with cause IN the court OF
rssncery, from which II you'll never be drawn out
than 10 practise under the more simple, certain,
ant speedy systm instituted under the new cen.
sttution. He is Of the by gone generation, ia the
SIRE end yellow leaf Of tine; and his notions Of con-
sti'uiional duty and expediency, VIII scarcely BE-
regarded by those who remember The great battle
winch was fought against the boaled aristocracy,
al achieving the victory which gave Va the /" peo.
ple'e ecnftituuvp OF lsfb W