The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-05-13
.SSlO.WO

The total circulation put down against each bank named
in the above list is all the securities deposited with
the Comptroller Of which canal certificates form
the per cent given 1t will be that there Is but
bank issuing bills entirely the security Of canal
certificates The bulk of the securities Of
the others is composed Of other stocks The Comptro
will be compelled by the recent decision Of the Court
of Appeals to call upon these institutions and require
ctler deposits This is Of the evils growing ont of
such hasty and reckless legislation but it by means
the greatest The contracts made for enlargng and i'm
proving the canals will all be repudated and all further
progress arrested at Serious losses to contractors
will be the result and large claims will be brought against
the State and there very little doubt but that most Of
them will be recovered million of dollars will hardly
the loss to the State This however is nothing
II is ono in the long list Of items which have been
created by the pursued by the unIrncipled poll
ticans of the state. II is wonder we have not been
bankrupted long ago. Nothing but our unlimited and
almost unexhaustible resources have saved Three
millions Of dollars added to public debt by loan
ing the State credit to the Erie Railroad Company most
Of which squandered About ten years ago large
claims brought against the state by conraetors
loses sustained in not completing the work commenced
the canals. large amount was added to the public
debt in this way. We shall have another increase,
without equivalent and ii is impossible to tel when
and where this extravaganza and folly will stop The
Canal loan was without exception. the bodest
piece Of political swinding conceived, even by Al
bapy politicians IL would have done credit to the poll
cans Of Harrisburg who have by the acts passed in the
Legislature of Pennsylvania within the past two or three
years shown themselves capable Of almost anything in
the financial line The fnancierng politicians at Albany
have believe taken the lead. and there is very little
doatt but they will keep It, The effect Of the decision
Of the Court Of Appeals upon our securities IN Europe
must be Of the most unfavorable character. Foreign
capitalists may well be cautious how they touch our
stocks The claim against the State represented by these
Canal certificates is merely Of honor and equity
1t il not legal There is nothing to be apprehended for
ultimately they will all be provided for principal and in
terest but in the meantime holders will have go with
out the interest for the Comptroller has authority to
ray cent.
law authorizing loan Of ne millions Of dollars for
the enlargement and improyem Of the New York State
cauas could easily have been passed, and approved by
the people In a constitutional manner. The people Of
this State in favor Of the most speedy and most ex
tensve enlargement Of these important and productive
public works and if the Legislature had possessed poNt
cal honesty enough to have introduced ball in the regu-
lar way and passed 4 in tn regular way the people
wosld have voted urcn it last fall il would without
doubt have been ado Cd and he loan would have
mandod greater premium in the market than the un
constitutional issue which went by the name Of Cana
Revenue Certificates II would have all been arranged
and settled in legal egitimatcly constitutional manner
and the enlargement would have going at this mo
much vigorously than il has any time unde
the present administration The Iighewayis after all thu
easiest and politicians Of every class aud grade viii fin
II time during their experience. What thu
government will pursue In the premises, i matter o
considerable curiosity These IS in fact, but
to pursuc but whether the Governor win remain quiet
until the regular meeting Of tho Legislature whether
be will can on extra session and provide for the difficulty
at not i question n considerable importance t
all parties interested few days may develope III,
policy Of the government when shall be able to entei
fully into the merits Of the matter The politicians
in all parts q The State will in the meantime bc actively