New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-05-26

~ section Of the af then prescEbes the tho
cerfcate in which il Is expressly sisted that the State IN
such a. 10 in the set The third and fourth Sc
tors Of the show what the pledge and the cSesfion
or liability Of the State here referred TO- IL the creation
Of fund By oosodstiBs adding together the surplus
ftore mentioned from year 10 year a. each years
surplus sns De nsn ,ina 90 - .ps 20.
fell cue and 10 their redemption tbcy shall become re
deesb 10 the purchase OF the certificates As crowded
IN The fifth section end such payment and purchases are 20
be made from sach fund only
Section fourteen provides against any claim upon the State
under the certificates in case OF ALLURE OF revenues rom the
or the Csna from any other cause and de-
eses that the State sha In no event be habe 70 MAKE mp
deficiency TO redeem the cerhcafrs IN
any other than out Of the Canal Revenues OF the
before directed for such purpose and thst the cert
fcaies sba contingency be 20 construed 20
any debt liability against State or the people
thereof within the meaning OF section twelve article seven
Il seems quite manifest that the Legislature iltendedt to
guard this against the objection under conscers
ton and If they have failed OF their object; Il mast be be-
Of the nsdequacy OF language to express such ipen
by of inherent principle, or the ooect
twelfth section of said financial artise If there be any
snch principle object or pioyison confess hayt not been
The princip. is the anticipation and accumulation Of such
tbs Canal Revenues the Constitution devotes 10 the Cd
ect which Is declared by the same instrument 20 nc ne
completion of the Canals The provisions so tar a. can as
cover ia perfect harmony with sch pm pie ana ooect
e s the question of State indehsedoes con-
cened The question whether these revenues may be an
tcipated be allowed 10 accumulate, belongs e another
branch OF the argument and will be considered IN Its proper
place. The Government bound by the law OF rs oreanla
on apply them to this object and the same law has de-
mined the Legislature 10 be the oTm todecce and dset
the manner the application. The legislature in the dis
charge OF the nty thus enoned and in the exercise Of the
thus conferred have decided TO garner up these
revenues from year to year. into fund.- and to offer to cap
ahst. an OF their money upon the credit Of that
fnd alone, with express davows III advance OF any %
peradded liability othe ststs and with the money .nas III
don of which It's magnitude would admit; 30 that the
completion OF the Canals was to benefit the State
be owed at the Earliest possible limitation OF time, instesd
Of postponing them to remote period which must have
been inevitable Of the expenditure ia each year oil
only annual surplus or remainder OF revenues
In sscertainIng what is meant by State debt IN the
Of the 1th section of the ih article regard must be
had the Cd section, which imposes upon the Legislature
binding obligation apply the revenues IN question to the
completion of he Canals As to the question wnether mar
duty shall be discharged they have DO discretion they
have authority apply the ues any other object
and they the Injunction to cause the app
in tempting 10 obey this requirement they have confined
all persons who furnish the means therefor either in money
property services to these revenues for payment OF re-
enumeration il seems beyond the power Of sophstry
TO turn the transaction into state debt.
would be n sde but in my Judgment they would not be
creditors Of the State the State their debtors certainly not
in The sense of Tie restraining clause referred All obga
would arise upon the credit Of the fund excu
siyely beyond which they could have no Claim upon any
legal or equitable principle All they would have ngn 70
that the fund faithfully applied and that duty or
obean Of the State would spring not out OF the act oat
,Iucp,e az 10 what shah constitute an indebtedness be-
tween the dealings transactions Of The State with iadSd-
uaf ard those OF one individual with another Whatever
is oebt alo debt in the sther The only
difference beta the two the form and mode
Of the remedy of obtaining satisfaction II grows neces
sey out OF the fact that The sued by in
dvidua The State Is sovereign, and IN theory h-r power
is supreme snd while through her agents she supposed
TO enforce tbs performance OF Contracts aud edres,
between individuals according to established and known
rules and equity, she will at the saTs TIME d 10, soe
principles This is what every citizen has right TO de-
msno and whatever may be rehtuly demanded may not
be justly withheld In the the appeal TO her power
is action some other legal process IN the other oy Pc
titon.
know Of no rule Of Jurisprudence morsls nor OF any
theory Of political economy By watch, in given case
wouo have any superior or other claim upon the state
by which the obligation OF the latter would De gres e or
different than if the claim upon individual person.
hat would be due claimant depend upon the
intrinsic circumstances and merits OF his case and could not
be measured BY the nature character OF hs adversary In
neither should he receive more than he deserved and
thar should he accorded % him in both
The holders of the Canal Revenue Certificates and con-
tractors unde, the act distinctly and repeatedly tod IN
provisions the contracts that they look to the fund
10 be created by these emainder and TO no other source
for and that the State Is In no other event or
contingency be liable beyond IT and the Courts are Tor
bicoen TO give any other construction 10 the act .
a' or saS Sw o. 70 ss. ssod S
cheney should there happen 10 be one In the revenues tor
might with entire fairness be met with nm all answer to the
I'VE offered to receive your money or to employ you to
do the work upon certain terms and conditions, aud in
view OF an expected state Of things future which YOU
well confidently believed would be realized; all Of
which you under stood well rs did. We ssessed no
knowledge Of FACTS which not accessible to YOU equally
with No deception has been pacticed upon Jou You
have ac with your eyes open, With view to your
interest and with regard to We have in good faith
performed The contract part and II II has proved
improbable enterprise to you, 1t IS not our 1aul but your
If he lie ature should make any allowance the app-
cants in the supposed IL would be done as gratuy,
and not in ssfacOn OF demands which could be enforced
court Of justice provided tue State could be implicated
there.
If these surplus revenues were under the control Of the
Legislature IN regard 10 the object OF their application, as Is
wo BE- entirely different The certificates would then be
state debt ana the whole frame work of the bill would be
q plain pepahic violation Of the Constitution
There wonld, in that case, BE- an agreement to apply
moneys when received which belonged 10 the State and
der the control Of the Legislature IN liquidation Of the GER
cafes without pefXisting obligations % do to
make any particular application OF the fund
That the amount OF the reauders are mat
of uncertainty would render the transaction the less
debt bee the whole scheme founded upon the
assumption thar there viii be reminders 70 some extent
Otherwise the whole structure baseless and nsoy What
the happen 10 be. world belong generally
the state and the TO apply them IN te mar ne
contemplated would he the assumption of burden falling
clearly within the der:on OF debt and which Is forbidden
But snppose il TO be admitted that the plan for the
pleon Canals which the proposes does fall under
the denomination of State debt OF what consequences Is
IL in view OF the objection ander consideration, provided h
debt created by the but by the Constitution
The only debt be tracfed by ard behalf Of
The State is BY the action Of the LEGISLATURE IN TIE enact
ted orfth ptIacied by the act which the Constitution
has not authorized and directed None whatever has been
be shown On the j. is perfectly demonstra
that, by the act in question, duty burden IS
sunsd beyond what the Constitution itself imposes and
which the Legislature is not at liberty 10 decline.
As well might cont act % pay for JOB Oh the Canals out
OF single aceeined remainder which had been received
and in The Treasury be regarded violation Of the clause OF
The Constitution restraining the state from contracting debts
There is mind, the shadow OF in support
of be proposition embraced by the objection.
The next object Il validity of the law, is that the
Constitution limits the application Of the annual remanders
Of TO the time when the Csnss shall be completed
and that the lows OF and require heir application
Revenue Certificates and interest thereon shall be
paid cut of tie fund TO be raised BY the accuuar such
nsnders hch according 10 the plan and object OF the
act would postpone the application far beyond the time
when the CsIa's would be completed.
This objection proceeds the ground that by the ex-
Preston until the said Cenas shall be Completed IL 10
be understood, The when the Car ais are coustr.f.d