The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-11


ALBANY, Feb TO- 1855.
REPORTS OF VARIOUS HiIs, ETC.,
Mr. D. B. TAYLOR reported to incorporate the New York
Corn Exchange.
Mr.. MCLEAN reported favoraby the Brooklyn Railway
bill.
Mr. r. SMITH reported relative to the Life and Health
Insurance Companies. Also to amend the insurance
laws, and to amend the charter of the Commercial In
surance Company.
Mr.. WEEKS made report relative to the pa yment Of
debts contracted by before marriage.
Mr. GulMoRE gave notice Of bill 10 authorize the city
Of Utica to take stock in the Utica and Black River Rail
road
IooMIs's RESOLUTIONS.
Mr.. LOOMS, (dem.) of Hcrkmer resumed his remarks
by commenting the expenditures for repairing the
canal at West Troy In case 100 900 feel of lumber
and in another 1000 900 had been purchased for
the repair of the docking there at unusually high prices
There contracts for only 600 feet of this The
lumber lying along the canal unused and making it
hless Hero abuse that should be correcled
and if So II would diminish the tax required by the pub
lie Woiks Officers having power to dispose OF large
Of money, without restraint we're liable to make inn
proper use of It, Expenditures had not always been
judiciouy made; they often controlled by favor
itism. Large improvements had been made, where of
GERS having the public works in charge had personal
terests ut Black river Tonawanda, Havana and Troy
The legislature should direct the special purpose to
| which their appropriations should be applied. Work
should not be done at the will the canal officers but
only when must increase the capacity of the canals
Formerly The largest amount of freight the canal had
been supplied by this state; things had changed Up
10 1874 the freight from this state had been greater than
that from the West but after that time the Western pro-
ducts had rreFondcrsted in quantity and value, The
freight supplied by this State dinlin shng This
perhaps owing to the preference given to railroads for
Transporting certain articles These facts proved that
the enlargement was not so much wanted to transport
the products OF this State to attract those from the
Wet andt supply revenue 10 the state Mr. H. then
teed the consideration of the necessary
| to raise the money needed for the enlargement. Tie
amount needed to he rased by taxation larger this
year than before The constitution resrains from
borrowing and resort only to taxation. The first
necessity is carry the without reference
TO any other subject The general fund received nearly
| $500 eco from the mill tax and something from other
yet the fund is in debt and its are
great its necessity We must increase the tax for
this purpose In the next place 500 600 were needed
to be expended upon the canals Independent Of payments
for arrearages for contracts already entered upon.
These latter required another S1u0000 Then there
Which He viii ian amount NIT to | about s6o The whole
amount needed would make the :oal fully 81 ,o00,-
COO The surplus canal revenues would of course di-
inish this He estimated this surplus to be $780,
OO0. The balance is what TO devise for
raising It this point he desired the advice Of the
the constitution permitted had already been bor-
rowed II we borrow must provide tax for its
,ment. Upon such proposition the people would be
Ieouicd to vote. They might sanction it. hcy might
nit At any rate this would not answer for want the
ncrey now. an amendment OF the constitution would
require the delay. But that could not be waited for
by the public cxgency There Is way but to levy
reries able How shall leyy the taxi Upon pro-
Ierfy ID general eAcuflVel
tax bore most heavily upon people in moderate crcum
stancesmen upon whom il would bear peculiarly hard
| They might oppose it. They might say the canal
large enough 10 transport the products Of state
ANY additional enlargement would be desired only to
gain the transportation OF western producers But doing
this doubtless TO the injury Of farmers by
bringing the products Of others states into competition
with theirs. Taxation beers most heavily upon real estate
Not third and perhaps not tenth Of personal property
subject to taxation Ought not the general tax to be
moderated by special taxesy He thought and in tho
first llace he would tax banks which enjoy special priv
leges and immuntes granted by the state These pri-
yegcs are confined 20 a few. Tho Of the people
really practically excluded from them. As security fJr
the bills they may issue they purchase the stocks OF the
states and deposite them with the Comptroller They
draw interest OF five six per cent these stocks,
together with per cent pcret the bills they
ctive from the Comptroller and loan TO the community
Thus they make Mt least L. per cent their capital
while other persons confined to only per cent
on their Investments Of capital To provide currency
| IL has granted this privilege to individuals, they
| should bo compelled 10 pay small share OF their
profits into the State Treasury in return for the "a
| vor done them. This be thought equitable The priv
ege from which large profits derived, and
they ought TO contribute something to the funds Of the
government Tho tendency of this would I've beneficial
II would tend 10 restrain the Issue OF bank paper which
sion. 1t would tend 10 diminish the demand for State
Stocks which demand had occasoneda pccdle increase
Of the stocks Mortgages, Mr. L. considered the oest
basis for banking But the great ofect in the present
law he considered TO DO the provision by which, thc
bauk falls the mortgage arc thrown into the market or
sac and not the lands themselves. IL tfe taiure OF
| bank eitectual foreclosure OF mortgage, ne
i value Our next inquiry IL in regard TO the pro
rrctx, of taxino railroads. The impostion OF tolls