The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-05

roW..... xe0 O00 W
Debt ooatssoted and authorized. ....sl TIT AS 50
He respectfully refers tho L.s.aturs to pages IL Co.
81 senate docnment No % Of 1852 for his views hsrs
tsioro fully given the character Of this debt aud
the oo.stutiossy Of ths various laws By which 1t has
CANALS, fnKIR REvgNUs EXPENDITURES DEBT, 90
The eanais OF the State arc proud uuments Of lis
enterprise and great rsouross. rbey have yielded .
lures for sueeriptsDdence and orcinary repairs just
Eradasuoa OF tolls adaptation Of their capacity
meet ths greatly increased ooDn.rce OF the great West
ana careful prstection OF their legitimate busUoss
against competing modes OF they promise
full phu' mt Of the just wishes Of shs friends OF
internal improve ment In thu state Their actual valas
has been estimated ct capital vbich invested in
terest sfsx per cent would produce their annual
nues rslng the eotusl receipts from ALI tbs
year viz SSl?0l45 IS a. the basis, their valus
capital y s62 oSS 70S rhi, rich inheritsrcs OF dura
bic wealth. which justly ohslense The edir;so Of
Bp 1t may be Questioned whether rhis valuable par
nony ~ always been husbsnded With the care and pru
denes Wbsh importance TO the great interes Of
TIE attention Of the psoPls at az carly period
called to the want Of capacity In the original psu Of the
work to apsvsr tho demands Of greatly increased and
constantly porrs.ing transporsstion; and systsm Of
finance adopted In 1886 spspg tho surplus
Of the canals to the work OF enlargement, which
would II it bad been pUrsued by the state have
pletSd tho Erie enlargement and flushed the Gen-sss
Valley and Blsck River canals without TIE creation Of
debt and this would have been Hscomp ished la 1876
In 1885 the total canal debt s7s rs In 1888
the policy OF applying the surplus departed
IRON; ana system OF Dorlo. hassd upon The ani,t-
the following results, vie A canal debt proper Of
SIS sol 100 10 besides equitable claim agsInst the
State OF 81 to redeem The canal oerti6
cstes Issued under the Law Of 1885, ms6iog toxethr
SIT COL 100 IT, and increase Of the debt within
there periods Of $40 GA sO2 as the enna
ard the lateral canals unfinished and the
Of All 80 being the OF the revenues
non 1855 TO 1879 inclugivo, paid for interest and prae
Pal Of the public debt and for expenses fer rspss sad
The change the policy in 1888 led to the susp.n-
sion Of tho public works in l84l; and rho debt CO sm-
the financial condition OF The state gro y
ing cut Of the policy adopted In 1885, prodod tho
Convention Of 1896 which demanded by the people
to pro Tide some fixed certain scheme Of huAnce, by
which the debt tben pressing upon ths energies and
prosperity Of the state might b paid barriers
be against tho OF further debt WITH
out tho sanction OF the people and make provision fr
It's payment Il created and then, 70 provide for the
completion Of thoe great and important works OF inter
nal improvement. projected but unfinished. which,
when completed would to the State the means
OF further great public improvements and to the people
1t was confidently believed by tbs convention who
made and the people Who adopted the constitution that
such results bat tho stringent OF that article
were regarded by certain interests obstacles to the
speedy completion of the enlargement Of the osua
and Its plain simple and perfect scheme OF panos
suited to the accomplishment of that end Resort was
bad to legislative experiment Of circumventng tho
nues IN one lump Instead Of the surplus A. l. spcrss in
each fiscal year under the constitution and tue Law OF
1851 commonly known a. the nine million bin, sprung
h;bst ;S;,, tSn~rsi ~ ~ a,t =, nis.os =, ~
conflict with the constitution and Ats only fruit Tar
IL il the creation ~ al 6no Son ~
canal debt, In the shape Of canal certificates
che ncresse Of revenue from tb.se work, ~ ,rb,,.
Improvement has mot disspnointsd IN. Yssotrt,oss
Of their most sanguine friends It has increased nom
this wear Rnt this uneIamoled prosnsrisv IN Tia "a
cepts from the canals has failed to accomplish the
srgement whilo tho canal debt has been largely in
An lansn
In finance to ascertsn the causes rhiah have I'd
ths result and thsv ara snnsrent Tha in,srat nm th
doht n.;d from 1875 m No ;ncns.. sia son GOA ~
hss xhsnsted vsIv large .nonns 81 TIA r.ynn. ~
exnepsee al and ordinary ranais hsrs
1ssa and the cost os sn,nae,;nv M. rosa.UaS N
ali h78 Sc il 1sa6 to s154 a3s in is52 -'0A
II vi, 10 s.sn fom Tho tah,. -h;nh 1ol,o 49,. 49,
total recsnts Tor this scal vaa, hs.s ya,s h. sh
smount rrcsyed IN lShI Ssis oI7 "a IN 1ssI tha.
wors "a 100 Iaa II and IN rsso 81 no ;xr - ~
tha. 20 ;va e, anu ,'nsS tS ~ %. DOL
0I and dnrino IN. dscaI year ~ IsSS ~ - - &c
SL6 Col 28' Tiis amount was maid In ths moaths
~ octoha, and Noyanhs, isSI 80 ,,s
tbe to nontha .h;oh n,ecad.a ~ g. -
peeember when The law ntnr rslrosSs f-om tol.
for ty.nsnor,.for ~ frs,.h, tcoS Get IT, S
ioss ~ rst.nna 10 The nsnsIs hs han ~ NUN .S
oney.tior N this i.v Cannot =. .scs,t.,nad ,s,th
,asx AZ No r,nrns ~ faoht ,n.st% WIN Aoc M
roads ana which vonid bc sSh;t tn ,Ils ara -. Nd
hut in the onjnion Of tba Comntr or n !. or;t ~
nut IL at 5000 COO for this wear $3.50 -o y
Tho "surplus reyeuuesn for this war Amount Ia
S2g0 op0 e being 1854 Sa3 O5 below ast And hs
sromsirdsr OF The revenues vhich nv ths nonsnta
Ia applied he the Eric
to the work on the Genesee valley and Black Rvsr "a
nss after APPLYING ST $50 600 to the SINKING pupd Sr
REDEMPTION OF the canal debt the GENERAL Fund SINKING
Fund and support of eoyerpment Il thi. ssY orIs
1850 COO &c aesinst Sge4 432 OF for 1851 -
In estimating the remaindar,i for the current wear
there must be deducted $50 COL reserved from railroad
tolls leaving the estimated remainder for this year
S9aa 1Qs az II Ia this remsinder Of rcvenuas mo.
which the and lateral canals depend for their
completion M der the proyssps of the coustitution
of 1861 10 create debt Of 60 400 COZ
to be spped to the enlargement Of tho Erie canal and
tbs oonpleon of the lateral canals based mon the
sUmption that this rem snder of rey.nues would ne
amply SUFFICIENT 10 provide the mans Of eavpg tina AM
to e crestec hy that the reysnusa OF tns es.ss
Satisfying all the demands OF the Constitution created hy
tho rev, nth article
Asrenarder OF $3.50 ooo which j, all thu. IL rs,lz.a
4, this Next ear after ths passage az the nine au ia =
would be whey psuiciept 10 meat Che tsrest o, an "a
debt ana il Is tha the credit OF the
To Issued under the eou,d not bcep
tanned b. ed upon rem nnder :, small =, tns n ia
"a h.noa ,hst the raa f, A. ~ hs .auajs T., sb