The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-27

punish them for contempt.
After further debate. the resolution laid the
ble and the committee discharged from further
sideration of the subject
Other business. not generally important was trans
acted when the Senate went into executive session
NEW YORK LECsIsAATURE.
scnnte.
ALBANY, March %, 1855
BOwERY AND THIRD AVENUE RAILROAD. ~
petition presented in reference to the opening of
the Bowery and Third Avenue Railroad.
THE SIXTH AVENUE
Mr.. BRENNAN presented petition In relation to the
opening Of Sixth avenue.
PROPOSED AMENDMENT TO THE CoNsrrTUroy-spESu or
MR.. M'MURRAY, ErC.
The special order being the constitutional amendments
Of Mr. Vanderbilt Mr.. McMURRAY (dem) being entitled
to the oor reviewed at length the positions taken by
Messrs Vanderbilt and Cooley He stated that he would
show from the whole history of the canals from its ear
lest period who had been the friends Of tho canals and
under what system they had aourshed He alluded the
custom of the imaginary country Swift saw where when
project formed the foundation of monument was
aid If the trial of five hundred years proved 1t to have
been wise, the monument finished Tho visionary
friends Of the canals begin but do end their
On one side Is an expansive credit system speculation
in contingent events draft posterty whose motto is
Get all you borrow, and spend all you get On such
propositions the Cintons did not act No such syren
proves this Even when from the Hudson to Lake Erie
lay wide wilderness, they meved surely. Even tn an
uuer tnsy Thew Sroaohed mo- eso o0o or
twenty million dollar debt Did they proclaim how great
the State, ard how easy the specuations That debt
necessary to prevent the trade from going to Mont
realp No In calm sagacty, careful and cautious,
they they laid tax to provide the means Good
honest men, they had not learned the blessing Of
speculation with the extreme tension Of the cred! sys
tenn And this policy ried forward stop by step
While they did the work they laid tax. Whenever
loan was ordered-as in 1915 1SIo and lS2l-a
ordered At period there higher amount raised
in any year than two millions Of dollars, and yet
since the inception Of the enlargement greater argu
has bcea in beiug than existed during the original
bailaag Of thA Teansls, for q sudden rpasmcdic
wisdom presched here by the Senators from the Frtand
Second dirrict-Messrs Cooley and Vsndsrbt-was not
that Of De Witt Clinton and samuel Young They
not for the expansive policy-the debt paying policy
was enough for them How fortunate for the canals
for the people-for us--for posterity, It. that
the good and careful of the old statesmen of the past
iu n direction right. The canals building
from 1917 to 1875 and when this vast work done the
Had not the policy of the builders of
this work. the debt would have been beyond ten millions
of dollars How different would have been the result If
the pclcy OF Senators Cooley and Ruggles
and Sevard-had been adopted suppose the whole mo-
ney had been raised at against contract
or-provisops ncr money borroaed The original
ca nal would have cost f,om fifteen to millions of
dolaE-or about fifty per cent more The debt and its
interest," would have broken down the public credit The
Y
did Mr.. Men. then reviewed the financial history
Of the State ahd characterized the period Of 1896
those passages IN the history OF the state when specn
lators held undisturbed sway, and everything built
up out Of nothing. Michael Holman and William e.
Bouck recommended to the state to pay cash. but the
Patersons and Ruggles. Stewards advised the debt
Icy They endorsed by Senators Cooley and Van
derbilt. These the new lights in finance. II
momentous crisis and when the principle Of truth
departed from the embarrassments of the State COM
meDced. 1t wa legitimate deduction from Mr. Rugges'
proclamation that the treasury was full In 1892 Gov.
I'd mo lnfn nn00f NIL I'm
achievements. From such beginnings, the downward
OF ruin easy Debt rolled and rolled up in
minisiration.
(some conversation passed here between Mr.. Upham
and Mr. McAurray in relation to the condition of the
debt during the administra ion Of Governor Seward
Mr.. MCMuRRAY continued saying, when Governor Sc
ward went OF Office he made long series OF apollo
gies and he thought the Senator from the First made
OF the same that when bad boy gets into
bad scrape he makes ali kinds Of apologies to
whipping The public had astonished the extra
ordinary statements made by the Senator from the
Frst-his bold attacks the principles OF the demo
cracy-his sneer at distinguished democrats-even at
the Specie Gl cular Of Andrew jackson. This assault
the democratic party and its leaders
Mr. Men, then proceeded to defend the Legislature of
1912 som what he alleged the assaults OF the
from the First The democratic party for that Legs
lature selected their best whose experience had
been the greatest and the best Need he refer to Dix
and Stetson and Iooms, and Cramer and Rogers; men
who had been prominent in larger field OF action: who
had been honored by positions in the Senate OF the
United States and of Congress Is Legislature formed
of such men to be as an asscbage OF foolish
men9 And he denounces the stoppage of the public
works foolish precedeHct in his opnou-a most i'm
of the very highest authority-men like Galatin,
and Newbod, and Lawrence, and Palmer-men Of the
highest position as bankers and fnanciers;
Mr. CooIKY. (dem III have not assaed their charac.
ter or that of any one ehe.
Mr. McAIURRAY then had the Galatin letter read by
the clerk. Mr. McM II think have given authority
as good as that Of the Senator from the First
Mr.. CooIEy-I thank the Senator from the Third for
having produced this letter. 1t fully endorses and ust
6cat the nosition I took.
Mr. McMURRAy continued, ia vindication OF tho stop
law Of 1912. 1t period when private individuals,
stimulated they had been by the impulse system,
could not with the best securities raise money Was
this time to send the boEds OF New York into Wall
street TO beggar the mercantile community Was New
York State to be rival to the suffering merchant
and mechanic And yet the Senator from the First
blanes because the Comptroller not sent into Wall
street TO pick up what talsts had left 1t would have
sent the State competitor The Legislature of 1912
did not stop the public improvements They found them
stopped They only made provision for fixed public ne
cesy and for this state Of things they made provision
The laborer had his spade but the state had money
to pay him. The Legislature Of 1S stopped the public
improvements The Legislature of 1912 took the state of
things they found IL. The election of Governor
Bouck in 1872 proved that the people justified
that. But II useless to quote this for the ed
his one man power 10 defeat the action nendea by the
people, in the majority which they gaveat the last fa
The senator from the First sneer and scoG at the
Legislature Of lS42 at Michael Hoffman, cat may look
at kng-a dog may bark at the moon. The indigna-
tion If outraged people win follow him who traduces
the memory Of the honored dead He lMr Men would
not with hi, memories Of the voice Of Michael Holman
his manly formhis hairs falling down on his shoul
dershe silent crowd listening eagerly to his eloquence
he could not remain patient and silent and hear the
eulogy upon Edwin Croswe, witty coadutor of the
hofmans that day lie with his press-they with their
party He claimed consistency In truth and was proud
Of H. In 1912 he had indicated this policy. Hc could
not follow the tcrsiversstcns Of Others, who, mark IT.