The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-26

an amount equal 70 the interest due that day Aa9
be kept in the Manhattan Company, at the credit q
the Treasurer Of the State until action BY the Legs
lature on the subject shall be had" was acceded ",
and the interest Is understood to have been paid.
oswEG0 CANAL LOAN.
Sections and 2 of chap. 50l OF the laws OF 1851.
provides as follows
under article TO- Of the constitution, the credit
of the State the Of two hundred thousand dollars \
n s anS ias sa ppd d.
rected to the completion of the enlargement Of the locks
OF the Oswego canal payable in the discretion Of the
Commissioners, at and after period not exceeding
The act directs the interest on the loan TO be paid
first from the premium received on it, and then the
interest and the reimbursement Of the principal is
made charge on the General Fund. Contracts are
directed to be made for the completion Of the locks
SO as to bring them into within six months after
a single line OF enlarged locks are brought into use
between Buffalo and Albany. The sum Of two hun
bred thousand dollars Of the money borrowed is sp.
proprated to the enlargement Of said locks. TO be
paid on the warrant of the Auditor Of the Canal De-
parment, within year after the passage Of the act.
and two hundred thousand dollars in the second
year, as the same may be necessary; " and when the
enlargement of the locks shall have been contracted
for any surplus that may remain over and above the
contract price of such locks, whether appropriated
by this or any other act, shall be applied TO the en-
largement of the Oswego canal; but the work on
said canal shall not progress faster than sha DC ne
cessary to complete the came by the time the en-
largement of the Erie canal shall be fully completed
Section 10 of article Of the constitution, winch
the act refers to as authorizing the loan, Is a.
follows -
Section 1O-The state may, to meet casual deficits or
failures in revenues for expenses not provided for,
contract debts but such debts direct and contingent
sngy in the aggregate, shall not at any time exceed
million Of dollars and the moneys arising from the
loans creating debts shall be applied to the purpose
for which they Obtained OF to repay the de0s 81
acte cd and In NJ whatever.
The sum Of $200O00 was borrowed In 1851, as d.
reced by the act but the additional 5000 000 direct
cd to be loaned in 1862 has not been borrowed. The
monies borrowed are on deposit in banks at an in
terest of four per cent payable annually, while tho
loan bears interest Of six per cent payable quar-
tcrly.
of the locks directed by the act and drafts OF the
Canal Commissioners for payments chargeable to
repairs, have been made during the year, to the
amount of $62,717 45
Act chap 2G2, Of the laws Of 1847, directs the
rebuilding of the locks the Oswego canal and set
apart, from monies not appropriated or touched by
terest to accumulate upon it, to meet the difference
in expense between the cost OF locks OF the old and
of the enlarged size The constitution, section Of
article I, is understood to direct the ordinary re
pairs OF the canals to be paid from canal tolls. 1t
has never been disputed, | believe, that the re-
building Of lock on completed canal is an " or
dnaly repair" Under these directions of the act OF
ls47, and Of the constitution, and of act chap 343
100000 and of act chap $50, Of the laws Of 1852.
which makes an appropriation for the ordinary re
pairs Of the canals, have paid the drafts Of the
Canal Commissioners from canal tolls instead Of
paying them from the loan Of 5000, 900, as contem
plated by the act of 1851 consequently, as has been
stated the loan Of 100000 remains on hand, and il
am correct in the course have taken, with the ap.
proyal of the Commissioners Of the Canal Fund, and
# the rebuilding Of the locks Of the Oswego canal
is like the rebuilding OF locks on oil other canals.
ordinary repair payable from the revenues Of the
canals, and not an expense not provided for and
for which debt may be created-the 100000
which is deposite in banks at four per cent, while
the loan pays six per cent, at loss to the State OF
more than "a 600 annually, must remain on hand for
an indefinite period unless some disposition OF it
shall be made by the Legislature
| LOAN ron CANAL REPAIRS.
| Statements Nos. 8 and show the receipts and
payments on account Of loan made to provide for
extraordinary repairs and improvements Of the
The act is in the following words =
An act to provide for extraordinary repairs and improve
ments Of the canals Passed April II, 1919 three fths
The People of the State OF New York in Sc
! ma ns.- and Assembly, do enact as follows =
Soc Che sunc "f-afis thousand dollars, out Of mo-
MES to be borrowed under the provisions Of the act en-
titled An act in relation to cons upon the can taa4
and expenses not provided for hereby appropriated
for the purposes Of said act.
The act to which reference is made is in the fol-
lowing words
An act in relation 10 claims upon the canal fund and
Tie People Of The State Of New Yor represented in Sc
nate and Assembly, 10 enact ~ follows -
Sec ]. If the legislature, the Canal Board Commits
soners OF the Canal Fund on Canal shah
at any time, by virtue of constitutional and legal auho
rity invested in item authorize require the payment
OF of money out OF the canal fund for any pur
ose connected with the canal expenditure to which the
rct enues a the canals not applicable under the
str.con Of the constitution the Commi ssoners Of the
Canal Fund shall he authorized under The 10th section of
the article OF the constitution to borrow such Of
money, payable in such time not exceeding eighteen
years. and bearing such rate Of interest not exceeding
seven Ter cent annum they may deem most bene
fetal TO the interests Of the State and the Comptroller
shall be authorized to issue stock therefor in the manner
provided by law for the issue of stock in other
The sum Of $4,000 only was borrowed under the
provisions OF these laws, III lS49, for which stock
bearing an interest OF six per cent per annum, paya
BILE quarterly, was created, redeemabc in 1865: The
sum OF 50 400 was received as premium the sale
OF the stock Interest on the $50 000 for nearly two
years, was paid from the premium. Under act chap.
$780, sec. D. Of 1852 the balance Of the former year,
and the interest for the last one, was paid from the
General Fund out Of which it must continue to be
paid during the life Of the stock 1t presents the sim
gular anomaly Of debt created for the repairs of the
canals which is treated as canal debt but the in
terest on which is paid from the General Fund. The
balance OF the lean on hand is only Sc 435 SO. The
surl is small, but, with the clear conviction have,
that by the provisions OF article of the constitu-
ton, all repairs of the canals and all necessary canal
expenditures, to be made from the canal revenues
and that debt cannot be created for these purposes
without the consent of the people have felt disin
cined TO apply this balance in that way, and call
attention to It merely that may have advice az to
the disposition TO be made OF it, it is not probable
that any more debt Of similar character will be
created. Respectfully submitted.
g. w. NEWELL, Auditor.
FUGITIVE SLAVE CASE IN PHILADELPHIA
On Saturday morning hearing took place before
Commissioner Ingraham, of Charles Wesley young
coorcd man about twenty years of age, charged with
being fugitive from labor. His claimant is Gideon
y. liotlwen, OF New Castle county, Delaware, who
claims to hold the ALLEGED fIo;tiye undar lou,o