The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-05
Dsurr.d for the bersa, OF the New York and Ers Rail

incurred fot the beIen OF The New OK ana S1o NALL
=
To sxnsuish the debt the 1T section Of the 7th
article OF the constitution directs that AFTER ps,iog the
Of rspairs there shall ON the
rsv.su.s 81 eapas in sscn n.cal year. 81 $4,000,
Ut til The art June 1858 from tasr time tia
OF 81 Tee eco each fesl sinsipg funt 10 pay
tie the praci pat OF the canal debt
ssi existed on the nTst DAY u jane, le4o
To pay the general fund dsbt Of the & ate thu "a
saeiie Of the b article provides that in each fiscal
yesr after coDpy with the st section there shalt De
tt apsrt from the canal revenues the scm OF $500 Ooo
sinking fund 70 pay he intertst ana rsde-m the
principal thst debt After the canal deb PAID the
b. set apart fer the payment OF the General Faad
debt IN bscsl 70 be ucrsa-ed To 81 300 ooo
To "a psyirg OF government the third
section Of The article dir. hat ih-re shalt Do
purp sum mol exceeding $40 900, IN each year
after cen pSing with The provisions Of the niss SAu "
coDo sections an,
works T,qu hat aindrr of the surp rev
Of The csiai hall in eSeb oscs' year De spped 70
the Bi. canal enlargement snd the usn-sse 'sey AMI
Block River canals until they ara completed
wh.p be purposes OF the Constitution shal be aocom
pin according these sIIansruenLs the Erie canal
tplsr..mept shd he Bl.ex River aod Genrs.e Valley
canals win be omplsfed The a'e OF New YORK will DO
ira. Il, dept and VIII S5S miles of yielding
large ,,y,pues sbich will DO mbered 18th dent
interest OF sinking fund accounts We then AXE
sch ,onon, ~ ns taxes on the tran of the
ot ucts of the country 10 market be
their sale TO the commerce az the
Wtern States sDd give to our citizens the prohss OF
vsft csrrying trade
The mistaken idea is entertained bv many that the
spirit Of orr constitution Is hostile 10 our pu oc in prove
The members OF the CONSTITUTIONAL CONVENTION,
acted upcn The hief that sound system OF finance gas
essential 70 the rctt@ipl and completion
OF the canals that the impovideDt creation Of dso NJ,
only srd the On Of the state but aleo de-
layed he completion Of ths unfinished pubic works
The history Of canals gives abundant proofs OF the
Eefore the year 1885 the State Of New York had built
six hundred and Atty Elk miles of oaral connecting the
Hudson with tb- Esie Ontario Cayuga seneca aud
Cooked lakes and vi the valleys Of the Chemupg and
enQuebsnna rivers Thir great system OF Internal tn
cot puly sll Is o62 &C. Us frat and great
\ ~ nr the HI 10 rom mA In
IL rayeisd vast extent Of denAe Tests AID ps-tiisn
tis s-smfs Grsa numbers Of sborers we're dsb'sd or
des,rty the diseases Incident 70 unculTsed low
grour d. the Factors vi bout the facilities now
joyed in many instances without the convenience af
obstacles Nth which they had 10 contend.
sced by exprnce Yet this great work three hundred
sixty fonr mus in length pecsing Lake Erie with
the Hudson cost ony $1l4S7s9 20
In 1885 the tuecessiD and rspid completion Of the ps
lie ~oTss. and the sxsisgnf hnsnt Of the principal part
o. the d. b. created their construction vas just oae
fer price and ccpgrstustien. Since time has
been expended capals s25 PAS 600 besides s7-
oe0 paid interest yet the cement is not Dom
plot.o. nor any Ne cssas hni,hed Oar nnspcss are
embarrassed resources dIinithed until 20 Ae
Threatened with Of direct taxation. lido not
deem apology for giving in detail nY views
The which have produc these disastrous results
have heretofore hso ocss.ion 10 ex,mne this .ub-
Jet member of The Legislature chair OF the
Committee Canals. Al that tim. Cd me present
occasion oopsui ed those gsged in guiding or nAv
faIg o car als foS the p1rpse OF Obtaining sorrec
Information respecting tn ir rgory ntsren and ndi
ton have been con PEELED to tho conclusion chat the
NY within tbor' periods OF time has beer at ruin
to Their al mi furious to the public interests The
through period Of abost eighteen years The averss.
amount borroxed OF expended sthn ech year was sss
than Gee Speculative eacits mems were not then
created by profuse nditurea n plans were
cDgeLdred by plscitg great amoun 81 the dspoes
Of cistursipg sgent; localities not stmua'sat
pres Tor ntal questionable mproven ents Ii
tied spLusl appropriations irdu,ed ali TO desire such
application OF money would most promote the
greet oe.c increased fsc ties tranrpolton When
~ H. d Ia Ait
proposed to plsh the work By the applies OF
the surplus rolls sithout re'orng TO loan, There has
bee collected from tsxAtion upon the tsptpor
time. the sum of SAL s27 900 til. expenses
Tie balance might have been applied 10 the completion
OF our public work. II We had created NO DEBTS in
yoying charges for tere,t and sinking fond accounts;
1t is believed that the basnce of s2s7oS eco il it had
been applied as accrued from the would have
nors.d me works tbs sstmate CT their cost ~as $780,
13i 60 Unfortunately the prudent sy.tem Of exp.nd
Eg only surplus tolls abandoned The policy Of
borrowing is always adopted when money Is sbandsut;
xkena speculative feeling p.svsdes ne community when
exravsgant pisns popular when materials labor
h'go snd when the application Of honey produces
the lea3t effect This stse OF STAIRS prevailed to
e1smpled extent IN the years 1887 and 40 when I'M
s influence and dur hat lime the borrowsd
thai millions pnrpoe@ incur.
ties 10 S107lS Soc Is and created the heavy interest
account that has sbsorb@d 90 much Of our revenues
The expenditure Of these great amounts increased the
pecua spirit Of tie times and the adoption OF
ueieiy .Inensve structure the lnes OF the canals
ting large amounts under contrsc ~ time The
pfnfe structures much greater than would have
pursuits Of the usustIs elsssss was disturbed great
numbers Of lsborsrs dravn from al quarters VINO,
when thrown ous Of employ BY tbs inability Of
Ssie to their poyers increased the general d.
ess he full force OF tbs evils n indss dness felt
IL the autumn OF 1871. when the State oc.rs
on the censs W. not pended " MRS act
The scss Of the cou not be sold par for
non,hs before the Legislature Of 1872 convened AID
q
bic IL 10 pay rhv debts due 20 It's citisens
In some in-tsnces the contractors we're compelled to
take the stocks Of the Sat- a. par and sell Jhsn in
k.ta Ices Of ten Or fifteen pr cant The distress
caused by the oes q pubic crsdi Vas rot ooaaned TO
Others In their miafortuns The lsoorers who relying
the sblr Of the State to keep Its .ngAgensas mad
bull. their humble cabins the lines Of our canals,
we're 10 in q condition OF csstituton and suTsrsg
fhe act Of e42 pssd to Tests tbs crsoit Of tne
lie creditors 1t q told honest effort 20 sten ire
tde q repucstion that threatened 10 szesp asay tbs
ehsraoer for integrity aad honor OF many Of tao 5sases
1t espnot he ssd cur condition in 1872 owing to
the financial emba rsssp.Bt o. tie time II tbs et>-
had involved s.lf in Is would have bssa be.
You'd reach Of pecuniary reyuloa. Instead Of IN
crsnsipg the Cir the farLsrs mechanics and
neIohsEts by Borrowing the money they nevdsd. IL
would have Afforded 4 rses BY TIRE annual Il
ture Of Its eufIu. canal revenues tons giving employ
men 70 sbcr snd GREETINGS demand for tina produc-
tons Of the re But the State f- from lie proper 20.
s.ion and in tie place OF giving ssd to ito eissns II
became con petirg borrossr 10 the money market
In ccnstqstDce OF tee aDorpion sf 10 revenues ov
sinking fuEds spd isterst accounts, il was unable to
svs s. CT the log prices ~nie1 pr.vIsi rom iSs1 10
ls47 The annual expenditure 4 tbs surplss rsyenue
Should bsve hsd in hot- IL We had borrsss1
money would ave been Of great advantage 70 our
fni he'd soIks While it would given reasonable
lief TO citiz
IL j. desrsbs Go have contracts the public Improve
nobts taken BY whose ski aDd exp-risocs ealbls
them 70 pertorm thu work upon terms favorable 20 t1s
State and yet probable 10 Themselves RhsA large
amounts borrowed and expended within snort periods
OF tins INEXPERIENCED persona are induced . lesve their
proper pursuits and sppy for contracts II ia svidsn.
that sucs ptrsops mus BE- paid hgn prces or bc com
PEELED to apply to the Lsgi-sture Tor relief fnis has
bear source ofoAe 70 the state sa1 Of great Evil ia s
glfi.on.
1ke system OF borrowing Affects njurioGsly The public
ntertr ia her respects More than $40 90 100 have
been paid r. the State for tolls IN addition the Of
trtrfperst,on b. thos. Hsirg oApsis sin-s 1875.
fhif weight OF tsxston has borne upon
the ducDg csese ana Dusnss interests OF the country
bad created debt for oaDa otbot poses