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

Investigation win show that Abe canal debt has mate
rally dmiDhsa the value Of real estate IN many local.
uss. ,
govs "a BY the the producsit
q Tie they ine xhAu-tsls; bat by shs do
rsnc tb, the markets OF The eastern otss, OF
OF The cen m. Toi.I word The extent OF market
and the 10 which can export our prodnc-
ti,ps a. p& nd spon th-r cot IN New York We csanot
fence ho npiortuns policy ve have pursued
vii o. prIr the vi To- markets; ou
1t viii oil bout soub5, sfecs seriously the eIport~tio on
fbs o,rot Of the cor srtuon n TO prevent rec ur
renee q tn- evil We have experienced to provide foI
the txpRllsIm snt ~ our debts and for = judcioas
y. ore. of aIr public ~orks.
nee the adopt on ~ the constitution there - bee
.rFaid'o ,h' enSre sorhs 50 70 VOC the .n,pu.
tell .sa 10 tbs pnfpt.e amounted, In 1881, to
So 1881 The LIZ .iaure passed Law to raiss
nine mills Of dollar the purpo.s of completing st
once q, finished pub sofks sad at
rel tv.d railroads rs the Heut OF tolls levied
TO protect the G nal revenues IL Gas ohec I'd 70 the
la~ OF 1881 tbs VII AUD tho letter sRd spirit OF ths
ccps utn sLo would produce the evils which 1t sas
ossgD, TO prevent, tina, II the In onsttaronsi
IL wouo iDjure tsus ry'tsD By bnrbeDDg II With
boDcssd Ierd.rpg cosiiDu.d taxation upon It's eon.
p.csssry that IN. .xptnse the worR would bs
increased b, putting 20 much under contact at ono
lime; tfs prize .srs high and tt- money market In
II ,t.d would b. under the iohnense Of
the lru IL permitted the tiucafes for the nonsv
borrowed b- made rho bHsis for bsnkibg, thus
v.pg he ndeb OF canals int bank bills for
eli culaiOp; THAT the amount OF the sAtes sho1ld
he .qu. 70 The uscts Gsde under the In while
be left for the pirop a. he works Is the bill pro-
poed Ito eel all surplus revenues" applicable to tha.
purEofe or the nent OF the nine millions raised
Inoer IT. p ovisions
Unfortunat.Iy, rhs Legislature reje,tsd . proposed
prosidrg that toe constif utiopsty Of tho
cud he desrU nso bsf contracts should be
or money borrowed. Cans. certificates for 81 so
CO p August D.cs mber 1851, at premium
Of efs then wne the stock OF tse State Of
inovB coIstu ionaily bearing the interest
mGDded = premium iarg'lR from nine to sixteen per
cep The contract var et 1t has been supposed that
or,p fsA n ~ nnffh Bha
asunptioD that all the AVIATION on the enlargement
would be Of he ssi-s ana cf bo description shich
bsvs ben The Yves. prices under the
nscs No slo~spce nsd- for The fact that BY the
terms Of tb,e contracts much higher prices to
have been paid for The quick hardpan that mig
DO sxcAvstec In the performances Of the work l. is diff
cult to estimate what amount would have been
required II he law bad been declared constitutional ;
tht aggregate Is vaIionsy estimated by different
engineers TO be from thir millions Of dol
lars Fer th- payment c che OF the work beyond
the to DE raied by ne Law Of 1901 there vas NO
left TIE plus tolls disposed o. until
The S9C00t00 psjd and the works would have
stopped resort have been had to taxation upon
the p. eple.
The is- declared to be rnconst tution,l BY the
bsheft judicial tribunal Of state. Justice requires
that he money rscSed from the certdcs should be
oed and that the State should pay fOe the work
done the The amount required for this
pnIpoe net he RAISED by TAX OF by subnittipg to the
people es auth"rzipg DEBT for Ibe purposo and pro
wa nv Tor the p., Of tbe and principal by
tax. according the provisions Of the constitution
Al honeh the Ia has b-e0 piooouoced uoconstitu
resources Of our canals
For the fiscal year ending September 80 1851 the
plus amounted TO Sr64 432 Tor tn. fiscal ending
Sept. nber 80, 1859 they less than S5t coo rum
sufficient hsye psId the interest The proposed debt
of nike nilion'. When tolls taken of from the
lateral railroads the 81 only de-
pIiv.d Of coDtIibu from that but the roads
becane liable competitors, and rendered
ceesary . reduction of canal tolls.
The honor add the Of the Stat Of New York
require he pie ion of the Ere canal enlargement,
ana he GeBeste Valley snd slack River csnsl These
enterpIisss have 10 nope Of their importance Tneir
completion Is demanded IL consistent with
judicious and economical application money The
eeded T. rpirb he Back River canal and in
provenert Is SPAS Ts4 20 complete thirty miles Of &c
pesee VALLEY cspsl Is 1859 coo Upon the Eiis canal
the locks squedncts and other structures, which deter
mine the future size Of tie enlargement mostly
pietsd The work ~hich remains TO BIS done is princi
pay the adaptation Of the channel work to tho size Of
these structures
The Csusl Boaro have directed tina. the old locks be-
tween Fort Boron and RI shal be ug AND
wened and ntrsc's have made to have the work
done during the suspension OF navigation that they
may be brought into the fret Of June When this
Is accomplished boat Of tie dimensions adapted to the
enGges canal can 80 nom Lake Erie 70 the Hudson
river When The new locks upon tho Oswego canal
route The nstsken IMPRESSION prAvsis that the work
which has been done upon the enlargement Is u,eess
until the entire enterprise Is completed and this Ia fire.
queptly urged for maspR debt to com etc
IL at crce This Ia not 70 The mpr ovements already
made have doubled the capacity Of the canal When It
wac inst built the boats used upon 1t carried
lese tb ian forty