New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-01-05


ssr complying with therst section, there shal oe SCI
spayf from the canal revenues, the sum Of S3sV'1 q
@spsIzg md % Pay ne in:eret ana "a The sun
20 be se apsrt for the psymens OF the Oeers %
dstt IN each hscs year Is to De nefessod 70 SIoJS
TO aid IN paying the expebses o. Ooyern,si ~. W
trS sec.ior Of the seTenth article drscs tnsi mere
shafl be paid Of The surplus revenaes o. tae su
Tor rbs: purpose, not exceeding s$lg'J, "a "a
year after complying vita the proysons Of me h''' @uu
r. .crnre he eonpIatOn Of our unfinished public
uf,ks req1res ths; the reminder OF the surplus IeT
snues of,te cansls shall IN each ascs yea, Dc aPpe1
10 tbssFrie Canal enlargement and the Genesee Faey
s1d plsek Piver Canas mt they are cOmpleted.
yyhep he purposes Of the Constitution shall o. se
eonopshed according 70 there arrangements the Ere
Canal Enlargement ard the Back River and Genesee
vslev Cspeis viii be completed the State Of New York
vl be free froa deht and viii oTn - miles Of canals,
viel6ipe lsrge revenues. which VIII BE unncUm
with debt, irterest, Or sinking fund accounts We
can then make such reductions Of the taxes On the
trnnsporfsicn II the products Of the country 70 market
a. may be necessary 70 crease Their sale ~ secure ne
commerce Ct the Western States and gve 20 our cit
zeps the profits Of 8 vat carrying trade
The mistaken ides is erertsined by many tlat NE
rit Of our Consti'uiiun j. hcsle 70 our pubic I'M
provernen's The MEMBER q the CoDsiit1t'nai Con,
ycDiiop, acted upon the belei nat sOuhd syrHH o.
finance was essertl % The successful infringement ana
eompe.or Of lie canals that toe inp'oviaen creaon
Of dsf not only eIbarressed the FINANCES o. ne ts
but ,lo DELAYED the completion Of the uuhnshed public
works The history Of our canals gives abundant proofs
Of the truth d tilese proportion
Before The year 49, The state ~ NeW ORR nai DuiS
SyG uIiIes II cansl connecting the Hudson RIVER viva
he PIE Ontario Csyuga ssnecs and Crooked Lskes,
and with the valleys Of the Cneulung and Sus1uehanna
Rivers Thk greet systern Of Internal improvements
cot only SllG52,G2 &C. lie hrst ana greatest enter
pyise he Ere Csnsl commenced m 1911 II ira
yer,ed q vast extent OF dense forests and pesenAi
swamp Great numbers Of labOreT were disabied or
deefrdyed by the diseases incident uncultvGted low
cyoun5s The coptrssf tore without the facilities
loved 10 many instances without the convenience al
forded by common rOads obliged 10 overcome the
numerous Obstacle with which they had 70 contend
sided by experience Yet this great work, 36i miles in
length connecting Lake Enc with the Hudson River,
cost only s., 1879 50
pable v0rxs and tho cxlinuishmeni the principal
mart Of the debt creItad Tor their contraction.
lust for pride ana conrstulsiion since tst tne
has been expended on our Csnals S2j3iJ 90.
~ % ~ a.. mud Tor interest yet The enlarge
%ept l. no, compleied -; nss cena'7 finished
Our hnapees NC embarrassed, and our resource 800
.nnished until We are threatened with an ncreare Of
direct taxation do not deem any apology necessary
for giving in detail my views Of the causes which have
produccd these disastrous reeul's.
Ibeye heretofore had occasion N examine The sub
ject ~ member Of the LeshlaiIre and Chsirman OF
the Committee Canals Az that time ~ on tie proc
ept occasion consulted those engaged IN building or
navigating our canal ior the purpose OF obtaining cor,
rect Information respecting their history Interests and
condition | have been compelled b. the conciua1n
,hat the prsciice If borrowing and expcndng large
sums oil money within shOr periods oil tme has been a.
once ruuos 10 them and injurious 10 tie public inter
este The effective application Of money previous %
1895 extended through period Of about eighteen years
The average amount borrowed or expended within each
year ves less than s00QOO0. Speculative eNciten 'uts
were not then created by proiuse expenditure cV-
,ravagant plans NOT ngendered by placing @eai
smcunrs al the disposal Of dsburrng agents loca,e.
were not stimulated 10 press for ornamental or ques
tionable improvements.
Limited annual appropriations induced nll 10 desire
sueh sppie alton Of the money would most promote
the great object Of increased facilities tor transportation
When IL wac decided in le1 20 enlarge the Erie canal
hwas proposed TO accomplish the work by the spphca
ton Of the surplus tolls without iesoriing 20 loans
There has been collected from taxation upon the trans
portstion Of property upon canals snCe that time
ths sum Of Ell "a 600 The expenses OF keeping them
repair amount TO 81 $4,000 The balance might have
been applied "a the completion u our public works If
we had crested debts involving charges for interest
and sinking Fund Sccounis II is believed TINT the bal
snoe Of so976s 90 If il bad been applied ~ accrued
from the revenues, would have inished the works the
estimate Of their cost was So, 1soe
UNFORTUNATELY the pru lent system Of expcndns only
our surpus tolls, abandoned The policy Of bon.
rowing 10 always adopted when money Be abundant
whom speculative feeling refyades the community
when exrsYAgsni plans popular, when material ami
tnhor are high si when the application OF money pro
duces the least effect This STATE Of affairs preyae 70
an uResambicd extent IN the wears 1879 snd 40
when under its influence and during that tne the state
borrowed more than $40 O0 600 for canal purpose sud
Incurred obligations IN addition, thst swolied tie sUu OF
liabilities 10 so li39O5 81 and created ih' heavy
interest account that has absorbed 50 much oi cur
revenues
The expenditure 81 these crest anonnts increased
the speculative spirit Of the times and caused the aiop
ton OF usclefy expensive structures the Zines Of the
Csnals The cost Of doing the work was swel.ci sul
more by putting large amounts under contract - one
time The expense of structures much greater
than u would have been under other Circumstances
The regularity OF the pursuits OF the industrial classes
WA disturbed great numbeu 81 abSFCrs were drawn
from all quarters who, when thrown out of employ
men by the inability Il the STATE 20 pay their employ
ere increased the general dtrcss The ull iorce oi
heeyils OF indebtedness felt n 'he mann o isil
wl,,r the state officers uusbe TO borrow m'nc,
TO pay the contractors. Tie WORK o. tAr Canals Wa,
not suspended by amere legisls;Ne sct The stock o
tie State could not DC sold ~ par or som mouths be-
fore the legislature of ls42 convened sud passed The law
., r.s,o,e ,he cre, al the STATE ana eli II 2, nav
the debts due 10 IL citizens
In some instances the contract lrs were compelled %
take the stocks q, the state az par aud sc them Ia
ket at loss Of 10 Is per The distress caused
by the lore OF public credit was not cOnnei d hs pub
Nc crctOrs Their emhsiiassnosts Involved Others ia
their misiortunes The labOrcrr who, Tcy ins 1n ihr
ability OF the State to keep is engagements hsd bu,
their humble cabins the hnes Of our canals, were
len Ia condition oi RESTITUTION and sUtciiu,. Tho acf
81 1872 passed 20 restore the credit 81 lie state sui
enable TO pan b. debt, and relieve TIE public cre
tore II twas bod and honest e9oTt 10 stem tie he oil
repudison that threatened 10 sweep away ihe chsglc
ter for integrity and honor OF many at the sstcs Of tae
Union.
itcsnnot be ssid our condition IN 1872 uss owing 10
the financial enhsrrSs-ueuts Of the time II The STATE
hsa not involved itself IN debt il woisd have been
beyond The reach Of peCutiary T"suissons lascnd o.
Increasing ihe distres-cs OF the iuneT mechanics end
merchants, BY borrowing the money they needed f
would have afforded them rcie by iAe annual eNpeni.
n0Teo of Ia surplus ead revenues thus swing employ.
mCnt 10 labor AID creas dCG sn3 og tde proi ltoas
Of the soil But the state lcN Nom is proper position
and in the place Of giving sid 20 i,s Clsns 5ccanea
competing borrower N The money nsiset.
Ia consequence q III Sbsorpi0a O. revenues by
sinking snGs Snd interest account. 4 unable %
avail itseli Of the low prices which retaed from so
e. lSiI. The snD0al expenditure ot to- fg- Icy.
should have has iR iA1se years q iis COR
rowed no money would have bcrn ot oivsa.s -
O. oOrGatnihei works while L would have gwen scs
sonaAle relief 70 cur citizens.
Il is desirable 10 have CONTRACT atas pic improve
menss taken by men whosc ski Snd experience euabie
them "a perierm the WORK anon terms favorable 60 the
Stale, snd YET proftshle 10 themselves Naea large
amounts sre borrowed AID expended within short
periods Of tne inexperienced persons i,ucc3 e.
leave their proper pursuits sd Spp,, contracts 70
e'aen' that such persons uosi be paid hgh prices
&c eempehedto Sppy &c the legislature i1r rclic! This