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

The reputation and interest of the state require that
immediate provnon he sde fo this balance Of S25 0oo
portion Of the is due TO the creditors
OF the State many of whom hold drafts the Auditor
which have been d. honogtd for the want Of funds. The
residue 70 mako LdpsDssse improvements upon the
canals The OF ~ to the money necessary to
meet these pressing demands is to impOse tax .hch,
win thst levied for the support OF the government,
viii smeun to about one mill on the assessed valuations
Of 1851.
deem it Of great mpor lance to secure an application
Of at least one million Of dollsrf annually towards the
COM the Genesee Valley Canal the Black River
Canal and improvsu ent and the enlargement OF tho
sbspI els Of thu E,it and 0-weeo Canals This will in
abort period Of time effect the desirable objects and
lie the the line Of the Eric Canal
arising from insufficient supply Of water and narros
carry their full loads Of two hundred and forty tons
MANY peDsive works Of convenience be post
pop.d UNI th-se essential points gained odicious
apl cation OF Fix millions 81 dollars, sim ne rly equal
TO The original cost VI building the whole Erie Cans
pended In equal annual sums, will effect these great
sbjects.
it impossible to estimate With any degree accuracy
the amount of the surplus tolls during the next six
yesrs To ensb the stAe to make annual expendi-
ture Of one million Of dollars canals. it will pro
badly he to raise in each from some other
s ut 100000 in addition to the oun Of the
surplus tolls.
Different modes have been proposed TO raise the
necessary for the prosecution Of our public works The
pose; 1t nav borrow the money under the provi-
sors Of the twelfth section OF the seventh article OF the
Constitution which require that an aanua! tax shall be
imposed that viii pay the interest and redeem the prn
cpsl whiting eighteen years from the time Of the
traction Of the debs PROPOSAL to xacnd the coDst
tuition may BE- submitted to the people WHICH by the
terms Of The eonsitu.ioa must be sgreed to b, ma
ogity Of the members eleced each Of the two Houses
Of two stnct ana consecutive Legislatures and then
submitted to the people for their approval and rafca
ton.
Objections exist in the minds Of some any changes
Of the financial provtions Of the constitution rs
they spprehsn's that they may lead to the impro
vidant creation Of further debt postponsnent in
the TINE for he psy&snt Of the existing debt.
II any amendment Of the constitution shall b. pro
posed by the Senate and Assembly to enable the Leg
Ature to borrow money TO complete our canals IN the
suEges ted 1t should conform In all respects to
the provisions Of the constitution relation to the psy
mept Of the existing by requiring the
tn sn sa,
frtm The time Of its crest,on and II tbs surplus tolls
Should be i'm uent fer the purpe.e, that the Lesss
The finances Of the State not In satisfsctory
d!ton In 1914 the state had fund applicable TO the
ha, spent and debt created which the Jups,
1916, amounted 10 So 1872 $40 50 To extingussh this
debt the constitution provides that the Of $3.50 900
ebaD be set apart from the canal 6nkins
fund to pay the interest and redeem the principal OF the
general fund debt including the loans to the railroad
companies. After the canal debt is paid, the sum Of
$4,000 TO be aside In each year that purpose
1t was svicently the Intention Of the convention
general fund debt ~ 1t existed the lst Of
June 1s4e. and 80 to arrange the sinking funds
that their annual application would pay tho interest
ls4o the Legislature made loan for 1886 600 TO pay
alleged indebtedness Of the general und TO the canal
hdde0 tDR amount 20 the principal OF Inc
raj fund debt Other losns made a. the same and
the preceding session amounting tn $3.50 $40 81 which
added the principal Of the canal dsbt The
sttutior Atty Of these loans has been Asserted and
troy.rted in official reporta Without inquiring into
their proprety at this ts 1t Is proper for ms 20 state
the time within which tina canal debt can Is raid and
make tie Of Se50000 set apart psy the interest
and rece the principal Of the gsneIs fund debt made
quste TO the payment Of the interest Instead Of being
diminished this debt Is increasing by accumulation Of
interest the Of interest the $3.50 Ooc is
pay the expenses OF government THEREBY cssened
iscrsas.d direct taxation Is made necessary
The amount borrowed BY the State since tas adoption
OF the corstiu ion In 1886 exceeds the amount OF debt
peio by the sinking funds.
spps arr from the report Of the Comptroller which
will BIZ submitted you that the expenses Of the sao
fer the fiscal year ending September 90 1867
exceeded it revenues shout $4,000
The report Of that ocer will show the character OF the
expenditures and the necessity for their reench
1t II believed that many charges upon the treasury be
OF dniri,hed Unless the exp OF the Stats
tutions Of learning, and a.yums for the unfortunate
subjects CT mental and physical rrn tiles or 1t must
ersss the amount Of taxes imposed for the support Of
A strict regard for economy and the mandates
Of the organic law src Of vital importance Ia repuoli
barrier erected by the people for their own protection
against ipjudicous Injurious l-sirlaion Inc
sttution Of the United ssates Is the bond whish holds
tg-,her the independent States Of this
fecsrscy enabling them 10 form per feet union
estabh justice snsure domestic paqnlii.y provide
the common adene" promote tn~ Bers Welfare eld
secure the besisSe Of ibsrty TO and posterty
Under the terms Of this pact the different states OF
th- Union occupying . territory nearly equal 70 the
whole Of Europe have existed Ia harmony withstand
ing great dverrisy In u cir condition pursuits slimite
pro ductens and d. mettic institutops We Dsrpst
uts Union only BY strict construction Of TIA oonss
tuition Of the United states and by conhuiug the acon
Of govInmsnt TO thofe subjects des astea 10 the
pact o. union and ~hich are Of common interest aad
value 10 all portions OF this great oonfederacy
The Welfare OF btste and ns,ton will be best pro-
mot-d by rigid nomy in the conduct Of thsr Affairs
and by strict maintenance OF constitutional Law.
H0RArf0 SEYMOUR.
ALBANY, Janvsry 4, 1854