The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-01-04

securities pledged for the rsAsnpsioa Of their scss II
h evident Inst thsse profits must b liied either By ~
dicoss restraints By multiplication Of nkA which
will erdADger whole financial system No bstter or
safer plan can devised than that which requires the
highest and bss security for the bill holders And
eate the Of new banks and thus initiate
the currency Of the country Although the iscreAss Of
bnsinsss males more capital In oost uctns
largo proportion Of the Indebtedness bssks ct this
time and the great amount Of bills In circulation,
the results Of speculative rather than legitimate business
The stocks Of tas State and Of the general
have va ne In the commercial markets of the world
and win Therefore furnish security for the redemption
OF the bs nj periods when suffer from financial rsyu
wbils the stocks Of cities, having only local
values ard markets, will b affected BY the
oinsd TO admit Of the Of cheaper and inferior
rites ey will Of be selected deem 1t exceed
ns bazsrdous At this period OF speculative excite msnt
and recuniary panson to diminish the security OF the
bill holder Increase the ,ves for the estA bsh
ment Of banking in' tiutons, which already multi
plying to unprecedented extent.
the constitution Of the State shall be amended for
the purpose Of borrowing mosey to b expended
the canals there VIZ BE- An additional amount q STATE
these securities, while ths treasury q Tie STATE viii b
benefited BY the additional premium on the stocks
Irecommsnd . Modification Of the usury laws In
o. ss Of thu
and sord and In numerous instanoss they valu
able purpose But the severity Of tn sse laws frequent
Is now the financial csntrs of the United States - It
VIII ultimately become that Of the commercial world.
indirect measures in their monied transactions are
tended With great evils and embarrassmens to oom.
believed ous present az. y. may b
tion they are designed to afford agaast sxtOitoa asd
oppression
the commerce Of the city Of New York, that the
eroschm:nts BY piers. which have been made upon the
dmns it, and make
1t inaccessible to large vessels The subject 10 one de-
mapdng your attention. - it Affects not only the inter-
that city but OF the entire State aAd country
The control Of the harbor Of New York. the title to
its sxpanse belong to this State and New Jersey Its
mentsths point from which the productions Of our
country tent to foreign domestic markets The
people of the State deeply In
convenience and security for the purpose Of acconmo
dating the commerce Of our state and nation recon
mend the appointment OF proper commission to be
posed Of capable scientific and impartial mel. to isves-
tsate this subject and report to Of their
Inmv annual messsge to the last Legislature called
the attention Of that body the state Of
canal 6nances, and of our public works Al that
time there estimated to be due to eonrastors and
for land gsa than $500 GOO For large share
Of this amount drafts had been made the Auditor
and protested the want of funds. This alike
For the purpose Of paying the debts due 10 the
tractors to prevent . suspension OF labor our nm
hnished canals and to secure their completion, urged
egsstuIe provide for the payment of the protest.
drafts and for other pressing demands and thus relieve
the surplus revenues the liens which these hsb
ties created upon them; also advised appropriations for
immediate on the Erie canal and the sdop.
ton Of to secure the completion OF our unfn-
ished public works BY the establishment Of system
which would the application Of ct least 81
annually for that purpose suggested that this sum
could be secured either by taxation by loAn BY
amendment to the constitution
The condition OF unfinished canals made 1t very i'm
i'm mediate appropriations should bs made
for their benefit. The esnssss Valley and Bl.es River
canals were nearly completed and small expendt lures
would bring into use long lses OF navie alton
also sIIreased an app ehenson that there would %
uples improvements should b made In its channel to
facilitate the passage of boats and enable those de- signed
want Of vessels oeeasorsd by thdecsy and destruction
of those heretofore In use.
On the 9th Of April last e no measure %. the relief OF
Legislature and its session drawing to close,
sent Communication to the Senate and Assembly, call
soners and the State Engineer and urging that the i'm
mediate completion of the improvements which they 70
security Of the Of the Erie and Oswege canals
also advised appropriations for the Gsnesss Va ley and
Black River canals.
laws sry for the of tho faith of the
State and essntal to the public welfare OF making pro
vision the continuance completion Of our canals,
the power entrusted to by the constitution
convened them the day after thsir adjourn
ment advised the oontinusncs Of the session for few
DAYS swhe important subjects Of legislation yet
familiar to them, which would enable them to perfect
demanded By ths public good and thus prevent
the necessity Of renewed EXAMINATION and discussion
1t future day"
the concition public works and the
of their finances urged the imp ,rtance OF making Inn
mediate appropriations to secure essential Improvements
in the Erie and Oswego canals % their commerce. would
Be seriously obstructsd unless the improvements sug
rested In annual message, and recommended BY the
Canal G. mmissioners and the State Engineer in their
ports to the Legislature should bs made at ne earliest
practicable PERIOD These Improvements would 10 NO de-
gree conflict with her proposed snsrgcmsnt on the con-
trary, they would hasten that result BY increasing our
domestic commerce. chsapsning transportation, and aug
mentisg revenues.
the csens living slong the unfinished portions Of the
Genesoo Valley Black River canals unless mediate
appropriations shoud b. made towards their
amendment to the conittuton, reported to the Assem-
bly,, which wsuld enable the Lsgsasurs TO borrow
s piE: ~ would amount to o. scoesO ' -
Prolonged discussions were had upon thsss subsets
s Wa 4a''.a sa: the a s.
So2 le7 II to the payment Of protested drafts for the
amount due to contractors and land damages the
canal snsrxsmsnt Il. Black River Gsnssss valley, Cay
uga and Seneca Champsin and Crooked Lake cAnals.
The conflicting views between the I've branches o.
conference and amendment to the constitution
parsed which requires the Lgsaturs to appropriate an
nuay for years mot exceeding g. 600 fer
enlargement Of the Erie Osvego OsyugA and seneca,
and the Of Black River and aenesse Valley
canals and for the snlargsnsnt Of the locks en- ths
Champlsin canal.
win be pledged for payment Of any debt created
der Il; the stock will therefore command premium of
about twenty Per cent than obtained for the
canal revenue GARTH issued under tbs Law Of 1851
or BE- obtained for stocks sosy predcated
the surplus II II also provided h IT the o.
tracts for the work and materials shall b made with
those no shall offer to do provide the same at the
lowest price, with adequate security for their perform.
Anoe. IL
A the proposed amendment was agreed to With ~
markable unanimy BY the members Of the last Legis
htsre representing all portions Of our State and -
measure Of compromise between conflicting views and
sentiments recommend its adoption by ron, and Its
subrssn o. an early period II this II done, and the
at s present session. pass the laws necsssary 70 carry
out III rsquemsnts rhs condition Of our canaA rem
ders 1t exceedingly impotan that 0xed and dsnniss