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

.u.ss 70 inset u. wants Of IN. .e. because Il the
pacy for larger boats. rendering those Of the old sss
com paratvely uselssLn
The necessity for an improvement in the channels Of
the Erie Oswrgo canal IL made urgent BY the
fact that during the last tumnsr line Of enlarged locks
between Buffalo and Albany brought iato uss and
the locks the Oswegs canal viii BE- plstsd
Boats Of the enlarged sse have aady passed through
the Al from Buffalo, carrying 100 tons aud sgrsat
Der Of this class of vessels win BE- built In the course
OF the year. they placed the canal In lite pre-
condition, they will Djuriouy obstruct is oom
neros proposed in the hrst instance merely to
they would admit OF the passage Of boats OF twenty
eight feet longer than those in Ny predecessor
in his to the Legislature In 1851 states that "ths
lengthening OF the locks rendered corresponding On
largsment OF the sections necessary than before"
These locks have mot only been snsthened oontsm
plated At that time; but they have also been wdsnsd
boats will not b able pass each other most parts Of
the canal Tbs loss to the revenue which VIII be occs
stoned BY the detention Of boats and the diversion OF
commerce will exceed in single year the expense Of
makir the required improvements.
River sna Gsns..s oSn. m.
amount il required for the purpose. and feel that
due TO the ezsns interested IN these works that they
should immediately be brought into complete use The
appropriations made to obttruotions from the
channel of Of the rivers In the thsrn part ofths
have proved beneficial in other respects commend this
class Of TO your favorable consideration
The opnio. entertained BY many that the commerce
and that the capacity OF the enlarged canal when com
plstsd will be great that It 10 unimportant how much
u expended upon IT, This mistaken impression II ealcu
lated TO do great mischief The Of the Western
States II indeed Of immense value and extent and It Is
difficult to esnats its nc'eass whea the population Of
the valley Of the Nssis shall b doubled. No
be deeply Impressed than Am With the importance
Of this carrying trade to the State Of New York 1t ID
business and wealth Of commercial emp rium and
makes the centre Of the financial transactions Of the
believe the great natural advantages Of New York,
arising nom it, geographical poson and II: contro Of
the natural Of trade between the valley Of the
Nssippi and the East have mot heretofore been appre
ciatsd Neither do undervaus the snlagsmsnt the
advantage it viii afford 70 commerce The honor and The
interest Of the Stats OF New York require it, completion
AID that Of the other public works. Bat II must b
supposed that In their the princinss Of
economy can b viol.tsd with impuny Any system Of
fAvorsm to ward individuals localities any neglect to
loans upon the most favorable terms and to
pend msney in the most judoious win b attend
ed by cskmtous results. The canals belonging to the
State Of New York no longer monopoliss Internal
commerce Hereafter they must compets not only With
rival routes in other States and that through LAKE On
energy ~ skill OF its own citizens.
The reports Of the railroad companies win show an i'm
height Many entertain the opinion that they will in
few years to great extsnt divert commercs from the
canals do not concur In these vews but they should
prove be would be OF great value
trolling the rates Of portAton While they in
good order, anc under udcious management, combina
tons cannot DO successfully formed to the dstrmsn OF
the public interest
Our pubs works require constant watchfuine against
expense Of construction and management
Every dollar unwisey expended creates injurious tax
upon their commerce While expenditures ju
dsiously applied viii Hnish system OF internal nav
Of our canals the amount proposed raised
by the amendment to the eonsd uton will BE- expended
without ehsctng thsir ecmplston, leaving them sncum
bered with increased debt and heavier charges upon
them fer interest ~ sinking fund accounts.
The history of canals prior to 1885, and since that
nomeai and judioious application Of modsrats SUNS Of
money and how little Is effected BY profuss expenditure
Before u: y:.r 1885 the Stat. Of New YORK made $50
With the Eds, Ontario Csyuga. ssnsc. and CrooI ed
lakes at costet only sl $50 et2 90. The Erie canal
$7,5,7S &c. The successful completion Of the public
works In 1885, and the sxtnsuhmsnt Of the dsbt created
tisn None Of the works commenced since that time
have been finished although than $50 600 600 have
been expended upon thsn These facts show that the
sficisrcy OF appropriations depends less upsn their
amount, than upon the wisdom, ssonomy and fidelity
with which they are applied.
Wten in 1885, the stats officers advised the enlarge
msnt Of this Erie canal they stated that the met pro-
ceeds OF ths tolls for 1885, 1885, and 1887 would pro
badly be sufficient to pay the balance Of the debt and
meet the endorsements the contracts for doubling
tbs ocks And "ster that psioi the net prosssds Of
tolls would b funicsnt meet the disbursements
hsv pg recourre to new loans for that purpossn II
their policy had been adhered to our canals would
be plsted Beyond keepog them in repair since the
old debt paid there has been received for tells about
$S2 000 the whole Of which mig applied
to Jublic works If had borrowed money. This
amount wouF not only have completed them but they
WOULD have been saved from any suspension, for the
State would hAve{been beyond the reach Of financial
vu]sops whs 1t expended only Its ample surplus
ues Their disbursements, in periods Of pecuniAry dis
tress would have relieved citizens by giving employ
ment to labor and State would been
citizens of delaying payne It's contra ctors
conpang them TO take par it, stocks whom they
were selling In market 1t discount ten nftesu per
cent
In contrast with the condition which our canals and
their finances would have Ihewn II we had adhered to
the views Of the State oosrs in 1885, 6nd that
plbie work since that time been anahed
And our canal debt now amounts TO 81, 900 900.
The surplus ,svsnuss Q. our canals devoted y Tie
for the ssA year ending September So 1855 to
qures that the additional Of $500 600 on rsvs
Duss sha Be applied for the sxtngushm Of the
lifting asht uni.ss there sh. b large increase II the
sha b materially issssnsd thsrs win b money up.
pcahls 70 thsm in the proposed amsndnsot to
the cons1on s adopted to the payment Of interest On
II the law Of 1851 had not bssn declared unoonstu-
tonl Il would havs failed !. h OBJECT The loans 70 b
rsvssues Of the canals The certificates, which
seM to the amount Of 81 0o0 produced 10
the State bearing came interest and payable about
the same time, selling 1t premium Of 16 per cent
s . :'p1: o. the s
little than year from this time the cons .utonal
provisions viii absorb this surplus and $500 annually
In addition.
The aars TO dispose of the revenue certificates would
have rendered It neoessa TO suspend the works under
that law, and our canals would have been burdened with
incrsass Of indebtedness without Aording any add
tsnal facilities to navigation. The proposed amendment
to the constitution guards against any failure TO borrow
the amounts needed - the bonds viii be based upon
the credit Of the State; and shouh the surplus
b nsusient the holders will be Of the
prompt payment Of their interest and the ultimate pay
men, the principal the stocks Of the State continue
to bear the premiums which they now command In
market the saving BY having them based upon the pub
Lilo security instead Of limiting them solely TO the surplus
revenues, viii amount to about 81, 000, 600
The condition Of canals 1t this time demands e.
psndures upon them beyond the cunt Of their
revenues II the i'm provement which have suggested
shall b mads 1T once and any further diversion OF their
business prevented, and the money which shall be APP
Piled TO their completion shall be judciousy sxpsndsd
md stringent ADOPTED TO diminish the
psnss Of keeping them In repair their net revenues may
b far increased prevent the necessity for any
sort to TAXATION account Of present indebtedness
that which we may create for the benefit Of our
npi he'd public works.
The last Legslaturs adopted efficient measures 70