New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-01-04

ns ;,.I Grated last year was sli $50 swelling
The ,rn invested in banking TO sI66sa0S This exfrso
Jn,r rcre ass far beyond the propoonse growth oil
tbe hu,ipe,s Of cur country and occurs AZ time when
re atoms Of gold from California and other sources
meet uorton Of the demand for circulating ulediana
sreet number 81 banks have recently been eese1
in The different States Of the Union This e1rraordnay
eIransicn of currency indicates highly sPscEA,ve
rendition of financial affairs which unless checked N que
season vii terminate in disastrous revulsions
deemed Il ny duty to return 70 the lss Leglslsfale
Win NV objections it becoming alsw, bill which pro
need 10 admit the stock Of cities under certain restrictions
10 be received by the Superintendent Of the Banking De
rartmeut a. securities o the redemption Of bulls for circu
lstion - a., ,..,
legislature 10 restrict the power Of municipal corpora
tors to borrow money contract debts apd loan their credit
Ii this bill should become law IL would cause demand
n the stocks Of our cities add largely 70 their value 10
market and create induoement the part Of municipal
eorpOrsicn. TO incur debts and therefore eiesry IN con
Act with the purposes Of the Constitution.
alleged in favor of allowing the debts OF cities to be
used a, bass for banking that the stocks OF this State
and Of the United States cannot be obtained unless large
premium paid for them Iii true these stocks command
teh prices in the money markets OF the world but they
sell for than they inlnsicely worth they can
be obtained at their market aue and although tney pay
directly bit small interest to the hoderS the prohts OF
banking this time so great THAI they more tnal
conn any loss Of interest the securities pledged
for the redemption Of their notes s evident that these
rrofts mus, be limited either by udcous restraints or by
multiple alton Of banks which viii eDdsnger our whole
financial syste No better or safer plan can De devised
III that which requires the highest and best security r
tho bill holders AID argument IN favor OF cheaper
securities hst they will facilitate the establishment OF new
banks and thus baae the currency OF the country Al
tbore the increase of business makes capital nece
ssry in conducting it, large proportion OF the Indebted
mess 10 the banks this time, and the great amount OF
bills in circulation, the results OF speculative rather
than legitimate business demands.
The stocks Of this State aud Of the general government
have value in the commercial markets of the world, sad
will therefore urnifh security for the redemption OF the
hills at Dc RODS when suffer from financial revulsons
while tie stocks Of cities having only local values and
markets will be more affected by the monetary condition
.s.l~ hark -nOd
Of tie of cheaper and inferior securities they will Of
course be selected deem il exceedingly hazardous at this
period OF speculative excitement and Pecunary expansion
to diminish the security Of the bin holder or to increase
the motives for the establishment OF banking institutions
which already multiplying TO an unprecedented extent
the Constitution the State shall be amended for the
purpose OF borrowing money to be expended upon the
canals there will be additional amount Of State stocks
sued which be used under laws as basis
for banking This will supply the demand for these secu
rtes while the treasury of the State will be benefited by
the additional premium the stocks which the demand
creates.
recommend modification of the usury laws in certain
cases they designed to protect the mproviden or
Unfortunate from the exactons OF the graspng and sordd
ard in numerous instances they valuable purpose
But the severity of these laws is frequently injurious in
our larger cities The City OF New York Is now the imam
cial center of the United States, will ultimately be-
come that the commercial world The legal restraints
which compel the parties TO indirect measures in
their moued transactions, are attended with great evils
and endorsements to commerce: IL Il oeheved our
present usury laws may be modified IN certan cases WIN
out destroyrg the protection they are designed TO afford
sgsirtt extortion and oppression.
Armehensons have been expressed by those engagedin
the commerce Of the City OF New York that the encroach
mens by pes which have been made upon the habor OF
that City calculated to create dangerous distractions
to diminish its convenience, and TO make II inaccessible
to large vessels The subject is one demanding your aen
on affects not only the interests OF that CITY but oil
the entire State and country The control of the harbor
Of N6wYork and the title 10 its expanse belong 10 this
Stete and NewJersey II is the terminus of our great
system Of internal improyemens-th point from which
the productions OF country sent to foreign ana DO
nestle markets The people Of the State deeply inter
esed in preserving its convenience and security for the
ruTpose accommodating the commerce Of our state and
Nation. recommend the appointment OF a proper com
mission TO be composed of capable, scientific and impar
ta men, investigate this subject and report to you tho
results Of their examination
In my annual message to the last Legislature | called
the attention Of that body TO the embarrassed state OF our
csrsl finances and Of public works. At that tune
ileIe estimated to be due to contractors and for land
tnouit drafts had been made upon the Auditor and pro
t,,ed ir the want Of funds This alike unjust to the
IIhlc creditors, and disreputabe 70 the State
Fer the purpose of paying the debts due to the contract
or, 10 peveut suspension of labor our unfinished
canals and their completion urged the Legs
lature provide for the payment OF the protested drafts
and for other pressing demands and thus relieve the
plus from the liens which these liabilities created
upon them also advised appropriations for Immediate
improve the Erie Canal and the adoption Of mea
sufes 10 secure the completion of unfinished public
works by the establishment of system, which woalt
secure the application Of at least 100000 Annually for
that purpose suggestcd that this could be secured
either BY taxation by loan, by an amendment to the
Constitution.
portsnt that immediate appropriations should be made for
heir benefit The Genesee Valley and Black River Ca
mails were nearly completed and small expenditures would
bring into use long lines of navigation
also expressed an apprehension that there would be
DISASTROUS diversion Of commerce from the Erie Canal IN
less improvements should be made In its channel to facl
tate the passage Of boats and enable those designed for
the TO be introduced and supply the want OF
vessels oeCaOned by the decay and destruction OF those
heretofore in use. 81.
our canals or the contractors had been adapted by the
Legislature and As its session was drawing to close
sept communication TO the Senate and Assembly calling
their aten ton 10 the reports OF the Canal commissioners
and the State Engineer and urging that the immediate
competion Of the improvement which they recon- mend
ed required by the interests and for the security OF the
commerce of the Erie and Oswego Canals also advised
spproprietions for the Genesee Valley and Black River
Canals
The Legislature having adjourned without enscting
laws necessary for the alton Of the faith OF the State
and essential TO the public welfare making provision for
the continuance or completion Of Canals, exercised
the power entrusted 10 by the Constitution and con
yepsd ths again the day AFTER their adjournment
advised tie continuance Of the session for few days
while important subjects of legislation yet familiar
to them which would enable them to perfect measures
demanded by the public good, and thus prevent great
injury the honor and interest OF the and cave the
NECESSITY of renewed examination and discussion at
" future day"
the condition Of cur publ works, and the embarrassment
Of their finances urged the importance OF making I'M
mediate appropriations 10 secure essential improvements
In the Erie and 0swegO Canals their commerce would
be seriously DISTRACTED unless the Improvements suggested
IN ny annual message, and recommended BY the Canal
Commissioners and the State Engineer in their reports to
the Legislature should be made at the earliest practical
period These improvements woGld In degree, conflict
with their proposed enlargement on the contrary they
would hasten that result by increasing our domestic com
n1ree, oheapenng transportation, and angmeniing our
also urged the great IN ustice which would be done to
the eitizers living along the unfinished portions oil the
I NJ lfms.aH unlaa trrRrna Nfafa