The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-01-02

It is the oaly sssuiy for any additional debt fol
ssrs. ssss to 9saI ~s: a.
sentiai ssmsa poaoy Of carrying forward tie work
OF the enlAxyQ And the moro sanguine friends Of 4
speedy snlaxUq I'D not doubt Of such increase.
The Grset T. rowing business Of the country and
especially t1eS united productions of the rich and
fertile west mo1 70 juitify the fulHlmeut Of these
ardent hopes 1eSl this remainder had swelisa up
nearly mthoDi - dollars, and the nine million debt
created by the % that year. reRossd for Its paymsnt
upon the anticod increase of dis remainder OF the
But at the the ascal year 1884, these anticipa
rons in regsr4 FL such an increase disappointed
and the result 4.sda falling of d the remainder to
se ss :nm az q The ..csiDt; e 1S 4 1851 we're
crease In that ye q s543 OFT 13 The expenditures in
1851 were 9831 81. In 1852 they we're N 04e 04S o.
showing an inc.e 4 1852 Of $3.50 The sips
for 1858 srs 81 being decrease for this year
OF $lObR9 H. - expenditures for 1858 are 81 0o5.
476 ~ being . 1852 Of S4e 1885, and the
remandsr at Of the aat fiscal year. has fallen
to SEQ 069 ~ owing dscreass for the year Of $780,
The eausss vhh have produced this dc nsase in the
revenues OF tno 1pA ehc the consequent din mutton
competition Of s in the carrying Of freight and
pairs what Of ssirosd oom stH
upon the sAnal Heights has been during the pest year
whsr the reports from ths several roads OF their bust
mesa for the year sha be made to the State Engineer
his report win exhibit the in quantity and thu
character Of the Of the country which seek
. market through the more rapid and conssqu uentIy
more profitable, transit Of the railways Of the
State.
In estimating the remainder Of the canal rsvsnuss Al
the basis of further debt for expenditures upon the
enlargement should bs borne in mind that the consti
of to be applied 10 the Fund sstapart for
the payment Of the canal debt and in 1854 hs Lcrsa
s1S nfs msy "n - m appropriate further sum Of
say expenses Of govrnment the present Of $780,
Geo. sst apart for this purpose Ia insufficient without the
continuance OF drtct tax II il certain that direct
ax for the support must be levied for all
future time unless State expenditures and appropriations
pererce OF the Fast before inn cannot anticipate any
such reduction
1t ID obvious them from the above exhibition OF the
canal revenues and ts existing charges upon them that
any constitutional anendmsnt which contemplated the
borrowing Of large rum Of money and only pledged the
rather, any scheme 70 enlarge the canals By borrowing
money simply upon t estimated revenues, without the
supeIadded pledge Of ae faith Of the State svita
bly, have prosated the value Of State credit ct home
and abroad end the csot teK must be pail by ultimate
asaion But to the trmnsss Of the friends Of sound
ang the canals pop nd h.t q @
ture In the oonsttuona amendment which secures the
payment Of the debt ceatea under its provisions the
revenues fail to meet the interest and redeem the prnc
Pal Good faith the part OF the Legslsture demanded
that there should b or doubt az to the
msn w .dd 70 the exiting canal debt Of $1,000 600
The people had the right to know distinctly thast must
be paid By taxation the canal revenues should prove
The confident hopsh row induged that the enlarge.
ment win % carried forward to early and certain com
Of thu canals ART to be applied to the payment
Of the debt and htsrect and tho faith the eog
cd to the capitalists who loan the money to do the work.
that failure Of these shall d,precats the
value of their securities II is Of
also that the contracts for the performance Of this great
work 60 long desired and upusty DISTRACTED by the
attempts to male its completion the source OF
personal asgrandsemsnt and individual gain, to Be
sponfbs BIDS are to be accepted Ts will secure an
economical and faithful execution OF the woc rave
the honor Of the State from repetition Of the upfavor
able results which followed departure from this Just
principle In the lettings under the act OF 1851
The accounts OF the debts and expenditures
OF the canals are not kept by the and do
appear upon the books OF bis Office They are kept BIZ the
Auditor & the Car 81 Department. whose annual state
msnt Of their condition u communicated 10 the Lsgas
tars With N A.ruai rodrt Of the Commissioners Of
Canal Fun d. whhh gives the detailed xpstion of the
OF hs canals The following results for the