The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-25

sl,1oo 600
and shows that there will be required 70 meet the con
stitutional appropriations in the sca year, commencing
And for the su wear ss9
and essn ,neseg1en year thereafter until the debts are
it is evident therefore, that unless there il very
large Improvement in the revenues OF the canals,
trat they efectuay aided by the within the
power OF the Legislature there will be very large de-
hcencies and the government will be wholly una6le
make the provisions required In and by the
eonstituton to the public creditors The honor the in
terest the pahted faith and credit of the State are
at stake upon the prompt and eectua action Of this
Legislature TO provide for such deficiency Whatever
opinions may exist as to the necessity wisdom policy,
for such large appropi atons Of the
for the benefit of the public creditors aud however
strong may be the conviction that much smaller annual
appropriations woud have produced great satsac
to creditors and would have brought them much
the ability Of the canals to meet them out OF their
enues IL cannot affect lessen the duty of the Legi.
ure to provide for them they II is the pledge of
the people, expressed in their fundamental law and
we, as legislators, under obligations to neglect
nothing in the redemption Of such pledge Such then
are the necessities Of the State calling for immediate
action at hands.
The next question which appears to your COMMITTEES
appropriate 10 consider what has asoned part
at least, such DEFICIENCIES in the revenues.
When the canals the only unrestricted avenues
for the transportation of freight through this State they
meropolzed nearly the entire carrying trade Of the
West and their business and revenues with
great rapidty In 1s5l at time when it supposed
that the speedy enlargement OF the Erie and 0swego
canals were secured beyond peradventure, tolls and
freight by railroads. and they permitted 10 enter
the lists competitors with the Erie Canal for the
carrying trade of the West.
Upon this pr,par atoms were by the several
railroad lines for the carriage OF freight upon gigantic
scale, not limiting themselves to such articles
could be carried protaby and would naturally seek such
avenues Of transports alton they have left
tried to divert the business from the canals aud draw
TO their own avenues Of transportation.
Regardless 10 many instances, of the question whether
money to be made lost by the operation, they
have carried and united the trr importation of
f1pl rta tha If
ceeed the charges made realized therefor That
Of policy by whatever selfish motives actuated, had,
undoubtedly for it's object the diversion OF trade from
the bic works of this state. Whether done at
any cost to swell the Of the roads and by
the exhibition OF large receipts TO enhance Their credit
as borrowers in the market, TO and impair the
Of the canals and intimately 10 destroy their
credit It equally demands the attention Of the Legsla
ture The result Of OF such competition and transpor
taton OF freight the railroads is apparent in the d.
mini he'd and diminishing receipts and tonnage of the
canals end the increased and increasing receipts and
In tie annual report Of the Auditor of the Canal De-
partment presented to the Legislature on the oath OF
January, 1851, Assembly Doc, No. 2I) is contained
the following paragraph, on page IL
The Canal Board in 1870 presented to the Assembly
% s On the o Ss sr a
history that prudent to anticipate at least for the
cbsmpan Canals a. the rate Of seven per cent per
for each reT0S d. Of Year.. on aa y to ay t ss
toll. Of each year would amount to- eaSused
results re- IF the nhS year. ia estimate tell
short their aniiepssions Only little than hall
million Of dollars in gross amount Of near sl4UoUO
This h remarkable close approximation TO actual results
In an estimate for so long period embracing transactions
Of such magnitude But the results Of further
fully Justify the general correctness OF the views exit
bted board Bringing forward the computations
the basic Of the same estimated rate Of increase found
that in the whole period from the opening Of the canals
including 1850 the actual revenues OF the Erie aud Cham
plain Canals have exceeded ,hroressye increase at seven
per year for each period OF by the
Of VI, 40.
The actual increase was in fact over eight per cent
Applying the principle OF estimate for the ensuing
founded the actual returns Of the preee
ding years. the following results exhibited The rate
Of toll in 1852 having been reduced AZ general average
Of about thirteen per cent additional column Ia added
show the difference be made for such deduction in
the estimate One column for the actual amount
ceyef and another for the Mt Of the constitutions
annroiriai lions and CHARGE en- the Ieyenues -