The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-27
The Canals and the Railroads.

Supreme Court has confirmed the decision.
The Canals and the Railroads.
The closer the question is viewed, the clearer
it is that nothing short Of some energetic finan-
cial move will rescue this State from bankrupt
cy. The word is not familiar to the ears of New
Workers. We in this State have been used to
regard our credit as something which could not
be shaken, our means as source which could
not be exhausted. For years and years the
prosperity, the afiluence and the high financial
standing of New York have been notorious.
The time has now come, ii seems, when the
former are confessedly at an end, and it rests
with the Legislature to say whether the latter
shall be impaired or not. Without some new
shift, to supply halfa million this year, mil
lion next, probably million and half in 1857,
and proportionately larger sum each year for
an indefinite period, this State will be insolven.
in December.
1t will not do to treat the matter lightly.
1t is not only debt of q shilling head on
every man, woman and child in the State, to
be paid off before the year is out in some way
or other; to be increased to quarter q head next
year, and steadily to go on increasing, until
doubtless it reaches half dollar head or
more it is not this view Of the case alone
which ought to engage our attention. Far
more important than considerations of mere
passing pecuniary exactions is the remembrance
that in the strait in which New York is at pre-
sent placed, our financial standing, our credit,
cur honor are involved.
The first question which starts to the mind
at the very inception Of an inquiry into the
subject, is: how came this deficiency in the canal
revenues?
Fortunately, we are at no loss to point out
its origin, rise and progress to the present time
1t began when the canals first began to pay,
and when the politicians, first Of one then Of
the other party, saw in the lucrative traffic
which then covered them a means Of growing
rich themselves Thus the canals became a
political bone of contention, each party being
anxious to secure the spoils in the shape OF
canal management and contracts For years
and years each party fsttened upon them, and
the expenses q government were paid besides
In 1896 they were re-arranged, aGd DISPOSE
ton OF the revenues made, on the supposition
that the revenue was to increase each year in
the future as much as it had increased in the
past. But the spiri; of corruption had been
too fully aroused at Albany to render it posi-
bic that any traffic, however lucrative would
have been profitable to the State. Had the
business of the canals increased tenfold, the
revenue would still have diminished. So
far as politicians were concerned, the
canals had ceased to be source OF revenue
to the State, and were nothing more than
their own milk COW. Wings and democrats
grew more greedy year by year. After time
the revenue, diminished as It was by their
abominable theits and mismanagement, was
not enough to gut them. They called for mo.e
money, millions in lump and 60, them. The
people voted ten millions under pretence of
enlarging the canals and the politicians fat
tened more gloriously than ever. This sort Of
thing could lead to but one end. 1t could only
lead to o deficiency in the revenue, and it has
led to 1t already.
The canal men tell us, with brazen face, that
the canals have been ruined by the competition
of the Canada canals and lakes on the one side,
the Pennsylvania canals on the other, and the
railroads on both sides Of them. They impu-
IDENTIFY Assert that had isnot been for these COM
petng channels, with ali their greed aud all
their corruption, they could not have emptied
the canal chest. What unspeakable trash is
this! Why, ifevery canal in competition with
the Erie had been doubled, and every compel
ing railroad bad had three tracks where it has
now one, there would still have been too few
outlets for the Western produce. The more
canals and railroads have been made the more
wheat has been grown, aud provisions raised
and SO it will be till the whole country is under
cultivation. Each railroad with capacity to
carry five tons has led to, we may say, necessi-
tated the production Of ten and the canals to
more in proportion. You could not build
canal or railroad big enough to do business
in Western freights that would destroy its
rivals; for the more it could carry the more
freight would offer.
II Is vital In this matter to let no man de-
ceive US. The deficiency Is the work of the
politicians, and Of no one else. Whoever at
tcmpts 10 persuade the public that Il has arisen
from other sources than the gross mismanage-
ment of the politicians who administered tae
canals and the gluttonouh corruption Of
81.