New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-04-18

nom. Not Only is there 20 reservation made 10 ths
respects mentioned, be- species Of State scrip IL
initiated hitherto urk known in hasnois history
Iv the cot passed the 6th o. April instant to watch
have auaed snd which IN poses AJAX o; hVs elgaIns
Of mi for the benefit CT the Canals, IS p,oYiied
that "the Auditor of the Cans Department shall noy
1.-The Cars Coumis si1 ners respectively vneh sol -
soon az be shall have any meney on hand saoeot u
'ther dfafts and the amount thereof, ann 10. snal
object or work Il IL spp'icsble; and toe Csuai Y IN,
"Inissiorers sfsl make no more drafts on TIE sad
"Autitcr until the receipt OF the notice s'oress OF
"for larger tferent object than su-no'i@eu
"by such notice from the Auditor. .,
The apparent conc scion TO toe improperly ct draW
ing (rss anon the treasury with ul knoredge tna'
no means existed fer n ripsymeui, vas Woo4Iy .su,
uaizsd by the proviso appended 10 the ssne seN-1.
10 these terms But uottns W this Act shsl preyea'
the Cana Commissioners, or Engineer IN enat ron
r,rf ~. the amount due the contractor foi Work
ne AID maiefis sornisbed; or for any svsrd maze
80, e Canal Appraisers for land taken OF dansgss
= o} "a ayious to the passage Of THE Act
core Pa "oerii6cstes" thus issred BY The Cs-sl
II is the certificates" thus ssned by the Csrsl
CennEissioners, upon EDgDsers E'tims,es aud Csrsl
Alprassr a. aids, that the oi herewith retu,nsd re-
cegnisss sId .sses 10 al equivalent with the highest
Sucks Of IL Sts'sgVarsntees six per cent interest
hsysupon from date until 6Gal psyment-ADd with 10
lion upor their issus, save the measure o. work
- H. A -sges which may have accrued prior g the
49, Ia ;ssuipo II drafts by the Csrsl Commission
~, e.csrt in rsT Of ''eys actually provided aad a.
co,rnsrd 4 ia difficult to us."y 'n !ssu ns q more
rrespopsibe form of Indebtedness, win iewei Susa'
ties a. aiu.t abuse and still lees resso eoes taeI" eA
ist for giving such Certificates the ar.ootes sno
brtts pertairp TO the highest forms OF state oohgs
tiors known 10 our Constitution.
The Act of 1873 restricted the commencement OF IN
terest on drafts for monthly esmstes TO the twenty
fist day Of the month succsediDg on awards msde ey
Cans Appraisers to ninety days from the date OF the
awsYd: on these by the Canal Board aud Csnai
Commissioners TO sixty days from tue date oil the
susrd II limited the payment OF Interest 20 TRAITS
drawn durr determBate periods, aud for the space
of single yssr Ii provided that the interest should
be paid to the person to whom sEch draft or award
"wss originally payable; and in case OF ITS transfer
SO s Gisoouut constituted the Auditor OF the Canal
DepsIiment SIS an umpire for the equitable adjustment
Of the interest between the parties. lt is oecsuse
the bill under consideration is entirely wanting
Ia provisions Of this nature; becsuse II FUR
pishes TO safeguards against abuse, nor even
sgainst the payment Of interest Already GUS
charged; because il recognizes aud sanctions
Anew form Of ate Indebtedness, and places upon
level with tie constitutional Obligations of the Stste
add because its practical operation would 10 my adg
NEXT prove suhveTsve Of that pnbhc confluence
upcn which we must repose for the means OF com
pishre tsose great channels of inter communicHt
In which our tate bas deep sn interest that am
oonsIaned 20 withhold my consent from rs ueorpora-
ton into the Salute book. 4. II. moR0AN'