The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-06
Interesting from albany

Interesting from Albany.
rhofINoS foH iHE PAYMENT OF THE $l2 100000
CANAL DEBT.
Ars4yY, june 8, 1859.
The following correspondence relating 10 the navmsot
OF tho interest ON the twelve million of canal debt has
passed between e Comptroller end the President Of thu
Manhattan Company
C. BLASTED Esq, President OF the Manhs "a Compsny.
DEAR slR-I regret to be compelled II, ,nsov 40, Tho.
the Legislature, 1t S recent session aeeected To- provds
my mesns 70 pay the interest the new caus dess Il
Tor that purpose by the Legislature or lesa Iii M A.
hausted on the lat Of July next and dc6neney Nj az
,Ss interest Que on that day Of thirty
tnoussnd ooiais Tho amount required Dr the (coplar
ana January interest VIII DO three hundred and g ve
making an aggregate OF three Thousand
ature The institution which you preside Ia %
oIe period acted as fiscal agent OF the STATE eoA
In the city OF New York, and rememberins ,he de-,
interest which you have hitherto eyinced in
upthrnnt ed the credit Of the State have verrursA -
write ths note for the purpoee Of ipquring whether n
view o this pected and ON sIon m ~
Legislature and the disastrous which 4 ns~
produce your bank will not advance the amount required
for this object and thus the State from the
OF having It's Obligations dshopored You viii OF oourse
understand that the advance made must DO yoluntarv
90 The par. Of the bank possess no authority, pxi
lie ocer to borrow the money bind the Sata " repay
it, nor can tender any ether security than the expresso
Of entire confidence In the integrity Of the people and that
they WILL wnen the subject is brought to their notice.
avail themselves Of the FIRST opportunity TO vind,casc tns
honor and credit by providing ample cans to remburss
the bank for any advances which may make and By
the adoption Of such wilt efectusy prevent
a repet ION similar neglect In future. Worry respect
fully, yours, s. E. CHURCH, Comptroiier.
BANK OF THE MANHATTAN CoMpAxy,(
NKw YoRK, June 2, 1859.
Hon CHURCH, COMPTROLLER
DEAR SIRYour favor OF the 3oth ult is received and
it's contents noted IL deeply to be regretted that pro-
vscD should not have been made for the payment Of nc
interest Of the new canal debt of twelve millions OF dol
lars That the credit Of the State should be protected Ia
a matter of vital importance. well satisfied that the
people Of this State would deprecate any want OF puno-
tusty in paying the interest upon its stock-nsbtses
which have hitherto been paid promptly-and whicn.
during the suspension in 1887, was paid in spects
It's equivalent, Ut expense to the State Of nino
per cent on the amount. The high credit which this
State 30 deservedly enjoys both In this country ana in
Europe and which has always been regarded with Just
pride BY M citizens must be untanshed and
it's obs atoms must not be dshonored neither the
Comptroller the Commissioners Of the Canal Fond poe
sees the authority to make loan for the payment the
interest," and other be made available rolY
ing upon the ability honor and the faith OF the State 70
repay the money this Institution will advance the necessary
amount Very respectfully, your obedent servant,
Q. 0. HAISTED, President