New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-04-01

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lie sos 10 il there c4n he 20 objection TO his bay
irg that p,oviced te s.ec.s II at hi. own expense.
Mes.rs {. :. SPIyCrE, OPDYKt ami LIIrLEJoHs,
opyottd tie bill aud on motion Of the latter gentle
uHD the trl igCt Tes tabled.
Legislation IS progressing with railroad speed. We
faye tlree sessions per Day now. AID ouiy - oins
have as yet been s's ned by the Governor, md ony
II were ready for sgr Azure At O'Clock to-day. In
the Assevbl; 81 bills have been introduced beside
III which have b-en received from the Senate Seven
hundred hsve gore into the general orfersi or IN
otf er words have been reported favorsby 80 have
been or.erod 20 third reading, ard 2oS have been
rsssec PERHAPS half g. many bills have been intro
dpo4c in the Ssuste in the House, aud something
near 20 have passed that body.
From Oar owa Correspondent
ALBANY, March 81. 1859.
A financial torpedo Was thrown into the Senate
10 dsy. in the form Of communication from the
Conulitsioner of the Canal Fund, calling on the
Legislature TO raFt by tax or otherwise something
more than million Of dollars 70 pay interest on the
Public Debt unless they would see the public faith
violated and our constitutional obligations dlsre-
parded. The communication l. as follows
To ne Horo,obt The Lgi.Gtvr,of he STATE Of Nsr- York
Tie undersigned, Commissioners Of the Canal Fund,
charged bv the cor sttutiOn and lave with tae care
custGdy and supervision OF the moneys belonging q
that fuu0 ard with the duty Of making Payments 81
interest aud principal upon the Canal oeot IN view !"
the prospective endorsements OF the treasury 20
meet portion Of tie obligations OF the StAe, Deg
leave 10 report to your honorable body the following
laCts:
TIE surplus revenues" Of the Canals are entirely
exhausted by the requirements Of the let section OF TIE
I'm article Of TIE Constitution 20 provide for the inter
est ard sinking fund for the principal OF the olo
Canal Debt, aod such revenues arc largely ihtuh'en'
for the purpose.
The 6n, resource, Therefore for paying the interest
On the new Canal debt Of $20OOW0, is by tsxtion.
This au QUITS 10 $1lo,(OO annually. The Legislature,
AZ lie lat session imposed ha mill tax, estimated
to yield SCS0 Geo. to pay the Interest Tor the present
fiscal year, leaving dthaency OF s(VVo "h' -, YIN
! tie sum q $685. 81 advanced from the 3 king
Fnrd FOR thin purpose on the LIST ~ January 1873 vii
make deficiency at the close Of the prsseot l-cal
year CD tie Both day September next, Of sl3'' 81
This advance from the Sinking Fund must be re-
stored 10 it by the lat day Of Joy 1860 10 order 10
comply with the provisions Of the Constitution ies
ton TO the payment Of portion Of the old Canal debt
which falls due at that time.
| There will be DO mears 10 pay any portion OF the
interest On the oeb for the next fiscal year, ex-
cept ouch az yOur honorable body shal provide.
ihe Commissioners OF the Canal Fund made 3 tenn
porafy loan Of $500 Geo the Isl OF july 1888 10 prose
cute work which could no. he suspended without great
detin ent to the public interest," payable on the LIT
dag cf JAY lSG0 which there Will be no means t. pay
unless provided by the present legislature
The folio wing statement EXHIBITS the amount mecca
saTy for the foregoing purposst:
Advanced fiom Sinking Fund ior rtere't on new
,, Gs OF Sn new oebt ci .s en commencing
oct 10000 co
Interest % new debt for h.ea yen commencing .....
OF J. lct9... oO0 w.
iSIe,t ~ ed, Ances rou sinking Fund...... u.s. 90 90
Total: ss %
Deficiency. SlGjs,"e %
Whatever disposition the Legislature may pee ht 70
make of other lees sacred tbgeuonS, the undersigned
deem il their duty earnestly to recommend that pro-
vsion be made for the payment Of the foregoing de
fciency al the present session OF the Legisstur-.
Uplss this is done the interest upon the new C.oal
debt must Iemsn unpaid after the dr3t day ct J1iy
next and the advances upon the Sinking Fund will be
uufe.tored on the lst day Of july 1860 Thus the
public faith will be violated aud constitutional
ObhCatCIs disregarced
DeemiIg these Considerations paramount to al 9TH
ers the uldeTtgned submit this statement IN the con-
fde1t hope shat the Legislature will mne ialely adopt
measures to meet these liabilities, and thus save the
State from public oishonor.
5,MPsEIL;s k, en- Goysa,o e..
y Z CHUhC 4. Controller.
T. N.vANUtKPOsL, Treasurer.
LYMAN TREMAIN, Attorney General
Mr. JOHS ID. WILLARD moved the reference OF
the communication TO Select Committee
MI AMPS desired that il should 20 10 the FL
nance Committee.
Mr. DvTN, as a member of the Finance Com
nittte. was Of the opinion that no legislation on
the subject was necessary. The money 10 meet
this interest could De- DurruNtd iTOul the SlnhI1g
Fund which is fund created by the annual appTo-
priaton of sum from tina Canal revenues for the
purpose Of extmguisbng the Canal debt At a spe
cited time. Loans had been made from this sun
from time 10 time for similar purposes, and could
be made again without any further legislation.
Mr.. W. a. WHEELER stated that money had
been borrowed on the credit If this sinking fund
linking fund provided for By the amended Constr
tuition to liquidate the new canal debt, but which
was in reality myth. IL had no existence. IL
had never received dollar from the canal revenues
the source from which it was to be replens he'd
snd the sums heretofore borrowed on the credit OF
this noBentty had never been repaid. THIS pre-
tended borrowing from fund or on the credit OF s
fund which had no existence, was Al ingenious
plan for hoOdwiDking the people IL was time they
we're enlightened and made to understand the real
state of the Case The maniy Wy Of proceeding
Wa. to levy tax 10 pay the interest, and when the
people thoroughly understand the magnitude OF the
State debt, il they choose 10 BE- taxed for the FUR
ther enlargement of the canals very well.
After further debate by Messrs. DiTen, John ID.
Willard, Scott, Ames, and Lamont, the motion to
refer to the Finance Committee prevailed. NO
ton Of Mr.. Msther 70 instruct the Committee I0
report bill without delay providing for the pay
nrnt OF interest on the canal debt by taxation was
tabled.
The Commissioners of The Csnsl Fund have done
no more than their duty in the premises. THIS
dodge Of borrowing money from sinking fund that
was sunk out of sight long ago, Il unworthy oi
statesmen; and il Is no Justification whatever for
this Legislature, that their predecessors did 50.
Suppose the principle OF running IN debt snd snnu-
ally borrowing 10 psy interest on such deb: 10 De
thoroughly inAueurated, where would We De likely