New-York daily tribune., 1861-01-05

CONCLUSION.
The reactionary movement Of business on our canals
during the last Of navigation, and the conss-
quent improved condition of canal finances, unex-
lected 10 many but confidently looked for and antc
pa ed by Others must be CRAFTY ing 10 the people Of the
whole State and satisfactory 70 those who have abored
honestly ard faithfully, "in and out Of season 10
bring about these successful results.
We have tested the value Of former speculative
theories and untried experiments and proved them an
utter failure. As guides TO direct us TO successful
financial results, We have found them unsafe and
wholly unreliable. These facts are now apparent TO
you and are Id demonstrstive Of the unwe proceed
ings OF the past and of what future policy should
BE- a. can be asked for. The cbnor about ts diver
sion Of trade from State and commercial capital for
il was never anything but clamor raised by interested
parties TO promote private interests has been exploded
and swept away. In the calm and repose OF peace
prosperity and success have produced commercial
panic changed the balance trade In favor of
country and we have barely escaped fatal financial
explosion in consequence Of IT, Our supply for the
season has temporarily exceeded the immediate demand
for export and home pton, and panic boarded
the means TO hold until we could realize the effect
returning current Of specie would have upon our
market.
Production and consumption of the marketable pro-
ducts and material which constitute the great elements
Of trade, not more likely now or prospectyely, TO
cease than heretofore and they will seek, hereto
FORE the cheapest lines Of transit. One of those lines
is now owned by the State and the others he within
her borders subject to her legal control The power
~ levy rates OF toll property passing on our canal
IN vested by the Constitution in the Canal Board, and
nowhere ee. The full oxertion Of this power for the
purpose OF producing the gres.est amount or the desr
BILE amount of revenue from the car als, have seen
and shnl hereafter find hs been and will be restrained
and mired by home competition sufficiently potent
To override and break down the safeguards of the Con-
sitntion and compel the annual imposition of taxes for
the benefit Of the carrying trade through the State.
Does not the State fail in Its duty ts own citizens
and s public creditors, when II neglects to collect
revenue from the canals, commensurate with the
requirements of Che Constitutional Sinking Funds,
chargeable with the payment Of the interest and
liquidation Of the principal OF the State debt! We
know what have been the pledges TO the public ofen
repeated and reiterated and know the extent but
do not heed the guarantees 10 the public creditors.
Although we lave accomplished much during the
last season Of navigation In resuscatng our canal
finances, remaas to be done, if it can be- Upon
tratlic and tunnage equal 10 that Of 1860 We can
realize from tolls gross revenue Of 600, and
leave air profit TO carrier, provided are not
oLstrueted or hndeIed by the comp etition of other
lines OF transit in the State, from the western lakes to
Ge water. '+'
Our water hnes from lakes Erie, Ontario md Sc
neca, are TO be opened IN the Spring TO their iul en-
arg,d capacity Of seven feet by seventy, and WILL 70
rome extent be furnished with boats carry ing 200 tuns,
or 600 bushels of wheat. II IL believed further adj
jusm,nt in the rates OF toll, with view to an in
cieased revenue may be made with perfect safety TO
all the interests coHcerned the extent of that adjust
ment, however, will depend upon the conditions and
prospects Of trade during the coming season.
The Auditor, in submitting these remarks, has fol-
lowed what be believes 70 be sound and coue4 views
Of the whole subject relating TO cai1 fnsAees.
We bave high obligations and imperioas duties, " a