The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-08
Reports from the Committees On
Finances and Canals.
Continued Debate on The Organization Of the
Legislature.
ALBAxv, August =, 1867
The state Constitutional CoDven reAssemoied this
morning
Several memorials were presented for and against .
vrohbitory liquor clause.
LIQUIDATION THE sTATB DEBT.
MI CHuRcB from the Standing Committee on FINANCES
H. Oh aha kolIo linz rilcle

s.cr,os l. Tho outstanding debts Of the State and ether
Ssassd by 1r the s%s Of The
e I ss ds as d s s
sAe floating debt 49, e the canal deS. ahdes sb M
81 advances 10 The Canal Debt Fund and
sss saSa ssn
ssSss fho debt q FOR which the . ssna,
sasd Of IS s4cO5 which the contingent debt OF
sc The several debts specified in the preceding
sion as the Old canal de s or S the
&c O1s d Of @ sa n S be psd e. o 20
viaed In The next section
s Of s &c
apart In each fiscal commencing on the LIST day
% 'ss ss ns 70
@ due we s on IN he .sd
several debts shall be fully paid or provided for; and The
principal and Of The sinking funds provided
h on e @ 81 OF @ sinai
Piled to that and g no other Gs S SS Ss
- oe.esss ss and Il, & s;e: e.
' be ped
NON the next unless one or more Of the before
Ss a: :s$
seSeenS the tax ahed To BE- levied To provide Tor
ne saas cana. debt is hereby 'us
81 s e II s 81 5
Srse the remaining the canal paying The
said Of and Srdnf
Of the State to the for cana, a, Pin
ereon uni advanced in;er ,nt
yancss As o be % other
purposes With interest thereon at i've per cn pei
With the ss paving If 's ssd h sH
he surplus r. ven % o. the 81 or such
ether manner as the legislature may direct but shall at no
Sso % a sa%. o paid the
sssb q ' v article as sh BE-
.a.unn the debt sGesieed IN the first section as me
Ssre SsS o. rT ss shall provided
:s s "a s
ScmpIols,: % renew ssia bounty debt
and issue :iot than 70
pH either The IN 1sT es
Of the proceeds thereof TO the q
. ssss.sS payable
'aS
. BE- Tss the
pal and interest the s.ocE hereby authorized 10 be issued
2 ss seldom for 81
Sssse .1 s the o. 70, and the
lie es.Sry srgroprsssa soss1d ' tie
there shall Be more nsn sucsn paid
ne y % Tor that purpose the surplus may be dis
SIC fhs calm q the State against any Incorporated
,so,s Of the State loaned advanced 70 such
e. nSs S s Ss AMID
20 The Of sal. S,a 50 loaned
SIC Every contribution or advance 10 the canals or
:Ss treasury nssre. for he sse q
s 81 the ss1 nal 10 a. can b
log
shall %pSsed N ssSS Ss
sS n s.s % o s Of or
soSdins fourteen his article VIC p'0p' ''
canals Of The % they
main the property Of the State and under Its management
enc y No money. shah be paid Of the Treasury
:.ssPi .pPTSDT!ssa p Ia.
passage Of such Appropriation And every law
or s % or
sn,he object to which Is 70 Be applied snd shall not
he soeent for such law to refer 70 any other law 70 tx
the Of
any individual, association or corporation -. ,r
,.aIs.
ssnu1seS or 10 The ass.s%e
s one %SG Of s Sss m Spelled
poses when sey were obtained rsray the debt so
is addiron limited power 70 contract
debts the STATE contract debts 70 repe sup
honey srsHs from the Of such dsss shan
sss debts. and q no c.r
sn u Except he S ees o e the ss sme Ss sns
,ssS% ;sSI ~ State
S0
and pay he 9 d srs dss as
:sS T the p 81 debt
81 snss shall take effect until il shall al general
Sn :. Scs
Of :Sh ;. i s be Ts: . ~
te duly entered The Journal thereof and shall be
ss s s sss and Sss Il:
s snss he e. as ns no as n
may @ s ~ o the s S
y :sss .s, 10 EoD0Ilss % ss debt .na liability sssS
s ne ssnaa s
pnps such a.Ss and d' sS he
:.ss ss .ss fp applied sHs ss'Ai ss . :Sfs
s Ssss. in The .s suhSsns gss debt
20 o,hs. purrose wha,evsr No such shall be submitted
ssy general sSiion when any other law or any S crsny
s.sndnsn. 70 the constitution shall be submitted be
o. 81, n aE,:.. Which continue. ,,vs:
70 be applied anAt shall be TO refef any
Sc ID No deisSncy loan sSs be mad. BY or on s.A.
a. me sS ss h9p period than to
Il xna in NC case sha such
sac ~ Ts- capso this =. si Sssr hereby
scsa;sd = u, I Of eany eu! the rebuilding Of new
.sgsn Of ~. "a, shan
M cnrncu then read b. following Is explanatory Of
she article on Finance abWe reported
The Committee on ste Finances &C. in the article
aI r.s s s s %Ps ne
=. s!s '; e
=. ias ,sipsa:.: 81 dispose he fs,s.ss::
outstanding debts within limited period, TO fulfil
abe obgons OF the preknt constitution and preserve
fecy the public faith hird 10 prohibit the creation OF
deets future for prpose or object whatever except
fr protection against or nsurrecon defence In
W." unless the same sht receive the Affirmative sanction
81 the people, fourth testrict the Legislature In the
ssss na; =: Isss ss5ss;s
6e ss far as practicable from the burdens now
restng upon them
The outstanding dens Tor which the canal are
Pedged amount TO $50 There will be in the sinking
FUNDS the la Of 1884, 10 the
Of SAID deets the Of s2,78 VS. The payment OF
these debts nrsrprvhed for the OF the
s. can ey SECTION Tire. the proposed article in subssa
VA eompnanos With the provisions OF the presen cons
s ~ on, va,iins somewhat 10 the detail
funds or each debt onrung foregoing amount the
scmmisee nave furnished single sinking fund for the
payment OF all OF sid debts into which the whoe
revenues q the canal be paid the said
xuIp dscharged Wish vii be IN the ls-s estimating
sse net rsvsnuss e1Nsc The average for the las,
yeeys Esd that the period when the would
nid ~ The terms the present constitution
sstimase Of revenuss said section impersvev requires
payment OF those delta BY the 1873 provides
supplying dedcences BY tArston the