New-York tribune., 1867-01-03

The canal stock debt has reduced during the year
81 2j79o5 40 by reimburscmeus of maurcd stocks, aud
by purchase and cancellation VI stocks maturcd The
balances in the cana! debt sinking fund, amounting
the debt when applied, viii reduce that principal 70 90
GO2,976 II may assume the canal stock Liabilities De
yod the means IN the treasury 20 meet them 10 stand az
these figures, we shall n sN ycats since lcO have IL
duced thoso liabilities slIC0i,Ai 1l
The Auditor Ol the canal Department csllhalcs, that
by the close Of the fiscal year In ls6s, tho whole Of this
debt contracted prior To lsIC-w have been paid or pro-
fund debt Of 1876 may be looked for In the year 1874 The
department has been purchasing these unmaturod stocks
with view TO cancellation, ANA VIII continue to do 80 10
The extent Of the means aabe, when offered at prices
The magnitude which the through
the State has attained afacta 10 the subject Of our pub
nc works as TO t9Gr capacity ana te cheapncss 9t transit
the grayes consideration While 1t has been the tad
OnIy policy Of the state 90 provide adequate channels
OF trade, during the last quarter OF century the question
OF present aud ultimate capacity OF ne canals Tor tue
movement of all the produce and hcights which might
Offer has evoked public souGitudc and discussion INC
grain producing sections OF the west the commerce aHd
manufactures Of the East and the common progress aud
prosperity Of both sections are alike Interested. Perhaps
no point hah been 80 urgently pressed y te people OF the
Lake basin States, and the states adjacent, which send
their surplus to tie seaboard In tlis latitude this de
nand Tor cheap ana prompt transit over the bcl oI hnd
separating the lakes from tide water aud 1t Is the duty
and interest OF the state meet every need and just claim
in this direction. Dispatch and cheap rates OF runspOTta
ton increase trade and promote the growth OF population
hcson Of the facts bearing upon the question Of present
capacity Of public works. 10 which may properly ad-
The Erie Canal has now, and has had since iscO tun-
mage carrying capacity Of four millions OF tuns In each
direction, and west during ordinary OF nav
lgatOn OF and Oneha months. Since that time It
has not been taxed at any period with business or the
transit OF boats carrying tunnage 10 exceed very little II
any, seventyfiye per cent of that capacity In arriving
at these results, nave assumed thal thls lhorougafc
at all times during the season OF navigation n proper
order the locks in good condition, constantly In work
ing state and promptly efficiently attended 10y
adequate number OF men.
Tie movement Of loaded boats propelled by horse
power necessarily slow not exceeding one and onehalf
miles hour, requiring average Of nearly 4
days time, from Buffalo 10 NewYOfE, including breaks
" r in
demand for increased capucy The delay IN tile move
ment of freight Is matter OF deep Interest and import
the consgnces and shippers, when there is
tive and changing market, coupled with shipping dc
1t Is also to lie remembered that within the last
few years the high prices paid for boats the wages OF
Labor and the cost OF towagc have eonsprcd to raise the
charges Of our present canal transportation combined
with other causes to higher point than thought 10 be
just by the people OF the Western States wb9 most
sensitive because most deeply Interested They ask for
cheaper and more rapid method OF reaching the Allan
tic markets etherby essential modification OF the existing
hines through our state or the opening OF new channels
that must, II completed have important effect upon
our commercial and financial prospects, and the result Of
TO foresee.
This leads to the inquiry what we can do 70 satisfy the
claims ana meet the expectations OF our negbors, and
at the time avoid diversion OF the great carving
trade from public thOrOughfares which have been
established at so much expense and with much pride
by the state We can construct an enlarged tier OF locks
on the line OF the Erie and oswego canals from tdewater
TO lakes Ontario and Erie, which Will admit The passage
Of vessels propelled by steam OF 800 or 600 uDs burden H.
may be admitted that this is the probable extent OF
ability using the present lines Of our public works These
vessels would carry treefod the tunnage of our present
2tun canal boats, ana make the round trip in half the
time In these days Of rapid enterprise and progress.
there icarcey question that steam will long either
dsplace or travel around other motive power over
country important 20 the commerce and comfort OF the
world the surface OF land IN NewYork reaching from
the Hudson TO the lakes With OF the tunnage ana
description / have mentioned. propelled by sfeam com
petent engineers have estimated that the capacity OF
the canals Will be increased 10 II tins and the
cost OF transportation reduced 90 per cent. From
animation OF their surveys aud the estimates made la
1864 cannot place the cost at more than Sl00O0O0O
After full consideration II this II deemed the bes
method of meeting the demand, the question viii arise