The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-20

Consideration Of the Report Of the Ccmmiite co
ON Banking and Railroad Corporations.
ALBANY, N. ", August 49, 1867
The Constitutional Convention called order At
ten O'Clock this morning, but there only about
thirty members present recess Immediately taken
they reassembed
Several memorials were presented and referred
BREAKS.
Tho President presented a communication from =. A.
Aberger. President Of the Board Of Canal Commits.
sonsrs relative TO breaks in the Eric Canal during
past ten years
THE REPORT ON BANKING AND RAILROAD CORPORATIONS
Whole on the report OF the Committee on Banking and
Corporations Mr. Chesebro in the chair.
The CHAIR stated the pending question DO ON the
amendment OF Mr. Flager, that the sale transfer OF
the franchise OF any railroad corporation OF this
holder thereof
Mr.. GREELEY opposed this amendment, as also the
amendment of Mr.. A. J. Parker providing that there
shall be no consolidation Of railroad corporations where
the aggregate capital exceeds SIS 600 We had abun
dant experience to show that when railroad corpo
rations find in certain COAL ton tina. co.
ation will surely be formed No law can prevent il.
This provision OF Mr. Parkers amendment will give
real safeguard He objected TO the arbitrary character
Of the provision. Why fix upon fifteen millions In
preference TO any other sum- Again, no objected
to the subsequent amendment providing for tho
unanimous vote OF all the stockholders He had
men TO buy stock simply 10 prevent junction which
the interests OF corporation dictated Both PROPOSE
M .%S rs's and more calculated % pro
TO the constitution This they could afford to do
Mr.. SYLVESTER opposed the amendment Such pro.
visions should not be incorporated In the constitution.
The State should be bound for twenty years 70
sucha policy. The whole subject should DO left to the
LEGISLATURE
Mr. A. J. PARKER bad heard no argument in favor or
consolidation that not already realized by the in
terests OF connecting raroads Passengers and freight
Che cities Of the great West. There was now
NO breaking Of bulk in the transmission Of
proposed amendment was adopted it would re-
move great source OF corruption from tho
LEGISLATURE, and If there any thing expected OF
this Convention it was that remedies would be devised
TO prevent corruption. The only consolidation effected
In this State was from Albany TO Buffalo, the length Of
the Eric canal and abou, as much ss this State
could stand The effect had been upon the bust
ness OF the canals Continue This consolidation one hun
dred and City miles farther and the canals could not
stand up under IT, the democratic doctrine that
great monopolies were not to DO ENCOURAGED. Allow
these corporal ions TO consolidate and there would 10
were controlled by now. There was no compe
ttIon those routes and hence the enormous prices
was closed BY ice But he Charged that there was even
greater scheme on foot than the consolidation
Of 'hs New York Central he Hudson River
farther and include in its grasp the New York and
Erie Railroad and thus build up gigantic monopoly
He denied that the amendment had been proposed in
the Corning interest against the Vanderbilt interest
He could state that Mr. Corning had design acquire
any interest or control over any Of these roads That
road some years SINCE and had consented with great
reluctance 10 act as director during the present year
He would not accept the central of that II II
laid at his feet He referred the plans ON foot TO
place the roads named under the control Of Mr. Van
derbh II dangerous to concentrate so much
power in the hands OF millionaire he took pos
session OF railroads not 10 build them or improve them
but TO speculate with them in Wall street, and thus
WELD money power greater than that of any mon-
arch power that would prove unmtieated curse.
Mr. = TOWNSEND opposed the amendment
Mr.. flsglcrs amendment was lost.
m n adj In Mr. A I par raxs
purchase otherwise absorb control any other
corporation OF Q competing character"
MI. GREELEY thought consultations had brought cheap
fares and cheap freghte That had been the result OF
the consolidation OF the New YORK Central aud he
wished there q consolidated line through from Now
York 10 Chicago He did not fear the cry OF monopo
es with reference to railroads. II gentlemen choose TO
buy railroads others could be built The people were
not denied this right and hence the word monopoly had
no application TO the subject under discussion.
MT Archsrs amendment was lost
MT PAIGE moved to amend Mr.. Parker's amendment
90 that no railroad consolidation shall take place where
the aggregate capital shall exceed $40 600 600
M PARKm accepted the amendment
Mr. RossxTsos moved 70 report progress
division was taken on The notion when u WAS sscsr-
tanned that there was NOT quorum present
The PRESIDENT took the chair aud directed the secre
tary to call the roll Of delegates and ssventy.eisht
answered 10 their namea
The PRxsDKHr then announced that there being no
quorum present he could only entertain motion for
call OF the Convention or ~ adjournment.
Mr.. ALvoRp moved to adjourn which was carried,
ana the Convsnsion adjourned to ten O'CLOCK