New-York tribune., 1867-08-08
TIE PROCEEDINGS OF THE CONTENTION.


days sessions in future at ~ o'clock p. IN.
THE PROCEEDINGS OF THE CONVENTION.
The following memorials and petitions were
presented:
BY Messrs. ENDREss CRep., LiTiugstOn and
GREELEY CRep, WeStehester Tor AqNof pioh'o''o'!
By Sir. sTRATToN rep, y. VA memorial ffty-two
feet in length signed by $50 citizens ol Ne"-lOiA "SS'
Mr. CHtRCH Dem, Orleans from the standing Com
mtec Finances Of the state, reported lhe IOOWihS
urticc
SECTION l. The outstanding debts Of the State, and
other liabilities for the payment of which the canal
pledged by the terms of the Constitution OF
1876 and the amendment Of 1884, are the following the
Is day Of July 1867 The old canal debt OF 1885, called
s. O6O; the floating canal debt $56i2C22 22 the canal
debt under the amendment Of 1854 SOs0; the hoauhg
canal debt 7OOOOO; advances 10 'he canal debt sinking
fund and other canal purposes by taxation since 1885, ana
spe epsSs df 80 az n, HSe es, % lsr 'g % @ the STATE for
which rot pledged or liable is the
contingent debt Of The state. Of S2is,oOo.
SEC: The several debts specified IN the preceding sec
to designated as the Old Canal Debt OF $40 the General
Fund Debt the Canal Debt under the Amendment Of 1854
to 0 6s2 p the St day OF July 1867, shall be paid
IS provided I'm the next section.
ntendcnce and ordinary repairs, there shall be approp
ated and set apart IN each fiscal year. commencing on e
st day October i'm tie year 1867, the whole of the
remaining OF the State Canals sinking fund
TO pay the interest falls due and redeem the prnci
pal OF the several debts specified in section OF TINS Ai
cl until the said several debts shall be iuy paid or pro
fund, together WIN inc lnnc@is anu incomes Vi II @
sinking funds now provided Tor The payment OI san
October. 1857 shall be strictly applied to that purpose
and 70 no other purpose or Object Whatever Inc Saia
1875 and If IN any fiscal year there sia rot he conhiD
deficiency shall supplied h. taxation the next year.
unless in more of the years before such deficiency
7" said sinking fnnd over aud abotc the said Of
SlhSOco surplus suhclgnt 10 IaKe H 'u @ & TeiieeSy
The tax authorized to be IeEled 10 proNet of e sl
fund to pay the floating canal debt Is hereby superseded
aftcr the 1st day Of October, 1867. -
Sc 4 After the debts specified in Section are fully
PAID provided for according TO the prov llos O sect
the said expenses Of collection. supcrnlcndenfe ana
ordinary repairs, shall IL each fiscal year De PAID mo e
Treasury OF the state TO Iay ue amount 2dNahceo i
sanla ca apS fbe Interest thereon, anil the whole
9moHni so advanced with interest at frc per cent per
annum. shall De fully paid. ana until ANY amount leIe
with interest thereon at 1--we Per cent per anhu' sA oo
Sc after complying with tie provisions Of the Third
and fourth Of this article aud ai,er paving said
expenses OF collection, supeiutendence and ordinary l
rsca year be disposed of for the Improvement Of the
canals, in suCh other manner a. te jfel,At1e may
direct but shall at no time be 9ntic cpde4 OF lltIs% L.
sec. c. All sums which shan be 80 pad int9 tAc Le9s
NY undcr the provisions oi seton V e1 tnI TI,r', @
follows VIZ. Uutil the Gcbt spcogdir the first section
thereof hereinafter provided sh4R .e paid Oh = %
vGcd Tor, the said sum or SUNS si. e 'Ipl
neu OF said debt or the said renewal thCeoi ana tne
tax to supply said sinking fund shall ne Correspondence @
..r,
said Bounty Debt any part thereof by eNehdlE ny
time Of its payment to the LET day oi October l5o ana
3n exchange fOr the outstanding stock or Dy se ~ 'e
usual manner and tHe aIpieatVh ~ ' t Tire stork
So 10 be issued shall not bear interest 20 Exceed Ir
changed or negotiated on the best possible terms and
no event at less than par nor at Io"eL tSe IN o
or exchange shall DC effected The principal ana lhefeet
OF tine stock hereby authorized TO e Ssued shah oe so
with TIC provisions Of the fourth section OF ths acc
After the said Bounty Debt ana te ,aC a. so ed
into the Treasury shall be appropriated to@aIa tne U
and II in any wear there shall De than sufficient
paid the Treasury for that purpose he surplus may
SIC T. The claims Of the State against any iheoiI4,
aed company to pay the interest ana redeem SC tr.5 tn5
company shabe fairly miOrced ana lot rSiea5e oI % co
promised. and the money afisis TOD ] s'' ~ d roc 50
loaned repay the money which may DC "d'ahoeuo u
Sc s. Evcry contribution advance 70 the canals or
their dcbf, from any source other tArl tHtf % o,
shall be paid into the Treasury VEN iG t
bc done consistently with the Just ss o. INC fCoos
holding The debts specified III Seeti. 70 z,,aeA =, IN 80
TO provide for the payment of the qeD3 hecIe@u III III M
ton No no tax shaL hereafter 1e % m or
their debts unless authorized by vote OF ue pcOlo'
&c Tle ISg4trrc siaIl not sell case. otherwise
dispose OF any Of tho canals Or the stare, Dui my @ I
remain the property OF the STATE ana uLoci Us
SIC To- No moneys shall ever be paid out Of the Treas
Ct q,
ter management except ia pursuance " en- app0
I,istiOI by law, uor unless such Iaylnchts ne hnoe
os 6 5SS Sef yels And xs every s r a anga new apprq
pratOu. continuing on leiIlluola 10 10
distinctly specify the sum aPpIOpra't& & G." Si 5Dt f
sucb Ia, to refer to any other law 10 fX such sum M
SIC Neither the credit money I no. or m aid
etafe shall u any namncr be gwen or loAle 70 VI "a ~
OF ary Individual, association, or co PpHo ae.i.s or
SEC T. The State may % meet tle g'su NOT
n,ided FOR temporarily contract debts Dnt snGn HcUs ~
direct OF contingent sngy or III thS e,s srisiig
S n loans creating such debts SHAH be apPed 10 & e
purno5es for which they wcte oUtdIH-.' - tiecr
drit 40 contracted ard 10 10 other purpose 81 CON
So n Jn addition 10 the above limited pOHei 10 Vy
fr4ct debts, tho State may cOAI'cl ~ sta,e Ia 1rar
vSson Suppress iusprrecton deere 1e 3,S of ueh
debts shall be applied 10 the purpose loI @ 49,. ,nse
m sod, or 10 repay such deDis, ana " A0 o.
sg ii Excet The debts specified n tie l2th ana l9 co
sections Of Of this 1 o sFc ecss E0 81 tbs State dept
shall be authorized by Jaw i iSf s ~ such laws shall
es, aud provide collection OF dlIeeI ht as n
10 ry and Sufficient 10 the interest Oh % s rcna of
fs due: and also. 20 pay and discharge the -, nc cor.
b It within eighteen years from nc tipe.o tno o,1 a
troeiing thereof No such law snaI t"AT 10 the
% ~ general election have been sDe~ ,s cast ~ FOR
S.1l" and received majority OF All le Noies of
aud glusf Il at such election On VIC ma be
h%no % m y ayes and noes 10 be duly entered on d
Journal thereof, and sball D 9t, ~ The peopleg
5siafure NAV at any time after me PPIONadOt
i isty Nv tho people, If no debt hla hSns @ nd NAV
tracted in ornanee he Contracting OF any further
Under such law but tle lax lin ih NAV have
n proportion 20 tho DEBT anu men law shall remain in
s mi ha table, and Dc annuy iSlln hero.
dc nroceeds thereof shall have ans G ne interest and
ihDedGei ihDGi ~ sne debt and liability The MONEY aISS S
rom any loan or stock creating sucn In the act
s y snch debt or liability, OF Tor INC ,eS S%at
OF such debt or nbty ana loh,dittcd lo 10 be voted