New-York tribune., 1867-08-08

Lccdltt oplIop iAtu IOI lbaJ OJcCt unlh tbc cApld
uOn Of thai period.
SANFORD Z. CHURCH then read the following as ex
planatoy Of the article Finance above reported:
The Committee on the state Fnarce &C.. IN the article
proposed have cndeayored to accomplish the ioAo"hS
l; TO simplify the State finances that every citizen Of
ordinary understanding Will be able TO comprehend from
the article Itself the financial condition Of the state and
the arrangement made pay the debts regulate the eK
To provide for the certain payment OF the outstand
ing debts within limited period, to fuh the ODhgalons
O te present Constitution, and preserve perfectly lhe
g. 10 prohibit the creation Of debts in future for any
purpose object whatever except for protection against
same shall receive the affirmative sanction OF the people
4. To restrict the Legislature in the appropriation Of
mmstration of Tie state Government and to reduce tax
atjon ana tbrs relieve fhe labor and Industry of the
State as far practicable from the excessive burdens
now resting upon them. The outstanding debts for
S2l,lO7 CS2,2O There viii be in the Sinking Fund
payment Of said debts tie sum Of s275595. The pay
ment of these debts is first provided for out OF the
article, in substantial compliance with the provisions
Of the present Constitution, but varying somewhat
of separate sinking funds for each debt constituting
single sinking ind for the payment OF All OF sad cents
into which the whole net revenues OF the canals are to be
OOO the average for the last 10 years and that is the
the present Constitution upon the same estimate
OF revenues SAID section mpe9IIauVeiy ieqgiIes s
and provides for supplying deficiencies by taxation If the
revenues fall short Of the annual estimates The adyant
ages Of consolidated sinking fund are that it enables
the State officers to apply any money IN thc Iund 70 the
thus obvates the Inconvenience OF Gccumulang money
II oiso nevrts te renewal of debts when they might be
paid and leaves 10 the State the loss of two per cent
interest upon such accumuations II Will he Impossible
If the proposed third section adopted TO extend Oy re-
newa otherwise any portion of the foregoing indebted
Inmates tey i he provided FOR at an earlier period and
he
ment The fourth section provides foEthe repayment
into the Treasury of advances drawn from the people by
taxation since 1876 and used in the payment OF canal
debts and in the construction and Improvement OF the
public works These advances were made under the FOL
lowing pledge contained in the Constitution OF loiB for
Every contribution or advance 20 the Canals, their
debt from any other than their direct revenues,
shall with quarterly interest at the rates then current,
be repaid into the Treasury for the OF the State out
Of tho Canal revenues II be done consistent
with the just rights Of tho creditors holding the said
The amount of principal Of these advan-
simple interest at q cent 5Gi052i Il
Although the requirement in The Constitution is that
these advances shall be repaid with quarterly interest ~
il desirable TO add simple interest only and AZ the low
rate at which the State has over borrowed any con
siderable sum OF money From the earliest PERIOD IN
the history OF the public works it has been deemed
just and improper to impose taxation the people for
garded the public works as trust in the hands OF the
Statoto made sclfsustainng the hand and not
poses on the other. Advances therefore from other
than their direct revenues have always been
turned as soon rs practicable The Convention OF by
the urovisions of Article i'm thr present Constitution in
the general fund Of the State for advances made prior to
10 that time which was ratified by The people and has
since been recognized by all officers Of tie Government
ana the people hnalty upon that subject, and
tie State in a shorter period than the reyc
nues would hc likely TO pay IN Convention, incorpo
rated iato the Cons tton the foregoing rl dgc. When
the outstanding debts paid the time viii have arrived
when this obligation Is To be fulfilled ana Tie committee
deem i but an act 0i imperative hsticc d1hahuod Ehe
by established policy and good faith and by corSittr-
tIonal obligation npoScd ara eAnc,ed 9y ID Ihe people
for the return Of those % the Treasury from tie
revenues Of the canals for The OF tho people Of TIC
state. IT, therefore; sums had hot nerh mus 4a'AhC'u
The cana debts would nave been cOrrcspoudngy larger
than they NOW are ard bat for the pledge In question tie
The sixth section provides FOR definite disposition Of
,es adyarccs In n manner that viii reduce taxation
upon the people 90 the extent Of the sums 80 returned
AprOposionha been made 10 the Committee ~ anih"r
ze the creation Of additional canal debt oi sl2O,A00
TO be used In commencing new enlargement oi tLe
aud make such debt charge upon ihe revenues oil the
canals prior 20 the payment Of any portion OF e aavacc
this money wiz largely increase the capacity OF TIE
canals, chcaprn tnuspoItaugn-and secure IaIse lF
r SS f,rca in fyor of H. and hive arrived al tie
conclusion that IT would bo unwsc 20 adopt II at
'3 rs Viv ~ i' m rot % deem, II rccssry nor within Inc
Views nton mis- question and they shall content them
sves w brief ana general reasons FOR opposing the
prOpOsed scheme Of debt and expenditure.
Tbc present enlargement Of the canals is but iust
The State has been engaged IN the work
more than thirty years and has expended upon tie work
So 425 3si 32 waterway Of seventy by seven. with
capable Of TRANSPORTING boats Of go tuus burden.
IL tis claimed that s2OOo00O viii accomplish the pro
posed work. but according TO all tie past history 3i me
State II constructing public works. the expenditure
wi double that sum tits proposed 10 undertake ts Work
when the expenses ofSit viii be double fhat Of ordinary
times II is assumed that the demand FOR further tIpc
diture will cease when the locks enlarged, but en-
argcd locks may ncccssae 'an enlarged waterway ana
change o. other structure Involving tens OF millions
Under these crcstanccs and IN view Of the financial
condition Of the state ana 'olIy, lae Giils,T d hn,t
lieye such project ought not 70 be ehirf'aheu Mno
the existence or the cearcst necessity ana inc most
pressing reasons ana thty are sa,s,u heeI -
nor sound policy whether COheideiGu WIN
the canals themscycs ana thtI business OF 'As l''9
OF the people at large, viii justify OF even excuse IS
The capacity Of the Eric Canal 10 do business mas hcycf
,gtb tho canal IN allie gcd bad repair, and with only te
most moderate force and facilities Tor rrcahs tlonsn
IN an p.fmae Of the present State Engineer tho fnl ca
,gry Of the Erie Canal VIII not be reached before l
80 twenty wears In 1902 the State Engineer, the Hon
Van Richmond arrived ~ the came c9hciusd9h an" 81,
transport to tldc-water 5,2.OooO tns Ana ihe
OF all the engineers IN INC me einPly
Ills subject has been agatcd that there Is now ana VII
be FOR an indefinite pcnod In future, apuneaIt 1
he brought 10 H. and, far a5 the COMMITTEE ay9 pech
,b 10 ascertain ths Is cOIrODoIatrd Dy hoao Nho ~
engaged I'm the practical business OF navigating .Io
caHais some complaint has been made by the latter
,st fhc canals not IN good repair but they nave
never experienced any want OF capacity. ,..,.
m. Auditor OF the Canal DcpaTnchth scVIdi ItpoIlT
IA the Legislature has demonstrated thaI the Lc h'i
~ csIsbl of transporting 4O000oO tus each way est
~, the iouges period for passing lock which has
ever been claimed while the greatest quantity ever trans
osed oe gav was 9glGOg4 tuus, aud that was III leo2
"a "a tfie I'm 1863 In both Of which years tho Duslhess
80 LARGELY Increased In consequence of the WHf ana tS
blockade Of the Mississippi ana Otber NCsteIH """
goutheru routes Of transit. . ... 4. =, ,,,,e ,.r-