New-York tribune., 1878-04-13
ALBANY.
WORK OF THE LEGISLATURE.


ALBANY, April 1.-THE debts of the several
cities and counties of the State amount TO huge sum-
while that OF the State itself is only SSOOO0OO Much
Of this debt OF the counties and cities Is due
lending money for the construction OF railroads. ana
issuing bonds obtain most OF the money thus leDt
Altogether, forty-nne counties OF the sixtyOne into
which the State is divided have issued bonds in aid of
the railways, have guaranteed the payment OF such
bonds interest and principal The total amount guar
anteed by these bonds is S7 100000 In many OF the
counties there has recently been agitation In favor OF
reduction Of interest the bonds. Oh course
the holders OF them have resisted auy reduc-
ton of the interest. and have declined to sur
render them for bonds bearing a lower rate OF
interest The effect of this agitation was perceived IN
the Legislature Members talked with each other about
the subject and finally certain number OF them
formally met and drew up bill providing Tor a SIale
guarantee OF the bonds 10 was provided that the
counties and towns should surrender their
railroad bonds and receive in return State bonds.
The interest and principal Of these State bonds were
paid by the towns dcOuntes interested as before
but was hoped that the state guarantee would induce
the holders OF the bonds surrender them for those
bearing lower rate of interest with the further temp
taon OF receiving bonds having longer period to run
before coming maturity This bill was introduced IN
February ard was referred TO the Committee on ways
and Means Of the Assembly. 1t has since remained II
their hands.
movement for the guaranteeing Of the bonds, moved
that the bill be taken away from the Committee on Ways
and Means and referred 10 the Committee Of the Whole
He said 1t PLAN that the committee dla
not intend to make any report on the
bill. All it's friends desired was opportunity TO
debate it in the Assembly. In relation to the bill ITSELF
he would say that the State had passed laws per
nittng the counties into debt easily, and had not
even given minoriues in communities power to resist
such movements, 1t ought 10 give some ad
10 sucn communities as had been nearly ruined
by the spcndthrift habits thus encouraged Mt
Alyord, chairman OF the assailed committee
earnestly opposed the passage Of the motion. He
gave very interesting account OF the various transac
ons in which the State had extended aid to counties
and citieaud had never been repaid. He argued that
communities ought patiently 20 bear the debts they had
contracted and not attempt TO put them on the
shoulders Of the State. This was tho opn-
ION Of residents of Syracuse, although
the city was heavily bonded Tor railway purposes. Mr.
Halliday with equal earuestness argued that common
Justice TO feow-members required that the bill should
not be smothered by the committee but on the contrary
bould be submitted to the Assembly. The Legislature
ought not 10 indifferent to the suffering Of those por
;ous of the State that heavily in debt Now only
the interest the bonds has TO be paid.
When the principal OF the bonds Is demand
ed there may be riots and civil war III
the State Mr. Avord laughed at the idea Of there being
a war over tie bonds. That cOmmunistc idea
which he was glad the two representatives of
Labor Reform in the Legislature repudiaed Mr Beard,
one Of the Labor RefOrmers thcreupOn aughncy said
that indeed the Labor Reomers repudated the idea Of
n commune He ended his speech with the words: We
belong 10 a party that is in favor of settling
disputed matters with the ballot As threatened
with taxpayers rebellion shall vote nay this ques
uon Mr.. Berry, OF Cnenango County, said that the
friends Of the bill had been perslsenty msrepresentcd,
II was not attempt to saddle twenty-seven
millions OF DEBT on the State The motion
was carried by vote OF 73 to "a
Mr Alvord then announced that in view Of the vote he
did not know that his duty to resign his post
IA chairman Of the Committee on WAYS and Means He
would consider the matter and decide by Monday
evening.
Mr. wheeler, OF Dutchess County. made good speech
to-day in favor OF reducing the charge for the ranspOr
taton Of milk the Harlem Railroad from 2 cents
per quart 10 cent He declared tuat the railroad com
pauy made a profit of nearly 100000 by its tariff,
and that the farmers were ruined. Mr. Prescott, Of
Oneida County said that members ought to he keeny
interested In the b for tnat at some time or another
during their life ali mankind were engaged IN the milk
business. The best way for the faners to crcumyent
the railroad company, IN hls opnioh was Tor Ihem 70
construct pipe line TO New-lork under the bill passed
yesterday, aud run the milk into New York CITY
by tHnt method Of transportation Mr.; MOler, the
hero of the Mofat bell punch bill" said that the far
ncrs of Wcstchester County desired to sell their good
iftAe bill passed. Nr skinner SAID " w9ud INQUIRE
OF the gentleman from Wescnester (Mr. MOller) If he
WOuld have a mix puuCn as Wen ms n Dtll punch
Mr. Moller replied "Ys; would apply 1t TO the cow"
The bill advanced on the calendar
Mr. Allen introduced bill authorizing mortgage in
debedness to deducted from the assessed value of
real estate The bill provides that In all Of
mortgages upon real estate hereafter executed the
poracor therein may have deducted from the assessed
valuation OF such real estate the amount Of any such
existing unpaid lien thereon, but in all cases such
mortgagor, in claiming such deduction shall state
in writing and under oath 10 the assessor the amount
md terms and times Of payment Of such mortgage lien
or the corporate name and place OF busi-
ness OF any corporation hOlling such mort
gage lien; and thereupon such assessor shall
SssCss upon such person OF corporation so
SoIdne eh mortgage lien the true value thereof pro-
vdcd such holder shall reside or such corporation shall
have its place of business within his town city, but
such owner shall, such corporation shall have its
principal Office OF business elsewhere within the State,
then such Assessor shall immediately transmit by mail
memorandum IN writing 20 the assessor OF the town
or city where such holder or owner shall re-
side such corporation snail nave It's place OF business
showing the existence Of and amount secured 20 be paid
by such mortgage lien, together with the name of
Corporation owning the same; wherenpOn the
20 whom such memorandum is transmitted shall cause
the same TO assessed upon his roll to the
holder, owner, or corporation owning the same.
novel bin in relation TO stock companies intro
duced to-day by Mr.. Duel. 1t provides for the
appointment by the Governor Of an officer 10
be known as Commissioner OF Stock Comps-
MES. All certificates of stock issued by any in
corporated company before July next are to be
presented TO the Commissioner for registration. It is
made the duty Of the Commissioner to inquire into the
issuing of such certificates and IL they regu-
arly Issued aud not In excess OF the capital
stock OF such company, to certify the
fact. The Commissioner is TO keep books showing
the amount of the csptaI stock the amount of shares
of each company, the number of shares Issued, and
record Of the transfers OF all certificates Whenever any
certificates stock sought to be exchanged for
certificates the Commissioners required before certify
ing the new Ones To require the old certificates TO be
surrendered and cancelled
large number OF petitions received In relation
to the new Code. Petitions in favor OF passing
the nine chapters last considered by tho Legis
lature over the Governors veto, were received
from Buffalo, from Eew-York, from Columbia County
from Montgomery County, from Poughkeepsie and from
Syracuse Petitions IN favor OF repeating the new Code
and substituting tor IL the old Code. received from
the following; Schenectady, Brooklyn WATERFOWL