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including two trunk lines through Canada, one shortest possible time, and the last Congress bas terminating at Suspension Bridge in Canada, the taken the initiative by ordering the survey for a other the Grand Trunk, running over a subsidized ship canal around the Niagara Falls. The means American road to Portland, Maine, thence con- by which such channel shall be accomplished, are necting with a British line of steamers to Liver. regarded as of but little moment compared to pool. The latter line the new Dominion proposes what is deemed the immediate necessity of now to own and operate. Canada has expended the channel itself Substantial, however, as in the last quarter of a century over $150,000,000 the general demand of the West is, and of British capital in constructing canals and rail. specious as is the scheme of the Niagara ways to divert and control the great prize of this ship canal, it is certainly to be greatly continent, our Western commerce. She has vainly apprehended that unless the people of this State striven to overcome the commercial and climatic shall comprehend the necessities of the hour and difficulties of her geographical position, ambi- move on abreast with the times, even constitutiously constructing vast public works, and mak- tional restraint, or rather the lack of constitutioning large unremunerative investments, accom- al power on the part of Congress, will not be plishing results which at best can only be partial found sufficient to prevent the consummation of and transitory, deflecting a portion of our trade this outrage upon State soil, and State dominion, for a time, by discriminating legislation in aid of and the work itself will stand upon our own soil, the gigantic struggles for existence of her upprof. a monument of national aggression and State imitable carrying systems, from the lines of commerce becility. The limited space allotted to this report leading to our seaport cities, but only to return will not permit the further consideration of this again, reacting to the loss and injury of those who branch of the subject. have reaped a temporary benefit from the experi It is claimed by some that we possess natural ments.

geographical advantages which will always give It is 'only as late as 1865, Canadian commis. us commercial supremacy. This is no doubt true sioners in Washington, in their memorandum of if we improve them as we have in the past. It terms for a renewal of the Reciprocity Treaty, is true that of all the States, New York alone submitted to the Committee of Ways and Means reaches from the Atlantic to the great chain of of the House of Representatives, a proposition to western lakes without encountering at one or more enlarge their canals for the passage of American places the formidable obstacles presented by the vessels of over 1,000 tons, provided they could Allegany mountains. While her eastern front is receive proper equivalents in reciprocal trade with on the ocean and includes harbors of unsurpassed the United States. Will any one say there is no excellence, her western territory is a portion of danger to our trade from that quarter, now that the great valleys of the interior. Rivers issuing the commercial and financial energies of all the from her highlands flow through her own bounBritish Provinces are concentrated under one head daries into the Atlantic, or find their way by the in their new Dominion? The struggle is not given | Allegany and Ohio into the Mississippi river and up; it will be renewed at any cost, and true and the Gulf of Mexico. Another of her boundaries wise foresight warns us to be prepared.

is on the St. Lawrence. Rendering her advanThese gigantic rivalries around us are matters tages available by means of railways and canals, of the gravest moment - they should excite us she is enabled to penetrate into all parts of our to the most jealous vigilance with respect to the country by following routes which nature has present. The recent movement proceeding from already formed and indicated by her streams. the North-west, looking to the building of a ship While her valleys and rivers, with their natural canal around the Falls of Niagara by our National extensions, reach to the Mississippi, the Mohawk Government, perhaps in equal degree should and the Hudson gather together in one common awaken our attention. The project includes the chanuel the chief commerce of the great West and idea of now constructing the work "without the North, increased like their rivers by continual adconsent of the Legislature of the State.” Never ditions from their source until they reach the before has Congress attempted even the location ocean. of a “fort, arsenal or dockyard,” within the Toward the great lakes and to the natural eastboundaries of a State, without obtaining title to ern termination of their navigation (Buffalo, also the necessary land, and the consent of the the termination of the Erie canal) the trade of State Legislature; the people of the West are an the West has heretofore substantially concentrated. energetic people; restiveness, impatience under By the route through the State of New York only real or imaginary embarrassment, are the necesaary 500 miles in length (and a third of that distance characteristics of such a race. In their view the through the Hudson river), the trado of the West, vast volume of

their productions upon still retaining substantially its direct eastward its outward progress to the eastern States course, reaches a safe and natural seaport upon and the Atlantic sea-board, meets with obstruc- the Atlantic. tions which such a nation

This report has already extended beyond its inshould not hesitate to remove at once. Disap- tended limit. The subjects aro so important compointed in the delayed eplargement of the Erie mercially, financially and politically affecting the canal; disappointed until doubt has almost arisen destiny of this State and the happiness of its peoas to the ability of the canal when enlarged to meet ple, that it seems scarcely possible to limit their the neeessities of the present and future

commerce. consideration. The West now demands through her Senators in It will only now be added, great as are all the Congress, that some channel for the eastward course natural and geographical advantages of this state, of its commerce should be found or forced in the we cannot retain our commercial supremacy,

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without we coutinue our early canal policy of then the deficiency shall be supplied by taxation progressive improvement. In the view of the the next year. undersigned our whole capal system is now in the § 4. After the debts specified in sections two crisis of its fate. Inaction now 18 an abandon- and three of this article are fully paid or provided ment of our public works—it involves decay, loss for, according to the provisions of section three, of trade, and consequent taxation of the people. the remaining revenues of the canals, after paying

The lessons of the times teach us that this is the said expenses of collection, superintendence, an age of progress and those who do not heed the and ordinary repairs, shall in each fiscal year be teaching, whether they be States, parties or politi- paid into the treasury of the State to pay the cians, and keep step to the forward movement of amount advanced for canal purposes by taxation the day will be forced behind by their more pro- specified in the first section, and the interest gressive rivals, who will bear off the palm of suc- thereon, until the whole amount so advanced, ISRAEL T. HATCH. with interest at five per cent per annum, shall be

fully paid, and until any amount hereafter PROPOSED FINANCIAL SECTIONS.

advanced for canal debt or other canal purposes,

with interest thereon at five per cent per annum, SECTION 1. The outstanding debts of the State shall be fully paid. and other liabilities for the payment of which the & 5. After complying with the provisions of the canal revenues are pledged by the terms of the third and fourth sections of this article, no tolls Constitution of 1846, are the following on the 1st shall be levied on the canals except what may be day of July, 1867:

necessary to pay the expenses of collection, superThe old canal debt of 1846 (so called), ... $3,258,060 00 intendence and ordinary repairs, and other necesThe general fund debt,..

5,642,622 22 sary improvements of the capals. The canal debt under amendment of 1854, 10, 807,000 00 $ 6. The claims of the State against any incorThe floating canal debt,

1,700,000 00

porated company to pay the interest and reduce § 2. The several debts specified in the preceding the principal of the stock of the State loaned or section, designated as the old canal debt of 1846, advanced to such company, shall be fairly enforced the general fund debt, the canal debt under the and not released or compromised, and the moneys amendment of 1854, and the floating canal debt, arising from such claims shall be set apart and amounting in the aggregate to $21,407,682.22 on applied to the payment of said stock so loaned, the first day of July, 1867, shall, with the new or to repay the money which may be advanced to debt herein authorized, be paid as provided in pay the same. the next section.

§ 7. Every contribution or advance to tho $ 3. After paying the expenses of collection, canals or their debt, heretofore or hereafter, from superintendence and the ordinary repairs of the any source other than their direct revenues, shall completed canals, there shall be appropriated and be repaid into the treasury with interest, at five per set apart in each fiscal year, commencing on the cent per annum, for the use of the State out of first day of October, in the year one thousand the canal revenues, as soon as it can be done coneight hundred and sixty-seven, the whole of the sistently with the just rights of the creditors holdremaining revenues of the State canals as a ing the debts specified in section number two. sinking fund to pay the interest as it falls due, and § 8. The Legislature shall not sell, lease or reduce the principal of the several stock debts otherwise dispose of any of the canals of the State, specified in section two this article, until the but they shall remain the property of the State several debts shall be fully paid or provided for; and under their management forever. and including the sum of seven millions of 8 9. No moneys shall ever be paid out of the dollars hereafter to be borrowed by the treasury of this State, or any of its funds, or any Legislature, at rate of interest not ex. of the funds under its management, except in ceeding six per cent per annnm, re-imburs. pursuance of an appropriation by law, nor uulees able in eighteen years, to be applied and such payment be made within two years next appropriated to the improvement of the Erie, the after the passage of such appropriation act; and Oswego, and the Cayuga and Seneca canals to every such law making a new appropriation, or admit the passage of boats or vessels to pass continuing or reviving an appropriation, shall thereon, of at least five hundred tons burden; distinctly specify the sum appropriated and the and the moneys so borrowed shall be applied as objects to which it is to be applied, and it shall above provided, together with the enlargement not be sufficient for such law to refer to any othor of the remaining small locks on the Champlain law to fix such sum. canal to the size of those now on the Erie § 10. The credit of the State shall not in any canal, and to no other purpose whatever. manner be given or loaned to or in aid of any But if it shall be ascertained that the im- individual, association or corporation, nor shall the provements herein contemplated cannot be fully money or property of the State be given or loaned made and completed for the said sum of seven to or in aid of any individual, association or cormillions of dollars, then no moneys shall be bor- poration while there are any outstanding debts rowed for that purpose. The said several stock against the State. debts named in the first section of this article Resolved, There should be a constitutional proshall be fully paid by the first day of October, vision to the following effect: The credit of the 1878; and if in any fiscal year there shall not be State shall not in any manner be given or loaned contributed from said revenues a sum sufficient to to or ir aid of any individual, association or corpay the pro rata contribution of principal in ten poration; nor shall any money belonging to the Jears with the balance then in the sinking fund, State, raised or to be raised by taxation, be

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loanod or given to any individual

, association or, shall not be sufficient to refer to any other law to corporation, except that State contributions to fix such tax or object. public charities, asylums, schools, academies and § 15. No deficiency loan shall be made by or colleges, may be continued, not exceeding annu- on behalf of the State, for a longer period than is ally the amounts appropriated for such purposes necessary to enable the sinking fund provided for in any year prior to 1866.

its payment to accumulate an amount sufficient to 8 11. The State may, to meet casual deficits or discharge it; and in no case shall such loan be failures in revenues or for unexpected expenses made for more than six years. not provided for, temporarily contract debts; but The PRESIDENT — The minority report will such debts, direct and contingent, singly or in be referred to the Committee of the Whole and the aggregate, shall not at any time exceed one be printed. million of dollars, and the moneys arising from Mr. CLARKE-Mr. President, I desire to submit the loans creating such debts shall be applied to a minority report: the purposes for which they were obtained, or to The SECRETARY proceeded to read the minor. repay the debt so contracted, and to no other purity report of Mr. Clarke, as follows: pose whatever.

As a member of the Committee on the Finances $ 12. In addition to the above limited power to of the State, the Public DebtRevenues, Expencontract debts, the State may contract debts to ditures and Taxation, and Restrictions on the repel invasion, suppress insurrection or defend Powers of the Legislature in respect thereto, the the State in war; but the money arising from the undersigned dissents from the report of the contracting of such debts shall be applied to the majority of the committee, in reference to a porpurpose for which it was raised, or to repay such tion of the article submitted, and offers as debts, and to no other purpose whatever. substitute the following, and in a very brief man

$ 13. Except the debts specified in the twelfth ner further reports thereafter: and thirteenth sections of this article, no debts shall be hereafter contracted by or on behalf of

ARTICLE this State, unless such debt shall be authorized by Sec. 1. After paying the expenses of collection, a law for some single work or object to be dis- superintendence, and ordinary repairs, there shall tinctly specified therein; and such laws shall be set apart, in each fiscal year, out of the revenue impose and provide for a collection of a direct of the State canal, from tho first day of June, annual tax to pay, and sufficient to pay, the inter. 1867, the sum of one million seven hundred thouest on such debt as it falls due; and also to pay sand dollars, to be added to the sinking fund, now and discharge the principle of such debt within existing, to pay the interest and to redeem the eighteen years from the time of the contracting principal of that part of the State debt known as thereof. No such law shall take effect until it the canal debt of 1846, until the same shall be shall at a general election have been submitted wholly paid; atâ the principal and income of said to the people, and have received a majority of all sinking fund shall be sacredly applied to that the votes cast for or against it at such election. purpose. On the final passage of such bill in either House 8 2. After complying with the provisions of of the Legislature, the question shall be taken by the first section of this article, there shall be ayes and noes, to be duly entered on the Journals appropriated and set apart out of the surplus rev. thereof, and shall be: "Shall this bill pass, and enues of the State canals, in each fiscal year, from ought the same to receive the sanction of the the first day of June, 1867, the sum of three hunpeople ?” The Legislature may at any time after dred and fifty thousand dollars, until the time when the approval of such law by the people, if no a sufficient sum shall have been appropriated and debt shall have been contracted in pursuance set apart, under the said first section, to pay the thereof, repeal the same, and may at any time by interest and extinguish the entire principal of the law forbid the contracting of any further debts canal debt therein mentioned ; and from under such law; but the tax imposed by such and after that period, then the sum of act, in proportion to the debt and liability which one million five hundred thousand dollars, in may have been contracted in pursuance of such law, each fiscal year, shall be added and appropriated shall remain in force and be irrepealable and be to the sinking fund, now existing, to pay the interannually collected, until the proceeds thereof est and redeem the principal of that part of the shall have made the provision hereinbefore speci- State debt called the general sund debt, including fied to pay and discharge the interest and princi- the debt for loans of the State credit to incorpopal of such debt and liability. The money arising rated companies, made prior to the first day of from any loan or stock creating such debt or lia- June, 1846, so far as they shall, or may hereafter, bility, shall be applied to the work or object spe- become a charge on the State treasury or general cified in the act authorizing such debt or liability, fund, until the same shall be wholly paid; and the or for the repayment of such debt or liability, and principal and income of said sinking fund shall be for no other purpose whatever. No such law shall sacredly applied to the purpose aforesaid. be submitted to be voted on within three months 83. After a full compliance with the provisions after its passage, or at any general election when of the first and second sections of this article, any other law or any bill or amendment to the there shall be paid out of the surplus revenues of Constitution shall be submitted to be voted for or the canals, to the treasury of the State, on or against.

before the first day of September, in each year, 8 14. Every law which imposes, continues or for the use and benefit of the general fund, the rovives & tax, shall distinctly state the tax and sum of two hundred thousand dollars, for the supthe object to which it is to be applied, and it port of the State government.

& 4. After a full compliance with the provisions shall be contracted by or on behalf of this State of the first second, and third sections of this to pay any portion of the State debt that may article, there shall be appropriated, in each fiscal remain unpaid under the provisions of this article year, from the surplus revenues of the canals, unless the law authorizing the creation of such the sum of one million one hundred and sixteen debt, shall itself impose and provide for the col. thousand two hundred and forty-two dollars and lection of a direct annual tax, for the purpose of sixty-six cents, to be added to the sinking sund paying, and sufficient to pay the interest on such now existing for the payment of the debt known debt as it falls due, and also to pay and discharge as the enlargement and completion debt, until the principal of such debt, within eighteen years the same is sufficiont to pay off and discharge from the time of the contracting thereof. said debt and interest, and the principal and in 8 9. The claims of the State against any incorterest of said sinking fund shall be sacredly ap- porated company, to pay the interest and redeem plied to that purpose.

the principal of the stock of the State heretoforo $5. After a full compliance with the provisons of loaned or advanced to such company, shall be the first, second, third and fourth sections of this fully enforced, and not released or compromised; article, there shall be appropriated and set apart and the moneys arising from such claims shall be from the revenue of the canals, the sum of $187,- set apart, and applied as part of the sinking fund 500, in each fiscal year, to be added to the sinking provided in the second section of this article. fund, now existing, until the sum, so appropriated 8 10. The credit of the State shall not, in any and set apart, shall be sufficient to pay the princi- manner be given or loaned to, or in aid of any pal and interest of what is known as the floating individual, association, or corporation. The same debt loan; and the principal and income of said restrictions apply to the counties, towns, cities, sinking fund shall be sacredly applied to that pur. and villages of the State. pose

& 11. No moneys shall ever be paid out of the $ 6. Such portion of the surplus reveuue of the treasury of this state, or auy of its funds, or any canals as may remain, after a full compliance with of the funds under its management, except in purthe provisions of the five preceding sections, shall, suance of an appropriation by law; nor unless in each fiscal year, be applied to the payment such payment be made within two years next of the sums which have been raised by taxation and after the passage of such appropriation act; and drawn from the general fund for canal purposes, every such law making a new appropriation, or until that fund shall be fully reimbursed for all continuing or renewing an appropriation, shall sums so drawn therefrom sinco the year 1846, distinctly specify the sum appropriated and the with quarterly interest thereon, at the rate of six object to which it is to be applied; and it shall per cent per annum. As the revenues are so not be sufficient for such law to refer to any other received into the treasury they shall be appro- law to fix such sum. priated, or so much thereof as may be necessary $ 12. The State may, to meet casual deficits to the payment of, or to the creation of a sinking or failures in revenues, or for expenses not provi. fund for the ultimate payment of the principal ded for, contract debts; but such debts, direct and and interest of the State debt, known as the bounty contingent, singly or in the aggregate, shall not at debt; and after all the objects provided for any time exceed one million of dollars; and the in this section and the previous sections of moneys arising from the loans creating such debts this article shall have been accomplished, and the shall be appropriated to the purpose for which several debts and obligations mentioned therein they were obtained, or to pay the debts so con. shall have been fully paid and discharged, the tracted, and to no other purpose whatever. tolls upon the canals of the State shall be reduced 8 13. In addition to the above limited power to a rate calculated to produce a revenue suffi. to contract debts, the State may contract debts to cient to meet the expenses of collection, superin- repel invasion, suppress insurrection, or defend tendence and all repairs that may be necessary to the State in war; but the money arising from the keep the canals in good navigable order and con- contracting of such debts shall be applied to the dition, together with the demands of the third purpose for which it was raised, or to repay such section of this article and no more.

debts, and to no other purpose whatever. 37. The Legislature may provide by law, for § 14. Excopt the debts specified in the seventh, borrowing any sum of money that may be neces- eighth, twelfth, and thirteenth sections of sary to pay the principal of any portion of the this article, no debts shall be hereafter con. existing debt of the State, including the bounty tracted by or on behalf of this State, un. debt, which the revenues of the canals applied as loss such debts shall be authorized by a required by the preceding section of this article, law, for some single work or object, to be may fail to meet, and may also authorize the distinctly specified therein, and such law shall raising, upon temporary loan of money to pay the impose and provide for the collection of a direct deficiency of interest upon any Statë debt; but annual tax to pay, and sufficient to pay the internot for a longer period than may be required to est on such debt as it falls due, and also to pay raise the necessary amount by taxation. The and discharge the principal of such debt, within interest on the bounty debt shall continue to be eighteen years from the time of contracting there. paid by means of taxation, as now provided by of; no such law shall take effect until it shall at a law, until the same can be paid from the surplus general election have been submitted to the peorevenues of the canals, under the provisions of ple, and have received a majority of all the votes section five of this article.

cast for and against it, at such election. On the $ 8. After the expiration of twenty years from final passage of such bill in either house of the the time when this article takes effect, no dobt Legislature the question shall be taken by ayes .

and noes, to be duly entered on the Journals the remaining portion of the canal debt of 1846, thereof, and shall be: "Shall this bill pass, the general fund debt, tho enlargement and comand ought the same to receive the sanction pletion debt, and the appropriation of $200,000 per of the people?” The Legislaure may at any annum to the general fund, for the support of the time, aster the approval of such law by the peo- State government. ple, if no debt shall have been contracted in At the time of the adoption of the present Conpursuance thereof, repeal the same; and may at stitution, the canals were indebted to the general any time, by law, forbid the contracting of any fund for advances for canal purposes to the further debt or liability under such law; but the amount of about $5,000,000; that debt seems to tax imposed by such act, in proportion to the debt have been compromised by the provision in the and liability which may have been contracted in Constitution requiring a perpetual annual appropursuance of such law, shall remain in force and priation of $200,000, as mentioned above, from be irrepealable, and be annually collected, until the revenues of the canals, to the general fund, the proceeds thereof shall have made the provision for the support of the State government. hereinbefore specified, to pay and discharge the The fifth section provides for an appropriation Interest and principal of such debt and liability of $187,500 per annum to the sinking fund of The money arising from any loan or stock creating the floating debt loan, heretofore paid by taxasuch debt or liability shall be applied to the work tion. or object specified in the act authorizing such debt The revenues of the canals have failed to meet or liability, or for the repayment of such debt or the requirements imposed upon them by the pres. liability, and for no other purpose whatever. No ent Constitution, consequently, there has been such law shall be submitted to be voted on within raised by taxation since 1846, and drawn from three months after its passage or at any general the General Fund for canal purposes, with interelection, when any other law or any bill, or any est added, about $18,000,000. enactment to the Constitution, shall be submitted The sixth section provides that after a full com. to be voted for or against.

pliance with the provisions of the five preceding § 15. Every law which imposes, continues, or sections, that the remaining portion of the net revives a tax, shall distinctly state the tax and revenues of the canals shall be applied to the the object to which it is to be applied; and it payment of the sums raised by taxation and drawn shall not be sufficient to refer to any other law to from the general fund as stated above, and as the fix such tax or object.

money is received into the treasury, it shall be $ 16. On the final passage in either house of appropriated to the payment of the bounty debt. tho Legislature, of every act which imposes, con- It also further provides, that after all the precedtinues or revives a tax, or creates a debt or charge, ing requirements are fulfilled, that the canal tolls or makes, continues or revives any appropriation shall then be reduced to a rate sufficient only to of public or trust money, or property; or releases, keep the canals in good repair and navigable discharges or commutes any claim or demand of condition. the State, the question shall be taken by ayes and

The seventh section provides that money may noes, which shall be duly entered on the Journals, be borrowed to pay any portion of the State debt, and three-fifths of all the members elected shall, including the bounty debt, that the revenues of in all such cases, be necessary to constitute a the canals may fail to pay, as it matures, and for quorum therein.

the imposition of taxes to pay any deficiency of $ 17. The Legislature shall not sell, lease or interest that the revenues of the canals may fail otherwise dispose of any of the canals of the to meet. State, but they shall remain the property of the Section eight provides that no money shall be State and under its management forever.

borrowed after the expiration of twenty-five years The debts of the State, for the payment of which from this time to pay any portion of the State the revenues of the canals are pledged, after de- debt that may then remain unpaid without a producting the unapplied balance of their sinking vision in the act authorizing the loan, requiring funds, were on the first day of July, 1867, as fol. the payment of the principal and interest of the lows:

debt by taxation within eighteen years thereafter. Canal debt of 1844,.

$2,102,804 62

The ninth section provides that the credit of General fund debt,

5,642,622 22 the State shall not be given or loaned to any inAnnual annuity for support of State

dividual, association, or corporation, and that the government,

200,000 00 Enlargement debt,.

10,360,110 27

same restriction shall apply to the counties and Floating debt loan,.

1,211,028 32 towns, and cities and villages of the State. Debt due general fund for advances for

The other sections are substantially the same canal purposes since 1846, about..... 18,000, 000 00 as those in the existing Constitution, relating to

The bounty debt on the thirtieth day of June the same subjects. last was $26,940,000. There will be due from the The contributions to the several sinking funds, treasury to the sinking fund of that debt at the now existing, for the payment of the canal debts, close of the present fiscal year, out of the receipts will, by the provisions of the article now submit from taxes already collected, a' sum sufficient to ted, continue the same as under the existing Conreduce the principal of the debt considerably stitution, consequently there will be no necessity below $26,000,000.

of making any change in the mode of keeping the By the provisions or the first, second, third and accounts or in either of the sinking funds. fourth sections of the article, herewith reported, By the operation of the sinking fund the debts the requirements of the Constitution of 1846, are will be paid as follows: fully carried out in reference to the payment of Canal dobt of 1846 in 1868.

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