Newspaper of The New York Herald, January 8, 1845, Page 1

January 8, 1845 Tarihli The New York Herald Gazetesi Sayfa 1
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THE NEW YORK HERALD. Vol. XI., No. 7?Wholo No. 99M. NEW YORK. WEDNESDAY MORNING. JANUARY 8, 1846. PHm Two Onto. (GOVERNOR'S MESSAGE. To the Senate and Auembly . Fkllow Citizen*?The Constitution makes it my duty to communicate to you the condition of the State, and to recommend such matters fofr your consideration as I shall judge expedient. The great and diversified interests of the State demanding legislative supervision, protection and aid, impose a vast responsibility upon the Legisla ture ; while, to present their|conaition so fully to you as to facilitate your labors, accompanied witjt recommendations calculated to lead you to wise and just conclusions, is a task not less responsible. It is oae upon which I eater with diffidence, and yet I make the attempt cheerlully, feeling that the duty has been assigned to me by a constituency aj ways indulgent to honest effort and upright inten tion, and which never demands from a public ser vant mors than, thus aided and directed, he isable to perform The great and leading subjects of legislation are so intimately connected with the state of our finances, as to render it proper to examine first the financial eondition of the State. Our revenues are large, and should be ample for a State having only the expenses of its internal government to meet. If they prove unequal to our necessities, the inference will be almost unavoida ble that errors now exist, or have existed, in our financial policy and legislation. A general view of the current annual revenues of the State, taken together, according to the re ceipts of the fiscal year, ending on the 90th of September last, is as follows The total amount cf receipts on account of the General Fund, including the whole of the State tax, of one mill on a dollar, ant deducting the sum receiv ed for temporary loans, was $1,078,349 01 The entire revenues of the anal Fund, in cluding all the receipts for tolls, water rents, and interest, for all the canals, were 3,360,018 04 The revenues of the Sohool Fund proper, were.., 183,830 81 The revenues of the Literature Fund were 18 490 84 | The revenues of the United States Deposit Fund after deducting $100,413 60, trans fcrred from revenue to capital, were.... 387,804 36 ^faking a total or *3,913,415 06 Various other funds which produce revenue, in the iorm of interest upon moneys invested, will be found mentioned in the fiscal reports, such as the Bank Safety Fund, various special sinking tunqs, the Mariners' Fund, and the like, all cf which j are, in their character, trusts in the hands of the State, for specified objects, in no way connected with the revenues and expenditures of the State government. The revenues before enumerated are those which enter iuto the annual expenditure of the State, and constitute the means for thoav expenditures, and they are the whole of such means annual in their nature, as ascertained by the actual receipts of the last fiscal year. Some portions of these revenues, with the funds from wh<ch they are derived, fire pledged by the constitution to particular objects, and are beyond the power of the Legislature for any other application. Such is the entire capital of the Common School Fund proper, and its reve nues. The capital is made " a perpetual fund, fhe interest of which shall be inviolably appropriated and applied to the support of common schools | throughout this State." So the tolls collected upon the Erie and Champlain Canals, wiih the fund proper h denominated the Canal Fund, are consti tutionally pledged for the payment of the inteiest and the redemption of the principal of the debt contracted lor the construction o( those canals. Other of these revenues are, by permanent laws, appropriated to specific objects. Such is the Lite rature Fund, the revenues of which are expended in aid of the incorporated academies of the Stgte. The revenues of the United States Deposite Fund, also, are, by a permanent law, appropriated to ob jects of education orspecified charities; and what ever changes may be thought expedient or justj in the distribution of the fund to the specified ob jects, it is not supposed that a diversion of these revenues to any other general class of objects of expenditure will be contemplated. Tnis presentation of all the revenues of the S4ate collectively, with a brief explanation as to jthe portions specifically set apart by the constitutioi or the laws, for exclusive application to particular ob jects, it is hoped may enable those not minutelyiac quainted wiih our financial arrangements the bet ter to untleretaud, upon a separation of the varfous parte, how far means are in fact within the disposi tion of the Legislature for general and miscellane ous objects of expenditure. The entire amount of revenue from the five funds as be fore presented, is $3 818,430 06 Deduct from thv aggregate the revenues of the School Fund proper, constitutional ly pledged to the support of common schools $188,888 81 The revenues of the Literature Fund appropriated by law in ?id ot acsdi miea. 18,490 84 The t avenues ot the United States Deposite Fund, appro priated by law to common sohools, academies, colleges, and other purposes of educa tion, and the Now York Eye Infirmary 987,804 98 888,011 10 And there will remain, $8,498,884 86 This bnlsnce compri'eo the revenues of the General Fund and of the Canal Fund, embracing all the revenues from all'becanals, as well as trom the Canal Fund pro per Thonartoi this sum comprising the revenues of | the General Fand, as will be seen, is $1,073,340 01 This, however, embraces ?the whole of the Statu tax, while by the first section of the ''Act to provide for paying the debt and prrservir g the credit ot the State," passed 39tt March, 1849, one half of it after the year 1813. is to be paid to the Com missioners of the Canal Fund for the use of the canals; and there was so paid, inpnr susnee of this provision, during tha la t fiscal year, the sum of 978.107 88 Thus leaving of these revenues -applicable to calls upon the General Fund, the tuna of 706,861 46 The payments made from the Treasury, chargeable to this fttnd, during the last fis cal year, excluding the payments on ac count of temporary loons, and also tha payment to the Canal Fund of half of tho mill tax, at before stated, were. 1,008,768 43 $308,701 08 Thus showing that the receipts into the Trea sury on account of the General Fund, from all aourceo, are less by #206,701 98, than the sums charged upon the eame fund and paid from the Treasury, for the last fiscal year This is a comparison of the whole amount of the annual revenues of the G:neralFund, including all the receipts of a miscellaneous character, with the annual permanentchargea upon it,and alao all pay ments authorized by special actsof the Legislature, as well as temporary and miscellaneous expenses Tuere was an apparent balance in the Treasury at the close of the fiscal year, of $99,737 26, which, so far as it is available, would diminish the deficit b?-f,staled in the receipt of the General Fund. Tnis balance^ however, included the aum of #84,358 15. paid to this State out of the proceeds of the safes ot the public lands of the United 8tates under a law of Congress, and' placed in the Treasury by the Governor, to whom the payment was made ; but which haaneverbeen brought into the accounts of the General Fund,or anyother of the funds of the State, because the Legislature has directed no dis position and authorized no application ot the mo ney. It has remained in bank by a special contract with the Treasurer, at a stipulated interest. If this sum be deducted from the above balance in the Treasury, there will remain only #15,376 11,as the real ivailable balance applicable to demands against the General Fund If this sum be deducted from #208,701 99. the deficit in the revenuesol the Gene ra F-i'i't nx before stated, it still leaves a deficit of #103 822 87 By the 5 h section of the "act to regalate the ac counts between certain funds belonging to this Stair," posted 26th May, 1841, the Commissioners ol the Canal Fand are directed to pay to the Trea suty, on or before the 80th day of September, in every vear, from the canal revenues, tha aum of I #200.000. Only one half of this ram has been paid tor the use of tns General Fund for the last year, the other half having been withheld to make up louse in the fund pledged for the pay ment of the Eria and Champlain canal debt, occasioned by the insolvency of certain banks which had loans from th? Canal Fund. Hereafter the whole aum of | #200,000 will be annually paid from the surplus re venues of the Canal Fund for tho use of the Gene ral Fund. But, with the whole of this approptia tion, one half of the state taz, and all its revenues, permanent and miscellaneous, the General Fund, as in shown by tlio foregoing statement, is wholly inadequate to meet the annual demands upon it. A further and most important consideration con nected with this fund, is the henvv debt charged upon it This debt is #5,634,607 68 Thu is the amount of the positive, unconditional debt charged upon the fund, the annual interest upon which ia #310,496 60, and comprises out of the heaviest items ol permanent charge upon its revenues. The debt has been increased by the sum of #211/16186, within the last fiscal fwt thus showing that the revenues of the fund, with but half of the null, tax, ?o far from presenting a surplus beyond the annual expenses chargeable upon the fund, are in fact de ficient, and that the debt continues to augment More than three-fifths of this debt was contracted by loans of the credit of the State to rail-road in corporations, which have wholly failed, and thrown the amount upon the general fund. With out the debt, the present revenues of the fund would be ample to meet the charges upon it, and would authorize the Legislature moderately to in crease those charges, when the public interest should bo found to require it; with it, and ita constantly accruing int'res', the charges upon the tund must be diminished, or its revenues increased, to prevent a constant annual augmentation of the True economy, as well as sound policy require the arrest of this procets- A portion of the reve nues oi this fuud, more than equal to all the aid it derives from the mill-tax, is now annually consum ed in ihe payment of interest alone, upon this in creasing debt. Such an expenditure, while it makes taxation perpetual, works no public benefit. The money paasea from the pockets of the citizens, through the hands of the tax-collector, to the pocket ol the public creditor, with the loss to the former of the expenses of collection, only that lbe process may be repeated with the same loss, aa re gularly as time shall bring around the seasons; and still the demand ia undiminished, the weight of the load unmitigated. To reverse this action is the only remedy for the evil. The revenues should be brought to meet the annual expenditures, and leave a balance to wear upon the debt, and then each payment of the tax will bring with it hope and en couragement. The third sub-division of section 2, of the act of imposing this tax, looks to its discon tinuance, after the present year, through an ability in the revenues of .the fund to meet and extinguish the debt, without its lurtber aid; but that expecta tion cannot be realized, while the debt is increas ing against the power of these revenues, the tax included. There is also a contingent debt hanging over this fund, amounting to 91,920,000. This is for loans of the credit of the state to canal and railroad in-j corporations, which have hitherto fulfilled their obligations, by making the payments of interest. It is hoped they will be prepared lor the reimburse ment of the principal at the day. This contingent liability presents another teason for strengthening the condition of the General fund, ana taking prompt measures for the gradual extinguishment of its present increasing debt. niter deducting the revenues of the School, Literature, and United State* Depoiite Fund*, from the aggregate amount of the revenues of the five lands, the balance re m aining waa $3,438,864 96 Those of tha General Fund having been ex amined, may now be separated. They are 1,073,349 01 And the revenues ol the Canal Fund will rs ?main, $3,360,616 94 The expense* charged upon and paid out of the revenues of this fund fiscal year,ware 1,777,970 69 Leaving a surplus, over and above the ex penses chargeable upon the canals and the Canal Fund, for the fiscal year, of, $673,646 16 Included in these expenses are the 91W)-<XX) paid to the Treasurer for the use of the General Fund, and 9100,000 paid on account of losses oi the Fund pledged for the payment of the canal debt, and 91,0SM23 16, for interest upon that debt, making together 1 he sum of 91.281,128 16, ana leaving 9846,664 86, as the expenses oi the canals, included in the sums refunded on tolls, and for rents of pur plus water from the Oswego canal. The above ch <rge for interest does not include the interest upon the balance unpaid of the old Erie and Champlain Canal debt, that being met by the ipte rest upon the funds set apart ana iavested for the payment thereof. By the twelfth section of tha Act of 1842, ''the surplus canal revenue, after paying all just canal current expenses, and the interest on the canal debt, and the payment aforesaid to the General Fund, shall, to an amount at least equal to one third of the interest of the canal debt remaining unpaid, be sacredly devoted and applied as a sink ing fund to the redemption of the canal debt tow existing and authorized by this act, and shall not be diverted from that objeot to any other purpose whatsoever." Sush is the language af this lab, and such'the express pledge it contains, touching the sutplus of j the canal revenues of the last fiscal year. If, the amount of the annual interest on the canal debt,<ia it exiated at the close of the fiac&l year,$1,126, 397 90, be the correct amount from which to mea sure the extent ol the pledge, and if it be constru ed with technical strictness to extend no farther than the one-third of that interest, then the por tion of this surplus to pass to the sinking Fund is 9375,465 96, leaving a surplus for the last fiscsj year, beyond the amount pledged to the Sinking Fund, of 9197.179 39. The Canal Fund, however, as well as the Ge ne r&l Fund, are burdened with a heavy debt, and it remains ta be aeen whether the obligations of this debt must not as effectually control the discretion of the Legislature, in the application of this sur plus money, as any pledge which the law of 1842 eould have imposed upon it. The interest of this debt,it is true,? carefully provided tor by that law. This, without any provision lor the extinction of the principal, may be satisfactory to some, but such is not my view of the rule which binds the faith and honor of the State. I know of no obliga tion to meet the accruing interest which does not demand, with equal force, the payment of the principal as it falls due; and so far as the means are possessed, the failure to apply them, in the one case, appears to mc to be aa much a breach of the faith pledged by the contract, aa in the other Suppose the creditor consent to the postponement of the payment of his principal money. Between individuals acting for themselves as principals, such cansent would authorise the diversion of the funds; but if the agent of the debtor were dealing with the creditor in person, would such consent justify the agent, without the sanction of his prin cipal, in the diversion of the funds placed in his hands to pay the debtl And is this not our case 1 Are we not the mere agents of the people in this matter 1 They have permitted debis to be con tracted upon their credit, and at their risk, to con struct the present State canals. The moneys in our hands are the proceeds of the investments thus made, and came from the very aource upon which they' relied to pay theae debts, and save them from oppressive taxation. Have we the right, as faith ful agents, without the consent of our principals, even though their creditors should consent, to di vert their lunds to other objects, and continue the debt upon them 1 I strongly incline to the opinion that we have not. By a statement of the Canal debt, furnished by the Canal Department, it appears that the whole amount unpaid on the 30th day of September last was 920.713,906 58 Thia includes the old Erie and CtuHiplain Canal debt of 91.880,260 86, for the payment of which funds have been already set apart believed to be more than sufficient to cancel it. The portion of the funds so set apart, consider ed ^available, amounta to 91.496,806 46, being 9116,066 10 beyond the principal of the debt to be paid, and probably more than sufficient to meet the principal and interest. I am informed by the Com* missionera of the Canal Fund, that (he holders of this old stock have been personally notified that the money ia ready for the redemption of the prin cipal, ana that payment will be made on the day it falls due. It ia the intention of the Commissioners to place the funds in the bank, wher.i the stock ia transferable, and where the interest is paid, before the day of payment, which ia the first day of July next, sad the notice given to the holders informs them that interest will cease on that day. This iathe last of the Canal debt, upon which the constitutional pledge resta, and it may become material, in the course of your legislation, to con sider whether, when these steps shall have been ta ken, that pledge may not be considered, both in principle and in fact, fully redeemed The statement of the Canal debt, before referred to, shows that the whole amount of Canal mocks redeemable in July and January next, is 93,742, 626 01. This includes the sum of 91,380,090 36 of the old debt, the redemption of winch is provided for in the manner above specified, leaving 92,362, 636 66 reimbursable in January, 1846, for the pay ment of which the moneys are not yet fully pro vided. The Sinking Fund provided for by the twelfth section of the 1$w of 1842, has received the contri butions required to be made to it, eo far as the Ca nal revenues have furnished the means, although it is believed |that the surplus lor the years 1842 and 1848 did not equal the one-third of tne accruing in terest upon the debt. Carrying the whole surplus of the last year to that fuud, with the whole 9278,197 56 paid from the Treasury as the proceeds of the State tax, and the fund, including the accumulations of interest, computed at 6 per cent, amounts t<> 91,196,102 01 ?n segregate sum more than equal to oue-third 01 the interest on the debt for the last three years, and is supposed to be available to meet the payment ol that amount of the stocks before alluded to. Thu will leave 91,137,433 66 unprovided tor, any farthei than there may he a surplus of tha funds set span to redeem the old debt, which aan be applied to thia object, sad the aecruing Canal revenues oi tha current year may yield a surplus also thus ap plicable. The third subdivision of the eleventh section of the act of 1842 provides that the contributions trom the State tax to the Canal Fund cease whenever the annual revenue Irom me o.ate Ca nals, ascertained in the manner pointed out by the act, shall exceed the expenditures upon the Canals, the interest upon the Canal debt, and the payment to be made to the General Fund, by more than one-third in amount of the annual interest upon the Canal debt. The revenues of the last fiscal year have produced that excess, as has been be fore seen, and have surpassed it; and consequently the collection of the entire mill-tax, for the current year, must enure to ihe benefit ol the General Fund, and, after the current year, the collection of i hat half of the tax, imposed for the use. pi ihe Canals, is to cease. Nothing further, therelore, J is to be realized from this source, to aid in the re demption ot the Canal stocks. If ihis be a correct representation of the means and liabilities of the Canal Fund, for the current year, there would seem to be an end to discussion as to the appropriation of these means to any other object than to the payment of the debt, unless the payment is to be postponed. I have already ex pressed my views in relation to such a diversion ; and I am constrained to believe that, whether con sidered as a question of principle, or one of econo my, the policy would be equally unsound. Our Canal revenues are very large, and nothing but the,eoormous debt chargedupon them,keeps tfie fund so poor as to require tne aid of direct taxation to meet its liabilities. Separate from the old debt, more than one million annually of these revenues are consumed in the payment of interest alone ? This must be a constant drain upon the fund, and nothing but the payment of the debt can arrest the corroding malady. Postponement can promise no relief, andfmay bring accumulated dangers. A departure from the sound rule of using our means rather than our credit, has brought this debt upon our favorite and favored fund. The only ne cessarily dangerous stage in our Canal policy was passed, when theFrie and Champlain Canals were completed and became productive; aud a sound and wise financial policy, faithful administration, and most fortunately located Canals,carried us through that stage with safety. Up to that period, borrow ing was necessarily the principal resource, and some of the richest revenues of the State were set apart to meet the payments of interest, while the Constitution of the State was made to pledge the investments, together with these revenues, for the return of the principal. And even under all these safe guards, loans were made with moderation,and the works were prosecuted in a measured pace APer they were completed, payment of the debt became tne object of solicitude, and means were accumulated, aud the stocks purchased and can celled, in advance of their lalliag due, when they could be obtainsd on reasonable terms. in the mean time, other canals were construct ed, but the expenditures were kept within the lim its of the Canal revenues, without losing sight ol ample provision for the payment of the existing debts. As an evidence of this, before the policy was changed, the payment made and the moneys accumulated applicable to those payments, had left less than five millions of the Canal debt unprovided for. The surplus revenues of the Canals were ac complishing much annually towards the construc tion of new Canals, and the enlargement and 1m provement of the old, and still yielding their an nual contributions to a Sinking Fund, intended to remove the small remaining debt, as the princi pal should fall due. In this state of things a change of policy came over us, which was based upon a new financial rule of action. The existing revenues were lock ed upon merely as a fund to meet the interest upon further loans; it being assumed as safe to depend upon anticipated improvements of those revenues for the payment of the principal of the debts. In deed, it is believed tha principle was carried even farther,and that anticipated revenues were depend ed upon, to meet accumulations of interest,beyond the power of the existing revenues, as well an to cover the payments of principal. Tne reflection does not Beem to have occurred to the authors of this new financial policy, that any disappointment in their anticipations ol improved revenues must give their system * shook it could not survive, by imposing a tax upon the people, or disappointment and loss upon the public creditors, either ol which aHFrnstives could not fail to arrest the further accumulation of debt upon such a ba sis. It would seem also, to have been overlooked, that the money-lender could draw as accurate a distinction as themselves between their means,aBd their anticipations, and that when the means should have been exhausted, the anticipations mieht not cammand the required capital even to test their soundness, or their fallacy. . In any event, loans were obtained in unexam pled amounts, until the limit ol the existing reve nues was reached, when the public credit wholly failed them. Works of internal improvement were prosecuted upon a scale so extensive as to bring the Stale into competition with itself, and the wa ges of labor and the cost of subsistence upon one contract were enhanced by the demand tor labor and subsistence upon another. An arrest of the means by a failure of the credit of the Slate put an end to this strife and to the new public works to gether, and when areturn to tha old and safe policy was attempted, it was found that a large proportion of the moneys, which had been accumulated to meet the old canal debt, were rendered unavailable by having been loaned to banks which could uot pay; that the accruing surplus of the Caual reve nues, beyond the current annual expenses, was co vered by claims tor interest; that the general tnnd must sink under the accumulated and accumulat ing demands upon it tor interest upon public stocks loaned to railroad companies, which had failed, or were in a failing condition; that temporary loans had been made to the amount of more than a mil lion and a half which were impending over the Treasury, without the mean* of payment, and tnat contra, <rs and laborers upon the public works -re. without pay, or with the unmarketable stocks ij the State in the place of the money to which their contracts entitled them. The issue was therefore present and unavoidable The people must be taxed, or the public creditors must suffer lose; and the public atocks be dishonor ed. A resort to the credit of the State waa made unavoidable, to meettheue urgent and instant de mands, the accruing interest upon the enlarged debt, and to put the canals ia rtpair for the approaching season of navigation. Public distrust had taken ihs place of public confidence, and a substitution of the paying for the borrowing policy was made indispensable, before a resort to credit could com mand a response in capital. _ 4 , This was done by the act of 1842. The eflect of this measure was almost electric, and was felt not merely throughout the State, but throughout the Union. Under its solemn assurances money was obtained upon loan to relieve the pressing ne cessities of the public Treasury, and to preserve the public faiih and honor or by aprompt payment, at the specie value, of tbe instalments of interest upon the public securities. From this time the credit of the State rose rapidly, and soon attained the par of money ; and by the ?crapulous adhe rence to the policy and tne pledges ot thai law, which has characterized onr subsequent legisla tion, it has now reached its accustomed honorable e'wemust not blind ouruelves to the fact, how ever, that the recent dieaatera in the affaire of pub lic and private oredtts, and especially con nected with the credits of eeverul Slates of the Union, have canted a distrust, a watchfulness, a sensitiveness, in reference to State credits, which will not permit of hazardous experiments. Our practice has been to pay at the day, both principal and interest, and such is the theory of nuance upon which we have majored the credit of the State. If that theory shdll be abandoned in prac lice, and the appropriate fund, to pay the principal of the existing canal debt, as it falls due. shall be diverted to other objects of expenditure, aud those pay meats be indefinitely postponed, can we hope that the credit ot the State will remain unshaken 1 Have we any right to expect that the effect will be other than that so recently witnessed, when the attempt was made to sutwtttnm anticipated revenues for real meane and a disposition to apply them, to maintain the public faith I l am weU aware that objects ol expenditure, of great end extended public interest, will be pressed upon your attention, and will nreM themselves up on the minde and feelings of those whoee named ate constituencies have a more d\Le?'int;"r5* "} their resumption and completion. TheErisCanal enlargement, the Genesee Valley Cnnsl, and the Black River Canal, are prominent among these objects, and deeply enlist tne feelings and interests of large and worthy portions of our fellow citizens, ft would certainly be a more grateful task to.re commend a compliance with Ulsee earnest wishes, han to f-el impelled by a sense of public duly, to point out the necessity of their present disappoint ment. Yet we must not forget, when acting upon hese great questions, that the interests of the cm- 1 sens of the whole State are committed to our .?harge, and that a measure which would be wrong towards them, as a mass, cannot be right, because portions of the mate would be benefitted by it.

| And it would certainly be wrong te our citizens^as a whole, again to depress, or even to hazard, the credit of the State, by a ^diversion ofmny portion I of the Canal revenues required to |pay.t?e sxiating debt, and preserve the public faith. It would be .Tr0n.gj? rn Lt0 disregard the letter or spirit of the pledge, of ihe law of 1842, and thus incur the rise ot a necessity tor increased, or longer continu ed. taxation. would such a policy be wise even in regard to and the citizens more imme diately interested in them 1 The surplus, which, as I yet, can be so diverted, without an express inirac- | n ?f ?he provisions of the law of 1842 is entirely w,V,1C0",ld?rableJ to makr a"y useful progress with the works, and especially so, if it must be di vided among them. And it is not likely ihat those ,n ?Jh?will consent that the money shall be diverted from the debt and also from their nimni iimprovement. In the mean time, the ac cumulations of interest upon the present large debt are exhausting the revenues whichshould be appli ed to the construction of further Improvements, and th?emD^,B.K?y,nenI:?r the debt can discharge ?? . ,"om l"u. profitless consumption. Will u? m"r<s wi?f. to hasten the payment ol this debt, and thus discharge these revenues from their encumbrances, and place at the disposal ot the Legislature some ten or twelve hundred thousand dollars per annum, without a resort to credit, with out a loss ol interest, and without the danger rif in Lrni??^.un1 *hVecCTU ?rr'm?ntofhJs tentng our public works has certainly shown us that such efforts may be unsucceasful, even in relation to enterprizes undertaken by States as powerful as ours, ana with a credit strong and means as ample I as those we possessed at the time our former pru dent policy was abandoned. j . iour immediate predecessors originated, accord ing to the lorms and requirements of the Constitu tion, various amendments to that instrument, which were duly published previous to the late election. These propositions will necessarily call for your further action in the constitutional form ?^? ?eir particular relation to our fiaan cial arnirs, and are therefore appropriate subjects discuwion rat'?a 1D connect'on w'tk 'he present | The first of these amendments proposes to give a constitutional sanction to the pledges and gaaran teesof the act of 1842 The second limits and re trains the power ol the Legislature, by requiring that laws authorizing loans of money upon the ere da ot the State, except within the narrow limit of one million of dollars in the aggregate, or for the specified objects of repelling invasion, or suppress ing insurrection, Bhall be submitted to the people and receive their express sanction, to give themThe force of law. Tois amendment further provide! that every such law shall propose a loan for a single object, or work only, to be distinctly specified there in; shall impose and provide for the collection af a direct annual tax to pay the interest on the loan pro posed as it falls due, and also to pay and discharge the principal sum borrowed, within the period of 18 years from the ume the debt is contracted] shall be rrrepealable until the debt, interest, and principal, shall have been fully paid and discharged; and thai the moneys loaned under it shall be applied to the object or work named in the law, and to no other purpose whatever. It further provides that when a debt shall be contracted to repel invasien, or sun press insurrection, tne moneys borrowed Bhall be applied to those objects, or to the payment ol the debt so contracted, and to no other purpose What The recent free use of the public credit, in over hastening loans for State works, and in lending to irresponsiblecorporations, the embarrassed bondi tion of our fiaaaces, and the consequent call foi direct taxation to restore public confidence, have doubtless given rise to these proposed amendments, as ihey did give rise to the law of 1842, which the first amendment proposes to surround by a consti tutional sanction. The manner in which that legislation was re ceived by the people, although imposing a direc tax upon all their taxable property as its first provi sion, the salutary infiuences it so promptly exertec. upon publie and private credit, and the triumphant manner in wnich its provisions and policy h-ivt been sustained by the people, whenever Hie wis dom and soundurss ?f either have been broogh in nane, atlany subsequent election, presents a more forcible argument in favor of the first ol these amendments -than any it would be in mi pawer to offer ' The second is manifestly intended, as it appear* to me to be wisely framed, to secure ihe peoph against a like hrzard and loss for the future, and their credit Irem further overuse and const quen> depression. The provision requiring each law t* provide lor a loan lor a single object only, is neces sary to enable the freemen at the polls to lorm u distinct and satisfactory opinion upon ihe propriety ol the contemplated expenditure, and to express that opinion in an intelligible and unequivocal manner. It strikes also effectually at one of the most universal causes of complaint and dissatisfac tion growing out of the recent appropriations for our works of internal improvement. 1 refer to the charge, whether well or ill founded, that combine hone of local interests are formed, on the part oi the irtenda of different works having no natural or necessary connection with each other, and ihat, ir. this way, loans are authorized and appropriation* secured, which the intrinsic menu and strength ol no single work in the combination could command. : This amendment cannot tail to have a strong I tendency also to mitigate, or entirely remove, ano [ ifier practical evil too often experienced inconnec | tion with this legislation. The legislature is alway* j composed of members of the two great political Parties which are ever striving for the mastry ? The majority in the Legislature is very naturally and to a great extent very justly, held responsible for the action and measures of that body. The minority will not be over solicitous to diminish this responsibility, resting, as it does, upon their politi cal opponents, and may, at some times, at leant as far as a sense of public duty will permit, be willing to increase it. To such a minority these application*, for local improvements and expenditure* present a temptation which the journala of the Legislature will show are not always resisted. The interests cf a section of the State are involved. The appli cation is pressed with the earnestness and feeling which personal and local interests are too likely to impart on such occasions. The majority is looked to as holding the power to make the grant desired, and the majority, prima facie at leaat, is responsible tor the action. It defeat be certain, the minority, by iu favorable vote, may conciliate and gain the interest, without hazard or injury to the public treasury. If the majority be divided, and the mi nority hold the power, the same opportunity is pre sented to gain the party advantage by the favora ble vote, while the responsibility of the measure, when adopted, presumptively rests! upon the majo- . jonty, and may, at the worst, be made matter of debate between the political parties. I intend no invidious reference to individuals, to political parties, or to particular measures, by these remarks. My sole object is to point out what I be lieve to be an evil tendency and temptation, con nected with legislation of this character, and to re fer to this provision of the proposed constitutional amendments, as eminently calculated to remove "IT? 1' adopted, no contest can taka place offering parly advantage, as to the objects of ex penditure to be embraced in any proposed law, or as to the amount which n shall appropriate; every member will be required to meet and justify his own vote, before his own constituents, whether he be-1 longs to he majority or minority of the body; be cause those constituents will be calisd upon direct ly to vote upon the same question The requirement that a tax shall be imposed by rach law, sufficient to meet the interest upon the loan to be made, is but preserving the same safe precaution which marked our early legislation ol this character. Then the State posseased rich re venues which it it could spare, and they, to gether with certain specified taxes, were pledged Now, as has been seen, ail its revenues applicable to these objects, are encumbered to their full ex tent by existing debts, and the only pledge it can make to fortify and sustain its credit, is the one here proposed. This the citizen should under stand at the time he voles upon such a law, and to make it certain that he will under stand it, he ahould be called to vote for the tax as well as the load. It may appear to some as going too tar, to require that the tax should be sufficient to redeem the principal of the debts within a specified time, as well as to pay the cur rent interest. II the object of expenditure be one not expected to yield revenue, then the prevision is clearly right and absolutely necessary. If it be one from which a return of revenue is anticipated, and that anticipation be disappointed, as has been the case with most of the lateral canals, then the prevision is equally right and necessary. And .1 the anticipated revenue be realised, then the debt will he sooner paid, and the tax imposed be hui partially required, or collected ; while, in any event, the people will he protected from a load ol utrexpected detit and unforeseen taxation. The pledge contained in the Constituti n to secure th? W**11' ?f Ihe old canst debt, and protect th > c.ilix n? and the property of the State from taxation for that pur poee, is to be completely fulfilled, and practically, if not technically discharged during the present year. It thai pledge was wise, It would aeem to no equally aa wlaeth..' another efficient harrier should be interposed between the tax payers of the State, and the unrestrained power of iht Legislature to contract debts upon their credit and at their risk. That this power may be sbuaed, we now know. That it be* bean abused, the people now feel; and it can not ba s matter of, surprise if they shell be eund to do ?end protection agaloft future shusss. I am ceitainly aa far from entertaining tbs disposition u I am from claiming the right, to pronounce to, or lot' you, what it publio opinion upon any subject; but 10 lar aa my observation and meana of information enable uie to apeak, theae proposed amendmenta have been very broad ly and fully discussed before the people, during tne late canvaaa, hare taken deep hold of the public mind, and have been received with strong favor. It ia not given to you to incorporate the praviaiona in, and make them a part of, our Constitution. Thia ia wiaeiy left lor the peo ple themselves. Your action if iavorabie, can oniy pre pare the amendment* for their fiual action : and tbu re d-ction that, without your favorable co-operation, the people cannot, in the manner pointed out by the Con'ti tutiou, express their will and choice upon theae, to them, very important propositions, will not fail to inoline to warda that rele ence the mluda oi all, whoae judgments do not decidedly reject tha proposed amendment. Our prrsent Constitution has remained the fundamen tal law tor nearly a quarter ol a century, several amend ments having been, in that ti i e, adopted, in coulormity with the provision ot that instrument for ita own aim ud meat. Hitherto that provision has sa lifted tne public mind, and led to the atnendmenta demanded by the popu lar feeling aud jaitg ,.ent. 1 consider it extremely desira ble that this should continue to be iound pi actio,tily true, and that such a degree ot harmony ahull, at all times, pie vail between the popular will aud the legislative action, in reference to farther proposed amendmenta, as shall au persede demands for constitutional change in any other form. It ia a matter of pub'ic notoriety, that a portion of our citizens have, lor some time, thought, and ttill think, that a call lor a convention to reviaeour Constitution,has already beceme exped.tnt. I have been induced to be lieve that lis deaire for amendments upon the very points embraced in those now ui der discussion, and perhaps upon one or two others, inrrfience to which, proposi tions are also now before yen has excited this feeling and given it its present Mtength. I know that a further limitation of the po wer ot th-Kxecuti ve over appointments to office, |? alio a subject upon which many desire an amendment of the Constitution Speaking personally, I hope I may be believed when 1 aay that any curtailment in that brauch of the executive powers and duties, while I am to be honmed with the exercise of these high functions, would be most grateiulto me: and 1 am prepared further to aay, that I believe many of the officers now appointed upon the ncmiustion of the Gover nor, and the consent of the Seuate, might be directly elec ted by the people, or otherwiso appointed, with equal safety to the publio, and more in accordance with the popular ir.eling. If the time shall come, however, when the requisite assent oi the legislature shall fail to be ob tained, to authorize a submission to the people of such propositions for amendments, as a clear majority oi the freemen of the 8tate shall demand, and believe to be ne cessary for the protection of their rights, discontents will be experienced, and other lorma of amendment will be proposed and perhaps successfully urged. Under thia conviction, I ieel it to be an imperative duty, refp-ctlully but earnestly to request you to give tu theae, and all other proposed amendments wnieh may come before you, auch calm, unprejudiced and thorough consideration, aa shall be calculated to satisfy our common constituents with the conclusions to which you shall come. The instalments of the State debt, falling due after the present year, have not been brought into notice in the preceding exposition of the condition of the public lunda t he last annual report of the Comptroller exhibits the times of payment ol the whole debt, and will show that the amouots which become payable in 1848, and 1847, are comp ratively smail. Thia may enable the revenues of those yeats to meet those redemptions, and the unpaid ba lance of the present year, but the sums tailing due in the following years are very large, exceeding five millions, and will require more than any surplus the present reve nue can fuinish, to preserve the public faith, by making these pay menU when due. A deft rred stock has been suggested as a practicable mode of meeting these debts? To the extent that the current revenues, husbanded with he utmost economy, can furnish the means oi piyment: this course appears to me equally objuj'ionable, in pnn ciple and expediency. A deferred stock, to liberate re venues properly apj licable to an existing debt, that they may be applied to othe, objects of expenditure, ia the first and fatal step towards making debt perpetual. In any view I am able to take of this portion of our fin ancial sflairs, I am constrained to believe that the uppli ?ation oi the existing revenues to the existing debts, so ar as the current expenses oi the public service will per mit, has become an imperious duty to the whole people that the burden of the present State tax may be removed' it the earliest practicable day, and that the danger of its recurrence may be obviated by a payment of the debts which have rendered it necessary. I nlso believe that rue friendship for our system i f internal improvements. *nd its lafe and certain extension, equally require, and will demand the most speedy payment of the canal debt, ind the liberation et the present canal revenues from the wasting demands of interest now resting upon them I recommend, therefore, that course of financial legislation which shall make these the prominent objects of ita do' licy. * r ? Our financial condition is by no means desperate. The rapid accumulation of debt waa arrest d. belore it hRd so tar surpassed the power of our revenues, as to lender a ?etum within the limits of a sound condition hopeless I'be able expositions of 184-J, and the sound legislation of (bat y est, satisfied the people ol this fsct.-and the taxation necessary to render this return safe and'sure waa cheer tully submitted to. The improvement of the revenues of ihe canals has already laid the fjundation of a sinking und, renderit gthe speedy reduction of that debt certain, il aided by the whole power of those revenues. Re renchment of expenditures, It is hoped, may do some 'hing towards brirgiag the payments from the General Fund within its revenues, and the whole state tax. for the | present year, will at least relieve it from the I .ccumulation ol further debt, and afford time for so strengthening its resources, or diminishing its expen ses, as to give it power to commence the reduction et i's heavy debt. The question submitted to ns, therefore is not that submi ted to the legislature of 184ft, whether we will attempt to bring to order and soundness deranged finances, and restore a fallen credit; but whether, find ing our financial condition substantially found, and our credit high, we will maintain both in that deairab.econ -tition, and as soon as it can be done consistently with these objects, relieve our whole people from the tax which the restoration of 184ft imposed upon them. It is pleasant to turn from funds thua loaded with debt, to thecoaaideration of othera annually dispensing their benefits, without any such incumbrances, to objects the most vital to republican institutions Tbo productive capital ot the Common School Fond was ou 30th day Sept. last, $1 99! 918 88, and the revenues of the fund, received into the Treasury during the lsst fisre year, amounted to $-33 816 51. Thia revenue is, by the' terms ol the Constitution, tn be inviolably appropriated aud applied to the support ot common schools, throughout the State." The School Fund was instituted by law in i804, and the constitutional protiction of the fund toek . (Tjct on the flnt day of Januarv, ISftft. It ia worthy of remark that the revenues of this fund have at no time been anticipated, so as to charge a debt upon them, or upon its capital If distributions to the common schools have Deen directed beyc id the power of the revenues cf the fund, as they sometimes have, the sime law has always provided the means from which the excess was to be paid, so aa to fix no debt upon the fund, or Its revenues The proceeds of the sales of Ave hundrtd thousand acres of the public domain of the State, were ?he first appropriation io thia fund, and constituted its foundation. The immense superstructure which has been reared upon sncb a basis, and under such manago'ient, in a period of forty years, is shown by the following satisfies, lurnished bv the Superintendent or Common Schools. The number of school districts in the State, organized according to the achool law, is 10,990. from 10,887 ol which regular reports were received daring the last year, show ing that the average time, during which schools were kept open in these districts waa eight months The whole number of children between the ages of Ave and sixteen yeais, resi ling in the State, estimating those residing in the city of New Yotk at 80,000, waa 698 648; and the whole number of children actually taught in the district schools of the State was 709 168, being more than 60 000 beyond the number taught during the preceding year. The whole amount of money distributed from the reesury of the stete fortheeee of the common srboola for that year, waa $-176,000, and the amount actually paid (luring the year, ler the wages of common school teach era, was $991.333 05. The number of volumes reported as being in the school district libraries, was 1 036 396. These returns also show, that ?7,6S1 scholars had been, during some portion of tne year, in attendance npon pri vate and select schools, out cf the city of New York, end it is estimated that at least an iqual number were in attendance npon like achoala in that city, making m re than 68 000 children thua taught, not including those taught in the academies and other incorporated literary institutions. 1 do not think it expedient to ge more at large into the statistics of our common schools, In thia communication, aa they will be fully laid before ^ ou in the annual report otthe Superintendent, and will be found to po se?? an intrinsic interest certain to command your moat Mixious attention. Thtae facta, however,present evidence'both strikkig and satisfactory of the immense extant of public benefit which revenues, moderate in amount, but unincumbered by debt and interest, may work out in ao limited a tetm of year* it ia true the School Fund has, from time to time, been moderately aided in its annual distributions, from the treasury, and that now, and for several years past, it has received, and ia now receiving, one hundred and sixty five thousand dollars per annum from the interest ol the United States deposde fund, a sum greater than its whole annual revenue Thia authorizes the enlarged distribu tion directed by lew to be now annually made for the be neftt of the common school*. No pub ic tund of the State is so unpretending, yet so all pervading; so little seen, yet so universally felt- so mild in its exactions, yet so bountifo) in its benafl si so little ( ared or courted, and yet so powerful, as this fund for the anpport or common schools. The ether funds aot upon the secular interests of society, its business, its Measure*, i's pride, its passions, its vices, its misfortunes This acta upon ita mind and it* morals. Education ia to <roe institution*, what bread ia to human life, the stall' of their existence. The office of this fund is to open and warm the soil, end sow the seed, from which thia element if freedom must grow and ripen inte maturity, end the health or sickliness of the growth will measure the ex lent and security a onr liberties. The thanhfblm ss wc owe to those who have gone before us, for the institution if this fund, lor its constitutional protection, and for its safe and prudent administration hitherto, we can best re pay by imitating their example, and improving upon 'heir work as the increased means placrd in unr funds shall give ua the ability Few, if any Instances are upon record, in which t tun I of this de-crip'ion has been administered, ind its bounties dispensed, through e period of lorty iears with so few suspicions, accusations or com plaints of the interference of either political or rellgi us -liases to disturb the equal balance by which its benefits should be extended to ear whole population. This should continue as it has been. Our school fund is not Ins'ltuted to make our children end youth either partisans In poll ?r ?wtarlans in reigion; but to giro then educatian intelligence, louud principles, good moral habits ? free and independent .pirn; ,n short,tesraha^bem'jfJiir ?can freemen and American citizens, atnd to qualify then re,J.efr%*n f cho?,^or???e.nlyea in m.tteraofpSlJET religion ^government Such an admioiatrationof the lund uibtli be calculated to render thia qualification the Bios perfect for the mat re mind, with thetownfTuil ;D,n;tf,?dln,r t,? bla' tbe J?<*?meni, or incline the choice beat h . "0,l,C0D,0n?nt With our dutiea, and with the' bt at interests of eur conatituenia. Under auch an ad. and h f D| edaca,k>n Wl" flourish moat, and the peeee and h.rmouy ofKocietv be beat preserved nent sub^^r iCho . ,y,,ein b*en "? long a promi and tierf tfn i '^"lotion, sa to have become matured With in Many ot ita moat important features ? ?Vith it, our whole community are familiarly acquainted in'thVe^'cution o^oulr'fchool^aw'. '"Jt'haa'w fn quratVr occupied the able pen a of my nradec 1u?otly like thia, and ol our distjnmiifod!KaraTd'JESS?" who have interested themselves in the pro'periraofo'nr common schools, and the cause of ed uc^oa l/ner.n ?SZ'^JSSf* r,te tban '? '"v i t e jTour anuo us ?gchoolaathlftiiiin? the fMai,a*<',nent ?od inspection of choola, the licenaiug of teachera, and their lutnreedn. aomeUint>r?'?,,n' <"?n?iderabl? attention, and exciting aome interest ib portions of the State. The substitution ot a county superintendant of schools, in the ria&JoffoS former town commissioners, has given risa to d.^nLt! ictoolVt foe Mat*%'' M"J the proposition to establish a scnoot at tlie seat of government lor the education ot teachers, appears to be creating serious apprehensions in the minds of portions of our citizens. BppreneMk?* ?* It is feared that an institution for the education oi~? oSlceps^'yth*115^110*" under tha superintendat ce of ct. tbe 8tate goveinment, and dipendsat upon the public patronage and bounty, will lead to kfluencM of > character ; that teachers so sent out tffoifow shall not make them so, may leel " _ ferredand privileged ojjg*L"U..T?? be o incline them to use tfforta to impress their nuniu leTd'd towards the government to which they lee/hm hoi . *'V he whlch kas given them prefrraent hat a uniform religioue and sectarira. as well as noiittaa/ eeling may come to pervade auch an institution and through the teachers there educated 'be disseminMn the common schools , and that, in tie end a Sfs if government establ sbment may glow op, giTiim a caat to vnufhT 0' andP?.''tIcal and religio&fpin^ii" !?? youth, dangerous in its influences and results Aanro. hensions ot this character have he?n Appro In the same connection, it is my duty to sav that municattons fri m other scuroes, equally in'eil amt Md respectable, have been reoeived, appreciaUnr moft hbsMv 'base provisions of the existing liwfr? **? ?m gas gssysss "'"J",orlbt' ?ppr.hentjon'to which I hot* r-ccticoi .oih,o,";b'h.?'chlo^',T^,aT.':? ,n..TJ?,,he ??Un,y ?oP?rin "ndants, and i'S ^TTe^l" Z"Z,ti0D ?,r r??"?Mend?ion to they will doubtless be laid before you* vUth the^r"?0'*?1 of their existence, and , on w ill^en bT ihU .! e/deoce?> therefore, In pnsenting the point to you withthe suJ' geetioae upon both sides, ana tbe expression of ?v <?? psss Sitn - wfHsiSSS i r i ends, withe at lZgig\Tu any* SuSd!^ ?f ^SiS^ffSSSSS^10 WUJ beabaadon'd. ?d-,^ ?mounted to ?40SB9e fi7. and the revenue, w ceivii ,n.o i !nd lurl"g ,ba' Tear, were $18 490 34 This a]w^i-a?s?iSS^ S7r?srer0^^ ' n^iu fb0/1 bf niumber;" "demies psnicVpt^g .nnu ir.f l^?n V n rom lh" fund- by bringi g them beVondtbatVordffiy .ci'i'r^in^^hVcommonSlf are M0,tly if rot entirely drawn Irom the volun ! jD fi'i of private citnena, and of our incor. JiVcatln T and towns j and their collection snd sp ' eJ uken'SrA, " " K'?t;i'yinS manner, the hvjlyin r rest taken by our people in tbe great cause of education ,t?c?Bw r*port of the R-grnts of the University will ?'linparf yrar,Ca * COndi,,on of ,hes? if?titutions for 2 J 7? ?.hP? :'L0fJhi' Unit"18tB,M deposits fond i* $4,014, w20 71, the proportion received by thi? St.tc ol ihe sur vIwTh'thS !'ta,U,rjL ?',he Un,,ed 8'a,a?. deposi c f lhSfl Ti!;? 0r ,ale keeping by the act of Congress rVcountiei a. thee.yorWa,' loa.ned "?? Stateto the ieve ?he ^.16 biinVt?.!. 1 il !riod? toves'ment, the faith of ?4 MhTn. i?!z ? P,ed*ed l?T the return of the principal ?11h'Vk wbtn"Ttr the United State, shall del mand the re payment of tho same The interest has been appropriated almost exclusively to tho purno.es of ^n, \ orkDFve lnflremh0U,?,a"d dol,ar, P?r annum to the New t ion!^ 'nflrmary being, as I believe, the only excep 1 he opinion is entertained in some quarters, that too irge a proportion oi this fund has been appromiated to thereof the college, and academiefafXXte anS ? an lnv"iious extinction is mada in their favor as Tn.'. conrM.Ii'ie ' nPProPrl tl?n to h- common schools. 'scertained fhai Th t0.lrM,t Up?n lhe,aot- aaid be , , at ,h" dlTldecd per scholar, irom the ommon.eh "! ?rfatBr ?hese fostitntions than to tha schools. | have not ascertained bow this fact '..^n^r't^rVoSior uy zrsssrgs; Imunty'so "far?and^nly i?? ? Vd U'eiul auxiliaries7!, the gr?t c.Ve of ^ei tfongenerally, and especially in .upplyingthaLmmon ?hoofo with competent and qualified teachers ana im proved mode, of instruction, and in otherwi,*' sustato 'ehnlfla 'ya,inS ,h* a'andard of ina ruction in thoM -cboola. These, as it sppears to me should be the vreat ?bjectsof legislative grunts to them, and tha measure of heal!hfiii'at d 'ustltutlons must be sustained in a .t alibfnl and flourishing condition, or the arcomoliih. tnent of these objects cannot be expected Irom them.? 1 ht'v must be supplied with oompevosit teachera n, n,?* ^nnot sind loith those competent to teach The vdlua raited i"uthemP^.C|!#aab00ka mnrt b" known and ap. i bf! 5?Lor!he? eennot commend snch books for oh, r schools The standard of education in them must be nch n tunrtfXr'i .'a01, y wi" not contribute to maintain uch a standard in tha common schools. Their beslthfol or their need, in . p^uniaJy .^M would X ?,,?',!" B mor" !a,e and More Just guide to the i ? n,la ?' distribution per scholar, ihe common schools should never bo sufferl i d to languish for the want of tha means >??>?..! ? these institutions; nor should the college* and academies lie permitted to decline and suffer, that the means which h *! m WV h* irant*d to well supplied and healthful common schools. Either extreme would be ! s'sen f.i n?lr Jrmp0 c 11,1 hurt(ul A11 am parts, and ssen.ial parts, of one great and valuable and essential <?" be folttSSSStJT.h ,n a"y ^nck must oon no telt throughout the whole system. Tho common f ,ar" principal and these institutions aro the .mxiliaries, essential auxiliaries, and that legislation which shall preaarve the most rqual and uniform sound ;^ss and ^iiTlty apd vigor, throughout the whole, will no the most politic, moat wise, and the most iuit Havmg no iniormation In regard to the condition and want. .. these v.rl.u. institutions, I am unable fo pronounce an opinion upon the propriety of the present nporopriationa fiom the revenue* of this food I can M~.y' tbar*for,\ .^commend tha rule I have laid dowu upon this subject for vour consideration, being of. .?i * yonr **kMioatlons sb3! .V J -A.0!: h,t hr*?. appropriations! late in confer A with it, ten will And no cause to change them' il? ? I! i! 1Sd "ny ial depsr.uro from it' ihatyou will make the changes which the healthful ac - MMMfonrwhoiesystem of edncation shall seem tone By a law p ??< d on tha 10th day #( April, 1838, piincinal moneys of th- I ,,itcd giatas Drposite Fund paid wero^U jected to be traiirmitlad to the State Treasury and not ra ?Th. "y " i(rh' bt,?,plied iM F*"nguishment fof he debt standing egmnst that fond, due to the canal fond, syments of principal mm. j have been made to an 'inomit sufficient to extinguish that debt, and it is submit t dfor 3'ont consideration whether this law ought not to bo repealed, and the authority of the commiaoionero of !o re loan the principal money, of the fond, originaUv conferedh, the 28th section ol the act or tho Oth Anrif 1937 he thus restored It is Imporiant 'hat these prfnol' p i money-be made corstantly productive, foot tho im iropriBt'ons of the rev.nue from t lient to theobioruba oie ncmed may be regularly met, and no other Mods of nvi s'mert appears to me to offer the same svoutitv wise ?n i qual rata o interest. As a mare financial auewlon her. fore, senarat* from tbe consideration of serve.modi.' 11'Jassitss: -SSii?

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