RAILROAD AND CANAL STATISTICS.

RAILROAD FROM LAKE MICHIGAN TO THE MISSISSIPPI RIVER.

TO THE EDITOR OF THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW.

THE importance of railroad communication between the different sections of our country, is becoming more and more appreciated. The eastern cities are deeply interested in facilitating intercourse between themselves and the great western valley. The opening trade with the west is but commenced. The tide of emigration towards those rich and vacant lands is constant; and millions of acres are yet to pour their harvests into the commercial emporiums of the east. The most expeditious channels of intercourse between the east and west will command the passengers and much of the trade. The great western railroad, extending from New York and Boston, will pass on the south shore of Lake Erie, thence across the peninsula of Michigan and round the head of Lake Michigan to Chicago. From this point is the only uncommenced or perhaps unsurveyed part of the route between the great lakes and the father of waters. The completion of a railroad from Chicago to the Mississippi, will consummate the connection between New York, Boston, and New Orleans, by an expeditious inland route. The attention of eastern capitalists is invited to the feasibility and importance of this work. By an examination of the map of Illinois, it will be perceived, that directly west of Chicago, the Mississippi makes its great eastern bend, and approaches nearest the lake. This is the easiest and most natural connection. It is not only the shortest, but the most practicable. It passes through the most beautiful and inviting part of Illinois-one that will require but little grading-settled by an industrious and thriving population, and affording every facility for making a road, and abounding in all the products of the northern and middle States.

A continuous railroad between Lake Michigan and the Mississippi may be made with comparatively little expense. The importance of this route is prospectively great. A railroad from Chicago directly west to the eastern bend of the Mississippi, will concentrate to one point the northern and southern travel. It will not only greatly facilitate the intercourse between Iowa and the east, but by extending a branch north to Galena, following the grade of the great central railroad, the lead trade may be secured. With another extending down the Mississippi to Rock Island, and ultimately below the lower rapids, where the navigation of the river is uninterrupted for the greater part of the year, it will most certainly become the great channel of communication between the west and south and the eastern cities-embracing the most valuable and important sections of our country. Shall Boston or New York first adventure in this magnificent enterprise? Shall a large part of the Mississippi valley be thus brought into immediate commercial alliance with one part of the east? Great advantages may be secured—who shall win them? The rival cities in this great enterprise are New York and Boston. J. E. C.

DELAWARE AND RARITAN CANAL.

CHARTER OF THE COMPANY-ORIGINAL COST OF CANAL-RECEIPTS AND EXPENDITURES FOR EIGHT YEARS-RATES OF TOLL ON THE CANAL IN 1846-7.

The Delaware and Raritan Canal Company was incorporated by the Legislature of New Jersey, February 4, 1830. Capital stock, $1,500,000. Duration of charter limited, originally, to 30 years, but extended to fifty years by a supplemental act, passed February 30th, 1831, which gave the State an election of purchase, at the expiration of that period, upon paying the appraised value of the work, not exceeding cost. This canal connects the Delaware river, below tide-water, at Bordentown, with the Raritan, below tide-water, at New Brunswick. It is 43 miles in length, 75 feet wide, on the top-water line, and has 7 feet depth of water. The extension from Trenton to Bull's Eddy, 22 miles up the

Delaware, is 60 feet wide. There are 14 locks, viz : 7 ascending from the Delaware, and 7 descending to the Raritan-the elevation overcome being only 58 feet. The locks are 110 feet long, and 24 wide, in the clear. Pivot bridges are erected along the entire line, for the passage of masted sea-vessels.

ORIGINAL COST OF THE DELAWARE AND RARITAN CANAL

RECEIPTS AND EXPENDITURES OF THE DELAWARE AND RARITAN CANAL.

Expenditures. Years.

}

1839,

74,843 52

44,698 48

Feeder.

RATES OF TOLL ON THE DELAWARE AND RARITAN CANAL AND FEEDER, 1846.

c. m. f.

cts.

1 5 0

65

300

1 30

1 0 0

43

66

rafts,.

4 0 0

175

0 0

085

004

0 1

20

004

050

060

085

15 0

075

3

All other articles, 4 cents per ton, per mile, if carried through; and 1 cent from or to Easton, from or to any point on the canal.

On boats or vessels, regularly employed in transportation, 4 cents per mile, exclusive of cargo, and 4 cents for passing each lock.

Transient vessels, over 30 tons cargo, 4 cents, exclusive of cargo, and 4 cents for each lock. If less than 30 tons, 12 cents, exclusive of cargo.

Vessels of less than 30 tons, which may have gone outside, and returning through the

canal, 12 cents; each additional ton over 30, a cent.

Coal vessels, with full freight, pay no mileage on vessel, on returning

Vessels passing the tide-lock at New Brunswick, pay toll on vessel and cargo equal to 1 mile-except of an hour before and after high tide.

086

37

0 0 3

100

43

0 7 5

33

JOURNAL OF BANKING, CURRENCY AND FINANCE.

NEW YORK STATE FINANCES, AND CORPORATIONS.

WE place on record such portions of the new Constitution of the State of New York, adopted by the Convention, which closed its session at Albany on the 9th of October, 1846, as have a bearing upon the public debt of the State, the liabilities of stockholders, corporations, &c. The new Constitution it is well known has received the sanction of a very large majority of the people of the State of New York, and the articles (7) on Finance, and (8) on Corporations, are considered of sufficient importance to republish in the pages of a commercial and financial work, for present and future reference.

ARTICLE VII.-FINANCE.

Sec. 1. After paying the expenses of collection, superintendence and ordinary repairs, there shall be appropriated and set apart in each fiscal year, out of the revenues of the state canals, commencing on the 1st day of June, 1846, the sum of one million and three hundred thousand dollars, until the 1st day of June, 1855, and from that time the sum of one million and seven hundred thousand dollars in each fiscal year, as a sinking fund, to pay the interest and redeem the principal of that part of the state debt, called the canal debt, as it existed at the time first aforesaid, and including three hundred thousand dollars then to be borrowed, until the same shall be wholly paid; and the principal and income of the said sinking fund shall be sacredly applied to that purpose.

2. After complying with the provisions of the first section of this article, there shall be appropriated and set apart out of the surplus revenues of the state canals, in each fiscal year, commencing on the 1st day of June, 1846, the sum of three hundred and fifty thousand dollars, until the time when a sufficient sum shall have been appropriated and set apart, under the said first section, to pay the interest and extinguish the entire principal of the canal debt; and after that period, then the sum of one million and five hundred thousand dollars in each fiscal year, as a sinking fund, to pay the interest and redeem the principal of that part of the state debt called the general fund debt, including the debt for loans of the state credit to railroad companies which have failed to pay the interest thereon, and also the contingent debt on state stocks loaned to the incorporated companies which have hitherto paid the interest thereon, whenever and as far as any part thereof may become a charge on the treasury or general fund, until the same shall be wholly paid; and the principal and income of the said last mentioned sinking fund shall be sacredly applied to the purpose aforesaid; and if the payment of any part of the said moneys to the said sinking fund shall at any time be deferred, by reason of the priority recognized in the first section of this article, the sum so deferred, with quarterly interest thereon, at the then current rate, shall be paid to the last mentioned sinking fund, as soon as it can be done consistently with the just rights of the creditors holding said canal debt.

3. After paying the said expenses of superintendence and repairs of the canals, and the sum appropriated by the first and second sections of this article, there shall be paid out of the surplus revenues of the canals, to the treasurer of the state, on or before the 30th day of September, in each year, for the use and benefit of the general fund, such sum, not exceeding $200,000, as may be required to defray the necessary expenses of the state; and the remainder of the revenues of the said canals shall, in each fiscal year, be applied, in such manner as the legislature shall direct, to the completion of the Erie canal enlargement, and the Genesee Valley and Black River canals, until the said canals shall be completed.

If at any time after the period of eight years from the adoption of this constitution, the revenues of the state, unappropriated by this article, shall not be sufficient to defray the necessary expenses of the government, without continuing or laying a direct tax, the legislature may, at its discretion, supply the deficiency in whole or in part from the surplus revenues of the canals, after complying with the provisions of the first two sections of this article, for paying the interest and extinguishing the principal of the canal and general fund debt; but the sum thus appropriated from the surplus revenues of the canals shall not exceed annually $359,000, including the sum of $200,000, provided for by this section for the expenses of the government, until the general fund debt shall be extinguished, or until the Erie canal enlargement and Genesee Valley and Black River canals shall be completed; and after that debt shall be paid, or the said canals shall be completed, then the sum of $672,500, or so much thereof as shall be necessary, may be annually appropriated to defray the expenses of the government.

4. The claims of the state against any incorporated company to pay the interest and redeem the principal of the stock of the state loaned or advanced to such company, shall be fairly enforced, and not released or compromised; and the moneys arising from such claims shall be set apart and applied as part of the sinking fund provided in the second section of this article. But the time limited for the fulfilment of any condition of any release or compromise heretofore made or provided for, may be extended by law.

5. If the sinking funds, or either of them provided in this article, shall prove insufficient to enable the state, on the credit of such fund, to procure the means to satisfy the claims of the creditors of the state, as they become payable, the legislature shall, by equitable taxes, so increase the revenues of the said funds as to make them, respectively, sufficient perfectly to preserve the public faith. Every contribution or advance to the canals, or their debt, from any source, other than the direct revenues, shall, with quarterly interest, at the rates then current, be repaid into the treasury, for the use of the state, out of the canal revenues, as soon as it can be done consistently with the just rights of the creditors holding the said canal debt.

6. The legislature shall not sell, lease, or otherwise dispose of any of the canals of the state; but they shall remain the property of the state, and under its management, forever. 7. The legislature shall never sell or dispose of the salt springs belonging to this state. The lands contiguous thereto, and which may be necessary and convenient for the use of the salt springs, may be sold by authority of law and under the direction of the commissioners of the land office, for the purpose of investing the moneys arising therefrom in other lands alike convenient; but by such sale and purchase the aggregate quantity of these lands shall not be diminished.

8. No moneys shall ever be paid out of the treasury of this state, or any of its funds, or any of the funds under its management, except in pursuance of an appropriation by law; nor unless such payment be made within two years next after the passage of such appropriation act; and every such law making a new appropriation, or continuing or reviving an appropriation, shall distinctly specify the sum appropriated, and the object to which it is to be applied; and it shall not be sufficient for such law to refer to any other law to fix such

sum.

9. The credit of the state shall not, in any manner, be given or loaned to, or in aid of any individual, association or corporation.

10. The state may, to meet casual deficits or failures in revenues, or for expenses not provided for, contract debts; but such debts, direct and contingent, singly, or in the aggregate, shall not, at any time, exceed one million of dollars; and the moneys arising from the loans creating such debts, shall be applied to the purpose for which they were obtained, or to repay the debt so contracted, and to no other purpose whatever.

11. In addition to the above limited power to contract debts, the state may contract debts to repel invasion, suppress insurrection, or defend the state in war; but the money arising from the contracting of such debts shall be applied to the purpose for which it was raised, or to repay such debts, and to no other purpose whatever.

12. Except the debts specified in the tenth and eleventh sections of this article, no debt shall hereafter be contracted by or on behalf of this state, unless such debt shall be authorized by a law for some single work or object, to be distinctly specified therein, and such law shall impose and provide for the collection of a direct annual tax to pay, and sufficient to pay the interest on such debt as it falls due, and also to pay and discharge the principal of such debt within eighteen years from the time of the contracting thereof.

No such law shall take effect until it shall, at a general election, have been submitted to the people, and have received a majority of all the votes cast for and against it, at such election.

On the final passage of such bill in either House of the legislature, the question shall be taken by ayes and noes, to be duly entered on the journals thereof, and shall be: "Shall this bill pass, and ought the same to receive the sanction of the people?"

The legislature may at any time, after the approval of such law by the people, if no debt shall have been contracted in pursuance thereof, repeal the same; and may at any time, by law, forbid the contracting of any further debt or liability under such law; but the tax imposed by such act, in proportion to the debt and liability which may have been contracted in pursuance of such law, shall remain in force and be irrepealable, and be annually collected until the proceeds thereof shall have made the provision herein before specified, to pay and discharge the interest and principal of such debt and liability.

The money arising from any loan or stock creating such debt or liability, shall be applied to the work or object specified in the act authorizing such debt or liability, or for the re-payment of such debt or liability, and for no other purpose whatever.

No such law shall be submitted to be voted on, within three months after its passage, or