FARMERS' REGISTER— RAIL ROADS, kc. 



627 



Notwithstanding the large sum which has been j through the Erie canal, by way of the Lakes and 

 applied to the extinguishmentof the canal debt, the the Ohio canal, to the borders of the Mississippi.* 



interest received upon the surplus moneys remain- 

 ing in the banks for the year ending the 30th of 

 September, 1833, amounts to S 122,236 74. The 

 estimated interest for the current year is ^130,- 

 120 61." 



" The general depositing banks are the Mecha- 

 nics and Farmers bank, and the New York State 

 bank, of Albany. Thedeposites in these banks be- 

 ing drawn upon at sight for the current expenses 

 «f the canals, and to pay the interest upon the ca- 

 nal debt, the rate of interest paid for these depo- 

 sites is only three and a half percent. When the 

 commissioners commenced purchasingcanal stock, 

 there was a deposite in the banks of more tlian 

 six hundred thousand dollars. The commission- 

 ers drew upon these deposites to such an extent, 

 that on the 14th June, the amount in the INIecha- 

 nics and Farmers bank was only ^47,020 83, and 

 in the New York Slate bank 1^48,474 49. It 

 uill be seen by reference to the table marked L. 

 that the total sum received by the two banks above 

 named, during the year, was Sij326,515 47 ; and 

 that the sum drawn from them by the commission- 

 ers during the same time, was ^1,571,112 43. 

 The accommodation atforded by these banks, in 

 giving drafts on New York, to pay for slock pur- 

 chased, has greatly facilitated the operations of the 

 commissioners in cancelling the del)t, and has ena- 

 bled tliem in all cases to transmit the funds for 

 the payment of stock, on the afternoon of the 

 same day on which notice of its purchase was re- 

 ceived. 



" Reduction of Tolls. 

 " The canal board, in March last, made a re- 

 duction in the rales of toll upon wheat, flour, 

 salted beef and pork, butter and cheese, and most 

 of the productions of the country coming towards 

 tidewater, which was equal to about twenty eight 

 and an half per cent.; and a reduction upon mer- 

 chandize and most articles passing from tidewater, 

 which was equal to about fourteen and one-fourth 

 per cent, upon the former rales. These reduc- 

 tions in the rales of toll, applied to the same com- 

 modities which were transported upon the canals 

 in 1832, would have diminished the aggregate 

 amount of tolls about 150,000 dollars. Such, how- 

 ever, has been the increase of business upon the 

 canals, that the amount of toils received from the 

 commencement of navigation on the 22d of April, 

 to the 30th of September, has exceeded, by the 

 the sum of ^209,566 72, the tolls for the same 

 period of the preceding year; and by the sum of 

 ^144,679 76, the receipts for the same mouths 

 of the year of 1831. The amount of tolls was 

 considerably diminished in July and August, 1832, 

 by the prevalence of tlie cholera ; and therefore 

 the comparison is carried back to 1831, which 

 was a prosperous season for the canals. 



" How far the reductions in the rales of toll 

 have contributed to swell the total revenue, by in- 

 creasing the commodities transported, and how 

 much of this increase is to be credited to tlie natu- 

 ral growth of the country which seeks a market 

 through the canals, is not easily determined. 



" In relation to the trade of the western slates 

 generally, the maximum of revenue to the canal 

 fund, is probably to be attained, by a considerable 

 reduction from the present rales of toll. Blerchan- 

 dize, during the past season, has been transported 



ippi. 

 To continue and extend this trade, a iurther re- 

 duction of 25 per cent, of the tolls on merchan- 

 dize, bringing that article within a fraction of the 

 constitutional minimum, is contem})lated. 



" An arrangement has been made between the 

 canal board of this state, and the canal commis- 

 sioners of Ohio, by which it is expected that a re- 

 duction in the rates of toll upon merchandize, of 

 25 per cent, from former rates, will take place si- 

 multaneously upon the New York and Ohio ca- 

 nals, at the opening of navigation in the spring of 

 1834. 



" If the canal board had the power of reducing 

 the toll upon lead, to one or two, instead of five 

 mills per 1000 pounds per mile, it is supposed that 

 a branch of trade, important to our citizens gene- 

 rally, if not to tlie canal revenue, might be opened 

 with the mining country between Lake Michigan 

 and the Mississippi river. The revenue could not 

 be diminished, and might be considerably increased 

 by such a reduction in the rates of toll." 



" The constitution," says the Governor of New 

 York, " is now so amended as tc allow the Legis- 

 lature to reduce the duty on salt manufactured in 

 the westein part of the state, to six cents on each 

 bushel; tliis subject will, therefore, properly oc- 

 cupy your attention. The vote on the amend- 

 ment of the constitution shows clearly that a re- 

 duction is generally exjsected ; but a question may 

 arise as to the amount proper to be made at tliis 

 time. I think tliere are sufficient reasons for 

 bringing down the duty at once to the minimum 

 rate. Salt is an article of general consumption, 

 and a diminution of its price is a direct benefit to 

 the consumers. The demand for that manufac- 

 tured in this state is regulated by the extent of the 

 country to which it furnishes a supjdy, and this 

 extent will be enlarged as the price is reduced. 

 A regard to the public revenue, as w'ell as to the 

 interest of the manufacturers, requires that the re- 

 gion for consumption should be extended as wide- 

 ly as practicable. The material for the manufac- 

 ture of this article is so abundant, that the supply 

 may be easily equal to the utmost demand. 



" Of the salt manvfactured by our citizens, large 

 ijuantities are consumed in the Canadas — it sup- 

 plies the country around the lakes, the icestern part 

 of Pennsylvania, and a large portion of the state of 

 Ohio, and enters into competition loith the salt 

 made at the Kanawha springs in Virginia, on the 

 borders of Indiana and Illinois. A reduction of 

 six and one half cents on the bushel will be the 

 means of extending the sphere of consumption far 



* How long will it be before we see the cotton of the 

 Mississippi go to an Atlantic market, and perhaps, if 

 Virginia still chooses to abandon it, to New York, via 

 the western canals and rail roads ? It can now be land- 

 ed at Lexington, Ky. from New Orleans, for 1 cent per 

 pound ; and there is little doubt, that double that sum 

 will take it to New York. Provided it is necessary, the 

 state can reduce its tolls to almost nothing ; if by so do- 

 ing, it can obtain the trade of the west, i. e. in addition 

 to^its other traffic, the cotton trade. In a short time the 

 debt will be discharged, and $350,000 or $400,000 will 

 pay its repairs, &c. The increase of trade to the city 

 of New York will be such as even to enable it to pay 

 this sum : and to the slate, its payment would be trivial 

 indeed. The rivalry of the St. Lawrence will occasion 

 a farther, if ^ot a full reduction of. the toll. 



