Constitutional History of the State of New York Electronic Resource

Cover Constitutional History of the State of New York Electronic Resource
Constitutional History of the State of New York Electronic Resource
J Hampden John Hampden Dougherty
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''' These facts were " Chapter 269, Laws of 1838.
'"The estimated cost of the enlargement was $23, 402, 863. 02. It was not completed until 1862, and cost $31, 834, 041. 30, " Hill, "Water- ways and Canal Construction in New York State, " 151.
STATE OF NEW YORK 153 mentioned by Governor Seward in his annual messages to the legislature in 1840, 1841, and 1842, but faithful to the policy of internal improvements of which he was an ardent and somewhat indiscriminate advocate, the governor argued i
...n favor of continuing the work which had been undertaken, keeping the expenditures therefor within an amount the interest upon which could be paid from the surplus revenues of the canals.^ These events followed shortly upon the commercial panic of 1837. The credit of most of our sister States was then at the lowest ebb. Foreign confidence in all American securi- ties had been seriously impaired by the policy of partial re- pudiation which some of them had adopted. The revelations of the canal commissioners had a disastrous effect upon the credit of New York State.

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