(NO. II. ) Communication from the President of the New-York and Erie Rail-Road Company, to the Governor. OFFICE OF THE NEW-YORK AND ERIE RAIL-ROAD COMPANY, 46 Wall-street. SIR, New-York, December 14, 1835. I have the honor, in behalf of the directors of the New-York and Erie Rail-Road Company, to transmit herewith, for the consideration of the Executive authority of this State, sundry documents showing the situation of the enterprise in which they are engaged. The interest which the progress of this work has excited in very extensive and important districts of the commonwealth,-the manifestations of public opinion exhibited by the common council of this city, and by the convention of the southern and middle counties at Owego,-the extent of the enterprise, embracing the whole territorial length of the State, coupled with the right reserved by law to take the work for the public use, at a comparatively early period after its successful completion shall have proved its value,— seem all to concur in rendering it proper that the Chief Magistrate should be kept apprised of the progress of an undertaking, affecting so deeply and permanently the general welfare. The particular details in respect to the prosecution of the work, will be found in the first annual report made by the directors to the stockholders, a copy of which is herewith furnished. To the facts therein stated, the accuracy of which has been verified in nearly every instance by the personal examination of the directors, the attention of the Executive is respectfully requested. The board deem it necessary also to state, that the fifteen members of their body who reside in the city of New-Yore, have no private or personal interests whatever involved in the prosecution of this work, except so far as they may partake of the public prosperity of this city, and the expectation that the ultimate success of the enterprise may return to them, in common with all the stockholders, a revenue affording a fair and reasonable equivalent for the risk which they may encounter in embarking their funds in the undertaking. A copy of the resolution passed by their board, pledging its members to abstain wholly from any pecuniary speculations in any of the counties traversed by the route, is herewith furnished. A review of these documents, it is believed, will show that the directors have labored assiduously to ascertain, Whether this work is feasible? Whether it will be useful? And at what expense it can be constructed? The two first questions of its feasibility and usefulness, necessarily must be governed almost exclusively by the judgment of scientific and experienced engineers. Although the members of the board have satisfied themselves, by actual inspection of the route of the road, that the work presents no unusual or formidable difficulties, and that with a single exception its construction is singularly favored by the natural surface of the country, they have nevertheless deemed it their duty to obtain evidence from the most competent professional authority, of the ultimate utility of the work before entering on its construction. They have therefore submitted, during the present season, the whole plan of the road to the judgment of a board of engineers of the highest rank; and they are much gratified to be able now to lay before the Executive the conjoint report of those gentlemen, establishing decisively the value of the road, and proving that it will afford the means of constant and rapid transmission of persons and property, at rates of speed and in quantities much exceeding previous expectations. As to the expense of the work, the board would remark, that the valuable experience acquired within this country during the last few years, has enabled rail-road engineers to calculate at this time with very considerable precision the cost of construction. Several instances might be adduced, if necessary, of public works in the neighboring States, (executed too under the direction of the distinguished engineers who have been called in consultation upon the plan of this road,) which have been constructed within the sums originally estimated. The board have never had reason to doubt the accuracy of the surveys, or the safety of the estimates in respect to the New-York and Erie rail-road, submitted to the last Legislature; and nevertheless when they regarded the unexampled extent of the work, they could not but await with some anxiety the result of their first attempt to obtain contracts for its actual execution. They have, therefore, felt it their duty to use every means in their power to detect any errors which might exist in the previous estimates; and for the purpose of subjecting them to a severe test, a section unusually rugged in character and sequestered in position, presenting far more than the average rate of expense, was selected as the portion first to be constructed. The result of that experiment is exhibited in the report of the executive committee, presented to the board during the last month, showing that the graduation of 40 miles of the road, estimated by Judge Wright at $366,286, have been actually taken by responsible contractors for $313,551, being $52,735 or 14 per cent less than the estimate. The board, therefore, have no hesitation in reporting to the Executive, that no reasonable doubt exists as to the ability of the company to complete the whole of the road from the tide water to the lake, with all requisite vehicles, for the amount stated in their report; and that the sum will certainly not exceed, and probably will fall considerably short of, six millions of dollars. The sum of $2,382,100 has been already subscribed to the stock of the company, and will enable them to complete an extensive and profitable division of the work; but they will be compelled, for the reasons set forth in their report, to delay the completion of the residue until the successful accomplishment of a portion shall demonstrate the value of the whole. It is obvious, however, that by this more tardy accomplishment of the work, the great publie benefits to be afforded by its completion from the tide water to Lake Erie must be injuriously postponed, and that it therefore becomes the duty of the board to spare no efforts to obtain additic nal funds with the least practicable delay. They therefore deem it proper to communicate to the Executive authority of the State, their intention to apply to the next Legislature for the requisite aid to enable them to hasten the completion of the work. They purpose, however, in view of the heavy advances to which the public treasury will be subjected in order to improve the Erie canal, to ask only for a loan of the public credit, to be advanced in instalments not exceeding in the aggregate three millions of dollars, and only as fast as the company with their own means shall have previously completed continuous sections of the work, sufficiently extensive and valuable to afford the State a perfect security against any possible loss or inconvenience. That such a measure of policy is supported by precedent, is abundantly manifested in the frequent instances referred to in the accompanying documents, in which the neighboring States have loaned their public credit to companies engaged in works of internal improvement within their territory, designed too for the very purpose of diverting from this State and its commercial metropolis the lucrative trade heretofore enjoyed with the Western States. The liberal and energetic course of legislation thus pursued by those enlightened communities, in fostering those rival works, would seem to render it more peculiarly proper and necessary that similar measures of protection should be speedily afforded to the citizens of our own State, by those who direct the public councils. The importance of the New-York and Erie rail-road, in connecting the navigable waters of the Hudson with Lake Erie and the Allegany river, and thereby securing to the city of New-York the trade of the West, is fully set forth in the accompanying documents. The directors charged with the execution of a work so important, venture therefore to express the hope, that its auspicious commencement and hitherto successful progress may be regarded as a matter of public interest, properly falling within the restrospect annually submitted by the Executive to the representatives of the people; that the extensive avenue of trade and intercourse which it proposes to establish through the State, and with the rapidly increasing communities on our western borders, will be looked upon as an improvement calculated to augment the power, and elevate the character of the commonwealth; and that such sufficient measures of assistance as may be deemed necessary to secure its speediest completion, and not inconsistent with the public interests, may be recommended to the favorable consideration of the Legislature. I have the honor to be, With great respect, Your most obedient servant, JAMES G. KING, President To his Excellency WILLIAM L. MARCY, Governor of the State of New-York. (NO. III. ) Communication from the Bank of Savings in the city of New-York, to the Governor. To his Excellency WILLIAM L. MARCY, Governor of the State of New-York. We the trustees of "The Bank for Savings in the city of NewYork," beg leave very respectfully to submit to you some observations in relation to an act passed in May last, relative to unclaimed bank dividends and deposits. It directs that each of the banks in this State shall cause to be published a true statement of all deposits made in said bank, and of all dividends declared upon its stock, which shall have remained unclaimed by any person authorised to receive them for two years next preceding the publication. And that each of the Savings banks shall publish the name, residence, and occupation of every depositor who has not within two years withdrawn any of the money deposited, or of the interest accruing upon it. This act has caused us great embarrassment. The high respect we entertain for the Legislature, and our sincere desire to comply with every regulation they may see fit to prescribe, prompted an immediate obedience to the law; but the consequences of such a compliance appeared so serious and injurious to the institution under our charge, that we have with much hesitation and diffidence ventured to postpone the publication directed, until the Legislature have an opportunity of reconsidering the subject. It is our duty to give reasons for this conduct, which, with all possible respect we proceed to do. With regard to the ordinary banks of discount and deposit, we believe the measure to be a wise one; but with regard to the Savings bank, it is unnecessary and prejudicial. The Savings Bank has no capital stock, and of course no stockholders. The trustees have not, and are by the law forbidden to have, any interest direct or indirect in the bank. They voluntarily and gratuitously act as trustees for the depositors. The object of an ordinary bank is to supply merchants and others with money or credit on reasonable terms, and to realize a profit to the proprietors. The object of the Savings Bank is described in their act of in |