1st. I would propose that the annuitants holding the six per cent. stock of the Corporation, should have it at their option to receive a hundred dollars in money, for every hundred dollars they hold of that stock; or give up one hundred and eighty dollars of such stock, for one hundred dollars of stock redeemable in fifteen years, and bearing an interest of ten per cent. per annum. Although the interest upon one hundred and eighty dollars at six per cent., is ten dollars and eighty cents, and the annuitant by strict calculation, bearing an apparent loss of eighty cents per annum, yet from the nature of funded debts heretofore explained, it is certain that the subscribers to the proposed stock irredeemable for fifteen years, would have it amply made up to them by the great premium such a stock would bear in the market. We find that the new canal five per cents., by a price current of stocks of October 22d, 1825, are at a premium of fifteen to nineteen dollars, it is reasonable to conclude therefore, that the ten per cent. stock, if the level of the market rate of interest be not more than at the present time, will continue to stand a long time above two hundred, instead of one hundred and eighty the original basis of exchange or commutation. Supposing the Corporation six per cents. to have remained undiminished since May, 1822, viz. By the operation of the proposed conversion, there would be extinguished at once the sum of And the sum to be funded at ten per cent. would amount to The interest charged upon the present six per cents. amount annually to That charged upon the ten per cents. Making an annual saving of $329,911 12 44,538 41,238 88 3,299 12 $742,300 The report of the Comptroller of the Corporation of the 15th May, 1822, states the receipts of the sinking fund at about $37,000 per annum, items of permanent revenue: Twenty-five per cent. on the sale of all real estate. Water Lot Rents. Market Rents. arising from the following Market Fees. Street Vaults. Hack Licences. Pawn Broker's Licenses. if increased by the saving of the interest on the terms of conversion, will annually amount to As the sinking fund may be considered a rapidly improving source of revenue, the probability is, that it will yield a permanent annual sum of more than $40,000 $40,000 2d. I would propose to divide this revenue into two parts. Twenty thousand dollars a year appropriated to extinguish the principal of the ten per cent. stocks at the end of fifteen years, and the other moiety of the sinking fund applied to the extinguishment of the five per cent. stocks, and the outstanding Corporation bonds, bearing an interest of six per cent. Instead of the powerless operation of the sinking fund as managed at present, it is a fact deducible from strict mathematical calculation, that an annuity of twenty thousand dollars successively improved at five per cent. compound interest, if skillfully managed and uninterruptedly applied, will amount in fourteen years seven months and one third, to $412,388 88, and consequently will be a capital in hand, to redeem the whole of the ten per cent. stock, when it becomes payable according to the original contract with the creditor. If the other moiety of the sinking fund did nothing more than to pay off the five per cents., and the outstanding bonds of the Corporation bearing an interest of six per cent. within the period assigned for the extinguishment of the whole debt, the Corporation at that time would stand thus: A debt of Released from an annual interest on the same Invested with the whole annual product of the sinking fund, which at that time may amount to $1,102,200 paid. THE public powers ought to be so constituted, that, always active, always suited to fulfil their destined purpose, they can never depart from their proper course, to the detriment of the social interest. The laws ought to be clear, precise, and uniform, to all the citizens. Law must be impartial, whether it reward or punish, whether it protect or destroy. Law is the free and solemn expression of the general will; it is the same to all, whether it protect or whether it punish; it can ordain only that which is just and useful to society, and forbid only that which is hurtful. The law is the general will, expressed by the majority, either of the citizens or of their representatives. That which is not forbidden by the law, may not be prevented. Nobody can be constrained to do that which the law does not ordain. The law should only decree punishments strictly necessary, and proportionate to the offence. The law should decree only such punishments as are strictly and evidently necessary the punishment ought to be proportionate to the offence, and useful to society. The law has a right to forbid actions evidently hurtful to society. The law should only ordain punishment strictly and evidently necessary; and no man can be punished but by virtue of a law established and promulgated previously to the offence, and legally applied. To give a retroactive power to a law, is obviously unjust and criminal. The law has for its sole object the interest of the community; it cannot therefore grant a privilege to whomsoever it pleases: established privileges ought to be abolished. immediately, whatever may have been their origin. No municipal, or other charge, can be imposed upon a citizen without his consent, or that of his representatives. In like manner, no man ought to pay any national contribution but that which has been freely voted by the representatives of the people. No contribution ought to be voted, or tax imposed, except for the public wants. The subsidies ought to be freely consentéd to, and proportionately assessed. Liberty consists in being able to do all that is not contrary to the rights of others: thus the exercise of the natural rights of every man, is limited only so far as to ensure the enjoyment of these same rights to the other members of society. This limitation can only be determined by the law. Liberty, then, has nature for its principle, justice for its rule, and the law for its safeguard: its moral limit is contained in this maxim, "Do unto others as you would they should do unto you." The preservation of liberty depends on submission to the law, which is the expression of the general will. The liberty of the press, and of every other means of publishing thoughts, can neither be interdicted, suspended, nor limited. The right of publishing a man's thoughts and opinions, whether by means of the press or in any other manner, the right of peaceably assembling, and the free exercise of trades, cannot be forbidden. No man ought to be disturbed on account of his religious opinions. The free communication of his thoughts and opinions is one of the most precious rights of man; every citizen, then, can speak, write, or print, freely, except that he must answer for the abuse of this liberty in cases determined by the law. The necessity of declaring his rights supposes either the existence or the recent recollection of despotism Liberty and equality of rights admit no distinction of birth, no hereditary authorities. All the citizens may pretend, and, if chosen, are admissible, to all the public places, employments, and duties. Free people know no other motives of preference in their choice than talents and virtues. As every citizen has an equal right to defend his life, his honour, and his property, no means of defence ought to be granted to one exclusively of another. If men are not equal in means, that is to say, in riches, in understanding, and in the various powers of body and mind, it does not follow that they are not equal in natural and civil rights. Every citizen has a right to the most impartial, exact, and prompt justice, as well with regard to his person as to his property. [To be continued.] PUBLISHED EVERY SATURDAY. JAMES G. BROOKS, Editor and Proprietor, No. 4 Wall-street, New-York. Subscriptions received by G. & C. Carvill, 127 Broadway-where communications may be left, or transmit ted through the post-office to the editor. Terms-Four dollars per annum, payable in advance. J. SEYMOUR, printer, 49 John-street. "Fools will be fools, say what we will, amongst his equals, and perfectly at his case amidst coronets and supporters, excellencies, graces, lordships, and statesmen; this equanimity, however, could not escape envy, for there are always weak minds enough to wish a man down to their own level of grovelling passions and worthlessness. C. FLIGHT has saved many individuals both Year followed year, finding my friend in in love and war, although the remedy seems the same prosperous circumstances, and in to bespeak weakness and fear, rather than to the same station and circle: all on a sudden, argue fortitude and circumspection. "Seek however, he disappeared from the drawingsafety in flight," said Lady Prudentia Pon- room, the clubs, the concerts, theatres, and der to her lovely niece Lady Virginia Flut-places of public resort: his carriage was ter, when importuned by the froward ad- missed in Pall Mall and St. James's Street, dresses of a rake in very high life. "With-his horses were no longer led up and down draw from the scene of temptation," wrote facing what was Queensberry-house, his the best of wives to her vacillating hus-share of the opera box was let to a guardband, Fitzamor, when entangled in all the greenhorn, who was much more welcome to pleasures of a Paris life, masking, gambling, the right honourable widow joint proprierevelling, &c. A well-conducted retreat, tress, than the calm and serious Sydney. even in a military point of view, is a mas- His name was taken out of all the club and terly operation; but my reader will be able society books before mentioned; in short, to judge for himself in the present instance." non est inventus" was the general outcry. Poyntz Sydney was a member of a certain It furnished a striking lesson to listen to the club in St. James's Street; he belonged hints and surmises, the inuendos and goodto the Savoir vivre, the Union club, the natured remarks of his former intimates, at Thatched House, the Philharmonic, the Bootle's, the Savoir vivre, &c. Beef Steak Club, and the Je ne sais quoi.- "Well, for my part," cried Sir Matthew Besides having a share in a box at the Ope- Martingale, "I always foretold that Sydney ra, and subscribing to a score of institutions, was not sterling, that the bubble would assemblies, and meetings, the Argyle con- burst some day; all his affected calmness at certs, coteries, &c. &c., he always passed play, his contempt of bad luck, his cool unfor a man of some talent, and merited the ruffled air-I knew that it could not last. name of an elegant scholar. These quali- D-n me! I wish that he had bolted before ties were passports to the first company, I lost the last two hundred to him." and procured him a popularity which he Jove," languidly drew out Lord Tubereuse, maintained steadily and respectably. In" what !-the steady fellow off at last! I his dress and address, his house, carriage, wonder who gets his horses and his yellow horses, establishment and appointments, tub, (an impertinent term of contempt for every thing was consistent, and in good his chariot); he had one decentish black style and keeping; on which account the horse, ha! ha! ha! (laughing.) Well, I'm strangers to economy of his acquaintance glad that old sober sides is done up." set him down for immensely rich; and his "Quant a moi," observed an insufferably regularity, attested by his banker's and conceited Galomaniac honourable commontradesmen's books, gave him general credit, er, "I only regret his cook, (general apwhich, had he been dishonourable enough to plause); the cotelettes a la Soubise, the volabuse, he might have pushed to a very con-au-vent, and the rognons au vin de Chamsiderable extent. Grave, good-natured, and pagne. I always (yawning) thought Sydwell-bred, he offended none; if he won at ney a prosing ennuyeux, who bored us to play, he preserved the utmost composure; if death with his classics, and his long stories." he lost, there was not a disordered orderanged This passed in St. James's street, at the line in his countenance: he was unassuming club-house door. "By THE public powers ought to be so constituted, that, always active, always suited to fulfil their destined purpose, they can never depart from their proper course, to the detriment of the social interest. The laws ought to be clear, precise, and uniform, to all the citizens. Law must be impartial, whether it reward or punish, whether it protect or destroy. Law is the free and solemn expression of the general will; it is the same to all, whether it protect or whether it punish; it can ordain only that which is just and useful to society, and forbid only that which is hurtful. The law is the general will, expressed by the majority, either of the citizens or of their representatives. That which is not forbidden by the law, may not be prevented. Nobody can be constrained to do that which the law does not ordain. The law should only decree punishments strictly necessary, and proportionate to the offence. The law should decree only such punishments as are strictly and evidently necessary the punishment ought to be proportionate to the offence, and useful to society. The law has a right to forbid actions evidently hurtful to society. The law should only ordain punishment strictly and evidently necessary; and no man can be punished but by virtue of a law established and promulgated previously to the offence, and legally applied. To give a retroactive power to a law, is obviously unjust and criminal. The law has for its sole object the interest of the community; it cannot therefore grant a privilege to whomsoever it pleases: established privileges ought to be abolished immediately, whatever may have been their origin. No municipal, or other charge, can be imposed upon a citizen without his consent, or that of his representatives. In like manner, no man ought to pay any national contribution but that which has been freely voted by the representatives of the people. Liberty consists in being able to do all that is not contrary to the rights of others : thus the exercise of the natural rights of every man, is limited only so far as to ensure the enjoyment of these same rights to the other members of society. This limitation can only be determined by the law. Liberty, then, has nature for its principle, justice for its rule, and the law for its safeguard: its moral limit is contained in this maxim, "Do unto others as you would they should do unto you." The preservation of liberty depends on submission to the law, which is the expression of the general will. The liberty of the press, and of every other means of publishing thoughts, can neither be interdicted, suspended, nor limited. The right of publishing a man's thoughts and opinions, whether by means of the press or in any other manner, the right of peaceably assembling, and the free exercise of trades, cannot be forbidden. No man ought to be disturbed on account of his religious opinions. The free communication of his thoughts and opinions is one of the most precious rights of man; every citizen, then, can speak, write, or print, freely, except that he must answer for the abuse of this liberty in cases determined by the law. The necessity of declaring his rights supposes either the existence or the recent recollection of despotism Liberty and equality of rights admit no distinction of birth, no hereditary authorities. All the citizens may pretend, and, if chosen, are admissible, to all the public places, employments, and duties. Free people know no other motives of preference in their choice than talents and virtues. As every citizen has an equal right to defend his life, his honour, and his property, no means of defence ought to be granted to one exclusively of another. If men are not equal in means, that is to say, in riches, in understanding, and in the various powers of body and mind, it does not follow that they are not equal in natural and civil rights. Every citizen has a right to the most impartial, exact, and prompt justice, as well with regard to his person as to his property. [To be continued.] PUBLISHED EVERY SATURDAY. JAMES G. BROOKS, Editor and Proprietor, No. 4 Wall-street, New-York. No contribution ought to be voted, or tax way-where communications may be left, or transmit imposed, except for the public wants. The subsidies ought to be freely consent éd to, and proportionately assessed. J. SEYMOUR, printer, 49 John-street. amongst his equals, and perfectly at his case amidst coronets and supporters, excellencies, graces, lordships, and statesmen; this equanimity, however, could not escape envy, for there are always weak minds enough to wish a man down to their own level of grovelling passions and worthlessness. FLIGHT has saved many individuals both Year followed year, finding my friend in in love and war, although the remedy seems the same prosperous circumstances, and in to bespeak weakness and fear, rather than to the same station and circle: all on a sudden, argue fortitude and circumspection. "Seek however, he disappeared from the drawing. safety in flight," said Lady Prudentia Pon- room, the clubs, the concerts, theatres, and der to her lovely niece Lady Virginia Flut- places of public resort: his carriage was ter, when importuned by the froward ad- missed in Pall Mall and St. James's Street, dresses of a rake in very high life. "With-his horses were no longer led up and down draw from the scene of temptation," wrote facing what was Queensberry-house, his the best of wives to her vacillating hus-share of the opera box was let to a guardband, Fitzamor, when entangled in all the greenhorn, who was much more welcome to pleasures of a Paris life, masking, gambling, the right honourable widow joint proprierevelling, &c. A well-conducted retreat, tress, than the calm and serious Sydney. even in a military point of view, is a mas- His name was taken out of all the club and terly operation; but my reader will be able society books before mentioned; in short, to judge for himself in the present instance.“non est inventus" was the general outcry. Poyntz Sydney was a member of a certain It furnished a striking lesson to listen to the club in St. James's Street; he belonged hints and surmises, the inuendos and goodto the Savoir vivre, the Union club, the natured remarks of his former intimates, at Thatched House, the Philharmonic, the Bootle's, the Savoir vivre, &c. Beef Steak Club, and the Je ne sais quoi.— "Well, for my part," cried Sir Matthew Besides having a share in a box at the Ope- Martingale, "I always foretold that Sydney ra, and subscribing to a score of institutions, was not sterling; that the bubble would assemblies, and meetings, the Argyle con- burst some day; all his affected calmness at certs, coteries, &c. &c., he always passed play, his contempt of bad luck, his cool unfor a man of some talent, and merited the ruffled air-I knew that it could not last. name of an elegant scholar. These quali- D―n me! I wish that he had bolted before ties were passports to the first company, I lost the last two hundred to him." "By and procured him a popularity which he Jove," languidly drew out Lord Tubereuse, maintained steadily and respectably. In "what!-the steady fellow off at last! I his dress and address, his house, carriage, wonder who gets his horses and his yellow horses, establishment and appointments, tub, (an impertinent term of contempt for every thing was consistent, and in good his chariot); he had one decentish black style and keeping; on which account the horse, ha! ha! ha! (laughing.) Well, I'm strangers to economy of his acquaintance glad that old sober sides is done up."set him down for immensely rich; and his "Quant a moi," observed an insufferably regularity, attested by his banker's and conceited Galomaniac honourable commontradesmen's books, gave him general credit, er, "I only regret his cook, (general apwhich, had he been dishonourable enough to plause); the cotelettes a la Soubise, the volabuse, he might have pushed to a very con-au-vent, and the rognons au vin de Chamsiderable extent. Grave, good-natured, and pagne. I always (yawning) thought Sydwell-bred, he offended none; if he won at ney a prosing ennuyeux, who bored us to play, he preserved the utmost composure; if death with his classics, and his long stories." he lost, there was not a disordered orderanged This passed in St. James's street, at the line in his countenance: he was unassuming club-house door. |