certain other revenues of no great account, were pledged as security for the canal loans. All this I have stated before, and I regret the necessity of being compelled to state it again. M. Sauluier says the receipts of these canals alone amount to more than 5,000,000 of francs. There is another evidence of haste. By more than 5,000,000 we understand between that sum and 6,000,000. Now the receipts of these canals were between 6 and 7,000,000 of francs the last year; the governor himself, in the message so often quoted by M. Sauluier, saying: 'The whole amount of tolls received upon the canals up to the time of closing the navigation is 1,220,423 dollars,' which, according to M. Sauluier's last valuation of the dollar, is 6,625,533 francs. These particulars are important where so much rests on statements for which the evidence is not given. But this is not all that the governor says. He expressly states the fund reserved from former receipts to be already so large as to reduce the debt in effect to 5,817,447 dollars. The Canal Commissioners, in their report, estimate the excess of this year's receipts, over and above the interest of the debt, the repairs, and all other charges, at 915,958 dol. 20 cents. At this rate of increase alone five years will raise the sum reserved to the amount of the debt. But the receipts are on the increase with the development of the resources of the country, while it is probable the cost of repairs will be diminished. Here then is this formidable debt already virtually paid by a vast excess of receipts over its interest, and in a fair way of being extinguished even in its nominal form. The interest of this Canal debt is stated by the Canal Commissioners to be 379,586 dol. 80 cents, for the year 1832, and the receipts of the entire canal fund for the same period to be 1,550,025 dollars. I wish M. Sauluier owed a debt so circumstanced, and that I owed another. But this is not all. New York owes legally 8,055,648 dollars. In this particular M. Sauluier is right. Should an earthquake destroy 500 miles of canal, should salt springs that have existed certainly more than a century suddenly grow dry, and should the other property pledged become valueless, New York would certainly be bound to supply other resources to meet this debt; but I think it would not be difficult for her to enter any European market, saddled with these chances even, and to sell her canals and the property pledged to the repayment of this debt, without difficulty. Let us calculate: There is a canal in a flourishing country, communicating between the Great Lakes and the Ocean, with a town at one end of 230,000 souls, that doubles its population every 15 or 20 years, and with towns innumerable springing up on its banks, and a population that has increased from 400,000 to 2,000,000 in forty years, and a territory that can contain with convenience 6 or 8,000,000 of souls. 'What will you give

VOL. XXII.-No. 4.—23

for this canal, M. de Rothschild?' 'What are its present net receipts, M. Cooper?' 'Deducting the repairs, and the cost of collections, etc., etc., it is estimated to net this year 845,520 dol, and this estimate is considerably below the actual receipts of the last year.' 'At 5 per cent. this will be the interest of about 17,000,000 of dol, M. Cooper, and taking the chances of increase, I can give that amount.' 'Well, here we have some salt mines to dispose of-they produce already 150,000 dol. a year?' M. de Rothschild, to oblige me, I doubt not will take them for 3,000,000 Now let us make a calculation:

more.

I need scarcely say that, under the circumstances, New York would not probably sell the property in question for double the amount named. It will be seen that the canals, and not the citizens, pay the interest of this nominal debt, a debt which even now brings in such happy results.

J. Fenimore Cooper."

Susan Fansiona Cooper

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COOPERSTOWN, New York.

A TRIP TO NIAGARA IN 1835

MISS CAROLINE SPENCER'S JOURNAL

NEW YORK, July 16, 1835.

On board Steamboat.

Adieu, New York! adieu all that I regret leaving behind! I shall have a month's enjoyment before I again tread your dusty streets or greet the faces of those I love. These were my last thoughts as I watched the wharfs of the city fast receding from my view, when, after they were entirely lost sight of, I retired to the lower deck and began to meditate on a grand commencement to my journal. However, the great concourse of passengers put all thoughts of journalizing out of my head, and I soon found sufficient amusement in noticing the variety of characters thus drawn within so small a circle. After breakfast Miss Watson and myself took our seats on deck, which we did not leave for the whole day, so completely enchanted were we with the scenery of our noble river, which may be seen the hundredth time and yet give renewed pleasure. We reached Albany about seven o'clock in the evening, and after disposing of our baggage in the railroad-house, proceeded to Uncle Ames's in South Pearl street. We were very much disappointed in finding that uncle and aunt had gone to the Springs, as uncle is very much out of health; however, an old housekeeper who has lived with them several years gave us our tea, when we went to call on Cousin Marcia, having Cousin Angelo for an escort.*

We spent an hour with her pleasantly, and returned to South Pearl street, making some purchases of ribbon for my bonnet, and thick shoes which I was told were indispensable in a trip to Niagara. We visited Uncle Ames's gallery of portraits, and passed the remainder of the evening in Cousin Julius's little study looking at his collection of miniatures,

*Caroline Spencer was married in 1836 to Rev. George Benton, and sailed on her bridal tour to Athens, her husband being one of the commissioners in the cause of education to the Greeks, associated with Dr. J. H. Hill and Dr. Robertson. Her father was Reuben Spencer of New York City, and her mother the daughter of Mr. Ames the portrait-painter. Miss Watson also went to Greece, and aided in the philanthropic work for some years. Marcia Ames, the cousin of Miss Spencer, became the wife of Rev. Wm. James, the uncle of the novelist Henry James. This unique journal is in possession of the son of its author, Mr. Robert A. Benton.

and retired to rest early as we were obliged to rise again at five o'clock in the morning.

Friday, 17th. Got up and dressed in haste; picked a lovely bunch of roses from the garden, and then set off for the railroad-house, Cousin Angelo being kind enough to break his morning slumbers to accompany us. The walk up the hill was very pleasant, the air so pure and refreshing, and the lovely appearance of the capitol and other lofty buildings as they were just gilded with the first rays of the morning sun added very much to the scene. We were soon, with a hundred others, packed in a car, or rather a train of cars, and motion given to the whole mass, were hurried along with a rapidity that is inconceivable to one so inexperienced as myself, and in rather less than an hour we reached Schenectady, a distance of sixteen miles. The level of the railroad is more than a hundred feet above that of the city, and the descent is performed by an inclined plane, the railways of which are laid for two sets of cars; and when one descends its motion is retarded by loaded cars which serve as a balancing power, and ascend as the others descend. The country between Albany and Schenectady seems like a barren waste, for with but few exceptions it is entirely uncultivated. We breakfasted at the hotel, and were hurried on board the packet-boat waiting for us, and were pleased to find some of our fellow passengers from New York, particularly an elderly gentleman from Demerara with whom father was very much pleased. He wore (I suppose to be eccentric) an immense palm-leaf hat, a West Indian fashion, for which reason Miss Watson gave him the title of Captain Palmetto.

I was agreeably disappointed in the specimen of canal traveling that we now had. The boat was exceedingly pleasant, and it seemed such a relief from the hot bustling steamboat, and the close, hurried railroad car, for the quiet movement of the canal boat. The windows of the boat are sufficiently large to make the view pleasant from them; and as you glide along through the most rich and delightful country, whose banks touch the sides of the boat, you might almost fancy yourself in a fairy land. The canal from Schenectady to Utica lies on the south side of the Mohawk river, and almost the whole distance directly on the border of the river, whose banks rise in many places in a bold and almost mountainous outline; and in others stretching away in the distance, rich in verdure, with the river looking in the sunshine like a line of silver spread across the landscape. We were told by some English travelers that it reminded them of the wildest scenes of Derbyshire. We ascended several locks during the day, at each of which we had an opportunity of leaving the boat and walking a short distance if we chose. We found it very

pleasant to do so, that we might get a bunch of the wild flowers that are profusely scattered along the canal, and refresh ourselves with a little exercise. We were more fortunate, however, than a poor dog belonging to Captain Palmetto, who, having the same taste as ourselves for walking, landed from the boat at a lock, and being left behind was obliged to run a number of miles before he could get on board again, the captain not being willing to extend his politeness so far as to stop the boat for a dog. We passed a number of pleasant villages, and among others Canajoharie which signifies in the Indian tongue" Boiling pot;" and after exclaiming until admiration itself became weary, the afternoon waned and night found us ready to make use of her ample curtain for retiring to rest, very sorry that we must pass the village of Little Falls during the night.

July 18, Saturday. We arrived at Utica about six o'clock, and went to the National hotel to breakfast, as we here exchange boats. We had but an hour to spare, so we could not see much of the city, but what little we did see showed us that it was a place of business, and situated in an extensive plain with hills surrounding it in the distance; it is very much improved with handsome villas and gardens, and both the canal and river run through it. From Utica to Syracuse is the most tedious part of the canal route, the country being a level of sixty-nine miles, without a lock to relieve one a few moments by walking, and the scenery has not that varied appearance to be met with before; however, we passed through some nice, pretty places where a contented mind might easily find happiness. We reached Syracuse about nine o'clock in the evening. We had prepared for going on shore, as we were afraid we should have to wait for a packet to Oswego; but what was our surprise on being asked if we wished to go directly on to Oswego, to see our things handed out of the window into. another boat like our own, and we were desired to step on board, which we had hardly done when the boat moved off, and we were on our way to Oswego. We regretted very much that it was night, as we were told that this route is remarkably beautiful. The distance is thirty-eight miles, but the canal excavation is only twelve miles, as the lake and river are both made use of for the passage of boats, and where there are falls in the river (of which there are many, which prevent its being navigable) the boat is passed into a lock and lowered to the proper level, when it shoves out in the river again. But the lake, river, falls, and all we missed. July 19, Sunday. After a comfortable night's rest we were waked about daylight by an Irish woman on board, who said, "Get up! Get up! ladies dear, sure an' ye're at Oswaygo." We were both in such a delightful morning nap that it seemed impossible to break our slumbers, but she