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ALBANY, June 26, 1847. The Enlargement of the Erie Canal- The Repeal of Parts of the Seventh Article of the Constitution-Albany Board of Trade-Bank of Watertown, &c. A number of the influential journals of this State have, within a short period, occupied a considerable portion of their columns in an examination and analysis of the seventh article of the amended constitution. This article, it is pretended, is devoted to the economical diebursement of the public revenues, and the liquidation of the public debt. In regard to the financial article of the constitution, of which I have spoken, I have to say that at the ensuing session of the Legislature, a proposition will be introduced for the repeal of 80 much of the article as restricts the immediate enlargement of the Eric Canal to the dimensions contemplated before the suspension of 1842. During the present year it has become perfectly evident that the capacity of the canal is too limited to bring forward freights with that celerity which the interests of dealers demand; complaints have, therefore, been more numerous than ever before. Thus I am induced to suppose that a proposition for the repeal of the restriction would be received with favor. The movements about to be made in the west to secure increased facilities for the transportation of the great staple to tide water, will also have a bearing upon this question. It will be urged in favor of the instant enlargement of the canal, that it has been lately ascertained that the public interests are measurably involved in this matter. and that it would be an error not to avail yourselves of the conspicuous advantages which the possession of the entire trade of the mighty west will give you over those foreign districts that are making gigantic efforts to divert considerable portions of this trade into other channels. Probably an immediate appropriation of every dollar of the public revenue to the enlargement, except necessary appropriations for the expenses of government, and for the payment of the interest of the State debt, would liquidate your liabilities, and place the State upon an independent basis much more speedily and safely than in the way proposed by the seventh article of the constitution. As for me, I have not learned to respect the expedients to which unsound intellects have always resorted, to preserve the honor, and ensure the prosperity of States and Kingdoms. The merchant princes and capitalists of Albany have recently organised a Board of Trade similar to that which meets at the Exchange, in Wall street, every day but Sunday. There was formerly a Board of Trade here. but the leading operators were but poorly disposed to. wards it, and it failed. This new board will evidently survive. and reports of the operations in flour, &c., at the capital, will hereafter be more interesting, because they will be more extensive. I understand that the directors of the bank of Watertown have made such arrangements with the Comptroller, as justify that officer in allowing the ban to resume its business. The bank will continne to redeem its bills, and they will also be redeemed at the Exchange Bank of Albany. James MeKown, Esq., the Recorder of this city, died this morning. He is said to have been distinguished for many of those virtues which render the human constitution estimable and divine; he was a member of the Board of Regents of the University, and was formerly a prominent member of the Legislature; he was aged 58 years. The Senate will assemble on Tuesday next; the cham ber is in excellent order, and I hope to see n full Senate present. Muse T....
