APPENDIX B ACT OF APRIL 15, 1817[74] _Whereas_, navigable communications between Lakes Erie and Champlain, and the Atlantic ocean, by means of canals connected with the Hudson river, will promote agriculture, manufactures and commerce, mitigate the calamities of war, and enhance the blessings of peace, consolidate the union, and advance the prosperity and elevate the character of the United States: _And whereas_, it is the incumbent duty of the people of this state, to avail themselves of the means which the Almighty has placed in their hands for the production of such signal, extensive and lasting benefits to the human race: _Now, therefore_, in full confidence that the congress of the United States, and the states equally interested with this state in the commencement, prosecution and completion of those important works, will contribute their full proportion of the expense; and in order that adequate funds may be provided, and properly arranged and managed, for the prosecution and completion of all the navigable communications contemplated by this act: I _Be it enacted by the people of the state of New York, represented in Senate and Assembly_, That there shall be constituted a fund to be denominated the canal fund, which shall consist of all such appropriations, grants and donations, as may be made for that purpose by the legislature of this state, by the congress of the United States, by individual states, and by corporations, companies and individuals; which fund shall be superintended and managed by a board of commissioners, to be denominated "the commissioners of the canal fund," consisting of the lieutenant-governor, the comptroller, the attorney-general, the surveyor-general, secretary and treasurer, a majority of whom with the comptroller shall be a quorum for the transaction of business; and that it shall be the duty of the said board to receive, arrange and manage to the best advantage all things belonging to the same fund, to borrow, from time to time, monies on the credit of the people of this state at a rate of interest not exceeding six per centum per annum, and not exceeding in any one year a sum which, together with the net income of the said fund, shall amount to four hundred thousand dollars; for which monies, so to be borrowed, the comptroller shall issue transferable certificates of stock, payable at such time or times as may be determined by said board; out of the said fund to pay to the canal commissioners hereafter mentioned, the monies so to be borrowed and the income of the said fund, reserving at all times sufficient to pay the interest of all monies that shall have been borrowed by the said board; to recommend from time to time to the legislature, the adoption of such measures as may be thought proper by the said board for the improvement of the said fund, and to report to the legislature, at the opening of every session thereof, the state of said fund; and that the comptroller