Accordingly the motion
was made, and passed without opposition.
The committee named by the honourable Stephen Van Rensselaer, then
lieutenant-governor, were Samuel Jones, Ambrose Spencer, and Thomas
Morris. It was suggested to one of these gentlemen that the part of
the bill authorizing the employment of the surplus capital had better
be stricken out of it; in consequence of which that gentleman applied
to Colonel Burr for an explanation on this point. Mr. Burr promptly
and frankly informed the honourable member, that it not only did
authorize, but that it was in tended the directors should use the
surplus capital in any way they thought expedient and proper. That
they might have a bank, an East India Company, or any thing else that
they deemed profitable. That the mere supplying the city with water
would not, of itself, remunerate the stockholders. Colonel Burr added,
that the senator was at liberty to communicate this explanation to
other members, and that be had no secrecy on the subject. The bill was
subsequently reported by Mr. Jones and passed.
This view of the proceedings of the legislature is sustained by what
occurred in the Council of Revision, from the minutes of which an
extract has been made.
"_At a meeting of the Council of Revision, held at the City Hall of
the City of Albany, on Monday, the 1st of April, 1799._
"PRESENT--His Excellency the Governor, the Honourable the Chancellor,
the Chief Justice, and Judge Benson.
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