|
|
|
road. The railroad could fix its own rates, but the board
of public works had the power to revise the canal rates.
The depression caused by this had brought widespread
ruin among the boatmen and others. Every boat is put
on the canal by outside capital, as the company has noth-
ing to do but keep the canal in order. It is as easy to keep
it in order for 500 boats as for 50.
The increased transportation on the canal would have
no effect on the Baltimore and Ohio Railroad. The coal
trade of Cumberland was yet in its infancy. Under proper
management the canal would be one of the greatest
sources of prosperity to the State of Maryland, and it
was to be hoped that no misguided policy would induce
this Convention to act adverse to the true interests of the
State. There is a universal sentiment now prevailing that
the canal is the football on the political playground. The
fond anticipations of the friends of the canal have been
disappointed, but pass this article and the expectations
of all will be realized, and no harm done to any one.
He would now give a statement of the preferred bond-
holds. In 1859 a convention was called in Baltimore city
of all the creditors of whatever nature, of the canal
company, and that convention was held at the Fountain
Hotel. The State of Virginia held $300, 000 of these bonds
and was there represented; the cities of Alexandria,
Washington, and Georgetown held $100, 000, and were
represented; the contractors under Harris, Hunter &
Co. $200, 000, and he was informed by Mr. Horace Ros-
ley that this latter amount was now held in Allegany
and Washington counties, and Hampshire county, Vir-
ginia. Selden, Withers & Co. had sold $833, 000 of the
bonds held by Harris, Hunter & Co. to parties in New
York at 60 cents on the dollar, and these parties had
sent the bonds back, and Selden, Withers & Co. had resold
them at 80 and 90 cents in the dollar to people in Virginia,
and it was held there now. There was but $31, 000 now
held north of Mason's and Dixon's line, $20, 000 by Brown,
Brothers & Co., of New York, and $11, 000 by a Catholic
institution in Albany. All that they wanted was to rescue
this canal from political control, and if it was done the
people of the whole State would have cause for rejoicing.
Instead of a revenue of three or four hundred thousand
447
|
|
|
|
 |
