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recognize the scrip it went down and was not worth $10
a load, and remained in the hands of those who had taken
it at par value. It was not in the hands of speculators.
The Legislature had again, by its action in 1842, recog-
nized the validity of these claims. A legislative report
of the late Chief Justice Legrand, in 1841, from which he
would read, was further evidence that these claims were
acknowledged to be valid. It was recommended in this
report that arrangements should be made to liquidate
these claims, as it was justly incumbent to redeem this
debt. The bonds of the company were worthless, and re-
mained so until this day, simply because of Maryland's
refusal to recognize them. The labor of these poor crea-
tures had been availed of for nearly a year. The United
States had abandoned the canal, Virginia had abandoned
it, and Maryland could do nothing. Under these circum-
stances the act of 1844 was passed releasing the $2, 000, -
000 loan and giving a mortgage only on the excess of the
revenues of the canal to the $1, 700, 000 bondholders to
finish the canal. It was not a mortgage on the canal, but
only on the net revenue. The labor of these poor men
was no lien, but it was supposed that after the canal was
finished to Cumberland it would pay off the $1, 700, 000,
and the workmen too. In renewing that mortgage of
$2, 000, 000, no one would say that it was the intention of
any man in Maryland to cheat these poor workmen out of
their just dues. It was not that which necessitated the
renewal of the mortgage, but it was a legal necessity to
prevent these men from harassing the progress of the
canal by bringing suits, &c. The thing had gone on now
for some time, and it having become evident those pre-
ferred bonds would not be paid, the preferred bondhold-
ers come in here and ask the State of Maryland to give
up the control of the canal to them.
This was, no doubt, a very nice thing, it might suit some
people, it did not suit him. He was for doing something
for the bondholders. The trouble was that the canal had
been in the hands of trading politicians. It had been dem-
onstrated in every State of the Union that the State can-
not control these public works. These bondholders then
say hand over the canal to us, and he (Mr. McK. ) would
say so, too, hand it over to the bondholders and to the
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