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scripholders, let these two creditors have a joint man-
agement. This was the only difference between him and
his friend, (Mr. Spates. ) The State of Maryland could
not, in honor, hand over this work solely to the bond-
holders, and ignore the claims of the scripholders. Let
the scripholder watch the bondholder, and the State of
Maryland watch both. There is no difference of interest
between the scripholder and the bondholder; every
scripholder recognizes the fact that the bondholder must
be paid first. He would say, now, that Maryland ought
never to part with the work; it was a great public work.
The assessable property in Allegany county had run up
from one million to twenty millions, and so in the other
western counties. This was due to the Baltimore and
Ohio Railroad to a considerable extent, but it was the
result of both these public works. The canal had cost
$25, 000, 000, and yet the State had not really lost a cent
by its investment, it being made up by the increased basis
of taxation. If the work was now put into the hands of
proper parties, his friend, (Mr. Spates, ) for instance, he
doubted not that it would pay a handsome percentage.
President Spates had conducted the canal at $120, 000 per
annum, less than half the usual expense. The dams had
cost many times the amount estimated for them, the con-
tracts having been given out to the highest bidder, and
this was where some four or five hundred thousands went.
All are agreed that something is wrong about the man-
agement of the canal, that it should be put into such con-
trol as will properly work it, and they contended for its
being given to these common creditors, and let the State
appoint an agent to overlook them both. It would not
be just to overlook the claims of the scripholders and
accede to the request of the bondholders. The debt
due the former was more obligatory on the State. She
was bound by it. She took the labor of those poor people
to save her own investment. He was willing that the
bondholders should have relief, but all he asked was, not
to ignore the faith of the State. The waters of Lethe
could never wash out this obligation of the State, it would
come up at the judgment day against them. The scrip-
holders were scattered from Georgetown to Cumberland
and all over Allegany, and put them with the bondholders;
it will exert a moral force and strengthen the bondholders
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