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twenty-fold. The bondholders are in New York, and
Washington, and elsewhere, and if it is given up to them
entirely you will have the politicians rushing down here
and making efforts to put it under political control again.
The State should not sell the canal, but give these parties
a chance and he believed it would yield at least $700, 000.
It could not be controlled as a political machine, and would
ruin any party that attempted it. You might control the
president and directory, but could not control the sturdy
boatmen. He would say here, then, that any man in
Allegany who is opposed to this is in the short road; the
people want it, and when his bill passed the House in
1854 there was great rejoicing in consequence, but it
failed in the Senate. Let them have the control until
1883, and see what they can do, and then if they do not
improve it, take it back.
Mr. Nicolai said the passage of this third section would
give the control of the canal to the preferred bondhold-
ers, a large number of whom were not the original hold-
ers, and had obtained the bonds at from twenty to thirty
cents on the dollar, and he advocated the purchase by the
State of these bonds. He was not willing that this great
and growing canal should be given over to the control of
a set of enterprising speculators, most of whom were not
residents of the State. He believed that there was no
reason or right, or obligation, which should induce this
Convention to do this act. But if they were to be so
generous, if a magnificent public work was to be given
away, why should not all the creditors be placed on a com-
mon footing? Why should not the interest of the scrip-
holders also be looked after? He saw no reason to be-
lieve that the preferred bondholders would work the
canal for the interest of the State. The Baltimore and
Ohio Railroad might also go into the market, and by
purchase become the controlling power of the canal, and
make it the mere adjunct of that road, which would result
greatly to the detriment of the State. It had been said
that the canal is used for political purposes, he did not
know this, but even if it was so, he would sooner have it
under the control of his political opponents, who were
natives and to the manor born than in the hands of Wall
street speculators, where he was certain these bonds
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