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to these people in the sum of $4, 000, 000. No matter
whether they paid but one cent on the dollar, the canal is
liable for them, but don't let them come up here and claim
that they have invested $4, 000, 000. They are speculators
and money shavers. The original amount of $1, 700, 000
would cover about all that these bondholders had invested
in them. He had it from the attorney of Harris & Hunter
that many of these bonds had been purchased at 10 cents
in the dollar, and last night his friend, (Col. Maulsby, )
had told them of their being purchased for 30 cents in
the dollar. Yet these were the people who were coming
here to claim control of this great public work of Mary-
land. Why are these people entitled to more considera-
tion than the scripholders ? The State of Maryland was
the best custodian of this work and the high officers se-
lected by the people the best trustees. They don't know
where their bonds are or who holds them. He contended
that even including the $300, 000 of the State of Virginia,
the original investment of these holders did not exceed
the $1, 700, 000. He (Mr. M. ) opposed this thing on prin-
ciple, not as his friend from Allegany, (Mr. McKaig, ) who
opposed it because the scripholders were not to be in-
cluded.
Mr. McKaig said he wished all the creditors included.
Mr. Motter said the whole thing was an absurdity. If
the bondholders had a right the scripholders had a right,
and the man who used a pickaxe had a right. If he would
be excused for using common phrases, he would say that
this was a big thing.
Two millions of dollars were to be divided among the
bondholders and the counsel who represented them. These
bondholders, even with their preferred lien, were no more
than creditors, and you could make them no more. This
mortgage is on the tolls and revenues of the canal, and
if they want a remedy, they have the courts open to them,
and why come to this Convention? They are not the
men who built the canal; they are speculators, and bought
these bonds with the full knowledge of their character,
and now come to this Convention and ask it to exercise a
power which is not delegated to it. His friend from Alle-
gany, (Mr. McKaig, ) had said that no man in Western
Maryland, who voted against the measure, could hold up
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