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The property in Allegany county had appreciated im-
mensely, and the State was remunerated a thousand fold,
but it would never receive anything into the treasury. It
had been settled in England that railroads could not com-
pete with canals in transportation. Yet we are told that
the Baltimore and Ohio Railroad is successfully competing
with the canal, but when the coal mines are fully de-
veloped they will furnish business enough for both. The
great mind of Garrett looked to the advancement of the
commercial interests of Baltimore, and how he competed
with the canal he (Mr. S. ) could not understand, unless
he had applied to the purpose some of the large surplus
earnings of the road during the war.
It would have been better for the State to have sold the
canal to the bondholders or scripholders, or any one else,
as then it would certainly have reaped something in the
shape of increased basis of taxation, caused by the de-
velopment of the resources of the region through which
the canal passed.
Mr. Carter said the question was to strike out the third
section, which proposes a mode of selecting the president
and directors of the canal company. The first question
that met them on the threshold was whether it was proper
for a mode to be prescribed in this constitution for the
selection of president and directors of this company, and
if this is answered in the affirmative, the next question is,
whether the mode prescribed in this third section is the
proper one.
The State of Maryland is a part owner of the canal by
reason of its stock, and by reason of its lien for money
loaned, is also a creditor. She owns $5, 000, 000 of the
stock, and by reason of that exercises the controlling in-
fluence. The charter of the canal provides that it shall
be managed by a president and six directors. Who elects
them? The majority of the stock, that is, the State of
Maryland, she controlling by far a large majority of the
stock. This is a duty, and this Convention finds that it
has to legislate the manner in which the interests and
duties of the State in the canal shall be properly man-
aged. This being a duty, the question is, is it proper to
prescribe the method in which this shall be exercised?
He addressed this inquiry, where else but in the constitu-
469
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