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plenary power in this matter, as occasions might and did
arise where the interests of the company would be en-
hanced if its officers had this power.
The State of Pennsylvania had built lines of canals
reaching five hundred miles at a cost of $30, 000, 000 and,
in 1859, the evils of political management had become so
apparent that Pennsylvania sold out her whole interest
at the immense sacrifice of $3, 500, 000 to private parties,
on such terms that a beggar could buy.
In reply to the fears of the action of the Baltimore and
Ohio Railroad, Mr. D. maintained that the only compe-
tition between these two works would be a healthy one.
If the existence of the canal was struck out, it would not
in any material degree benefit the railroad. The true in-
terest of the State was to foster both of these great
works.
Mr. Kilbourn asked if the canal with which the gentle-
man was connected was controlled by the private stock-
holders, and whether it paid.
Mr. Dobbin said the canal, the Susquehanna and Tide-
Water, was controlled exclusively by its own directors,
six of whom lived in Baltimore and six in Philadelphia.
The State of Maryland had loaned it a million, on which,
he was happy to say, the interest was regularly paid, but
the State had no voice in its direction.
Mr. D. then gave a history of this canal from its incep-
tion to the present time, and said it was now in a pros-
perous condition, paying its obligations regularly, and he
thought in a short time would pay a dividend to the stock-
holders.
Mr. Archer was happy to hear that the Susquehanna
and Tidewater Canal was now paying the interest due the
State, although, as the gentleman had stated, it had not
been paid at certain periods, and as he (Mr. A. ) sup-
posed, when the company was in a condition to pay it.
In view of such facts, he had an amendment to this sec-
tion which would prevent anything of this kind. As it
now stood there was a facility for a misappropriation of
the funds of the company for two years, to the injury of
the State of Maryland, and this he proposed to obviate.
He desired to express his views on this matter before a
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