self for a large sum, to enable her to assume the
debts of the States. For that purpose three per
cent. bonds were issued by the United States.
Afterwards, when the treasury was full to over-
flowing, the holders of these bonds, seeing that the
surplus in the National Treasury would have to
be applied to their redemption, came to the gov-
ernment and demanded their redemption at the
rate of one hundred dollars and upwards, for
fifty dollars loaned. He was surprised that the
late Governor and the Legislature did not reduce
the surplusage in the Treasury, by repealing such
taxes as the necessities of the State did not re-
quire to be continued. He wished the gentleman
from Queen Anne, so to modify his amendment,
as to provide that hereafter the Legislature may,
whenever a surplus shall again appear to be in
the treasury, reduce it in the. manner he had in-
dicated. There was no reason why the Legislature
should not have repealed a portion of the
taxes, but the temptation to new investments in
works of internal improvement, carried them
away. It was the doctrine which prevailed
among the people, that where no debt calls for
payment, any surplus in the treasury ought to
lead to the reduction of taxes to that amount.
He hoped the gentleman from Queen Anne's,
would extend his proposition, which, as it now
stands, might be made to sanction the raising of
any sum He was of opinion, that all these
golden expectations from the Chesapeake and
Ohio canal, would not be realized for a quarter
of a century, and this impression made him still
the more cautious concerning these public works.
He referred to a section in the old law, which
explicitly provides that when the debt is paid, the
surplus shall be assigned to the counties for their
benefit, and explained its operation and the past
treatment of its obligations by the Legislature.
No matter how the daring pilot may disregard
the dangers ahead, he thought a careful course
to be the most prudent, and would, by relieving
the tax-payers, when we can encourage them to
prompt and cheerful compliance with a system,
believed by us all to be unavoidable.
Mr. MERRICK rose to say, that having been al-
luded to by name, in connection with the remarks
gentlemen had made on the general subject of
internal improvements, he felt called upon to re-
mark, that though he did not wish now, nor was
this the proper time, to enter upon a discussion
of that large subject, it was his intention to avail
himself of the first suitable opportunity which
should present ilself, to give a detailed and cor-
rected history of the progress of the legislation
on that subject, so far at least, as he had been
connected with it. He was, to a large extent,
responsible for the legislation of that character,
which had taken place whilst he held a seat in
the halls of legislation. He was prepared to meet
that responsibility, and to throw from himself
much unjust censure, which had been heaped
upon him; but he was not responsible for the
mismanagement of those who had charge of the
works themselves, and the application of the
States' money—neither was he responsible for
the changes and mutilations which had been
made by succeeding Legislatures, in the laws he

had been instrumental in passing, with the valuable
aid and support of yourself, Mr. President, in
the other branch of the Legislature. But of all
this I will speak fully when the appropriate oc-
casion shall arise. I will, therefore, content
myself now, with saying in reference to the sys-
tem of internal improvements, of which I have
been the steady and uniform advocate—as the
lustre of the diamond cannot be destroyed by the
dust which may accummulate upon it, nor the
brilliancy of the sun be long hidden by the vapor
which may float before his disc, so cannot the
magnificence, the benificence, nor the wisdom
of that system of internal improvements be de-
stroyed, nor long obscured by the clouds which
ignorance, prejudice or partizan zeal, may have
temporarily heaped from it.
A very considerable revenue was now actual-
ly being paid into the treasury from those works
of internal improvement—that revenue would
greatly and rapidly increase It was desirable
it should be first applied to the extinguishment
of the public debt on that account contracted,
but let it be so applied in the manner most ad-
vantageous to the State, and her tax-paying peo-
ple. I his was what he had been all along contend-
ing for, and should contend for to the last. He
would not now say how soon it might be, but
this he would say, if the revenues of the State
from these sources were applied according to a
wise political economy, the day was not distant
when all the taxes might safely be dispensed
with.
Mr. DONALDSON said he must again beg the
indulgence of the Convention, that he might re-
ply to some of the arguments which had been
advanced by other gentlemen. He felt impelled
to do so because his views had been somewhat
misunderstood, and he had thus been placed in a
position very differerent from that which he really
occupied. From the course of those who op-
posed his proposition, it would be supposed, that
he was in favor of leaving to the Legislature the
most unrestrained license to embark in the wild-
est speculations and schemes of internal improve-
ment. But, in fact, he came here with the fixed
determination, as far as his exertions could avail,
to check the Legislature in its future action upon
such subjects. He had always thought that the
imposition of such restrictions was one of the
most beneficial reforms that this Convention
could make. He thought so still, and he consid-
ered his present action consistent with that opin-
ion. With almost all that had been so ably said
by the gentleman from Cecil, (Mr. McLane,) he
cordially agreed, and his warnings proceeded
from a wisdom which truly read the history of
the past. He, (Mr. D.,) was in favor of restric-
tion, so as to remedy the abuse complained of;
but he thought it improper and unwise to destroy
utterly a power which might hereafter be used
with great advantage to the community. He
thought that his substitute would effect all desira-
ble restriction, whilst it preserved the power.
He had stated before, that in the days of the
wildest and most extravagant speculation, when
the whole country seemed possessed with a mania
for grand projects, which were to be accomplish-