to invest, would ascertain first the perfect secu-
rity of the investment, and next the annual pro-
duct or dividend. Whether Mr. A., Mr. B., the
Treasurer, or any body else, desired to purchase
that stock, would form a very inconsiderable ele-
ment in estimating the prudence or propriety of
the investment, especially if it were to be perma-
nent. If only for a temporary purpose, it might
be some additional motive to know that a demand
for the particular stock always existed, and to
that extent might, to a small amount, enhance
its cost.
But safety and productive value, would be the
ruling causes of value, because they would al-
ways secure purchasers.
He enlarged upon the view, to prove that our
State stock could not be forced to an unnatural
price in the market, for the reason that the Trea-
surer was authorized to purchase.
Now the gentleman has stated his second pro-
position, but what proof has he offered to sus-
tain it? We were yet to learn, why or how,
stock-jobbers were to realize overgrown fortunes
by the fact that the Treasurer was one of the
numerous bidders, in the market, fur State stock.
He confessed himself unable to perceive the
"modus operandi."
This class of men, as he understood the matter,
made their fortunes very much after the fashion of
dealers in other departments of trade. They de-
voted all the energies of their minds, to the
acquisition of information, as to events and cir-
cumstances which experience taught them would
effect the value of money
All the political events of the day were closely
scaned. They were early advised of the threat-
ened troubles and excitements of governments.
the disturbed relations of nations, the conse-
quent probable preparations for such emergen-
cies; the prospect of war or peace; for loans and
subsidies; then again they accurately estimated
the surplus or deficiency in crops, in cotton
bread-stuffs, and so on; the probable state of
commercial operations, imports and exports, and
all the various facts which occasioned an increase
or diminution in the value of money. This be-
ing ascertain, they operated accordingly. If
money became cheap and worth for its loan or
use, say three per cent. per annum, why of course
a six per cent, stock was worth more than par.
If money was to be so scarce, by the relative
value of other articles, as to command eight per
cent., then a six per cent. stock was not worth
par. Thus the "bulls and the bears," were up
and down by turns. A reference to English
government stocks, would show that the prices
were ruled by considerations such as he had
mentioned. Consols were affected materially by
a political rumor. True the quotation per share
or per cent. was very small, but like the half-
pence sterling in the pound of cotton, this very
small per cent. amounted in the aggregate to mil-
lions of dollars.
Yet these rumors did not make them less se-
cure, or less productive. Money, like every
thing else, had a relative value— and when scarce
it would procure more in exchange, for other
commodities, and when abundant it would pro-

cure less. If all this were so, how was it to in-
crease or diminish the emoluments of stock-job-
bers, that our Treasurer was authorized to pur-
chase, and had the means to pay for our State
stock.
Before quitting the subject, he would address
a word of advice on this subject, to that class of
persons who had, as he supposed, the deepest in-
terest in this mailer. He alluded to the agricul-
tural portion of the community—the owners of
land and negroes. They might he well assured
they were the very last who would be benefitted
by a remission of taxes.
The gentleman from Frederick strongly ad-
vised an early diminution of taxes, reducing the
revenue to the lowest amount necessary to pay
interest and current expenses. Let no such no-
tion be adopted. Let us not be deluded by
doubtful or delusive expectations.
We have heard the opinions of those who
should best know, that the receipts from the
works of internal improvement are most pre-
carious and uncertain. Experience teaches us,
that accidents may befal our canal and railroads.
They have heretofore, and without expensive or
destructive accidents, failed to produce the rich
dividends confidently anticipated They may do
so again. When other sources of revenue have
been abandoned, in reliance on the golden streams
which are to flow into the treasury from these
sources, we may suddenly find these streams have
censed to flow. What conies next? Of course
a tax on land and negroes. What has always
been the first object of taxation ? Land and ne-
groes, most certainly. Aye, and in the proposed
system of excision and paring off and paring:
down of taxes, what is to be the very last item
to which the scapel is to be applied ? Why, of
course, our land and negroes.
Look at the projet read to you the other day,,
from the official proceedings in Baltimore under'
the imposing title of "reform and repeal." Do'
you find there any suggestion of repealing taxes.
on land and negroes? No, indeed—quite other-
wise, The "odious stamp tax," and all other
taxes paid in common by the mercantile and
other classes are to be repeated, but the tax on
land and negroes is the legitimate source of per-
manent revenue. He warned this great interest
of the danger of thus exposing it to a continuance
of the ungenerous and unjust exclusiveness
which had singled them out, as the peculiar ob-
jects of taxation.
This public debt was a universal "mortgage,"
an incumbrance upon all our estates. Every mail
should be anxious to see it discharged and re-
leased, Every dollar raised for the purpose of
discharging the public debt should be regarded,
as so far a satisfaction of this mortgage. No
man could desire to have his property pass to his
children thus heavily incumbered with liabilities.
It ought to be constantly kept in mind that our
property with this lien upon it, was lessened by
that amount, and every dollar that was placed ill
the treasury to pay the public debt, went just so
far to increase the actual value of our property.
Every man knew, that if his farm was mortgaged
for a particular sum, it was worth to him pre-