cisely to the amount of that sum less than its
par value. It was precisely the same thing with
regard to the whole property of the State, which
was incumbered with the public debt, of which
he repeated, the items of land and negroes would
in any event, pay a large proportion, and if a
system of early repeal should be unfortunately
adopted, they would be made to pay nearly the
whole.
He had thus given his views on the general
question, discussed by the gentleman from Fred-
erick, without reference to the particular motion
now before the chair. Indeed, he had not heard
this proposition read, as the gentleman had just
commenced his remarks as lie entered the
Hall.
Mr. THOMAS, in reply, said, there was one pro-
position on which he was desirous not to be mis-
understood. The gentleman from Kent had laid
it down as a principle that the price of the stocks
in market, depends on the relation which the de-
mand bears to the supply, and that the presence
of the State treasurer in the market cannot, in any
way, influence the value of stocks. He admitted
that the treasurer could not regulate the price of
all stocks. But the amount of the surplus in the
hands of the treasurer, might be disproportioned
to the amount of such stock in the market, as the
treasurer was in the habit of purchasing.
Although the law did not compel the treasurer
to purchase Maryland stocks only, it was the
practice of the treasurer to do so; and as the
amount of Maryland stocks in the market that
were due was limited, a large surplus for their
purchase would cause an unreasonable elevation
in their price.
He was aware that there was no law in this
State, which confines the treasurer to the pur-
chase of any particular stock; and he was sur-
prised that the treasurer should be allowed to
deal in any other than our State stocks. Not
that he meant any insinuation against the present
treasurer, for a man more honest never filled the
office. But he was opposed to the principle that
the treasurer of the State shall be permitted to deal
in the stocks of Mississippi. Arkansas, or Can-
ton, or in all of these, without any restriction.
He thought it was the duty of the legislature to
prescribe how far he might go. He, himself, had
been informed that the treasurer had expressed
himself sensible, that this large discretion should
never be exercised. Purchases with the sinking
fund had always been made in Maryland stocks
only. Assuming, then, that the treasurer is lim-
ited, he (Mr. T ,) would place himself in a posi-
tion to meet the argument of the gentleman from
Kent. He would ask, if there is any portion of
the debt of the State, which has yet thirty-nine
years to run in the market, on reasonable terms.?
The gentleman from Kent argues that we ought
to apply the surplus money to pay the State debt.
When? That is the question. According to the
stipulation in the bond. Because a man does not
make sacrifices to enable him to pay debts, which,
according to contract, will not become due for
many years, is he to be regarded as one who
runs counter to all the proprieties of life, and lo
every moral principle? Is the State to be called

on now, to pay a debt, which does not fall due
until the year 1890? If we agree to do this, all
the advantage of the act will accrue to specula-
tors in stocks, but no profit could result to the
State.
But enough had been said on this topic. The
subject had been discussed over and over. until
the Convention had become weary of it. Every
man must have made up his mind how he will
vote.
Mr. JENIFER said that the question before the
House had been lost sight of, which was not unu-
sual, and he should not now follow in this discussive
debate, had not the distinguished gentle-
man from Frederick, (Mr. Thomas,) a second time
referred to matters which appeared entirely irrele-
vant to the question now under consideration.
That gentleman had, in his speech of yesterday,
referred to the last message of the late Governor
Philip Francis Thomas, and had reiterated to-day
his unqualified disapprobation of that part of it
which recommended to the Legislature " not to
rescind any portion of the taxes until the public
debt was paid." That it was not in accordance
with his, (Mr. T's,) understanding of the views
of the party to which he belonged. Mr. J. said
he did not mean to question the gentleman's sin-
cerity when he declared that he would go as far
as any man to preserve and protect the faith of
the State, when, at the same time, he was in fa-
vor of a reduction of the taxes and a distur-
bance of that system of revenue upon an adherence
to which, the good faith and credit of the
State so much depended. Mr. J, said, he differ-
ed in political views, generally, with the late
Governor of Maryland, but he was willing to
" render unto Caesar the things that are Caesar's,'"
in doing which, the distinguished gentleman from'
Frederick, could not take it amiss if his guberna-
torial policy were brought in contrast with that of
the late Governor. Mr. J. said he would not.
question the motives of the gentleman, but his
councils and his measures were apppropriate
subjects for animadversion. What was the con-
dition of the finances of Maryland and her credit
when the gubernatorial term of the gentleman
from Frederick expired ? What are they now,
upon the expiration of the term of the late Gov-
ernor, Philip Francis Thomas?
Mr. J. said he would refer to the reports of the
Treasurer and messages of the Governor, for the
condition of affairs at the period to which he de-
sired to call the attention of the House.
In December, 1844, when the gubernatorial
term of the gentleman from Frederick was about
to expire, after calling the attention of the Legis-
lature to the financial embarrassments of the State,
and the deficit in the revenue to meet the de-
mands upon the Treasury, he says :
"These defalcations in the revenue are to be
imputed in a great degree to the palpable insuf-
ficiency of the whole taxes levied, even if punc-
tually paid. As long as our tax laws have this
obvious aspect, we may expect a large portion of
the public dues will be withheld, in the belief
that the attempt to pay the public debt will at no
distant day be abandoned." Again: "Another
fatal error was committed in failing to enforce