ment of the sinking fund. If the stocks of this
State rose so unreasonably high as was feared,
(but for which fear, as to any large amount
there was no foundation,) the Treasurer had full
power to invest (if more advantageous to do so,)
the accumulations of the fund in any safe stocks;
as for example those of New York, Massachu-
setts, Virginia, &c., and hold on to the same un-
til our public debt, becomes payable, when, by a
sale of such stocks, it might be paid in full. In
the meantime, as soon as the sinking fund becomes
sufficient to pay the public debt at its ma-
turity, the Legislature might order all that part
of the sinking fund, consisting of the bonds of
the State in the Treasurer's hands, to be bought
in and cancelled; leaving with the Treasurer,
the stocks, which he held of other States,
equal in amount with the remaining debt of the
State, (the annual interest on the former being
adequate to the payment of that accruing on the
latter,) until it became payable, when by a sale
of the former the latter could he extinguished,
and the State released from its entire public
debt. If the existing, well adjusted revenue sys-
tem be abandoned or impaired in its efficiency,
by the changes advocated by the gentlemen from
Carroll and Frederick, it is impossible to forsee
the disastrous consequences that may result.
Once tear down in the manner proposed one of
the pillars on which our revenue fabric rests, and
in all human probability the whole building will
fall to the ground; and the State be involved in
perplexity, embarrassment, and dishonor equal
to that from which it has so recently extricated
itself.
Baltimore, or rather the mayor and city coun-
cil thereof, according to the extracts read from
its proceedings, by the gentleman from Montgomery,
has already unfurled the banner of re-
peal and reform, and called upon all persons
without distinction of parties, to rally around it.
And according to one of the daily newspapers of
the dominant party in Baltimore, shown me a
few days ago by my friend from Montgomery,
if believed, a large majority of the people of
Baltimore, entertain the same views as those
avowed by the mayor and city councils.
The excitement for reform is now over; it no
longer furnishes electioneering politicians with
the means of elevating themselves to office at the
people's expense. Some substitute must by them
be found for it; and let this Convention but inti-
mate the propriety of a repeal of any portion of
the public taxes, and by the time the Constitu-
tion goes into operation, you will have the popu-
lar feeling excited to the highest pitch, by repre-
sentations, that our system of taxation is unneces-
sary, unjust and intolerably oppressive upon the
people: different evidences of its injustice and op-
pressiveness being assigned in every portion of
the State.
The system of log-rolling, as it is called, will
prevail; combinations will be formed by the dele-
gation from Baltimore, with that from other por-
tions of the State. First, one tax, and then an-
other will be abolished, until those which re-
main, become unequal, partial and odious in
the eyes of the people, when the whole system

will sink into ruin, and the honor and credit of
Maryland will fall, even lower than it did in
1839.
The gentleman from Baltimore, has told us
that he is opposed to such results; but, if once
giving countenance to them, as his remarks
would indicate, he will be unable afterwards to
resist the current of popular opinion, and must
in the end, be overwhelmed by the torrent,
which he now, undesignedly, has contributed
to excite. Of his means to sustain himself, or
the precise nature of the course he means to pur-
sue, he has left us to conjecture.
The amendment of the gentleman from Charles
(Mr. Merrick, ) that the sinking fund should accu-
mulate till 1890, has nothing to rest on, and is
wholy unnecesssary. Long before that time it would
amount to more than double what will be re-
quired to pay the debt. The Legislature, when
they find the sinking fund sufficient to pay the
debt, may safely repeal all the taxes. Some gentle-
men had fallen into a mistake, in supposing the
sinking fund could only be invested in Mary-
land State stock. There was. no such restriction
existing; it may, by the Treasurer, be invested in
any State stocks. Part of it originally consisted
of Bank stocks, Mr. M'Cubben, a former Trea-
surer, had wisely deemed it best to buy up the
stock of Maryland, at reduced prices, and the
same course, as far as practicable, has ever since
been pursued. The gentleman from Carroll
(Mr. Brown,) complains that the Treasurer had
bought some stock at two and a half per cent.
above par. That stock was not purchased from
necessity, but because the Treasurer faith-
fully performed his duty, in making the most ad-
vantageous purchase he could for the State.
More than $1,000,000 of our State stock was
then due, but bore only from four and a half to
five per cent. interest, and, therefore, the pur-
chase of the stock of the States, bearing six per
cent. interest, was the more profitable invest-
ment, though made at two and a half per cent.
above par, and for that stock the State received
twenty per cent above par.
if we once begin to repal the taxes, Baltimore
will demand the repeal of the stamp act, auction
duties, &c., &c. The cry of repeal once be-
ing raised in that city, the influence of which
pervades every cove and inlet in the State, will
extend alike to the counties and involve in the
great vortex of repeal, all the taxes of the
State.
Mr. PRESSTMAN desired not to be misunder-
stood, as going for a repeal of the tax law. There
would not be found a man slower than he should
be, to repeal any law now on the statute book.
Never, in any addresses to the people of Balti-
more, had he spoken against it—on the contrary,
in the only address in which he had spoken on
the subject, he had expressed himself in favor of
the tax system. Therefore any insinuation that
he would go before the people of Baltimore to
oppose it, was unjust.
Mr. DORSEY said the explanation was unneces-
sary. He had long known the gentleman from
Baltimore, and believed him, unless impelled by
some popular torrent which he could not resist,