admit all that, and have stated it over and over
again on this floor before. Every man who has
been at all observant of the history and progress
of commerce and exchanges, knows that those
fluctuations are constantly recurring—have fre-
quently occurred before, and as certainly as like
causes, under similar circumstances, produce like
effects, will occur again—and again, infuture.
The causes of these fluctuations are not always
visible, and seem mysterious often to the com-
mon eye, yet they depend upon fixed principles,
which principles are easily understood; but great
knowledge, and close observation, and ripe judg-
ment, are necessary to know how to estimate or
justly appreciate the modifying effect upon those
principles of concomitant, concurrent, and con-
flicting circumstances. The revulsion of 1837
has been adverted to as standing alone. That is a
mistake; there have been other, and as great or
greater revulsions before. I will not stop to give
the instances; they can be seen by reference.
But what of all this? Far from furnishing any ar-
gument against the proposition I have made—
they but prove its propriety and wisdom—but
prove the probable occurrence of that very state
of things in which the power I propose to give
the Legislature, can be used greatly to the bene-
fit of the tax paying people of Maryland.
I have not denied that these fluctuations take
place. I have not denied that money is at one
time plenty and cheap, and at another time scarce
and dear. On the contrary, I have affirmed, from
the first, both propositions. But what I have and
do insist upon, is, that seeing and knowing that
these fluctuations do take place, and also seeing
and knowing that that change is in rapid progress
and likely to go to great extent, which leads to
high prices of stocks and other things, and a very
low rate of interest—that it becomes us, as
wise statesmen, Maryland being largely indebted,
to leave with the Legislature the power to make
the approaching change subservient to her inter-
ests, and to avail of it to the relief of her peo-
ple, by an exchange, as far as it can be done, of
her outstanding debt, bearing a high rate of in-
terest, for other stocks bearing a less rate of interest.
This done, what does the argument
amount to, which goes to show that things will
afterwards again change, and interest become
high? That change will not effect us. Our ex-
change will have been made, and we shall be
paying interest only at the rate of three per
cent., when the common rate may be six again.
Should this happen, it will only prove the wis-
dom of the measure; and its possibility, or even
probability, is therefore no argument against it,
but the reverse. No danger, no possibility of
danger, attends this proposed grant of power to
the Legislature. Already there is in the new
Constitution, the prohibition upon the contraction
of any larger debt, or new debt, whatever; also,
the prohibition upon lending or advancing the
credit of the State, in any way or for any pur-
pose; and this proposition is simply to give power
to exchange the existing debt for one less burthen-
some.
The gentleman has said, that a large part of
our State debt is not redeemable now, and will |
not be so for years to come. I know that is so;
but I also know that some of it is now redeem-
able, and more of it will become redeemable
next year, and we have not the cash wherewith
to pay it off'. To that extent then, the principle
of economy I have been advocating, could now
beapplied, or can be applied when the 'rate of
interest shall fall a little more, perhaps at the
very next meeting of the Legislature.
Beaides, these stocks not now redeemable, are
not always to remain so; and those not now re-
deemable, may become so at a time, when, in the
course of its oscillations, the pendulum of values
and exchanges may be at the same extreme of
the are, that it now is approaching, and we may
not have in hand the cash to pay or redeem that
stock with, at the time. Let the Legislature
then have the power to make the saving opera-
tion I have explained, and which has not been,
and cannot be, denied to be legitimate, proper
and beneficial, under such circumstances.
The honorable gentleman has said, that it is in
contemplation, and fully calculated upon by the
authorities of the State, to pay off the whole of
our public debt, in twelve or fifteen years. I have
good reason to know that is so. Having myself
had some, not altogether insignificant, part in the
formation of the sinking fund of the State, I am
not ignorant of its power, its amount, nor the
additions to be made to it. All this is well—is
glorious, and I rejoice from the bottom of my
heart, at the bright prospect of the early extinguishment
of the debt. But does this furnish
any argument against facilitating the means of
that early extinguishment? Rather let us, while
we rejoice in the hope and prospect of that glo-
rious result, contribute by every means in our
power to expedite, and make more certain that
desirable consummation.
The doctrine has been presented and denoun-
ced, "that a national debt is a national blessing."
Who has ever advanced any such a doctrine
here? I know that doctrine has been been ad-
vanced in England, and strenuously maintained
there, where there may be some truth in it—at
least, it may be true with reference to those who
there consider themselves the nation, namely:
the King or Queen and Lords. It tends to give
stability to the throne, and aristocracy, by bind-
ing the money power, by the ties of interest to
the existing order of things. It renders capital
the ally of tyranny—and combined, they have the
power, and use it, too, of oppressing the millions
for the benefit of the few.
But who has ever advanced or maintained such
a doctrine on this side of the Atlantic? I confess
I have never heard it, and if advanced it would
not and could not be tolerated for an instant.
We want no artificial ligaments of this sort here,
to bind the people to the government, or give it
stability. Ours is a government of the people
themselves—it is their own, and lives and has its
being in their affections only; its principle is
equality of rights and duties and privileges to
all; it loathes and scorns all wrong and oppres-
sion of any. Far, therefore, from needing or
desiring the combination of the money power
with the government in the form of a national |
