debt, they should and do dread it as the worst
enemy to the vital principle of the republic.
Money is a most powerful lever in the affairs of
men. It is of infinite use as a subordinate agent
—but it is no less powerful as a means of op-
pression—and ruthless always is the tyranny sus-
tained by it.
There is not, there cannot be avoice here then,
for a continuance of a national nor a State debt,
one moment longer than necessity requires. The
object sought after, most anxiously desired by
us all, is the early and final extinguishment of
our public debt. But we desire to see it paid off
by the most ready and facile mode.
If we can so arrange now as with fairness and
justice to the public, creditor, to reduce by one-
third or one-half the amount of annual interest
we have to pay, such an arrangement would cer-
tainly expedite, or at any rate, greatly facilitate
the final payment—and the twelve or fifteen
years to elapse, according to the estimates refer-
red toby the gentleman, before the final pay-
ment of this debt, is a very long time to be pay-
ing a double, or much too great a rate of interest,
when a little wisdom now, and good manage-
ment hereafter might avoid it.
The honorable gentleman has said, that altho'
he foresees the approaches of a season of abun-
dance of money, and low rate of interest—yet,
he also sees in the signs which are to produce
thereafter, another season of great depression,
and he gives as those signs, the great importations
into the country, and the fact that many of
the States of the Union, especially, in the west,
are again eagerly embarking in systems of inter-
nal improvement.
He may argue correctly, and I believe does,
except that I am strongly persuaded, the recur-
rence of another revulsion is much more distant
than the gentleman seems to suppose; but that it
will come, I have no doubt, if not with the regu-
larity. at least with the certainty of the reflux of
the tides of the ocean. I hope our statesmen in
the west and elsewhere, will forsee its approach
in time. and provide against its consequences,
But what is that to us now, for our present ob-
jects and purposes? Tutored in the school of
experience, we have guarded against all danger
to our State from such causes, by the restrictions
already engrafted upon the Constitution we are
making. All our great works of internal im-
provement are completed, or nearly so, and we
are in future to embark in no others. We shall,
therefore, be in the proud and happy position of
dreading no consequences from such a revulsion,
let it come when it may. But all this again has
nothing to do with the present argument. We
have now only to deal with a simple proposition
to leave with the Legislature power to save, if
they can, a portion, and it may be a very large
portion, of the interest we are now paying on
our public debt, and of relieving to the extent
they may so save in our annual expenditures, the
tax-paying people of the State, from the purpose
of taxation. This is the single, simple, naked
proposition the Convention have to decide, and
with them I now leave it.
Mr. GEORGE enquired of the Chair, whether |
it was in order for him to withdraw the proposi-
tion he had heretofore offered, and to submit in
lieu thereof a substitute.
After some enquiry as to the state of the ques-
tion, and some conversation on the point of
order,
The PRESIDENT stated that such a motion was
in order.
Mr. GEORGE thereupon withdrew his amend-
ment, and offered the following in lieu thereof:
"No debt shall hereafter be contracted by the
Legislature, unless such debt shall be authorized
by a law, providing for the collection of an an-
nual tax or taxes, sufficient to pay the interest on
such debt as it falls due, and also to discharge the
principal thereof within fifteen years from the
time of contracting the same; and the taxes laid
for this purpose shall not be repealed, or applied
to any other object, until the said debt and the
interest thereon, shall be fully discharged; and
the amount of debts so contracted and remaining
unpaid, shall never exceed one hundred thousand
dollars. Nor shall the Legislature hereafter ap-
propriate the public money, or pledge the public
faith for the use of individuals, associations or
corporations; or make appropriations, loans, or
subscriptions to any work of internal improve-
ment; but the Legislature may, without laying
a tax, borrow any amount never to exceed fitly
thousand dollars, to meet temporary deficiencies
in the Treasury, and may contract debts to any
amount that may be .necessary for the defence of
the State."
Mr. G. said, that the object was to let the
Convention take its choice between this proposi-
tion and the substitute of the gentleman from
Cecil, (Mr. Constable)
Mr. MERRICK then moved to amend said amend-
ment, by adding at the end thereof, the follow-
ing:
"And they may at any time, when it may be-
come practicable to do so, redeem and pay off
the whole or any portion of the outstanding
stocks or bonds of the State, by an issue of other
stocks or bonds for no greater amount than the
stock or bonds redeemed and bearing a less rate
of interest"
Mr. CONSTABLE intimated his intention here-
after to offer some propositions by way of amend-
ment.
Mr. JENIFER suggested to his colleague, (Mr.
Merrick,) the propriety of fixing some limitation.
The question, as it appeared to him, was merely
whether it will be better for us to pay an interest
of six per cent. on our bonds for ten years, or of
three per cent. for twenty or thirty years. He
read the amendment to show that it justified this
construction. He thought there could be no dif-
culty in paying off the public debt, as it was cal-
led, by gaining an extension of time. The only
question is, whether it is not better to pay off
such bonds as are, or as they may become due,
and then empower the Legislature to convert the
six per cent. bonds into three per cent stocks at
a period not longer than ten years. The State
would derive not benefit, as was conclusively
shown by the gentleman from Cecil, (Mr. Mc- |
