and interest, and to no other purpose, and that
the legislature shall create no new debt.
He contended that the appropriation of money
for other purposes did not involve the creation of
a new debt. On the contrary, he contended that
it would not. The legislature could at any time,
pay off a million by substituting another million
bond. He contended that there was no probabil-
ity of the success of any plan looking to the con-
vertibility of stocks, as no man would give up a
bond bearing six per cent interest for one bear-
ing three per cent.
Besides, the State has no power to redeem the
debt at its pleasure. The holder of a bond, bear-
ing six per cent interest, would not consent to accept
payment, when money was at a depreciated
value. His loss would be certain; no good
could come from the amendments, but great
harm.
Mr. MERRICK expressed his surprise, that gen-
tlemen on all sides, should continue to argue as
if the question pending, was a bill directing the
proposed negotiation to be actually made—
whereas it was a proposition merely to leave the
power with the legislature, to cause this pecunia-
ry negotiation to be made hereafter, if the pro-
pitious circumstances so often spoken of and ex-
plained, should arise; and they, the legislature,
should in their wisdom upon a view of all the
concommitant circumstances, judge it to be for
the advantage and interest of the state to do
so. He was no less surprised to find such
strong manifestations of a fixed purpose to strip
the future legislatures of all salutary power, of
all ability to conduct and regulate the affairs of
the State, in such manner as wisdom and patriot-
ism might, under circumstances hereafter to
arise, (and of which, knowing nothing about them,
of course, this Convention cannot judge,) con-
duce to the happiness and well-being of the peo-
ple of the State.
Is there to be no faith, no confidence placed in
those who are to compose our future legislature?
Is all wisdom, all virtue concentrated in this
Convention? Who are to be our future legisla-
tors? Are they not to be the same men that are
now here, or there descendants, or the descen-
dants of other citizens of the State equally wise,
equally virtuous, equally patriotic, with the members
of this Convention? Gentlemen must cal-
culate upon a melancholy degeneracy, a sad fall-
ing off in the eld Maryland stock, if those who
are to compose our legislators in future, are to be
utterly unworthy of all trust and confidence. I
thought the age was progressive. Man was ad-
vancing in morals, science and learning—and far
from becoming in future less wise and patriotic,
were to be expected to improve upon their ances-
try.
In response to the gentleman from Cecil, (Mr.
McLane,) who had argued that the pending pro-
position would continue existing taxes beyond
the period which would otherwise be required
for the payment of the public debt, he must say
that such an argument appeared to him strange
indeed. It was not so intended; it could have no
such effect. Its end and object was to save money
to the State; to relieve the people from their |
burthens, and to give them to some extent present
relief. We now raise by taxation, from the
pockets of the people, some six hundred thousand
dollars a year for the payment of the interest on
the public debt. If the exchange of stocks the
amendment proposes to give the Legislature
power to make, can be effected, and your whole
debt often millions bearing six per cent. interest,
can be exchanged for a debt of the same amount
bearing interest at the rate of three per cent. only,
we certainly would save by that exchange three.
hundred thousand dollars a year; and instead of
raising annually by taxation six hundred thousand
dollars a year to pay the interest—three hundred
thousand dollars only would be required for that
purpose, and one half the present taxes might be
repealed. This is the object; and this would be
the effect. If not to the whole extent, to as
great an extent as the exchange could be effected
by the Legislature. Far then from continuing
taxes beyond the period during which under the
existing state of things they would be required—
this measure contemplated gives immediate re-
lief to the people, by dispensing with the necessi-
ty for a large portion of them. No man could be
more anxious than he was to see the public debt
extinguished, and he was anxious to see every
means used which could fairly and honestly lend
to expedite and facilitate that result, and accom-
plish it with the least possible amount of taxa-
tion. It was a high and holy duty, incumbent
upon every one, to lessen the burthens of the
people, as far and as soon as could be made con-
sistent with the public faith and honor. As ten-
ding to this end, he had moved the pending pro-
position. To that end it would operate, if it oper-
ated at all, and it could operate to none other.
He would now leave the matter with the Con-
vention.
Mr. BROWN. I think this question has been
sufficiently discussed, and I am anxious to get on
with the business. I move the previous ques-
tion.
Mr. CHAMBERS, of Kent, sent to the Clerk's ta-
ble the amendment he had indicated, and which
was as follows:
" Provided, That such new bonds or stocks
shall be made redeemable within seven years
from the time of their being issued."
Mr MERRICK accepted the amendment as a
modification of his own proposition.
Mr. JENIFER suggested another amendment to
his colleague, (Mr. Merrick,) which led to some
conversation between the two gentlemen. Mr.
M. explaining that the object of his colleague
would be accomplished by the amendment in its
modified form.
Mr, CONSTABLE requested Mr. BROWN to with-
draw the demand for the previous question, to
enable him, (Mr. C ,) to say a few words in re-
ply to the gentleman from Queen Anne's (Mr.
Spencer.)
Mr. BROWN assented.
So the demand for the previous question was
withdrawn.
Mr. CONSTABLE spoke at length in reply. His
remarks will be given hereafter. |
