sipated in unwise speculations. Not so. He,
like the gentleman from Carroll, (Mr. Brown,)
had too much confidence in the Legislature to
feel any such apprehensions, and the constitution-
al provisions already adopted rendered such in-
discretions morally impracticable. He then went
into a view of the operation of the sinking fund.
The moment that fund becomes adequate to the
public debt and interest thereon as it accrues, the
Legislature will repeal all our taxes, and not
wait until 1870 or 1890; when our debt is re-
deemable.
He admitted that States, like individuals, were
hound to discharge their obligations. When debts
become due, every individual strives to pay them;
and when he finds difficulty for the moment his
notorious solvency and punctuality, enable him
to borrow for the purpose. He had no such idle
terror of debt, that he would not be perfectly
willing to give his bond for ten thousand dollars,
bearing an interest at three per cent.. and at the
same time lend the same amount on a bond bear-
ing six per cent., to aperson of as unquestioned
solvency as himself.
If the State by extending the lime of payment,
could issue bonds at an interest of five per cent.,
and receive in exchange its own bonds at six per
cent., the exchange would be a beneficial opera-
tion. And here Mr. D. read a statement which
he had prepared, to show the immense gains by
such an operation after a long period of years
upon the just principles of compound interest.
By carrying on the calculation, it would be
seen what would be the effect of the sinking
fund, before the debt becomes due. The people
of the State are not now discontented about the
taxes. They all agree that it is better to contin-
ue them until the means of paying the public
debt have been provided, when taxation should
terminate. He repealed that he had entire con-
fidence in the virtue and discretion of the Legis-
lature, under the restrictions we have already
imposed on it, and he thought that power should
be vested in them to make such appropriations
as future events might render indispensably re-
quisite. He would, therefore, vote for the amend-
ment under consideration,
Mr. D. then said that lie was now enabled to
point the gentleman from Cecil to one instance
where a six per cent. stock before it became due,
to the best of his recollection, and that of his
friend from Baltimore, was converted into a
five per cent. stock. It was the stock of the city
of Baltimore
The question was then stated to be on the
amendment of Mr. MERRICK.
Mr. DORSEY moved to amend the amendment,
by striking out the words "seven years."
Mr. D. said, he saw no object in retaining
these words They paralysed and destroyed the
object of the amendment.
The amendment was rejected,
And the question was then taken on the amend-
ment of Mr. MERRICK,
And it was rejected.
The question then recurred on the substitute
of Mr. GEORGE. |
Mr. CONSTABLE asked a division of the ques-
tion upon striking out.
A division was ordered accordingly.
Mr. Me HENRY moved to amend said amend-
ment, by adding at the end thereof these words,
"or meet the just liabilities of the State incur-
red previously to the adoption of this Constitu-
tion."
This amendment Mr. CONSTABLE accepted.
Some explanations followed, in which Messrs.
MCLANE, SPENCER, CONSTABLE, and THOMAS,
took part.
On a suggestion by Mr. MCLANE,
Mr. CONSTABLE further modified his amend-
ment, by retaining that portion of the proposition
of Mr. GEORGE, which is in the following words:
"But the Legislature may without laying a tax
borrow an amount never exceeding fifty thousand
dollars to meet temporary deficiencies in the
Treasury. "
Mr. THOMAS expressed his preference for the
proposition of Mr. GEORGE, lie also called at-
tention to the amendment which had been offer-
ed by Mr. MCHENRY and accepted as amodifi-
cation by Mr. CONSTABLE, and which he (Mr.
T.) regarded as an objectionable and perilous
proposition.
And then, without taking any question the
Convention adjourned until to-morrow at ten
o'clock.
WEDNESDAY, March 5th, 1851.
The Convention met at ten o'clock.
Prayer was made by the Rev. Mr. GRAUFF.
The roll of the members was called, and &
quorum being present, the journal of yesterday
was read and approved.
LICENSE SYSTEM.
Mr. SELLMAN presented a petition of sundry
citizens of Anne Arundel and Calvert counties,
praying that the privilege to sell intoxicating
liquors shall not be granted to any person in any
part of the State, except the same shall be first
sanctioned, or approved of by a majority of the
votes in the election district where the same is to
be sold.
Which was read, and
On motion of Mr. SELLMAN,
Referred to the select committee appointed on
that subject.
DESECRATION OF GRAVE YARDS.
Mr. DAVIS presented a petition of George L.
L. Davis, of the city of Baltimore, for the pro-
lection of "grave yards."
Which was read, and
On motion of Mr. DAVIS,
Referred to committee No. 14.
THE LEGISLATIVE DEPARTMENT.
The Convention resumed the consideration of
the special order of the day, being the report of |
