I will vote for the report without this submis-
sion to the people, whether the amendment
of the gentleman from Frederick be added or
not. I think that the whole substance of
this entire question is covered by the major-
ity report.
In the first place it is certainly the duty of
the State to get rid of all its interest in all
works of public improvement, so soon as the
object for which it loaned its credit to the
corporation has been fully attained and fully
accomplished. Why does a State become a
party in a corporation? For what purpose
does it do so? It is solely that it may aid
individual capital, which of itself is insuffi-
cient to build these great works of internal
improvement, in order that the resources of
the State may be more fully and more speedily
developed. Has not that been accomplished?
Have not all these works to which the State
loaned its credit been built, and are they not
now realizing the purpose for which they were
created, and for which alone the State loaned
its credit lo them?
It is not proper that the State should be-
come a stockjobber; that the State should
invest its finances in stocks, and become a
speculator in a stock board. No man, upon
principles of reason or of State policy, will ad-
vocate such a course. The only reason why
a State should ever loan its credit to these
works of internal improvement, is that indi-
vidual capital not being competent for that
purpose, it should be assisted, in order that
these works may be built, and the resources
of the State developed for the general good,
And as soon as the object for which the State
loans its credit to the corporation is attained,
is it not sound policy, is it not incumbent
upon the State, with a view to avoid all pos-
sibility of corruption, to withdraw from all
connection with the corporation? The con-
nection of States with corporations is nothing
but an eternal source of political corruption ;
not only in this State, but in every State, and
in both State and federal governments. The
freer you can keep the government from con-
nection with these corporations, the better.
And there is no excuse fur originating the
connection, or for continuing it one moment
longer than the controlling influences and
reasons for the connection exist. And it is a
maxim in law that when the reason for a law
is gone, the law should cease to operate.
Now is the time tor the State of Maryland
to dispose of its intereats in these works of
public improvement. This being so, the next
question is, as to the proper time. Is this or
not the proper time for the State of Maryland
to get: rid of her interest in these public
works? Unless a man deliberately shuts his
eyes lo the truth; unless a man purposely
stultifies himself, and takes awn.y from him-
self all premeditation, all power of judgment,
he can come to no other conclusion than that
this is the auspicious time for this purpose.
24 |
What is the history of stocks, of railroads?—
Is it not the fact that since the inflation of
the currency, the stocks of the several rail-
roads throughout the country, in the various
States, have arisen a hundred per cent., in
many cases more, in some cases less? But it
is a fact that the stocks of railroads have risen
by the inflation of the currency, from fifty to
one hundred per cent. What has been the
cause of that rise? Nothing but the increase
in the circulating medium of the country;
that is the sole cause, and the only cause.—
And as soon as the circulating medium of the
country gets back to a specie basis, when the
notes of the banks and treasury notes are in
fact representatives of their respective amounts
in gold and silver—whenever we get back to
that condition, down go stocks to their former
value. This is as certain as that two and two
make four; as certain as that the sun will rise
and set every twenty-four hours; because the
laws which govern the prices of things are as
fixed and unalterable as the laws of nature.
Then, this being so, is this not the time
to dispose of the State's interest in these
works of internal improvement? And this
section makes provision for that. The stock
of the Baltimore and Ohio railroad company
is now worth 113; State stock is worth about
115. When we get back to a specie basis,
State stock may perhaps go down to 106 or
108, and railroad stock will go down to
where it was before. Now what is our true
policy? To make the exchange when you
can get dollar for dollar. Now what does
this section provide? It provides that the
governor, comptroller and the treasurer may
exchange the stuck which the State holds in
the Baltimore and Ohio railroad company for
an equal amount of State stock, dollar for
dollar. That can be done, I believe, within
one month after the adoption of this consti-
tution. These things may continue for six
months, or for a year. We cannot tell when
the crash will come; no human forethought
can tell; it may come in a month; it may
not come in year; but come it will. But
this board will be allowed to make tills ex-
change, dollar for dollar; and the State gets
out of its connection with the Baltimore and
Ohio railroad company, without the loss of a
dollar. Is not that desirable, and is it not
proper that it should be done?
Now this section goes on and makes 'pro-
vision that this board, under the direction
and regulation of the legislature, may sell
the interest of the State in all the other
works of internal improvement, and corpo-
rations. But they must receive for the price
for which they sell that interest an equal
amount of the State's indebtedness. This
board is prohibited by this section from
receiving money for this interest, and letting
it lie unemployed in the cotiers of the State
treasury. It can receive State indebtedness,
and nothing else. Therefore, so soon as you |
