amount of the State's indebtedness, then it
can do it. Of course it covers that matter.
Mr. RIDGELY. I will suggest to the gen-
tleman from Washington (Mr Negley,) that
he will obviate any obscurity, by inserting
after the word "interest " the words "as
stockholder or creditor."
The PRESIDENT. That amendment is not
now in order.
Mr. STIRLING. I wish to sayin the first
place, that I have not made the motion to
substitute the minority report in place of the
majority report, nor do I design so to do,
certainly not at this time. I only desire to
say that the ground that that minority report
takes, I still stand upon. If that ground is
swept away by a change of circumstances, I
shall change my ground with the change of
ground under me. I came to the conclusion
that there was no chance of getting an effec-
tive provision through tins convention which
would be satisfactory. I therelore submitted
a miniority report that the convention better
do nothing', than to do something that is not
satisfactory. If it turns out that something.:
can be done that is satisfactory, then I will
vote for it.
So far as I am concerned, I stand pretty
much in the same position with the gentleman
from Frederick (Mr. Schley.) I do not come
over to this majority report; and I do not
look upon him as coming over to it. With
all respect to the members of the majority of
this select committee, I wish to say that I do
not consider this a majority report. A report
is made, to which a majority of the committee
agree to, containing a provision for the sub-
mission of this question to the people. Now
it turns out that but one member of that
majority ia in favor of that submission. It
shows that the majority do not agree, and
could not agree on any proposition to express
their views.
So far as the remarks of the gentleman
from Washington (Mr. Negley) are concerned,
in reference to nil these works of internal im-
provement as a question of finance, I agree.
I do not see any reason why the State should
retain these scrips when they have debts out
of an equal amount which they can lake up
with them. But there are Borne of these
works of internal improvement which do not.
involve questions of finance.
The gentleman is also mistaken in sup-
posing that the reason why the stocks of the
Baltimore and Ohio Railroad Company, and
of other railroad companies are so high now,
is because of the inflation of the currency. It
is because the war has made railroads more
profitable than they have been in times past.
It is to some extent like everything else; it
is a little on account of the inflation of the
currency. But that does not amount to any-
thing, because if you get paid in paper money
that is depreciated, you do not get more than
yon would if you waited until gold becomes |
the currency before you sell your stocks.
The freight of the road his increased; that is
the reason why the stock of the. Baltimore
and Ohio Railroad is worth more than it was.
I admit the general policy of the State to sell
that interest now, because it may bring more
than in times of peace. But what has that
to do with the Chesapeake and Ohio Canal?
Is a time of civil war a proper time in which
to sell that internal improvement, when its
locks are being continually blown up by the
public enemy, and its whole condition is
affected by the civil war?
Mr. NEGLEY. The legislature is to regulate
the sale of all the works and corporations
but the Baltimore and Ohio railroad.
Mr. STIRLING. I understand that. The
proposition is much more acceptable as it
stands than any other proposition before the
convention. Still it does direct the legisla-
ture and this board to sell those public works ;
it directs the board to sell under regulations
of the legislature. It does not only say that,
but it says "subject to such regulations;"
and the expression "subject' 'may be con-
strued to give them power to sell at once,
provided the legislature afterwards ratifies
the sale, I am very uncertain whither it
will not bear that construction.
What I mean to say is that the argument
of the gentleman, while it applies very forci-
bly to all public works of the State with an
ascertained financial value, has no applica-
tion to those works which have no financial
value. It ia perfectly possible that ten years
hence the canal will be worth three times
what it is worth now. Now is the very
worst time to sell it, because its whole condi-
tion is paralyzed by the existence of the pres-
ent civil war. But the railroad is benefitted
by the civil war, and I admit that this is a
good time to get rid of the State's interest
in that railroad, because you can to that ex-
tent pay off your debt. But you cannot pay
off your debt with the Chesapeake and Ohio
Canal. It is a question whether the State,
as far us that canal is concerned, is to be ben-
efitted by its sale.
I submit, then, that it is not wise to sell
these unproductive public works, because
•you are running the risk of bringing into an-
tagonism to this constitution a large class
of people who are interested in these public
works, not as a matter of finance, but as a
matter of personal interest to themselves.
The canal runs through three counties, and
has an immense mass of office-holders inter-
ested to protect themselves, who will go to
work to defeat this constitution if this canal
is to be sold, for the people believe that the
State will impose less tolls on them than any-
body else will. That is also true. There is
no doubt that when the State owns public
works, all the officers of the State are so
much affected by political motives, with no
pecuniary interest to raise the rates of toll, |
