that will be disposed to keep the tolls
down; while it would be the interest of
others, if they owned the stock, to put the
tolls up as high as they could and relain bu-
siness. and make it pay. I do not know what
the sentiment of the people of those counties
is, except from what I can learn here. But
from that I am satisfied that the feeling of
the people of that part of the State is against
the Bale of that canal.
Now, what is the use of taking up a com-
plicated question of that sort, not a question
of finance, but of public policy, and running
the gauntlet of the people. No one will
complain of the sale of the Baltimore and
Ohio railroad, at least not enough to make it
a matter of any account. Everybody knows
that the State's interest in the Baltimore and
Ohio railroad is worthless, so far as it has
any tendency to regulate the rate of freights
on that road; it cannot affect the policy of
the road; it never has, and it never will.
Even if you concede that the present manage-
ment of that road is against the interest of
the State, the State directors do not control
it, and never will. But the State does con-
trol the canal, because it has the abso-
lute management of it. The sale of the Bal-
timore and Ohio railroad is therefore a pure
question of finance; while the other is a
question of public policy alone.
I believe that for the same reason, it would
be a great deal better to sell the State's inter-
est in the Annapolis and Elk Ridge railroad,
because it is worth more now than it will
ever be a.gain. I believe it is wise to sell
that. But I do not see why the committee
have put in this report a reservation of the
"Wastaington branch stock. Why not sell
that now? That is more valuable than even
the interest of the State in the main stem.
I do not care particularly about it; that is
not the ground of my objection to this re-
port. But I am perfectly willing to vote to
sell the Washington branch interest, and to
sell every piece of public property of the
State which has a natural financial value,
and with which you can pay your debts. To
that extent I am willing to go
But I did not concur in this majority re-
port because I believed there was no chance of
getting that proposition through; that there
was a disposition on the part of some not to
do anything at all, and that the provision
would probably be placed in such a form that
it would not be satisfactory. But if this con-
vention will adopt the proposition to sell the
productive public works and pay off its debts,
1 will agree to it. But I cannot agree to put
the unproductive works up for sale at this
time.
Mr. NEGLEY. The same law in finance that
puts up the stock of one railroad puts up the
stocks of all, only not to the same extent; it
is only a question as to the limit.
Mr. SANDS. I had not proposed to say a |
word upon this subject, but rather preferred
to leave it in the hands of our financiers. But
really there are some considerations so im-
portant that they ought to make us step very
cautiously in this matter. At this point 1
ma^ remark that I do not agree at all with
my friend from Washington (Mr. Negley) in
regard to the advantage of selling at the pres-
ent time. You of course will get your pay
in the current money of the diiy. Suppose
this railroad stock is at $106, $101 or $108
to-day.
Mr. NEBLEY. Will the gentleman allow
me to explain?
Mr, SANDS. I would sooner you would not
say anything more now.
Mr. NEGLBY. The gentleman is misstating
the terms of tBe section.
Mr. SANDS. I am not arguing with the
gentleman. He baa notified us that he came
here with his mind made up on this point.
1 am talking to such other gentlemen as have
not made up their minds. I want to suggest
to them some reasons why we should not
adopt this policy at this time. What will be
the result of it?
1 do not iiitend to pause to reply to the ar-
gument lhat aa we do not intend to submit
other propositions to the people, we ought
not to submit this. The answer of my friend
from Baltimore city (Mr. Audoun) w.is suffi-
cient on that point. The question alluded to
by the gentleman from Prince Georce's (Mr.
Clarke) was sufficiently canvassi-d bi-fure the
people, while this was not even named.
Now why should we sell at this time?
Because that property ia in such a flourish-
ing and prosperous condition as to bring us
tlicbl^litiBl i,u»»UJle value? Ceriainlynoi.
As has been said here before, the contingen-
cies of the times, the constant exposure to and
danger of attack from enemies of this canal,
reduces its value to the lowest possible stand-
ard to bona fide purchasers. Perhaps this
phrase "bona fide purchasers" does not
cover the idea. I do not mean those who
want to buy. I mean by that term those
who are interested in maintaining the rights
and interests of the people who live along
the line of this canal, and the people of the
State at large. Then should we sell?
First answer me this question. Is this the
time at which the best possible price can be
1 obtained for this work '! I do not think the
j gentleman can answer that question affirma-
tively. Let us for a moment recur to the
facts in this case. The State has invested,
we will say, $20,000,000 in this canal. What
is the highest estimate made here by any
gentleman of the price obtainable for it?
$2,500,000. Sell out now the interest of the
State in this canal, and you will sink irre-
trievably $17,000,000 or $-18,000:000 ill
doing so. And can we justify such a course
as that by saying to the people of Maryland,
that there is eminent necessity for this sale.? |
