Is it so? Are the State bonds matured, and
are the State creditors knocking at our doors
and saying "Give us our money?" No,
sir. There is no necessity at all fur this sale
now.
And how would this sale affect those who
are mainly intersted in this canal? I am
informed upon the best authority that those
residing in the county that the gentleman in
part represents (Washington county,) and
the counties adjoining, are the creditors of
this canal to the amount of $2,500.000, for
materials furnished and work done in and
about its repairs. Those living along the
line of the canal, and interested in it, are the
creditors of the canal to the amount of
$2,250,000 for materials furnished and work
done in and upon the repairs of that canal.
Sell it, and give them simply a pro rata
share of the proceeds, and what will be the
loss of the people of those counties alone?
Mr. NEGLEY They will get something.
Mr. SANDS. .Nearly the whole sum due to
these honest working men of Washington,
Allegany and Montgomery counties will be
sunk forever. Do you suppose I put the
question seriously to gentlemen here, that
that population is going to sanction ameasure
which sinks forever, at once, and irre-
trievably, over $2,000,000? No, sir; they
will not. And if you intend to come here
with your mind made up in any certain direc-
tion, and that direction sacrifices the inter-
est of the people along that canal, the people
will not sustain you.
There is another point just here which
occurs to my mind, I have examined the
charter of that company, and I find that it
vests under restrictions, the absolute title in
the president, directors and stockholders of
that work and their assigns. How does this
practically affect the people along that canal ?
Just in this way. Under the present working
of the canal, after protecting the State's in-
terest, every ma,n who lives along the line of
that canal can build his liltle boat, put it
afloat, and run it up and down the canal,
carrying produce hither and thither, so long
as he pays the toll. Divest the State of its
interest and control over it; put it into the
bands of a private corporation, and under
the terms of this charter, so far as I have been
able to acquaint myself with them, I ask
whether that corporation would not have the
right and the power to exclude from that
great highway every private citizen? Might
it not be for the interest of any corporation
purchasing that canal to make its revenue
consist of its freights upon that canal, instead
of its tolls ?
I have not had the time to give this matter
the careful consideration that it should have
before a person ventures an assured opinion.
But I want gentlemen to look at this matter
and see if there is not something in this idea
that ought to make the members of this body |
pause. The act of 1823, chapter 140, con-
tains this section:
"Section 9. And te it enacted, That for
and in consideration of the expense the said
stockholders will be at, not only in cutting
the said canal, erecting locks and dams, pro-
viding aqueducts, feeders and other works,
and improving and keeping the same in re-
pair, the said canal and all other works
aforesaid, or required to improve the naviga-
tion thereof at any time hereafter, with all
their profits, subject to the limitations herein
provided and to none other, shall be and the
same are hereby vested in the said stock-
holders, their heirs and assigns forever, as
tenants in common, in proportion to their
respective shares, and to be forever exempt
from the payment of any tax, imposition or
assessment whatsoever; and that it shall and
may be lawful for the said president and di-
rectors at all limes forever hereafter to de-
mand and receive at such places as shall here-
after be appointed by the president and
directors as aforesaid, tolls for the passage of
vessels, boats, rafts, produce and all other ar-
ticles, at such rates as the said president and.
directors may hereafter allow and establish
according to the provisions of this act."
Now, I would just like gentlemen, who
have time just to examine and see what are
the absolute limitations aud restrictions of
this charter. I have not had the time. But
I see that the vestiture of this property is
complete. And I ask whether it is not a
question for our grave consideration, whether
if the State wore to part with its control over
this matter—I do not give it as an opinion, for
I have not given the subject that careful con-
sideration which would justify an opinion—
is it nut a question for serious consideration
whether a private corporation obtaining con-
trol of that work could not exclude from it
all private enterprise whatever, preferring
rather to derive its revenues from freights
than from tolls? There may be a prohibi-
tion, aud of course an assignee would take
only the rights of an assignor.
Now, look at the matter practically. And
you have not to go very far away for exam-
ples of the practical working of the sale of
the State's interest in this canal. In your ad-
joining State, and the one next to that, you
have instances of the results of this policy.
As at present operated the rates of toll upon
that canal by no means reach their maxi-
mum. If there is a law to restrain a private
corporation purchasing this work from ex-
cluding private boats, what in the world is
to hinder their raising their tolls to the max-
imum of the charter, and thus doing practi-
cally what may not be done directly, accord-
ing to the terms of the act? What hinders
their raising the tolls to such an amount as
will be a practical prohibition of trade upon
that part of Maryland's system of public
works ? |
