In relation to the proposition itself, if I un-
derstand it, it shall receive my support,
whether with or without the last paragraph
referring -the subject to the people, or with
the amendment of the gentlemen from Frede-
rick (Mr. Schley) in relation to the Chesa-
peake and Ohio canal company. As I under-
stand it, the first branch of the proposition
commits the State to a sale of its interest in
the Baltimore and Ohio railroad company for
an equal amount of the bonds or registered
debt of the State. That word " interest" is
there a collective word, and I understand it
to include the whole interest of the State, con-
sisting ill part of stocks, and in part of bonds.
These commissioners would be authorized to
sell the stocks of the State, and the bonds
held by the State in the Baltimore and Ohio
railroad company; to sell the whole of the
State's interest in that corporation. That I
understand to be the interpretation of it; and
if that be so, it shall receive my support and
for this reason; that if the trustees or com-
missioners were authorized to sell only the
stock, in the event of the Baltimore and Ohio
railroad company becoming the purchaser,
they might be satisfied with retiring the
State directorship; and we might not be able
to sell the bonds. But if the Baltimore and
Ohio railroad company are so extremely anx-
ious to acquire all this interest in their cor-
poration for the purpose of retiring the State
directorship, they would have to purchase all
the State's interest, the bonds as well as the
Block. With the understanding that that
ia the meaning of the word "interest," I shall
vote for this proposition.
But as it is a little obscure and ambiguous,
and not sufficiently concise, I shall at the
proper time propose to amend by inserting
after the word ''interest," the words "as
stockholder and creditor," so that provision
will be made for exchanging the entire inter-
est of the State in that work, for a corres-
ponding amount of the public debt,
Mr. STIRLING. I move to amend the amend-
ment of the gentleman from Prince George's
(Mr. Clarke,) as modified upon the suggestion
of the gentleman from Frederick (Mr. Schley,)
by striking out all after the words " provided
further," and inserting " that the State's in-
terest in the Chesapeake aud Ohio canal, and
the Chesapeake and Delaware canal, and the
Susquehanna and Tide Water canal compa-
nies be exempted from said sale."
The proposition of the gentleman from Fred-
erick provides that the Chesapeake and Ohio
canal shall not be sold except on certain
terms. I propose instead of saying that, to
say that these canals shall not be sold at all.
Mr. BRISCOE. The purport of the gentle-
man from Frederick (Mr. Schley) is to make
the sale of (his canal conditional upon the
subsequent confirmation by the legislature.
If I understand the remarks of the gentleman |
from Baltimore county (Mr. Ridgely) now goes
so far as to say that no sale made of these
works under the second clause of this propo-
sition of the committee would be binding un-
less it receives the ratification of the legisla-
ture. If that be the true construction, as 1
understand it to be coming from that gentle-
man, I do not see any necessity for any special
amendment being put in here to provide for
this canal.
Mr. CLARKE. I would state to the gentle-
man from Calvert (Mr. Briscoe) and to the
convention, that the construction which the
committee put upon this section was this:
that in reference to the entire interest of the
State in the Baltimore and Ohio railroad cor-
poration, the governor, comptroller and trea-
surer are clothed with the power to make the
sale at once. But in reference to selling the
interest of the State in all the other works of
internal improvement, and in the various
banking corporations, it was to be dune sub-
ject to such regulations and conditions as the
general assembly may prescribe. Hence there
can be no power to sell those other works
until the general assembly has first met and
prescribed such regulations and conditions as
should govern those officers in making this
sale. It does not follow that those regula-
tions and conditions should include a ratifi-
cation by the legislature subsequent to the
time of sale; but they might provide the
mode and manner in which the sale might
bemade. The committee desired to leave to
the legislature to fix such safeguards in refer-
ence to this subject, as would enable this
board to sell, with or without a subsequent
ratification, as the general assembly should
see proper. It is giving to the legislature the
whole power over the subject, and prohibits
the board from selling those works until some
legislative action was bad upon the subject.
The proposition of the gentleman from
Frederick (Mr. Schley) goes a step further.—
It provides that the legislature shall exercise
its power to regulate the sale of this canal,
and also that no sale shall be valid without a
subsequent ratification by the legislature.—
That is really a very small difference.
In regard to the proposition of the gentle-
man from Baltimore city (Mr. Stirling,) I
have a few words to say. I am not familiar
with all the works in which the State is inter-
ested. But the gentleman moves to exempt
from sale the Susquehanna and Tide Water
canal, If I am properly informed, one of the
very recommendations of this section of the
select committee, to my mind, was that it
gave power to dispose of the State's interest
in that canal. We find by the statement
furnished by the treasurer, that there is a
million of dollars of stock in this canal which
is due in 1865. As I understand it, the State
is liable for the payment of that money; the
State has secured that debt by issuing its |
