one, is necessarily that of the other; that they
are all inseparably blended, and that the pros-
perity of one necessarily implies the prosper-
ity of the others. They are like members of
the body. I regard this as a great question
of capital and of finance. As I said before
it addresses itself more especially to the great
commercial interests of the county. And it
is that sort of capital which is actively and
constantly and continuously employed, which
is seeking active motion daily. It is that sort
of capital which transfers itself promptly and
immediately and is convertible immediately.
It is not that sort of money capital which
seeks permanent investment; not that which
is put away; but it is the sort of capital which
is the life of trade, easily convertible, and
constantly subject to transition.
I have one plain fact to state in connection
with that sort of capital. It is like waiter.—
It seeks and will find its level. It seeks and
will find its profitable employment, and where
that level is, where that profitable employ-
ment is, it is bound to go. The gentleman
from Howard (Mr. Sands) tolls yon that he
has heard no argument upon this question.
I have heard an argument which has been
irresistible to my mind—I do not remember
now by whom it was employed—but the argu-
ment is that wherever active money, active
capital, the life-blood of trade, can demand a
higher rate there that capital will go. There
is no answer to that argument. It is an irresistible
argument. It has not been answered
by the case which he supposes. It has not
been answered by the illustration which the
honorable gentleman gave, by the fact that
thousands and tens of thousands of dollars
are seeking permanent investments in our
lands here. If it has, it has been answered
negatively to his theory; because his theory
was that money was not worth more than six
per cent.; and yet in the same breath he tells
us that that money was seeking investment at
two and three hundred per cent.
Mr. SANDS. I said that in the counties mo-
ney loaned on interest was not worth more
than six per cent. I did not say that money
invested in reality would not bring more than
six per cent.
Mr. RIDGELY. So I understood yon; that
money employed for loans was not worth more
than six per cent.; and he gave us a practical
illustration of his theory of the value of mo-
ney generally by stating that New York cap-
ital was coming to Maryland for investment,
because the price of lands would be so en-
hanced that money could be more profitably
employed here than at seven per cent. in New
York. It leaves New York at seven percent.
and obtains three hundred per cent. here, ac-
cording to his own illustration, that lands may
be bought for one hundred dollars per acre
which are worth three hundred dollars,—
Hence the fallacy of the argument. I am no
financier. I know nothing of financiering. |
But there are gome plain matters of hard fact
that come home to the understanding of plain
men that are not familiar with peculiar sub-
jects. I regard this as one of those questions.
I have not heard an argument that overthrows
the position that money, like water, will seek
its level, if the State of New York allows
seven per cent. for money, the banking men
the financial men, the men of capital whose
particular interest it is to convert it easily, will
send it to New York for ordinary investment,
ordinary business transactions, and ordinary
purposes of trade. What will be the effect of
such a transfer of capital from your main city,
Baltimore, to the city of New York? It will
be, to the extent that the money is withdrawn
from the money market of Baltimore that just
to that extent will the money facilities of Bal-
timore be contracted, and to that extent will
the commercial interests of Baltimore suffer.
These appear to me to be plain views of this
question. They strike me as unanswerable.
They are nut my own. I have been convinced
by the force of these arguments—1 am but
repeating them—and they have not, it seems
to me, been met either by the honorable gen-
tleman from Kent (Mr. Chambers, ) or by the
honorable gentleman from Howard. For
these considerations I am induced to change
my vote. I voted for the proposition which
was ordered to be engrossed for a third read-
ing. I shall now vote, under this light, tor
the proposition of the gentleman from Prince
George's (Mr. Belt.)
Mr. NEGLEY. I think the strangest and
most unheard of argument I have ever heard
adduced, has fallen from the lips of the gen-
tleman from Howard (Mr. Sands.) He abso-
lutely charges our national debt on paying
interest on money.
Mr. SANDS (interposing.) The gentleman
is entirely mistaken,
Mr. NEGLEY. He absolutely charges the
national debt upon paying interest on money,
when men have been paying interest on mo-
ney ever since money has been invested.
Mr. SANDS (interposing.) When the gen-
tleman states as a fact that which is not a fact)
all I can do is to contradict it.
Mr. NEGLEY, That is the legitimate infer-
ence from his argument; that this national
debt has been heaped upon us because men
pay interest on money. That is not all.
There has been a suspension of specie pay-
ment throughout the entire land, because in-
terest has been paid on money. Is not that
the sublimest argument that ever fell from the
lips of mortal man—the idea that specie pay-
ment has been suspended in this land because
New York charges seven per cent. interest?
Who ever heard of such an argument? That
is not all. It is not all that we have accumu-
lated this immense debt by reason of the pay-
ment of interest; it is not all that specie pay-
ment has been suspended by reason of the
payment of interest; but even our taxes, the |
