bonds from gold into this paper money. It
did not pass then, because—
Mr. STIRLING. Will the gentleman allow
me to correct him? The proposition was
that the debt about to be created by that law
should be payable in legal tender. It related
to a debt thereafter to be created. There
never was any proposition to repudiate the
promise of the Government to pay the five-
twenties in gold. I read it myself, carefully.
Mr. MILLER. I will state to the gentleman
this: It was asserted upon the floor of Con-
gress that the principal of the five-twenty
bonds was payable in gold. It was denied
by Mr. Stevens, chairman of the Committee
on Finance, that that was the intention. He
said that the Government has the power to
take those bonds and pay them at any time
after the expiration of five years from the
time they were issued. The Government
could call them in; and he said the principal
of those bonds was not to be paid in gold,
but to be paid in the legal-tender currency of
the country. What will be the resalt? Infive
years after the issue of those five-twenty
bonds, Congress will call them in and compel
the holders to take the pay in greenbacks, in
the legal-tender currency of the country. If
the State should invest in those bonds she
might get her interest, if that should not be
changed by Congress—in gold for a few
years; and then would be liable to be com-
pelled to take the legal currency of the
country, greenback notes, for the principal of
those bonds; and we should have our Trea-
sury then filled with greenbacks instead of the
gold she was going to use to pay her interest.
I say then that any investment which the
State could make of the proceeds of these
works of internal improvement would be
no more safe and no better investment than
the railroad stock we now have, which bus
paid punctually all the interest due to the
State, a fair interest upon the stock itself,
even more than six per cent.
Mr. STIRLING. I would ask the gentleman,
if greenbacks are worth nothing, and if the
Baltimore and Ohio Railroad pay in green-
backs, what is the stock of the Baltimore and
Ohio Railroad worth ?
Mr. MILLER. The Baltimore and Ohio Rail-
road pay in currency, just the same as any
other investment; and it not only pays the
interest, but is a permanent investment which
we may sell or dispose of at any time, next year
or the year alter, or we may wait twenty
years until the State debt becomes due and
payable; and we may hope that by that time
we shall get back to a currency of gold, so
that we may be able to pay the debt of the
State under the terms agreed upon, from this
investment
I am opposed to the clause as it stands. I
really think that this matter ought to receive
the careful and deliberate consideration of
a full convention, and not when we have |
scarcely a quorum here, that the matter may
be thoroughly discussed and fully considered.
It is not the time now for the consideration
of so important a question as this; for there
is scarcely a quorum in the house at this time.
Mr. SANDS. I will suggest a postpone-
ment of the consideration of this question for
the present. It occurs tome that this is one of
the most important matters we shall act upon
in this hall, I have listened to the views ad
vanced for and against the sale. I am free to
say that at present I am opposed to the sale of
this interest under the light I have now. It
is a matter upon which I have very little in-
formation; and many other members, I doubt
not, are similarly situated. Yet it involves
millions of dollars I only desire to post-
pone action upon this matter until we can
have time for mature deliberation, which we
certainly have not had this morning. We
have passed over many things comparatively
unimportant. Why urge this very important
matter to immediate action? I rise to move
that this article be informally passed over for
the present. I would like to understand it
better.
Mr. CHAMBERS. I should like to perfect the
amendment already made before we dispose
of this matter; to add: "at such times and
upon such terms as shall be calculated to se-
cure a full and fair consideration for the
game."
Mr. MILLER. I will withdraw my amend-
ment to allow that to be acted upon.
The motion to informally postpone the
consideration of the section was agreed to.
The fortieth section was read as follows :
" Section 40. The General Assembly shall
pass no law, nor make any appropriation to
compensate the masters or claimants of slaves
emancipated from servitude by the adoption
of this Constitution."
Mr. JONES, of Somerset. I move that that
article be passed over, the Convention being
very thin this morning.
The motion was agreed to.
Mr. SCOTT asked and obtained leave of
absence for the remainder of this week.
On motion of Mr. BELT,
The Convention adjourned.
FIFTY-THIRD DAY.
WEDNESDAY, July 20,1864.
The Convention met at 10 o'clock, A. M.
Prayer by the Rev. Dr Harman.
The roll was called, and the following mem-
bers answered to their names:
Messrs. Goldsborough, President; Abbott,
Annan, Audoun, Barron, Belt, Brooks, Carter,
Chambers, Crawford, Cunningham, Cushing,
Dail, Daniel, Davis, of Charles, Davis, of
Washington, Dent, Duvall, Earle, Ecker, Gal-
loway, Harwood, Hatch, Henkle, Hoffman,
Hollyday, Hopkins, Hopper, Johnson, Jones, |
