with becoming wisdom so to apply them.
This amendment proceeds upon the theory
that the resources of the State are to be ap-
plied to the payment of the public debt,
Whenever they can be so converted as to re-
tire a corresponding amount of the debt,
With the amount of the stock or property of
the State which is to be sold.
The only important difference which it
seems to me there exists between this propo-
sition and the two other propositions which
are pending, and the proposition of the com-
mittee itself, is, in the first place, the agency
by which this sale is to be effected. The
committee recommend shall be directed in a
mandatory manner, to effect this sale. The
amendment of the honorable gentleman from
Kent (Mr. Chambers) also contemplates that
the legislature shall exercise this power. The
amendment now pending submitted by my-
self, and the one submitted by the gentleman
from Anne Arundel (Mr. Miller) both con-
template a very different functionary.
The reasons which have induced me to sug-
gest the governor, comptroller and treasurer of
the State, as the proper agents for the exercise
of this important power, lie within a very narrow
compass. There are millions of dollars
of the State's property which, in the event of
the adoption of this proposition, or any of
these propositions, are to be thrown upon the
money market. Active interests will accord-
ingly be awakened and excited. And, if the leg-
islature of the State is to be the agent through
Which this power is to be exercised, it is in the
experience of every gentleman in this house
that that legislature will be besieged, and
every variety of influence which can possibly
be brought to bear will be brought to bear
upon that legislature, with a view, not to
promote the interests of the State, but to
promote the interests of the individuals who
are exerting that influence to attain their in-
dividual ends. The interests of the State
will therefore be in great danger; the in-
terests of the State will be imperilled, and in
all probability a bad bargain for the State
will be made. Whereas, it is my deliberate
conviction that if this trust is confided to the
governor, comptroller and treasurer of the
State, the matter will be placed in hands
Which we can trust with great confidence
and that so long as the power lies in the
hands of those gentlemen we may rest as-
sured that no attempt to obtain an advantage
over the State will be successful. It is for
this reason that I have been induced to take
away from the legislature the power in the
premises, in order to remove the State as far
as possible from danger, and to profit by the
experience Which is within the mind and
memory of every gentleman in this house, as
to the dangers that ordinarily surround every
legislative body in the exercise of such an im-
portant power as this.
The next point in which this proposition |
perhaps differs from the one offered by the
gentleman from Kent (Mr. Chambers) is in
the" fact that it specifies a particular class of
public securities which are to be sold. Now,
sir, in the first place; I propose by my amend-
ment to authorize these State officers, these
trustees to be created by this proposition, to
be governed by the condition of the financial
market, by the opportunities which may pre-
sent themselves from time to time, to make
sales of these securities; always to be con-
trolled, however, by the prominent fact that
they are never to be sold except the amount
of sales will retire a corresponding amount of
the State debt.
I have also suggested that the interest
which the State of Maryland holds in the
banking institutions of the State should be
committed to the same custody. It may or
may not be advisable to dispose of that pro-
perty. I merely propose to confide the power
to these agents, in order that it may be exer-
cised if, at any time, in their judgment it
may he wise to exercise it. I differ somewhat
in opinion from sentiments expressed upon
this floor as to the security of banking stocks
and banking institutions. But it is entirely
irrelevant to my purpose to enter upon that
discussion now. All my amendment pro-
poses is to confide to these agents the power
to make disposition of banking stock, if it
should be deemed for the interest of this State
so to do. There is nothing mandatory. It
is simply a potential power to be exercised, if
in their judgment it shall be found profitable
so to exercise it.
Now, in relation to the Washington branch
of the Baltimore and Ohio railroad, I propose
to reserve that interest from sale, tor the sim-
ple reason that it is a valuable property to
the State, and that no conversion you could
make of it would be an advantageous one,
but on the contrary, a disadvantageous con-
version.
Then in relation to the canals. It is un-
derstood by everybody that these investments
and claims are unproductive and unprofita-
ble. I therefore propose to devolve upon
this commission the power in their discretion
to sell them for whatever they can obtain for
them; always, of course, being controlled
by their sense of their public duty.
These remarks constitute a brief analysis
of the propositions I have submitted; and
I deem it unnecessary to add any further ex-
planation upon this subject.
Mr. CHAMBERS. I now propose the follow-
ing as a substitute for the proposition of the
gentleman from Baltimore county (Mr.
Ridgely:)
"It shall be the duty of the legislature at
its first session after the adoption of this Con-
stitution to provide by law for the sale to the
highest bidder of all or such part of the
stock owned by this State in any railroad or
canal company, and of the debt due to this |
