State by any railroad or canal company as
can be sold or exchanged for not less than an
equal amount of the present public or stock
debt of this: State, and to convey the interest
so sold to the purchaser or purchasers thereof,
and so to proceed from time to time until all
such interest of the State in every such cor-
poration shall be wholly sold and disposed of;
provided that the interest of the State in the
Washington branch of the Baltimore and
Ohio railroad be reserved and exempted from
such sale; and after the public debt shall
have been fully paid off, or the sinking fund
shall be equal to its liquidation, to create out
of said proceeds a permanent fund for the
support of public education."
The most material difference between the
proposition of the gentleman from Baltimore
county (Mr. Ridgely) and the one I submit,
is that he proposes to sell the bank stock:
owned by the State, while I do not, I think
that idea has not been well received by the
convention.
Mr. RIDGELY. If the gentleman from Kent
(Mr. Chambers) will closely examine the
phraseology of my amendment, he will find
that it comers the power upon the governor,
comptroller and treasurer, according to their
best judgment. They are not bound to sell
bank stocks, or any other securities, except
according to their best judgment.
Mr. CHAMBERS. One of the .objections
which I have to the proposition of the gen-
tleman, is contained in his last explanation.
The intimation to be given by the vote upon
the adoption of this proposition, is either in-
tended to express the sense of the convention
that the sale should take place, or it is not.
If there is no desire to sell, no intimation of
the propriety of the sale on the part of the
convention, then there is no inducement for
these gentlemen to act. It would be a very
high responsibility on the part of those three
officers to undertake to inaugurate a system
so perfectly novel. My idea is that they
should sell if they can sell, if this convention
authorize them to sell.
I think the gentleman mistakes when he
says that the proposition which I offer re-
quires the legislature to sell. There must be
some machinery used in this matter; there
must be agents. The legislature are not go-
ing themselves to sell to individuals, and con-
summate the contract within these legislative
halls. Of course the legislature will be re-
quired to act in regard to details. The con-
vention cannot enter into details; they must
have some individual to act to represent them
under their authority and by their control ;
and for that reason they are expressly limited
as to price.
In regard to bank stock, there is no politi-
cal influence in the bank stock exercised in
the State of Maryland; or at least it is so im-
perfect that it is not worth noticing. The
State has some directors in these banking in- |
stitutions; but I have never heard that they
have exercised any mischievous influence. It
is an element too feeble in point of extent to
accomplish any injurious purpose.
But these large corporations will have a
very different influence. They have been a
constant source of excitement everywhere. I
think, therefore, there is a vast difference in
the propriety of dealing with the railroads
and dealing with the banks. The railroads,
particularly those which are probably the
only cones referred to in this section, the very
large institutions, are of very uncertain tenure
and control. Just at this moment, in conse-
quence of the present condition of the coun-
try, it is producing a dividend of some con-
siderable amount; which it has not done
heretofore, and will not be likely to do again.
I believe I can speak from authority, when I
say that the negotiation proposed can be now
effected. I believe the railroad company is
prepared to make the necessary advance, how-
ever apparently the bargain may be unprofita-
ble to them, in the price of this Stock. It is
known to the convention, to every member
of it conversant with the real price of stock
that until very lately there has been a vast
disproportion between the cost of State stock,
and the stock of the Baltimore and Ohio rail-
road. That stock has lately advanced, largely-
advanced. And at a very early period I sup-
pose we could, without doubt, accomplish
the purpose here provided for. Indeed I
think I am prepared to say on good authority
that this State stock may be exchanged at
par value, a matter of very great importance
of vital importance, to the pecuniary inter-
ests of the State.
For these reasons I prefer, especially in that
in does not include the roll of the bank stock
the proposition which I now offer as a sub-
stitute for that of the gentleman from Balti-
more county (Mr. Ridgely.)
Mr. STOCKBRIDGE. I would like to inquire
of the gentleman from Kent (Mr. Chambers)
what amount of bank stock is held by the
State?
Mr. CHAMBERS. I cannot tell.
Mr. MILLER. I can answer the gentleman
from Baltimore (Mr. Stockbridge.) It amounts
to $463,406 66. I would also take this oc-
casion to say that the only difference between
the proposition submitted by the gentleman
from Baltimore county (Mr.Ridgely) and the
one submitted by myself is in reference to
these bank stocks. His proposition author-
izes the sale of those bank stocks, while mine
does not. That is the only difference.
The second proviso of his amendment, that
the State's interest in or claim against the
Chesapeake and Ohio Canal, the Tide-Water
Canal, and the Chesapeake and Delaware
Canal, may be sold upon the best terms that
may be obtained for the same, is more expli-
cit, because the previous part of each propo-
sition authorizes the governor, comptroller |
