And I agree with what has been said by the
gentleman from Baltimore county (Mr.
Ridgely) in regard to the agents to be em-
ployed in this sale, I think this matter bet-
ter be intrusted to the governor, comptroller,
and treasurer of the State, than permit the
legislature to be lobbied whenever the agents
of these companies think it a sufficient in-
ducement to send down a force of lobbyists
to carry this measure through. For these
reasons I am in 'favor of the proposition I
have submitted.
Mr RIDGELY. Since the remarks of the
gentleman from Anne Arundel (Mr. Miller,)
the house has been put in possession of the
information that there are a large number of
other stocks and other interests in the State
than those I have designated as unproduct-
ive, unprofitable, and comparatively valueless
stocks. I have named the interest in the
Chesapeake and Ohio Canal, the Tide-Water
Canal, and the Chesapeake and Delaware
Canal, It appears tome that, from there-
port of the comptroller, a large amount of
other securities are comparatively valueless.
I therefore ask leave of the Convention to strike
out the clause of my proposition in which I
specify the canals, and insert the following:
" And provided further that the State in-
terest in or claim against all other works of
internal improvement in the State may be
gold, in the discretion of the governor, comp-
troller and treasurer, upon the best terms that
may be obtained for the same."
No objection being made, the amendment
was modified accordingly.
Mr. NEGLEY. I am in favor of the amend-
ment of the gentleman from Baltimore county
(Mr. Ridgely,) and opposed to the amend-
ment of the gentleman from Kent (Mr.
Chambers.) Now I think it of the first import-
ance, that if the State intends to sell its in-
terest in the public works, it should be done
as speedily us possible, if the amendment of
the gentleman from Kent be adopted, of
course' this sale cannot be effected until after
the legislature assembles, pass a law, that
law pops into effect, and the commissioners
act under it. If the proposition of the gen-
tleman from Baltimore county be adopted,
then upon the adoption of the constitution by
the people, the governor, comptroller and
treasurer will be empowered at once to sell
the State's interest in these various works of
public improvement, and they will therefore
be enabled to take advantage of the present
high prices of stocks. Now, who can tell
but that in six months there may be a tumb-
ling of stocks? Who knows but they may
be fifty per cent. lower than now? The State
would thereby lose the advantage of imme-
diate sale. There never was a time when
stocks were so high as now. There never
was a time when the State could dispose to
more advantage of its interest in these various
works of public improvements. Now is the |
time for all men who are in debt to get out of
it, and it is no time to get into debt; and the
rule applies equally to States as to individuals.
If there is any State that is in debt, now is
the time for it to get out of it, and the pro-
per way for it to do so is to immediately sell,
wherever it can, these stocks while stocks are
up. And I think that the governor, comp-
troller and treasurer are the proper authori-
ties to sell these stocks, for they are the finan-
cial agents of the State.
Mr. HEBB. Does the gentleman think it
would be advisable to pay the State debt
now, when sterling exchange is nearly three
hundred per cent. ?
Mr. NEGLEY. The proposition provides for
that. The State's interest is not to be dis-
posed of unless the proceeds can liquidate an
equal amount of the State debt, and there is
a large amount of the bonds of this State In
this country; but the premium which can be
obtained on some of the stocks which this
board will sell will more than overbalance
the premium they will have to pay on State
bonds. The board can take up all the bonds
in this country. The premium for which
they can sell the stock of the Baltimore and
Ohio Railroad; and the stock of the banks,
will more than overbalance the premium
they will have to pay to relire the State debt,
They can, therefore, take up the stocks in
ibis country; those that are in Europe of
course they cannot take up; and it would
not be advisable to do so, for the sacrifice
would be too great.
And the governor, comptroller and trea-
surer of the State are the proper parties to
effect this sale. They are the financial agents
of the State, and ought to know, and they do
know best where to go to sell these stocks.
They are better acquainted with the, prices of
stocks, and the money goes immediately into
their hands where it ought to go. They are
the appointed financial agents of the State,
and are the proper parties to effect this sale;
and I think it is infinitely better that those
officers should constitute the board than that
the legislature should have the power to create
a board. And we do not know what means of
corruption might be brought to bear in the
creation of that board, and upon the board
afterwards. I am decidedly in favor of mak-
ing the governor, comptroller and the trea-
surer the board for the sale of the interest of
the State in these public works, and let them
go to work and make the sale immediately
after the adoption of this constitution. The
whole matter is left to their judgment and dis-
cretion, and they can take advantage of the
high prices of stocks at this time.
I do think that the interest of the State in
all the public works ought to be sold. The
Chesapeake and Ohio Canal is nothing but an
instrumentality of corruption. The interests
of the people who live along the line of it are
not subserved; the interests of the State are |
