Strike out all after the word " treasurer,"
in the first line of amendment, and insert the
words ''or any two of them, are authorized
and directed to sell to the highest bidder all
or such part of the stock owned by this State
in any railroad or canal company, and of the
debt due to this State by any railroad or ca-
nal 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 con-
vey 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 corporation shall be wholly
sold and disposed of; provided, that the in-
terest of the State in the Washington branch
of the Baltimore and Ohio Railroad be re-
served and exempted from such sale; and af-
ter 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."
Mr. SCHLEY. What interest in the Wash-
ington branch does the gentleman propose to
except—the stock interest or the capitation ?
Mr. CHAMBERS. The whole interest. I
suppose the language covers that.
Mr. RIDGELY. If I understand that propo-
sition it thoroughly emasculates the whole of
the amendment which I have had the honor
to offer, in the first place, instead of con-
ferring the discretion upon the. governor,
comptroller and treasurer, it makes it man-
datory. It uses the terms "authorized and
directed," which of course is a mandatory
power. I object to the proposition in the
first place, because it commands the sale of
this property.
In the second place, I object to it because it
commands the sale to be made at public auc-
tion. There is just as much facility for collu-
sion between parties who desire to practice
fraud, just as much facility for speculators to
control an auction sale, and much more than
there is for a lobbying influence to control
the legislature. My purpose has been stu-
diously to guard and protect the interests of
the State. I look upon the opportunity now
proposed to be offered to the financial world,
as one which is extremely perilous for the in-
terest of the State, unless very carefully and
circumspectly watched. I do not know that
in any form it will be exposed lo larger peril
than by compelling the agents charged with
the performance of this duty to put this
property up at public sale. Nothing is easier
than for capitalists to combine and control a
public sale.
The experience of every day assures us that
it is the commonest thing in the world fur the
capitalists of Wall street, in New York, to
control the entire operations of the stock
market, by combination and by collusion.
I therefore object to this proposition more
earnestly than I would have been disposed to |
object to a proposition to submit the subject
to the legislature. The reasons why I thought
it would be unwise to submit it to the legis-
lature I have already stated; and they seem
to have had their weight and influence with
the house, judging from the vote which has
been taken upon that subject. Now, I warn
the house that they halve not escaped from the
peril which surrounds the subject, if they con-
sent to adopt a proposition to compel the
public agents to submit these stocks to public
sale.
The theory of the amendment which I have
offered is to confide to the discretion of hon-
orable men, trustworthy men, men above re-
proach and above suspicion, these large in-
terests; to confide them to agents whom you
may well trust, who will guard honestly and
continuously the public interest and prevent
the State from being subject to imposition
and fraud.
I object to the proposition for another
cause; that it does not confer upon the public
agents the power to sell bank Blocks, I am
extremely unwilling to talk here upon the
subject of bank stocks. I know that it is a
very delicate subject to discuss. I know that
there are large interests vested in that class of
securities; and I know very well that what-
ever may be said in reference to them of a dis-
trustful nature, is calculated to impair their
value, and to injure innocent holders of that
sort of security, I would therefore, if I had
my will, if I were not controlled by the cir-
cumstances and position in which I find my-
self placed, be very glad to avoid the discus-
sion of that question entirely. But. it is forced
upon us. It is constantly pressed upon us
here.
The honorable gentleman from Kent (Mr.
Chambers) seems to think that that, of all
subjects, is one which this house should not
touch; and that that, of all our public securi-
ties and public property, is of such a nature,
of such a character, so well secured, so solid,
that the house ought not to venture to inter-
fere with it. I hope this may be its condi-
tion. I hope the banks of this State may be
well secured; and that investments made in
them may be found in the experience of the
future to have been well made.
But I ask the house to look at the signs of
the times; to look at the circumstances which
surround us; to look at the tendency of
things and events. I put it to the candor of
any gentleman here to say whether it would
be wise to continue, in view of that, the hold-
ers of bank stocks. Is it not apparent that
the tendency now is to national circulation ?
that the national system of banking is to
swallow up all these State banks and all this
State circulation; that State securities are
to be forced into liquidation? Does not
everything look in that direction. Does it
not naturally follow that if I am right, that
if these apprehensions as to the future are |
