and never can be used for political ends
That is the great reason which induces me to
vote to sell the State's interest in dividend
paying stocks 'in works of" internal improve-
ment The banks do not come within that
category. The banks I believe to be in such
a condition that in no event can the State lose
by holding on to its stock. I hope, there-
fore, that the motion to strike out that pro-
vision tor selling the bank stocks belonging
to the State will not prevail.
Mr. ABBOTT. Is there any power vested in
any one to convert the stock, or to give con-
sent for the conversion of the stock now held
by the State into a government bank?
Mr. MILLER. Certainly, that can be given.
Mr. ABBOTT. Who have that power?
Mr. MILLER. The State directors would
have the power to assent to it.
Mr. ABBOTT. By an act of the legislature?
Mr. MILLER. I think they would have the
power to do it even without an act of the
legislature.
Mr. NEGLEY. I shall vote against the
amendment of the gentleman from Anne
Arundel, because I think that now is the time
to sell even your b ink stock, for the reason
that now they are generally above par. I
know that selling the interest in the banks in
my county, the State would now realize a very
handsome premium, it may be twenty per
cent., and if they hold on to this stock, un-
der the legislation of the federal government
in regard to the hanks, they may be com-
pelled to close; and it is question with me
whether in the end the State would get more
than par. They may get par, and they
may not get par; because we cannot foresee
the result of a financial crush that may come
upon us at any time. We cannot foresee
the effect that this financial crash may have
upon the parties who are indebted to the
banks. It is all doubtful and problematical.
The State may get part of the stork, and
may get a part of the surplus which the
banks have on hand, or that surplus may be
entirely absorbed by the losses of the banks
in a financial crash, or more than absorbed.
I am therefore in favor of allowing the com-
missioners to sell the stock of the State in the
banks. I think they can got more for them
now than they would be likely to do at any
time.
The amendment was rejected.
Mr. NEGLEY. I move the following amendment:
' 'And provided further, that no corpora-
tion shall be permitted either directly or in-
directly, to purchase the interest of the State
in any of the public works hereby authorized
to be sold, (so as to control their operations
to the detriment of the public interest.")
I will state that in the western part of Maryland,
we of Washington county particu-
larly, are very anxious that the Chesapeake
and Ohio Canal should not fall into the |
hands of the Baltimore and Ohio Railroad
Company, and the Baltimore and Ohio Rail-
read closed up, which would be very detri-
mental to that portion of Maryland on the
line of that canal, and yet it might he very
desirable to the Baltimore and Ohio Railroad
Company. We do not want them to get the
control of it in such a way as to put rip the
toll on that great State work so far as to de-
stroy its usefulness. To avoid that is what
we are aiming at.
Mr. PUGH. The gentleman and Island upon
precisely the same platform. All my efforts
have been directed to that one end. The
only course for us to pursue is to try and
reach that end. I have an idea that it is the
object of the Baltimore and Ohio Railroad
Company to secure the control of that canal,
in some way; and I believe it would be very
detrimental to the interests of the State. My
idea has been throughout that the only course
at all in which the State would be safe, would
be either to put an article into this constitu-
tion absolutely forbidding the legislature to
dispose of the public works at all, if that can
be done, or to require that they should pay
for the stock of the Chesapeake and Ohio
Canal, and for whatever other works they
purchase, an amount, dollar for dollar, equal
in value to the public debt of the State.
That I presume would be a check.
The gentleman's amendment I do not think
would reach the object at all, because it is
utterly impossible to prevent, by any such
amendment any corporation now existing in
the State, from getting the control of any
piece of property whatever that is offered at
any kind of public sale. They will do it
any how. They will pursue the object un-
ceasingly until they attain it. And in the
end the Baltimore and Ohio Railroad Company
will be here what the Camden and Am-
boy Railroad Company is in New Jersey,
where it owns the railroads and the State be-
sides. I do not know that the Baltimore and
Ohio Railroad will buy this stock as a cor-
poration; but their interest will buy it, se-
cure it, and have the control over it. To all
practical intents and purposes they will own
it whenever you put it into the market.
It is their intention lo own it. They will
come to the legislature, if there is no arti-
cle put into the constitution to prevent it,
year after year, until they do secure the con-
trol in one manner or another of the Chesa-
peake and Ohio Canal. I only refer to that
one company in this respect. But it has
been suggested frequently that a New York
company wanted to buy the Chesapeake and
Ohio Canal. I do not know so much about
that as some other members of this body. I
believe that at one lime it was considered &
bona fide company. At that time the Balti-
more and Ohio Railroad Company were
rather weak. To-day they are rather stronger.
But it does not make a particle of difference |
