Mr. RIDGELY. I presume the interest set
apart by the legislature for a public school
fund will be distributed according to the
ratio prescribed in the acts of assembly.
The PRESIDENT. The interest on the stock
according to the ratio of representation.
Mr. CHAMBERS, if my apprehension of the
amendment last offered is accurate, it will
drive out from the market the only purchaser
to whom we may expect to make that sale,
prohibiting the purchase of any stock by cor-
porators, and forbidding those who purchase
to have control.
The question being taken upon the amend-
ment offered by Mr. NEGLEY to the amend-
ment offered by Mr. RIDGELY, it was re-
jected.
The question recurred upon the amendment
offered by Mr. RIDGELY.
Mr. MILLER. The difficulty suggested by
the gentleman from Baltimore city (Mr.
Stockbridge,) with reference to the State's
holding a portion of this bank stock to the
credit of the school fund of the several coun-
ties, seems to me to be an objection well
worthy of the consideration of the house;
and I propose to offer an amendment to cover
that case. I find by the comptroller's last
report that while the State owns stock in the
several banks to the amount of $463,406.66,
it holds $339,834.06, in hank stock entire, to
the credit of the school fund, I propose to
limit the sale to the amount of the interest
the State has over and above the amount held
to the credit of the school fund, I think we
should get into difficulty by selling that por-
tion.
Mr. RIDGELY. Is the gentleman from Anne
Arundel (Mr. Miller) aware that the charac-
ter of that holding is only controlled by act
of assembly? The State stocks are held for
the purpose of distributing the interest de-
rived from them in aid of the school fund
There is no contract, no obligation at all
binding or controlling the State in this mat-
ter. There can be no conflict about it. It is
simply a provision, that of a specific part of
the bank stock held by the State, the interest
shall be applied to the common schools.
Mr. MILLER. Then suppose the governor
the comptroller, and the treasurer, under
this authority, proceed to sell the interest of
the State in these bank stocks. Under this
amendment we must apply the proceeds to-
wards the liquidation of the public debt of
the State. What other fund will be left for
the schools?
Mr. RIDGELY, All the excess goes to the
cause of public education.
Mr. MILLER. All the excess after we have
paid off the public debt. Suppose it should
turn out that the governor and these agents
should sell the bank stock first; and they
probably would sell it before they could sell
the State's interest in these other works. I
do not see what disposition would then be
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made unless we provide for transferring to
the school fund any other stocks the State
should hold
Mr. RIDGELY. I think we need have no
apprehension whatever in this house touching
public education. The committee to whom
that subject has been referred agree. There
is no difference of opinion whatever. There
is a desire that there shall be an ample fund
set apart to public education. I think that I
shall not encroach upon parliamentary pro-
priety if I say that that committee propose to
lay a direct tax amply sufficient to support
the cause of public education in the State of
Maryland. There need be no apprehension
at all that the subject of public education
will be in the slightest degree neglected, or
that it will fail to command the support of
this convention, or of the committee to whom
it has been referred. I do not think there is
any necessity for making any provision upon
this particular subject now. I think we may
venture to leave the question of public edu-
cation until it comes up on the report of the
committee, which will be submitted in a few
days. I think the convention will find that
there has been the most ample, liberal, and
generous provision made to support the cause
of public education.
Mr. STIRLING. I have pretty much come
to the conclusion, after what has been said,
hearing the various conflicting opinions and
expressions, although I was decidedly in
favor of the proposition of the gentleman
from Kent, to drop this whole subject; for I
think that no practical result is going to
come out of it. I wish particularly to say,
with. all possible respect to the gentleman
who offered this proposition (Mr. Ridgely,)
for I know the great practical experience and
wisdom of the gentleman, it strikes me that
this is a most extraordinary provision.
What does it amount to? The State owns
$9,289,410 productive property; and it owns
other unproductive property for which it
paid $16,234,000,—the whole amount being
$24,234,000—and it is proposed by this or-
ganic law to vest in two officers of the State
government the right, not to regulate the
details of the sale, not to perform executive
functions, but to decide whether or not
twenty-four millions of property of the State
is to be sold or not to be sold.
I have every confidence in the officers that
administer the affairs of this State. I do not
think it is very likely that we shall have
officers who cannot be trusted. But I say
that two men, if disposed lo exercise that
power fraudulently, they can make out of it,
each of them, from $500,000 to $1,000,000
I if two men desire to make that money out of
it, they having the absolute power to say
whether that property shall be sold or not,
sold to people wishing to purchase, they can
make $500,000 apiece in such a manner that
it never could be proved, and without vio- |
