class of works, for what they are worth. We
guard these two things, the Baltimore and
Ohio Railroad Company and the Chesapeake
and Ohio Canal, and let the others go for
what they will command in the market.
Mr. NEGLEY. I think there is great neces-
sity for reconsidering the section. I think it
is a power to the board to sell all the works
except the Washington Branch Railroad for
any sum whatever they choose. I think this
convention should be very particular to au-
thorize this hoard to sell all the unproductive
stocks of the State, but prohibited from sell-
ing the productive stocks of the State below
par. They ought farther to authorize the
sale of the unproductive stocks of the State
first and foremost, and the investment of the
proceeds in the indebtedness of the State, if
it can be done. Afterwards let the sale of the
productive stocks be made. It would be
very bad policy indeed to sell the productive
interest, and not to beable to invest the pro-
ceeds properly, and to leave unsold all the
unproductive interest.
Mr. MILLER. I do not think that there
would by any practical difficulty in this sale,
more than ought to exist in a sale of this
kind. It is left in the first place to the best
judgment of those high officers of the State.
It is not supposed therefore that these are
going to sell any of the State stock below
its market value, unless we impute to the
agents whom we intrust, corrupt motives.
If we intrust the sale of it to any agents at
all, even if the legislature should provide the
form in which it should be sold, the same ob-
jection would exist.
But what will be the practical operation of
this amendment if it is adopted? The gov-
ernor, comptroller and treasurer will adver-
tise these stocks for sale in pursuance of this
provision contained in the constitution Of the
State. In their advertisements they will set
forth verbatim the provisions of the consti-
tution under which the sale is to be made.
Any purchaser therefore who wishes to buy
the stock, may see exactly the terms upon
which he is to buy. With the amendment
which is accepted, or will be accepted by the
mover of the proposition, to insert after the
words " converted into " the words " or ex-
changed for" a like amount of the public
debt, the purchaser will see that it is neces-
sary for him, if he makes a bid, to come pre-
pared to furnish to the State a like amount
of the public debt to that which he chooses
to bid for the State's interest in any of these
works of internal improvement.
I understand that the Baltimore and Ohio
Railroad Company, or some persons con-
nected with it, are now willing to come for-
ward with a like amount of the public debt
of the State and give it in exchange for the
State's interest in this work. So it will be
with regard to tile interest in the Chesapeake
and Ohio Canal, or any other interest which |
may be offered for sale. These agents there-
fore will be relieved from the necessity of
making the sale first, and there converting
the proceeds of the sale into the public debt,
by the mode advertised for carrying out the
sale. It will throw upon the purchaser the
necessity of providing the means with which
to pay, in accordance with the terms of this
section.
The motion lo reconsider prevailed.
The question was stated upon the adoption
of the amendment submitted by Mr. RIDGELY
as a substitute for section 39.
Mr. MILLER. I have an amendment to
offer, but I suppose the friends of the measure
will perfect it before any adverse proposition
is offered.
Mr. THOMAS submitted the following
amendment to the amendment :
After the word "debt" in the fourteenth
line add the following:
"But provided further, that the State's
interest in the Washington Branch of the
Baltimore and Ohio Railroad, and of the
main stem of the Baltimore and Ohio Rail-
road and of the Chesapeake and Ohio Canal
shall be and is hereby reserved and excepted
from the sale hereby authorized.''
Mr. RIDGELY. I trust the house will permit
the friends of the section to perfect it. There
are several propositions which the mover of
the section will accept.
The PRESIDENT. It will be still open to
amendment after this is acted upon.
Mr. THOMAS. I desire to say in relation to
this proposition, that in the first place I am
entirely opposed to the sale of the State's
interest in any of the stocks of the pub-
lic works, except that which is unproduc-
tive; and I am in favor of selling that,
excepting always the Chesapeake and Ohio
Canal. I am perfectly willing, whether this
proposition is defeated or is carried, to vote
for a proposition that will sell all the State's
interest in her unproductive stock, with the
exception of the Chesapeake and Ohio Canal.
I hold in my hand a statement from the
treasury department showing the amount of
these unproductive funds held by the State.
Bonds of the Chesapeake and Ohio Canal
Company...................... $2,000,000.00
Stock.............................. 5,000,000.00
Loan of the President and Di-
rectors of Potomac Com-
pany, subscribed for de-
ferred stock of the Chesa-
peake and Ohio Canal Com-
pany................... 30,000.00
Interest theron 16th May,
1825.............................. 13,280.00
Due from the Chesapeake and
Ohio Canal Company for
interest........................... 9,108,842.77
I am perfectly willing to sell the State's
interest in so much of the bank stock as is |
