ferring to the various acts of assembly of
1833, 1834, &c., in relation to the school
fund, and dividing the interest in these works
after the public debt has been paid off, to the
several counties and the city of Baltimore, in
proportion to the amount respectively paid
into the treasury by them. I think that was
a just provision. I think that these stocks
should be allowed to stand, at least those
which are profitable, until we can pay off the
public debt; and when the time comes that
they are all to be sold, if they are to be sold
at all, the amount should be distributed to
the different counties in proportion to the
amount subscribed by them; and then let the
different counties and the city of Baltimore
use it as they think best. They are entitled
to receive it; and they ought to have it.
Mr. NEGLEY. I ask the gentleman from
Baltimore city if this amounts to anything
else. whatsoever than prohibiting the sale of
the stocks of the State entirely? What is the
history of Pennsylvania upon this subject?
We know full well that Pennsylvania was
much more largely embarked in the work of
internal improvements than the State of Ma-
ryland; that she absolutely had a debt upon
her shoulders of nearly forty millions of dol-
lars, and that she had the control of the stocks
in a great many works of internal improve-
ment The history of those works in the State
of Pennsylvania, was all along, the same with
the history of those works in the State of Ma-
ryland; that they were miserably misman-
aged, that they were instrumentalities of polit-
ical corruption. Not only were the interests
of the State unattended to, but the interests
of the public service. It is a fact, beyond
the power of contradiction, that works of
internal improvement are always infinitely
better managed in the hands of individuals
than in the hands of States. That was the
history of these works in Pennsylvania,
Those which were unproductive, out of re-
pair, and miserably mismanages before the
sale have, since they have gone into the hands
of private persons, been properly managed, in
good repair, and subservient to the interests
of the public, which is what we are concerned
to look after. The interests of the people of
Pennsylvania have been infinitely better
attended to. They have had more facilities
since the State parted with its interest in those
stocks than they had before.
The universal cry of the people living along
the whole line of the Chesapeake and Ohio
canal is that that work is miserably misman-
aged. Not only does the interest of the State
suffer in getting nothing for the money in-
vested therein, but the means of transporting
the products of those regions are absolutely
not such as they ought to be, by reason of
this same mismanagement. If the State's
interest in the stock of the Chesapeake and
Ohio canal were in the hands of individual
men, it would be the interest of these coun- |
ties to make the most out of these works of
public importance; and the interests of the
parties having money invested, would always
guaranty to them that the stock would be
properly managed aged.
It is supposed that the Chesapeake and
Ohio Canal will be closed. That cannot be
done. Here is the very charter from the
State in this section: "If, after the comple-
tion of the State canal and locks, the presi-
dent and directors shall fail to keep the same
repaired for twelve months at any time,
then in like manner the interest of the
company in the navigation and toll shall
cease, and their charter shall be for-
feited." That work must be kept open
through all time; it must be kept in repair ;
so that men may transport the products of
those regions from Allegany to Georgetown.
Anybody has a right to put a boat upon that
canal. Whatever may be said about closing
it, the company must keep that great work.
open, and keep its locks in proper condition,
and see that it is navigable from one end to
the other. If they fail to do so their charter
is forfeited. Is not that a protection? Has
not the legislature sufficient power over it?
Cannot the legislature take it at any time if
they fail to do this? If an individual com-
pany gets it, and fails to keep it open, and
keep it in repair, and in such a condition that
the people living along that line can transfer
their productions from Allegany to George-
town, all the legislature has to do is to take
away the charter, provided we give them
control over it.
Besides that, there is another section here
which fixes the rate of toll. They are not
allowed to charge more than so much—two
cents per ton—apoll the transportation,
I say, therefore, that this compels the com-
pany, into whosoever hands it may fall, to keep
the canal open and in repair, so that the pub-
lic interest cannot be destroyed or suffer—
whereas the State of Maryland will get no
interest or remuneration whatever for the
large amount we have invested therein if we
retain it. Under these circumstances us
to retain the interest of the State in that work
is perfectly absurd and ridiculous. The cost
now, according to the statement of the presi-
dent, of keeping it in repair and keeping it
open, absorbs all the toll. The mere cost of
the salaries of the officers and keeping this
work open during the year absorbs, in its
present condition, all the earnings of the
canal.
Mr. HEBB. If the gentleman will allow me
I will state the facts. The report does not
show any such thing. The report shows that
the total revenue for the year 1863 was
$163,024.10; and that the current expenses,
exclusive of arrearages of interest unpaid,
were 1102,591.22, of which $63,081.86 were
expended in ordinary repairs of the canal ;
showing an excess of revenue of $60,432.88 ; |
