1867.] OF THE SENATE. 288

If this Legislature sanctions the doctrine that at any time,
and after large sums of money hare been expended under
con-tracts with third parties, without any violation of the pro-
visions of the charters of railroadt and other works of inter-
nal improvements, the General Assembly may at its option
or pleasure, revoke all corporate powers or contracts, and thus
render worthless the expenditure of thousands of dollars,
what foreign capitalist will hereafter seek the State of Mary-
land, as a field for the investment of his money?

The effect of such legislation will drive away all foreign
capital, and will make even our own capitalists timid and
cautious.

Your committee have not been able to arrive at the conclu-
sion, that Maryland requires no further foreign capital to
develop her resources, or that no other works of internal im-
provement are in the future to be built.

We need foreign capital to aid the people of the State, in
recovering from the heavy losses which they have suffered,
and we deem it a short-sighted policy, for the benefit of one
corporation thus to drive from our borders, the millions of
capital which would otherwise seek here an ample and rich re-
return for its outlay.

Our Legislature has heretofore appointed a Commissioner
of Immigration, and the State has spent, and still purposes
to spend, considerable sums in the encouragement of immi-
grants to settle within her borders. The section of the State
through which this road passes, has suffered heavily in loss
of labor, and the lands have depreciated in value from this
cause, and from the want of a ready means of access to
market.

Your committee do not think that it requires more than a
simple suggestion to impress any reflecting mind with the
truth of the assertion, that immigration will not go where
facilities for ready access to market are denied, and that lands
under the changed conditions of labor, must still further de-
preciate in value, where such facilities are not supplied.

They therefore regard the construction of this road, as of
the most vital importance to the development of the wealth
and resources of Southern Maryland, and as the only means
left to enhance the taxable basis of property and save many
of her people from ruin.

In reference to the loss which will follow to the revenues of
the State, by reason of the diminution of travel on the Wash-
ington branch of the Baltimore and Ohio Road, your com-
mittee would refer to the facts and agreements upon this and
other points, fully set forth in the reply of the President of
the Baltimore and Potomac Road.