312 JOURNAL OF PROCEEDINGS [Feb. 26,

preform a single stipulation except perhaps, to do a small
amount of work before they will receive stock enough to con-
trol the corporation.

But in form, at least, the company agrees to pay them
$2,900,000, at short intervals, as the work goes on. These

payments are to be made in bonds of the company, ''secured
by a pledge of the property and profits of the company."

Now suppose that, while they hold such a mortgage for the
full value of the part of the road which shall be completed, it
shall be forfeited under the provisions of the bill, will the
State take the road subject to the mortgage? If so, of what
avail is the forfeiture? But strangely enough, after such
provision for a mortgage the contract requires that the bonds
"shall be converted into stock of the company within thirty
days from the issuing of such bonds." How will stock thus
taken in liquidation of mortgage bonds, in payment for build-
ing the road and in fact, merely representing the road which
the parties have" built under a contract which the Legislature
has approved; how will it be affected by a forfeiture? Can the
bona fide holders of stock issued in that way be legally de-
prived of its whole value by such a forfeiture ? These are in-
teresting questions and the decision of them may be affected
by a ratification of the contract by the State, as the bill pro-
poses. However, the law may be adjudicated, if ever these
questions are raised, it is easy to foresee that they will sug-
gest reasons for not attempting to enforce the forfeiture. The
bill, however honestly devised, will probably, if passed, prove
to be a delusion and a snare.

But the bill, whatever may be its efficacy, purports only to
prevent one abuse. For the great interests of the State which
are to be impaired by the construction of a road between Bal-
timore and Wsshington, under the circumstances and in the
manner contemplated, it does not pretend to afford protection.
The Committee deny that any such injury will result, or ar-
gue that it will be compensated by the advantages of the
road.

A new Rail Road between Washington and Baltimore is
not supposed by the Committee to be necessary for the public
accommodation. In fact, the Washington branch of the Bal-
timore and Ohio Rail Road affords ample facilities to the pub-
lic at moderate rates and is capable of performing twenty
times its present amount of transportation.

It cannot be seriously believed that a new road, nearly
parallel with that one, and only a few miles distant from it
in any part, will materially promote the prosperity of the
tract of country through which one of them has long been in
operation and the other is to pass. When the Committee