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1892.] OF THE HOUSE OF DELEGATES. 293
The Baltimore and Ohio Railroad has long since
been completed from Baltimore to the Ohio River. The
purpose for which it was incorporated has been accom-
plished ; the object which the exemption from taxation
of its capital stock was designed to encourage has
long since been achieved ; there is no longer any need
of capital stock to build or equip the road, for the
construction of which the State held out the unfor-
tunate promise to those. who should subscribe to its
stock, that they might hold that stock free from its
just liability to any contribution to the public bur-
dens.
All capital stock now issued is plainly in excess of
and beyond both the letter and the spirit of the origi-
nal understanding, and no good reason can be given
why a privilege originally confined and intended to be
confined within certain prescribed limits should be In-
definitely extended in the interest of the corpora-
tion, to the prejudice of the great body of the people,
and in palpable derogation o. the right of taxation in
herent in and indispensable to the just and equal ex-
ercise by the State of its powers as a sovereignty.
The committee propose, therefore, that the one-hun-
dred thousand shares of increased stock, amounting
to ten millions of dollars, recently authorized to be
issued, shall be assessed and valued by the State Tax
Commissioner precisely as the capital stock of other
corporations is assessed, to the end that the question
of its liability to taxation may be fairly presented for
judicial determination, should this liability be called
in question.
The other bill—that relating to the Belt Railroad
Company— is equally simple.
The right to pass this bill is undeniable. This com-
pany holds a charter, which by the express provisions
of the Constitution, is subject to alteration and amend-
ment at the pleasure of the Legislature.
At the session of 1890, it applied for and obtained
certain amendments; and the amendment embodied in
the bill now reported, is substantially the same as
that which was proposed by Senator Poe to the Act
of 1890, but which was then voted down. There is no
surprise therefore in this measure, and there can be
no question of legislative power.
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