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1876.] OF THE HOUSE OF DELEGATES. 755
pay the interest due in London on the sterling debt of the
State. For such advance the Company made its claim. In
order that there may be he ddubt that this claim of the Com-
pany is not only one of "strict law," but also of "equity"
and justice, we cite not. only the Act of 1835, chapter 595,
which prescribes that the State, as a stockholder, shall be
paid its perpetual dividend of six per cent, "out of the pro-
fits of the work as declared from time to time," and that the
excess of profits, above that sum should be divided among
the other stockholders, but we quote from the opinion of the
Supreme Court of the United States, namely:
* * * "On the contrary, there is much in the Statutes to
repel any possible implication of an engagement to indem-
nity, and to make it apparent that such an obligation was
not intended to be imposed or assumed."
"No distinction was made between the kind of money the
Company might be compelled to receive, and that required
to be paid to the State. Nor was any distinction attempted
to be made between the kind of money with which the divi-
dends to the State and other stockholders could be paid."
"For these reasons, we think, the contract between the
parties exhibits no just ground for an implication that the-
Company assumed an obligation to pay its dues to the State
in gold, or in any other manner than in money generally,
and the fact that the Company did pay the State's interest in
sterling funds in London down to 1865, cannot change the
construction of the contract."
The Company was compelled to receive legal tender frorm
those who used its road, and the State could, therefore, in
equity and justice, only ask "out of the profits," what the
Company was obliged to take.
We have deemed it right to set forth this claim of the
Company to your Honorable Body, and leave you to deal
with it as you judge to be meet and proper.
We now ask your Honorable Body to consider the question
of the continuance of the imposition of the "Capitation Tax"
on the Washington Branch. Twenty per cent, of the gross
earnings from passenger transportation on the Washington
Branch, and from the Relay House to Baltimore on passen-
gers between Baltimore and Washington, which would be
equivalent to forty per cent, of the net earnings from that
source, must now be paid to the State Treasury.
By the Act of 1831, chapter 330, Section 8, a supplement
to the first Act authorizing the construction of the Washkig-
ton Branch., it is expressly provided, namely, "And if said
Company shall not complete the said road, with at least one
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