432 JOURNAL OF PROCEEDINGS [Mar. 9,

It also agreed to pay, in perpetuity, out of the gross re-
ceipts of the Washington Branch Road, in each and every
year after January 1st, 1872, the annual sum of twenty-five
thousand dollars.

Although of the opinion that the details of this proposed
settlement should be included in one bill, it expressed its
willingness that these propositions should be embodied in
resolutions reported by the Joint Committee—being satisfied,
if the resolutions passed by A sufficient majority to show that
the Senate and House would give effect to them by proper
legislation, to pay into the Treasury the principal sum
claimed to January 1st, 1870, with interest due thereon. It
was content to rely upon the justice of the General Assem-
bly, for the liquidation of its counter-claims against the
State.

The sum of twenty-five thousand dollars a year was sug-
gested as a reasonable and ample equivalent, because it is
more than the Mate could claim by way of taxation, if the
entire common stock and preterred stock of the main stem
and the entire stock of the Washington Branch Road,
excepting only the stock belonging to the State of Mary-
land, and to the City of Baltimore, were subjected to State
taxation.

A State tax at nineteen cents on the hundred dollars upon
the entire stock of the Main Stem and Washington Branch»
with the exception already noted, would amount to the an-
nual sum of $24,838.78. "

If the State tax be reduced by the amount of the direct
tax, viz : Three cents upon one hundred dollars, thig reduc-
tion would be equal to $3,921.91, so that, in that event, the
sum of $25,000 per year would thus exceed the whole
amount of tax on the stock of the Main Stem and Washing-
ton Branch, as stated by the sum of $4,083.13.

Statement of stock of the Baltimore and Ohio Railroad
Company, Main Stem and Washington Branch :

Common Stock........................................$13,143,100 00

Preferred Stock....................................... 3,529,800 00

Washington Branch................................. 1,650,000 00

Total Stock Main Stein and Wash. Branch.... 18,322,909 00

Deduct State Preferred............1,450,000 00

State Washington Branch.......... 550,000 00

City of Baltimore ...................3,250,000 00

———————— $5,250,000 00
Balance stock, other than that owned- by

State and city....................................... 13,072,900 00