will have to be abandoned. And it is very certain, that no such
measure can be devised, that has not the consent of Maryland.

It is not proposed that the State shall advance any money, or
become in any way responsible for any loan that the Canal Com-
pany may obtain.

We know that our Constitution wisely forbids any loan of the
credit of the State, to any individual, or corporation.

It is not proposed that the State shall assign or transfer its in-
terest in the Canal, such an assignment would not afford relief
to the company. It would not bring money to the treasury of
the corporation. But would simply transfer the management of
the company from one class to another class of men, without any
certain guarantee that the change would be an improvement.
Instead of asking the State to alienate its power to govern the
Canal Company, the bill we report is not to take effect unless it
is assented to in a general meeting of the stockholders of the
Canal Company. In which general meeting, it is well known,
the agents of the State to whom are intrusted the States's inter-
est in the Canal will have entire control. If the bill we submit
should pass the Legislature, it will be a proposition to the stock-
holders of the Canal Company to enter into an agreement with
the State. And as there is no time limited within which the ac-
ceptance of the proposition is to be signified, the State's agents
holding a right to vote a majority of the stock of the Canal Com-
pany, may hold the proposal under advisement and assent, to and
accept it, only, after being satisfied that no other or better measure
of relief is attainable. It would be indeed a cause for deep re-
gret, if, after the Legislature shall have adjourned, without passing
the bill, a freshet in the Potomac should occur that would sweep
away, as freshets have done heretofore, large portions of the Canal.
A damage to the Canal of that character could not be repaired,
with the means the company have at disposal. And unless the
State's agents are clothed, with the discretionary power which is
intended by this bill, we see no means by which the Canal could
again be opened for navigation, until the Legislature assembled.
When we reflect and remember how large a portion of the popu-
lation of western Maryland depend for profitable employment on
the continuance of navigation of the canal, as a means of transpor-
tation to market, we must believe, that no measure, upon which the
Legislature is required to act, can be of more moment than the one
we have proposed. In its rejection, if nothing better be substi-
tuted, we see the danger of a wide spread calamity. These con-
siderations have induced an enquiry, into the policy of an assign-
ment or sale of the State's interest in the Canal. They prompt
an examination into the other alternative measure, referred to the
committee by this House.

We do not see how a lease of the State's interest in the Canal
would afford relief. The Canal Company needs money. A lessee