The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1843-04-01

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the fact that the "Democratic" members
OF the Legislature, held caucus &c decide
upon what course they should pursue
with reference TO the Bill, TO sell the
States interest in the different internal i'm
provement companies.
The constituents Of those gentlemen
might well enquire; why so formal pro-
ceedlng was necessary!
The subject has for several years en-
crossed the attention of the whole peo-
pie of Mary land and after lruillcss en-
deavors TO complete tie Chesapeake and
Ohio Canal (lhat incubus upon the State
their attention has been turned TO the
last solitary ray Of hope; the sale otlhose
works, the restoration Of the public cred
1t; and The discharge of the burlhens which
now Cypress the people. Let us for
moment examine the Bill, so violently
opposed by those ".Sim0a Pme7S," those
exclusive Democrats. 1t proposes iii the
first place, &c dispose of the States inter
est, III the chesapeake and Ohio Canal.
for sum not less than t,5,0OO,00Q of dol
lars; payable in the Bonds OF the Stat,
and comreIs the purchaser, to secure to
the hclders Of scrip issued by said cvln-
pany, the payment thereof, within twenty
years with annual interest at SIX per CEN.
Secondly, the sale of her interest in the
Baltimore aud Ohio Railroad, for the full
sum subscribed by the State Sl,200,0O0;
and further provides, that said company
shall pay perpetual annuity to the State,
OF $4,000; TO be set apart, and held sa-
cred, for the education olpoor children.
1hirdIg, the sale Of her interests IN the
Susquchanna Railroad company, for a
sum not less than Sl,500000.
IoWMly, the sale of her interest in
the Tide Water Canal for the sum of !, l.
100000.
Such is the character of the Bill, so
stcnuou:ly objected to, We will now
examine the probabilities of a sale being
effected under lis provisions. First in or
der, as also in importance, ranks the
Chesapeake and Ohio Canal. The hul-
ders Of the bonds issued by the State arc
foreigners generally; the principal amount
being owned in England and Holland
Those creditors already despair, Of the
reception Of either principal or intc,e>r;
and 1t needs no argument to prove, that
they will gladly avail themselves of The
only remedy left. viz: the conversion Of
their bonds into the Stock of Tie Canal;
it is well known, that a rich and lniWen-
llal association in England, own extern
slve Coal and Iron mines in A lie .laEy;
Al fI ,.h a. l.
N'0'cIy upon the completion Of the Canal
t, c. nhellamd, or I. mouth of Slvrgc
RIVER. This company can 90 into the
market, and lurchass i1e state bonds al
~ per cent or less; should the work sell
at The minimum SJ,OOO,GUO; they will be
able 10 purchase she entire work for
S2,JOO,OOO, of current iihdS; tie est.
mates Of !he cost of It's completion To the
coal and iron rcgious of AIIeghany are
about S2,OUO,OOO. This will place the
work complete in their hands, at cost
OF Sl,30O,OOO; reducing the estimates
=. oi It's pioIuctvcncSs one half, and they
must receive a dividend of ten per cen;
OH their lave: TN Mt. Thus it will be
seen good prospect is afforded Of its
sale upon the lie ms prescribed in the act.
The Bait and Ohio rail road, have OF.
: tered to return the entire amount Of the
States subscription 10 ll!2t work, when
ever she IS willing to receive it; so, there
sno difficulty i'll that portion Of the Bill
It is presumed, the Susquehanna rail.
road company will find little difficulty in
raising Sl,jOO,OO in the bonds Of the
STATE, by securing by mortgage, to The
holders Of such bondS, the entire works
ard revenues of their road, which has
cost some 3 or millions Of dollars.
The Susquehanna g Tide Wafer Canal
Companies, it is understood, were about
to make pro position to pay the loan of
| ; 100000, they owe the State, in bonds;
no doubt exists of their ability, and dis
position, to close with the terms of the
BIZ.
Now let US cXt mine the state of affairs,
! should the above anlicipations be realiz-
ed. BY the Treasurer's annual state
mcnt to the Legislature at the last ses-
sion; the debt contracted for internal i'm
provcmcntS was,
/ For tie construction of the
Chesapeake x Ohio canal S7,l9l, 500 67
Bait. s Ohio rail road, 4.l97,G0O 90
Bait, s Susquehanna Il. X. 2,232,0l5 20
SusI. s Tide Water canal 100000 90
Annapolis s Elkndge Il. Il. 2l9,37S al
Eastern Shore rail road 1886 y
Sl4,995,44G 81
This debt may be reduced by
the sale proposed thus viz:
Chcs. s Ohio canal, s5,00OO0O
Bait. x Ohio raiI road 100000
Bait. s Susquchanma railroad 100000
Tide Water Canal 100000
Sll.7OO,OO0