The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-26

CUMBERLAND, Md, March II, 1884,
Maryland State Debt-lMaryland Financcs-Mary-
land Folly.
DEAR SIR:-
! see in the Baltimore Patriot, of March 18th,
quotation from your paper-and in that article, you,
in speaking of the Chesapeake and Ohio Canal,
show want of information upon that subject and
you place the State of Maryland in position that
she does not and cannot occupy. You say, ''sInce
the adjournment of the Maryland Legislature, the
stocks of that State have fallen from so to 81 per
cent''-which have no doubt is correct further,
you say, "that the given cause for the great de-
cline is the defect of bill introduced for the com
pletion OF the Chesapeake and OHIO Canal; say
also that that the true causc--but you say II
surprising to see men of judgment deceived in this
way-the decline in the quotations OF stocks has
been produced by political spectators Tor political
effect And further you ask, " Can it be possible
that the refusal OF the Legislature to create an adj
ditonal debt of two millions of dollars, can actually
reduce the value of the stocks already in the mar
kct - ] will answer that 1t can.
First, because we have already near nine mil
lions of dollars in the canal, which does not yield
the State one dollar revenue, and never can until
the canal is finished to the coal heids OF hlleg9any.
place, and disconnected portions OF that 40 miles
are made-so that II miles now TO make would
connect the whole, and form perfect canal TO this
place, which is the nearest point to the coal fields
that is accessible by the canal The cost Of build.
ing the IL miles is 81 100000. And now how do
we propose to raise the money! by running the
State two millions more in debt ? No. We mere
ly ask the State TO suspend or raise the loans that
she has upon the canal, (Which never has been and
never can be any advantage TO her until the canal
is completed to this place. in order 70 enable The
company 10 raise money upon their bonds te com
pete the canal and to return the canal to the
possession OF the State, as soon as the tolls shall
have paid the amount necessary tor its completion,
which probably would be from six TO eight years,
including the time it would take TO complete a.
Therefore, you will that the defeated bill did
not contemplate increasing the debt OF the state
one dollar. But on the contrary, did only ask the
State to temporarily suspend its liens upon un-
finished canal, which never has and never can in
its present unfinished condition yield one dollar OF
revenue 10 the State-with almost certainty OF
receiving in return for IT in six eight years,
canal completed, and in all probability producing
nett revenue OF half million Of dollars.
Now, sir, would suggest, whether II is not
prospect OF the nine millions that the State has in
the canal remaining unproductivc, and the diff
Guilty that must necessarily arise in procuring mo-
ney TO pay the interest upon the State debt that
has produced the decline that you speak of from SO
81 per cent. would also say that the taxes II col
lccted to the last dollar under the new tax law,
will not be sufficient to pay more than about one
half Of the interest upon the State debt And be-
lievc il is settled matter in the minds OF q ma
jory Of the people in this State, that unless me ca
nal is Completed shall not be able to pay inc IN
tercst upon the debt of this State. :.
NAvAr Nryys %c-The steamer Col. lIarney,