The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1847-07-31
The same committee cs-
100000 IS
SIS0,197 0s

SlSO,197 Os
Here then, after disposn9 OF the available
property of the State, TO the best advantage,
Mr.. Thomas is enabled TO pay the interest
then due, and deposit 10 the credit Of The
Stale the sum of $1So,79 oS,-and this sur
plus is to be appropriated 10 the payment
''of the interest and principal when due, Of
the bonds herein authorised TO be issued"
Sec. /. provides that on the holders deIiv-
ering up the bonds OF the State 10 the amount
of 1857 900 authorised TO be issued TO the
Baltimore and Ohio Rail Road Company,
the Treasurer shall transfer 10 the parties so
surrenderng, shares in the capital stock Of
said company, in exchange for the same at
par, calculating the value of each share Of
stock so 10 he transferred al the par ratue
thereo!
Sec .. provides for the settlement Of the
$500, 900 of bonds authorised to be issued
for the construction of the Baltimore and
Washington Rail Road, in the same mode,
viz: by transferring TO the parties surrender
ing said bonds, shares of stock III said Rail
Road ITO an amount equal TO tie bands so
surrendered, calculating the value of sad
stock al the par value lhereof!!"
Sec 3. authorises The Treasurer to subscribe
ior 900 shares Of stock OF the Chesapeake
and Ohio Canal company;-and then pro
vides for settlement Of all the bonds issued
by the State for the construction of lid work
by the transfer 10 the holders of an equal
amount Of Canal stock, calculating the same
"at the par value thereof!!"
Sections 4, 5 & l3-provide for the settle
ment Of all bonus issued by the State 10 aid
in the construction of the Baltimore and Sus.
quehanna Rail Road, by transferring TO the
holders thereof, the interest of the State in
said work. 1t also provides that 10 certain
of said creditors other bonds amounting 10
twenty five and fifty per cent, of their claims
shall be issued, bearing six per cent. inter-
est and payable in 1860. The whole az
gregate Of this new issue would have been
about 100000. This great HJcrality 10 these
creditors will not appear strange, when we
refer TO the 9th section of the bil.-which
reserves 10 The State the interest then due from
the said Rail Road company be distrib-
rted when collected among the creditors Of
said company The arrears of interest then
due amounted TO about $500 C0O;-until this
was paid, the States assignees would not re
ceive dollar from their very valuable pur.
chase. And how long would it have taken
topay off this sum-at the rate Of $4,000
\ per annum-the highest amount ever YET
Noaid into the State treasury! About twenty
ne years, according TO the then data before
a:"Ihomas. wonder. that, under these
1911 .'ances, his liberal spirit rebelied at
.n o W." cutting off these creditors with
s"I nv mess of unpalatablc potta2c,
ana su9s ese' The idea of doinr them FIJI
gnaIs ~ ~ ona "L'o". them 100000 of State
the same currency tie the o2,2a2' ol5,2' Of
Sec. 6 provides for the ,eulement of bonds
issued Tor the Susquehanna nd Tide Wafer
Canal companies, by authors. =, ~ ,ss;,r,,
ment, to the holders thereof, of a.,Ie S,o,e's
Interest in the said work.
Sec. 7. provides for the settlement ,ho
bonds issued for the construction OF the ~
napos and Elkridge Rail Road, by transe
ring to the holders thereof an equal amour
OF stock in the Chesapeake and Ohio Can;
company, calculating each share OF "h
stock so transferred al the par uaiuc Mcre2f!!"
Sec. r. This section we do not altoyetht
understand, as ii appears totally inconssleI
with the provisions oisections and TO-
Here Is the proposed plan of paying O
the State debt 1rdkom tdrution-wonderll
evidence of the unparalleled ability of tn
statesman who conceived it,!
BY reference to the Trcasurcr's rcpo
made TO the Legislature at December Sc.
sion 1871, ii will be found that the .iu,s1leI de
of the State contracted on account OF the Sc,
eral Internal Improvement companies va
at tie time OF the conception Of Mr., Thoma
bill, as follows:
Construc. of Bait. 6 Ohio r. II. s3;6a7 900 {
Baltd WASH Il. II 100000
Chesap. & Ohio Canal 7,l9IGGG
Bait. Susq r. r. 2,239 ,o45
hn'p.a Ekrg. r. r. 2lo,7
" Sus. ST. w. Canal 1000, 900
Total Sl4,S43,l3
II should be remembered thai Ibis Is Il
principal Of the debt. Let us look al he pl
proposed for lis payment. We have set
that after selling off The bank and re-;