The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-08-24
PRICE TWO3CENTS

which must force itself upon the minds of members,
eee" moHgh they Uoted for this grant-that the CITY
Councl nerer toold have vested the same in the
parties named therein had there been disclosure,
~ ddUdnce, OF their purpose to assign its benefits to
non-residents. Your committee believe and with
good reason that this secret and couert intention was
the main spring eft the success of the Trayers bill
the purpoSed gmeut sudiously concealed hnt
ais passage might not be endangered else tu did NOT
one of its most Jealous advocates in the CITY Coun
Gil, when the subject under discussion hint at a
purpose subsequently, confessed to hare been then cher
tshed and intended.
The committee denounce the mputation that
capital could not be found in Baltimore to build a
city passenger railroad on her streets city pre-
eminent Tor more than half century in the adOp-
ton of schemes of internal impro ovement-
the first in turnpikes, and among the first in steam
boats and railr0ads-a city whose investments in
the latter improvements alone are estimated at
thrty millions of dollars, and community distn-
gulsneo Tor Its intelligence and enterprise, peopled
by citizens behind in the readiness with which
such improvements are subscribed for surely is not
entitled to the reproacb of want of enterprise or
capital or appreciation of any public measure
which combines the elements of public utility and
necessity and local convenience with great promise
Of large and quick returns on capital invested The
committee therefore, dispose of this branch of their
SUBJECT by suggesting that if five gentlemen from
Philadelphia can control the requisite means to sup
ply the citizens of Baltimore with passenger rail
road, 1T is by NJ means unreasonable to suppose
that her own population of quarter of million
were possessed of the financial ability to do that
which her legislators and VIM. H. Travers and his
associate grantees have delegated to these five for
eign individual capitalists
An attempt has been made to Justify the sale of
this grant to these foreigners upon the plea that
the purchasers introduced foreign capital into our
midst This question of foreign capital has often
been discussed, and may now be entertained as a
question in political economy upon a consideration
Me taGtm interest Of sic per cent. per annwn; but
1t IS not for one single moment to be tolerated when
the compensation for the of the capital to be paid
6g the taborfng and industrial portion of this commit
ntty is to be at the rate of oo or three Uer cent qe
dnntm, or at any rate essentially over sac per cent
per monh. The introduction of foreign capital is
thing eminenty desirable; it is prolnotiye of COM
mercial success and ought to be encouraged and in
ylted but only when home are confessedly er-
hausted, and the enterprise inviting it is sufficiently
tempting to attract it as co-partner and sharer-
from such necessity, never as UsURPER and MON
oPoLTsT, against the will and to the ininry and ex
cluslon OF our own people.
The committee wish it to be distinctly under
stood that they regard the system of city passenger
railways as necessity not tn be from slight causes
deferred; the public demand it as a most convent
ent and indispensable means of street travel it is
besides, an active agent in the development of pro-
perty, the increase OF the tax returns without aug
menting the rate of taxation and the gradual but
certain expansion of city's boundaries Nor do
the undersigned, in the remedy which they sug-
gest as part OF this report, propose any suspen-
sion OF the work now in progress; on the contrary
1t Will be found that only such a remedy as they
believe ought to commend itself to all is recon-
mended, without jeopardsing the ultimate com
pleton OF an improvement which ought never to
have passed out ofthe control and ownership of
the city authorities on the one hand or resident
local bona fde stockholders on the other hand on
the basis of an announced number of shares a par
value per share, and at least an approximate esti-
mate OF the whole cost of the work as the aggre-
gate capital stock thereof. The committee deem it
n IN
itself and in the incipent administration of which
so little regard is manifested for the public inter
est and public opinion. The city should be infiu-
enced Dy its own experiences: almost from its ori-
gin it subject to the tyranny of heartless cor
poration for the supply of water, a necessary ele-
ment of life, and had finally to end an imprudent
grant by submitting to enormous extortion;
even now, the people are, by another indiscreet
act subject to oppressive taxation for light by the
odious monopoly Of the gas company, thus furnish.
ing to the community two examples of legislation
under one of which, until recently, they groaned
and are yet obliged to submit to the other in its
worst and most oppressive forms.
Legislation on the part of municipal governments
and indeed, in all its FORMS to be judieious econon
zeal and Independent, should be so conducted that
those who frame the laws should haze no interested
connection afterwards in the construction of works
or improvements BROUGHT INTO LIFE THE AID OF
THEIR VOTES: hence, your committee cannot do
less, in treating the subject of this grant than to
express the opinion that the system alluded to is
PerhlCous III lts tendencies, ana suDVerSVe OF the
best interests of the people, who bear the burden of
taxation, and should be, by special enactment, un-
conditionally and absolutely forbidden.
The committee, in conclusion, beg to submit this
review of the subject, together with the journal of
their proceedings, and the accompanying ordinance
as their report. Having examined the subject for
themselves, and brought to their aid the high legal
authority referred to in the beginning, thev sus-
tain the positions assumed by his Honor the Mayor
in his message to the Council of June lG, viz:
lst. That the ordinance is in the nature of an
equitable agreement resting upon mutual obiga-
tions.
I'd. That the absolute transfer by the original
grantees, before the commencement of the work,
to an association in Philadelphia is contrary to the
spirit and intention of the ordinance
3D. That the original grantees have no power to
open books of subscription, having transferred all
their rights and powers under the ordinance to a
PHILADELPHIA association
4th. That the Philadelphia association took the
deed OF transfer, with its risks and responsibilities
and by refusal to open books of subscription have
forfeited all claim upon the CITY.
5th. That the Legislature will (ought) not grant
a charter of incorporation.
VIZ. L. MONTAGUE, Jr., lst Branch.
EVAN 7. ELLICoTT, I'd Branch
w. A. VAN NosTRAND, do.
WIN. COIToN do