The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-02-25

carry freight over it at cost dispense with divi-
dends, and look to the increased business and pro-
fits of their own roads for compensation We
have already shown how cheaply the thing could
be done-how small would be the expenditure of
capital required to do it.
We have shown, therefore, two classes of North
ern Capitalists equally interested in buying up
the Stock of the BALTIMORE and OHIo road, pro-
vided the ownership of the Stock carries with it
the control of the road, as in the event of the
passage of the Bill now pending at An
napolis, it would do. The one class
would buy for the purpose of destroying our road
and extnguishing the rivalry between it and the
competing Northern lines. The policy of the
other class would be, indeed, TO nourish and sus
tain our road but only as feeder to other roads.
In their hands, Baltimore would become mere
way-station between the Great West and New
York. The trade of the West would indeed come
here, but only to flow through and pass US by.
Instead of resting here, and giving employment
to commission merchants, brokers, warehouse
men, wharfngers and laborers, filling our port
with shipping, and laying the foundation of
extensive commerce, it would pass through our
streets from one railway station to another and
thence away. Yet, into the hands of one or the
other of these classes of Capitalists our road must
go if the bill now under consideration in the SEN
ale should become law. They have the means
to buy-they have every inducement to buy-and
the present owners of the stock have every induce
ment TO SELL How many holders of the stock is
it likely would refuse an offer of $40 per share
for
to see the road pass under other control? 1t is not
necessary even that the design or name of the
purchaser should be known to the seller. Provi-
ded the price offered is good one, and the securi
ty for the fulflment of the contract sufficient the
seller would ask no questions, and the first know
ledge the public would have of the changed own
ership of the road would be the election of new
Board of Directors, and the adoption of new pol
icy in the management of the road. On the one
hand, therefore, we are threatened with the de-
struction of our greatest work of internal improve
ment, which cost more than thirty millions of dol
lars, and to which we have looked for the devel-
opment of the trade of our city, and ofthe agrcul-
tural mineral, and manufacturing resources of our
State. On the other, we see before US the pros
pect of this great work being kept up, indeed-but
not for our advantage-being managed so to
carry trade through and away from this city, in
stead of bringing trade to it. To this double dam
ger the proposed increase of the Stakeholder rep
resentation in the Board Of Directors would ex-
pose the road and the public. From this danger
we appeal to the Legislature to save both. We
call upon the Legislature not 10 consent to the
virtual Acknowledgement of the city and State in
Corporation in which they have by far the larger
stake-not to surrender the road which they have
built and sustained into the absolute control, it
may be- OF the commercial rivals and enemies of
both