The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-02-10


present the resolution of the Council to the Legsa
ture. Although the recent action of the Council
in relation to the Police bill might suggest a
doubt as to the propriety of adopting its senti-
ments upon any subject as fair representation OF
those OF the people of Baltimore, in this instance
we cannot but believe that the Council has faith-
fully reflected the current of public opinion here
Inc Dill to which the resolution refers, and which
the representatives of the City are urged to use
thelr best endeavors to defeat is as follows: II
Is entitled San Act to amend the Act of 1906
&C. l23 entitled an Act to incorporate the Balti-
more and Ohio Railroad Company" 1t reads
SECTION /. Be it enacted by the General Aso,,h, =,
Maryland, That it shall be lawful for the stock boIde
she baltimore and Ohio Railroad Company other than the
nlate OF Maryland and the Mayor and City Council OF
bamore TO elect at each election to be held for Direc
tors IN the said Company by the said stock holders
~ .o lor every twenty-five hundred shares of stock
nem owned in the said Company at the date of such
eecon the said ratio of representation to stock being
ta prescribed for the State of Maryland and for the
Mayor and City Council of Baltimore in the seventh
ton OF the original act to which this supplement
SEC Be it further enacted, That this act shall not go
INTO ehect until majority of the stock holders of the
Baltimore and Ohio Railroad Company shall assent to the
PROVISIONS thereof, at general meeting of the stock
holders Of the said Company called in nnrsnance Of
provisions of the charter thereof ~
SEC BE 1t further enacted, That the assent of the
state OF Maryland as stakeholder in the said Company
hereby given to such change in the charter of the said
Baltimore and Ohio Railroad Company as made by this
act and the Commissioners of Public Works this State
hereby directed stock of the State of
Maryland in acceptance of the provisions of this act
general meeting of the stock holders of the said
thereof. ~ ~ "
SEC a. Be it enacted that this act shall take effect from
its passage.
The effect of this BILL should it become law,
would be to increase the private stakeholder Direc-
ton in the road from twelve, the present number of
stakeholder Directors, to twenty-three, thus de-
stroying the preponderance of the State
and city Direction, and handing over the
road to the absolute control of the private
stockholders 1t is proposition to re-
volutioniZe the entire management of
the road, and against which we should naturally
expect to find arrayed, not only those who are
opposed to the present party in power in further
ance of whose views the bill has been introduced
but those, who, however friendly to the policy of
Mr.. GARRETT, appreciate the necessity of a pre-
ponderating State and City influence for the pro.
lection of the interests of Baltimore and Mary
land, and for the ful6lment of the implied oblga-
ton imposed upon the Company by the acceptance
of the aid given by both at different stages of its
progress. Without such aid the road could never
have been built. But for the understanding that
the road should be worked for the benefit of the
State and City, that aid never would have been
granted. 1t was not to put money in the
pockets of the private stockholders that the
people consented to be taxed. 1t was upon
the express ground that the road should be
so worked that aid was asked for, and it was
for the purpose of ensuring the fuflment of this,
the only condition upon which aid could have
been obtained that the State and CITY were allowed
representation in the Board of Directors, half as
large again as that of the private stockholders. 1t
is now proposed to deprive the public of this protec-
ton by increasing the number of stakeholder
directors. For the State TO consent to any such
diminution Of its influence in the Board would be
an act of folly, To compel the city of Baltimore
to consent to a like sacrifice, would be positive
wrong. Baltimore barganed for eight directors
in board of thirty-not for eight in board of
torty-one We trust that the manifest injustice of
any such legislation as is contemplated by the
Bill, and the energetic remonsrance of the CITY
Council will avail to prevent the passage of a law
which, If not now, yet, at some future time both
might and would prove destructive of the interests
OF the road which would be committed to the I'M
certain chances of the stock market and of the
interests of the community which would be left
virtually without protection.