Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1860-03-02
CHnsApEAKE AND OHIO CANAL.
For the Montgomery County Sentinel.


Mr.. EDIToR: As canfrmatory Of the
views have presented in your columns,
in discussing the affairs Of the Chesa-
peakc and Ohio canal, | send you the
following extract from the opinion of the
Attorney General Of Virginia to the
Legislature Of that State-viz:
9 / do not doubt the willingness of
" Maryland to assent to this sale. Many
reasons would impel her to it. The work
{" is not, and never will be, ofany value to
:. her as a stakeholder. Its management
!" is to hera burden, not benefit. The
:" only chance Of her realizing any of her
g debt, or any proceeds from her stock,
is by sale. The interests of private
:. capital will make the canal valuable to
!" themselves, and of immense advantage
q to the dormant resources of Maryland
!" In her hands it can never be so. Her
g own Constitution distinctly announces
" her Judgment, that her connection with
g such schemes has been fraught with
!" evil, and that it shall be avoided in the
!" future. Maryland cannot, therefore,
+" object to leave to others the control of
I" an interest which the public judgment
:" has declared it is impolitic for State
to be involved with But there are
even higher reasons why she would as
q sent to sale. The canal is entirely
I" subject to the control of her Commits
g sioners Of Public Works, and with
=" every mutation of parties in the State,
g they being changed, the management
q Of the interests of the company be-
!" CONES matter Of political interest, in
q which tn, value of the canal and its
/" trade must of,s>'n be made secondary to
:. other consideratio.ns. But is it con-
sistent with good faith shat creditors,
with lien upon the revenues OF a
+" company, subject only to one COZ, ditlon'
/" should be managed by the comn,iis-
e sioners of Maryland, perhaps to the
g detriment of such creditors, in order
"to advance some loc;sl interests of the
State, or subserye the views of con-
" trolling power in its general policy? !
/" do not believe that Maryland would de-
" sire to continue to hold position
where State policy might dictate the
injury Of the revenue OF the canal to
advance the interests Of the great rail-
read of the State"
Would that our Legislature could see,
as the Attorney General Of Virginia so
strongly intimates, the false position in
which the present course of policy has
placed the State of Maryland. He says
SIS IL consistent nth good faith that
creditors etc, that Maryland, to adj
vance some local interest, or subserve the
views of a controlling power. should be
managed by commissioners TO the det.i-
0lcat Of such creditors p Con it be. nf-
ter the sacrifices that Maryland has made
before the world to preserve her credit,
that her Legislature will blindlyand per-
severingly permit her 70 remain in po-
sition where her faith and INTEGRITY is
called in question? With the members
Of the General Assembly rests the power
to relieve her, or upon them must remain
the responsibility for the stigma that vii
attach to her hitherto good name. u.
Since writing the above, l have read
your correspondent Up /" in the q Sem
tinel' Of the Oath. lie reminds me OF
a man fighting shadow. am not
aware that the bill to which he objects,
is before the Legislature. On tho cou-
trary, | understood the bill Of Col Nc
Kaig to be the bin agreed upon At a
convention Of creditors Of the canal, held
in the city of Baltimore laat summer, at
which the scripholders largely prepon-
derated. 1t is TO be presumed they I'M
derstood their own business, and would
have agreed to nothing they did mot con-
slider just and fair. Your correspondent,
in bis article which preceded this, adj
mitted the general correctness of my
statement Of the indebtedness Of the ca
nal company. Now he thinks | have
exaggerated that estimate, by calculating
interest upon the IS, 1863, 724, stock sub
scription Of the State to the company
Your correspondent might have saved
himself this criticism, if he had taken the
trouble to examine into the nature Of that
subscription. He would then have seen
that this subscription was made as pre-
ferrcd stock, upon which the canal com-
pany guaranteed 6 per cent. dividend.
1t therefore partakcs Of the nature Of a
loan upon interest; and the addition Of
interest was not only legitimate, but alb
solutely necessary to show the true in
debtedness of the canal. The Governor
Of the State in his late message to the
Legislature putthisitem Of interest, alone
in asrear. at the enormous sum Of ST.
1917, 814.29. j.
The GREAr FIRE AT DANyrLLE, KY
1t appears that ffty-six houses were con-
cnrnnd In thn Go .uL.oh nnn,,rrol "A