Excerpt from Official Report of the Debates and Proceedings in the State Convention, 1853

Sir, I am opposed to thus restricting the legisla ture in their action upon a matter of so much interest to the Commonwealth. That has been the experience of the State in relation to the action heretofore taken by the legislature upon this subject of loaning the credit of the State? Has it not been promotive of her best interests? I believe no one will deny that it has, at least no member has as yet denied it. Has it not done more to develop the mineral and other resources of the Commonwealth, to build up villages and increase the taxable property of the State on the lines of the several roads to which the loans have been made, than any other cause? And I would ask, has the Commonwealth suffered any loss, or is it within the range of probability that she can suffer any loss, from the course pursued on this matter? I believe no one will for a moment pre tend that she has, or that she can. Two corpo rations to whom smaller loans have been made by the State, have been prepared to reimburse to the State, and if I am correctly informed, have offered to redeem the whole, or a large portion of that loaned to them, but the Commonwealth declined taking it. How stands the matter with reference to the other great corporation about which so much has been said here, and to which the loan of four millions of dollars was made. The Com monwealth holds stock of that corporation to the whole amount of the loan, besides having a preference over the whole stock held by individu als in that corporation, which is now worth about par, and has been within a short time above par, and could have been sold in the market at a profit of over It may be asked, why was not that done? I believe a good and suffi cient answer to that is, it was for the interest of the Commonwealth to allow it to remain, for the reason that the State was receiving from that stock seven or eight per cent. Interest, and she could not have obtained over five per cent. Upon the money derived from the sale thereof; hence, as a business transaction, I say it was a wise and judicious course for the executive to refuse to sell the stock, or take any portion of the money.

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