MVB Senate remarks on the B&O Railroad, 24 April 1828
Thursday, April 24, 1828.
Mr. VAN BUREN spoke in reply to the question of the Senator from North Carolina. The Senator, said Mr. V. B., asks whether the remission of the duty on the iron imported will produce a corresponding diminution of the toll charged by the company? The company, he replied, were entitled by their charter to charge a certain sum as a toll. There was no reason to believe that they would lessen it. Their object was profit. It would hardly be expected of private individuals to become more careful of the interests of others than their own; and corporations, having no souls, could not be expected to be more liberal. The stock of this rail-road company was good stock, and it was owned by our richest capitalists. It was now worth sixteen for one. Private interest was the only motive which actuated men in undertaking these enterprises. They looked to the amount of the dividends they were to receive from the investment; or, in some instances, to the enhancement of the value of their lands. He would repeat, in reply to the Senator from North Carolina, that the remission of duty would not lessen the tolls.
Mr. HAYNE spoke in reply to Mr. VAN BUREN.—
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After some further remarks from Mr. VAN BUREN, in reply to Mr. HAYNE, the question was takeN on ordering the bill to a third reading, and decided in the affirmative.