The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-01-08

Delegates.
The nature and extent of our pecunia-
ry cmbarrassnents are SO well understood
that it is only necessary, at the present
time, TO notice the new aspect which they
have assumed since the last session Of the
Legislature The law, then passed, for
assessing and taxing the Whole property
of the State, was intended to provide Il
permanent revenue, OF sufficient amount
to pay the interest of the public debt
punctually'as it became due. But as it
was known that some time must elapse,
before the proceeds of the tax could be
collected and paid into the treasury, the
Commissioner Of Loans was auth orsed
TO borrow five hundred thousand dollars,
for the purpose of supplying the dcficien-
cy in the revenue for the present year.
Loans were obtained, principally from the
banks, to the amount OF about four hun
dred thousand dollars. which enabled him
TO discharge the interest of the public debt
on the first of July and the first of Octo-
Der; but it was found impossible to Dor
row ID sufficient sum for the next quarter
ly payment; and regret to say the State
is without the means o! paving the inter
est which will become due on the first of
January. 1t will be understood, however
both'at home. and abroad, that the Legis-
lature, in laying a permanent tax for pay
ing the temporary deficiency OF the reven
ue, did all that was then in their Power
to comply with the obligations of the
State. The assessment returns have not
been received from all the counties, and
the amount OF taxable property in the
State is not yet ascertained. 1t will pro-
badly fall short of the general estimate,
and in that case higher rate of taxation,
than is provided for by the bill of last
session, will be required to meet the in
creasing demands on the treasury. The
public debt is now fifteen millions two
hundred and thirteen thousand dollars;
of which, about ten millions may be
considered as bearing on the State. The
subscription of three millions to the Bal
timore and Ohio Rail Road Company,was
paid in State bonds, which have not been
sold, and are not yet chargeable with in
terest. The previous subscriptions to
that work, amounting to one million OF
dollars, have yielded a revenue more
than sufficient TO pay the interest Oh that
portion of the public debt, The Bati-
more and Susquehanna Rail Road Com
pany, having been compelled to apply its
nett revenue to the payment OF old debts
has been unable, till recently, to contrl-
butte any thing towards the relief of the
treasury. But its profits are gradually i'll
crcaslng, and its debts are nearly eXtln-
gulshed. In September last, it paid seven
thousand dollars to the Treasurer, and
there is very little doubt that the future
profits of the work will supply the means
of paying "a considerable portion of inter
est on that part Of the debt which was
contracted for its use. On the loan OF
one million of dollars to the Tide Water
Canal Company, no part of the interest
has been received since the FIRST of last jan
uarv. The loans and subscriptions to
the Chesapeake and Ohio Canal company
amounting to more than seven millions OF
dollars, have been the principal cause Of
the heavy embarrassments i'll which the
state Is now involved; and unll that work
is completed to Cumberland. the nteres
ON the whole investment will continue tt
be a charge on the treasury While 1t Is
therefore OF the utmost importance to I'm