The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1843-01-07
EIti'0ct
From Governor Thomas Message:

100000 for the bonds issued to the Bal
limore and Ohio Rail Road Company, s
S 700 600 for the subscriptions of the
State in the stock Of the Baltimore and
Ohio and Baltimore and Washington Rail
Road Companies, and certain other a.
mounts considered by the Treasurer as
not noa0 chargeahe upon the Treasury,
and we have $l0,U00,000, of the States
debt, bearing an annual interest of $780,
600 for which we are to make provision.
TO this is to be added, S4,S70,000 for
the internal improvement debt OF Balli-
more, and there is then ascertained, a
public debt of S 4,S30,000 with an inter
debt of SS7O,ooO, annuaIIychargeable on
the whole property of the State assessed
at Sl96,75l,l4S,9S, requiring perma-
nent tax of II cents in the hundred dol
lars for the city of Baltimore, and of 81
cents on the hundred dollars for the resi-
due of the State.
Besides this amount of permanent debt,
there IS due to the banks of the State
Sl2S,204, TO Messrs Barring Of London
p104, SD, and to holders Of the State
bonds S626,5S9, making SS59,656 paya-
tie on HE first day Of December 1912,
for interest in arrear
The Legislature at all extra session
holden in April lS4l, authorised the levy
of a direct annual taE of 20 cents in the
hundred dollars, and at Dec. session of
same year authorised an additional tax OF
five cents in the hundred dollars, the
whole for the year 1871, AZ, amounting
to SSS5,3S0, and made payable by install
ments into the Treasury by The first day
of March 1913. OF this amount the
Treasurer has received the sum of $780,
994 80; the city Of Baltimore and each of
the counties in the State except Worces-
ter, Somerset Calvert and having paid a
portion of it. The Treasurer has paid
this sum to the Banks of the State on ac-
count of advances made by them 10 the
Treasury, thus reducing their claims to
Sl2S, 2O4, as before mentioned, and leav-
ing a balance Of S62l 1856 due, and paya-
bic to the Treasury on or before the first
day of March 1913, and applicable to the
payment OF the 1853, 656 for inleIes! il
arrear.
in this aspect of the condition of the
come of the Stale other than that to be-
derived from the direct tax is Purposely
omitted, the Treasurer being satisfied that
the revenue from other sources will not
exceed the amount required TO defray the
ordinary expenses.
Taking this view of the debt and re-
sources of the State, the Senate and House
have the opportunity to determine, whelh~
Their the existing assessment laws require
any notifications; and whether an increase
of the direct tax can be looked to as a
means to maintain the public credit. 1t
is presumed, that it cannot be The pur-
pose Of the Legislature to compel, BY the
policy of its enactmenls, the destruction
or conversion of the capital Of the tax pay
ers, as that would inevitably, and soon ex-
haust the sources Of revenue. Assum-
ing then, that the taxes are to be paid out
Of incomes and profits, it may be well to
consider, whether instead CT adding to the
direct tax, at this time; it would not be
proper to extend indulgence, by prolong-
ing the time, within which, taxes now
due, are made payable.
The payment into the treasury. as is
now by law required of S622,3S9, be-
tween the first day of December. 1912,
and the first day of March, 1913, aperi-
cd Of three months, is equivalent TO a tax
made payable in twelve months, of one
hundred anG twenty four cents in the
hundred dollars. If, in the exercise of a
benignant indulgence that seems to be
called for by the character of the times,
the Legislature should extend the period
with which these large exactons for pub
lie purposes are to be raised, to the end
of the present fiscal year, still, the in
co mes and profits Of the people Of the
State would be so much reduced as to
m AXE the striciest economy wihsall, and
serious Tr,vation with many necessary and
unavoidable. For it must be remember
ed that. in addition to the large sum due
and payable on the first of March next,
existing laws and the wants Of the Trea
sury demand, that further sum of S49l,
S77, shall be collected by the first Of
Dec. 1913. By adding this last amour:
bsing the tax Of 25 cents in the hundred
dollars, payable annually under acts of
April and December sessions of the year
lS4l, to the S622,3s9 due on the first
day of March next, in pursuance of the
same laws and the S270,0O0 annual i'm
tax of Baltimore city, we dis
cover Sl,3S4,266 is to be paid within the
year, equivalent to a levy of ninety-seven
cents in the hundred dollars for Baltimore
and Of fifly-seyen cents for the State at
large.
As the sinking fund may be looked to
by some, as source of supply to the lrea-
sury, it is proper to state, that Of this fund
Sl,l5S,476 are invested in the bonds of