The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-30


Whole State Debt of all kinds. .$l5,2l4,76l AZ
At the close of the fiscal year. ls42 the debt including
arrearages for interest increased to SIG O9 and at the
close of the last fiscal year, Nov &c. ls43 amounted to
$l63s6,657.
The whole taxable property of the State is valued at
$i7s 1896 which the of25 cents the 500 will
produce only $44b27l if all collected and paid into the
State Treasury The amount of this tax will about meet
the local expenses of the State requiring pro-
vision from other to meet the annual interest
the bonded debt othe State The yearly demands against
the Treasury account of the debt and above the
receipts from internal improvements in which the State
is interested amounts to $626s2 which, added TO the
rearages Of interest the debt amounts to 2
making the total demand against the Treasury for the
suing year to satisfy which there is not at pre-
sent single dollar at the command ofthe State treasurer
this large sum- with the accruing interest continues
demands against the Treasury and the income ofhe State
is not increased beyond additional taxes there
will be deficit in the Treasury the end of the present
year of 81 ,34s ,694.
STATE OF THE PUBLIC DEBT, l943.
Total amount of public Indebtedness JanlS4l $l5 6l
Amount of interest accrued from that date to
Nov. 3d. ls43 LII, s7a
Total amount of debt Nov. 80, Is43. $I6,386, 634
Annual demands against the Treasury on ac-
count of the debt and above the
ceipts from internal Improvement COM
panies .............. 626, s2l
Amount Of debt Nov. 1874. ........... $l7,0l3.455
By the above, it will be that under the existing ad
minstraton ofthe State the public debt constantly in
creasng than half milen dollars annually The
State has not provided dollar from taxation to pay the
balance of the annual interest its debt left after ap
propriatng the receipts from the different companies in
which the State is interested. The Baltimore and Ohio
Railroad Company hold So 900 900 sterling bonds issued
by the State, which have been used. The COM
pany offers to return these bonds to the State her
linquishng her interest in the road.
The act Of the last session of the Legislature auho
rising the sale of the public works. has not been carried
out The bonds of the State at that time at very
low price, being offered for forty cents the dol
lar, and the Treasurer was authorised to exchange
the interest Of the State in the works for $ll,-
100000 of bonds, which could then have been
purchased for S4,6s0,OOO They could rnot be sold
at that sacrifice by the existing laws sale of the
interest of the State in any of the works be effected
unless the whole of be sold to the purchaser The
taxes property and professions already authorised in
the State of Maryland not all colected several coun
ties have rebeed refusing to submit to the conditions of
the present laws of taxation Public meetings have been
held in different parts of the State sustaining the
macy of the law. The lawyers of Baltimore assembled
for this purpose and resolved to willingly abide by any
law taxing professions; but recommended certain mod
cations favorable to those receiving small incomes.
The present tax must be nearly doubled the total
ue property in the State to meet the current expenses
including local expenses and interest debt The Go.
suggests the appropriation of the stock owned by
the State in the different companies to the payment of the
State bonds, by exchanging share of stock for
each bond at such rate the Legislature may prescribe
BY adopting this method far possble by system OF
taxation that will its faithful election and by
selling the bank stock owned ythesate for the liquidation
of its Indebtedness the present condition of her finances
will be vastly improved and the credit of the
vanced By proper effort the part of those in power
the incubus that weighs heavy many of States
would be to great extent removed and the people
directly benefited han all the legislation in the world
other less important subjects The public improvements
OF Maryland are productive they located midway
the Union and draw sustenance from every quarter;
are profitable property and would be advantageous
exchange for State stock The people of Mary land
by means heavily taxed, compared with their geo.
graphical position, resources Sc In proportion the
population the debt falls heavier each individual than
property levels all other estimates, and that ground
Maryland is far behind many other States and only
suffers half the drawback the State of Ohio labors
under The taxable property of Ohio is estimated at
$l34 900 900, which is taxed so cents $780, The
taxable property Of Maryland, old wealthy CONNER
cia Staeis estimated at SI7s OOO and is only taxed
as cents on the 500.
The Governor of Maryland repudiaes the idea of repu
dation, and also goes against the General Government
assuming the debts of the State If the income from the
public works of Maryland will pay half the annual amount
Of interest her debt her creditors would gladly accept
it, while il would restore her credit both at home and
abroad and raise the value of her stock in the market
New stock Exchange,