Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1846-01-08


IN fact receives the amount of his interest
less the discount at which the coupons or
certificates are sold, and less the tax lmpos-
ed on his stock''
| He here adverts' to 'facts" showing
''That the interest Of the public creditor
would be eminently promoted by any liqul-
dation Of the arrearage of interest, by which
its payment, within some fixed and reason
able period, would be ensured, and By
which the future regular payment in money
of the accruing interest, according to the
contract of the State, would be undoubtedly
be secured" And continues
eff, after thorough investigation of the
subject, you should determine that the State
shall resume payment on the first day OF
October next, it will be necessary to fund
the interest inclusive of the quarter ending
on the first Of July, 1916.
Gin view of the anxiety which will exist
on the part of the tax payers to avail them
selves Of the privilege of paying in coupons
or certificates of interest, "a privilege which
you decide to resume the payment of the
current interest," | do not think the present
arrearages of interest will be much increas-
led. Suppose the arrearage of interest on,
and including the interest of the lst July
1916, would amount to the sum of S $780,
1000; this funded at 3 per cent. would in
crease the current interest from that date by
the sum of S45,00O; and if you should de-
eide to pay off the principal. thus funded,
in 20 years, it will be necessary TO provide
ANNUALLY the further sum Of $4,000; which
sum added to the current interest on the
present funded debt, would make the sum
of $715,42l 90, to be raised annually to
meet the demands upon the Treasury.
"Gentlemen, | feel the responsibility of
the position we mutually occupy. Ibelieve
that now is the accepted time, and that to
you is accorded the distinguished privilege
of redeeming the honor and credit of our
State. There is not citizen of the s.
VIII oz5p bAaeA her sa
ia Yne ave position she now
occu Band who will not hail with APP
plause your efficient action to place her mOa0
and for the future in the position of right
she should occupy. The people of Mary
land were never in more prosperous con-
dtion. Those Of her citizens who are en-
gagged in agriculture have been blessed, thro'
Divine Providence, with abundant harvests;
and the increased price which has been OBJ
tanned for the grain crops of the State would
alone equal the public debt. In evidence
of the prosperity of those engaged in COM
merce and the mechanic arts it is only ne
cessary to look to our commercial emporl-
UNI whose rapid strides towards CONNER
cial prominence over her sister cities of the
Union must crafty the pride of every Mary
lander) to witness an increase OF wealth
during the past few years equal to the qua
druple of the debt of the State.'
The Governor then proceeds to review
the revenue laws, and observes that they
care now scattered through many volumes
of the laws of the Gtate," and suggests "the
propriety of digesting and embodying them
in one enactment" We are indebted to the
Sun for the following synopsis of this por-
ton of the Message:l
Of the "Tncome tax law'' it is alledged
that the revenue derived from it has not,
during the past fiscal year, exceeded S l,OOO,
assessments having in many parts of the
State never been made, and the law but par
TALLY enforced in others. A new assess
ment is recommended that that the law may
be equally and impartially executed.
The law imposing specific tax on "Sll-
yer Plate and Watches" has been enforced
in no part of the State; it is proposed that
assessors Of the Income tax, also act as as
SCISSORS of "plate and Watches" and reve-
nue. of $4,000 is anticipated from the two
laws when fully enforced.
A revision of the law providing for 'the
assessment of the property of the State and
to pay direct taxi is proposed. By the
assessment of Al, the valuation of the pro-
perty as reduced by the appeal tax courts
was $177, 139,645. 1t is judiciously init
mated that new assessment would greatly
augment the revenue.
A remedy for the existing difficulties in
collecting or deducting the tax upon State
stock, is proposed.
Reference is made to the constant litiga-
ton to which the State is subjected, in herr
efforts to collect the tax imposed upon the
stock of the banks and other incorporated
institutions of the State. The obstacles,
however, seem to be now generally sur
mounted, and besides the "Farmers' and
Planters'" and the "Western" Banks of
Baltimore, who are still contesting their OBJ
legations to pay upon constitutional objec-