American Republican and Baltimore daily clipper., 1846-02-25
1SDAY MORNING, FEBRUARY rs, 1916.

win no apology 10 WltbnoIa one cent o! the
debt due from her.
Putting aside then, as the committee think
should be done, the objection 20 funding
founded upon the erroneous impression, that
the STATE can with proprieiy in deciding this
question, institute an enquiry into the price Of
the public securities, paid for them by the pre-
sent holders; it remains to be considered, Whe.
ther there are any other valid reasons against
the adoption of this course. That governments
as we'll as individuals, should, when they are
able, comply with their engagements, is pro.
| position too clear 10 admit Of controversy
TO deny this, is to dispute the wisdom and
policy Of that body of laws, which founded
upon, and matured by, the experience of CEN
turtles, we claim as Our birth right, and cling
TO as indispensable, 10 our freedom and pros
perlty. The COMMON law Of Eng land, to
| which we asserted our title in the DeclaI alton
Of RightS,-the various tribunals scattered
over the land, and the numerous enactments
Of the Legislature, ,crowdlng our statute books,
are chiefly concerned in enforcing the obliga-
tions Of contracts. Upon the inviolabiity Of
these, the welfare of society is supposed
manly TO depend, and a costly and compli.
Gated machinery is constructed to guard
them from invasion. II one individual holds
the bond of another, and there is failure
to pay, either the principal or Interest, ac
cordnS to the contract, the courts are ready
to coerce the delinquent. That the State in
virtue of her sovereign character, cannot be
made to answer IN her own tribunals, so far
| from imparing the moral obligation to com
ply with her engagement, gives to it an addi-
! tlonal and irTislsta0le force. The fountain Of
justice springs from her bosom, and it surely
should flow with as much purity, when her
own duties and obligation, are involved, as
when the question to be decided, affects only
the duty of citizen to citizen.
How then does the case stand The State
owes large debt, the interest upon which ,ac-
coraing to her contract she has not been able
to pay for several years. She now finds her
self in condition to pay the interest regular
ly as it becomes du", but owing to the arrear-
ages which accumulated during the interval
OF non-payment, she cannot do tns unless some
arrangement can be made with regard to these
arrearages, which shall be satisfactory TO the
creditor. So long as the present state of things
continues, it Is obvious, the State cannot do
what the contract requires her to do, pay the
interest upon her debt as it becomes demand
able, because there is a ge amount in arrear,
:, which as it was first due, must be first p1id.-
But plan is proposed by which this obstacle
-
ing these arfearages IN cash, TO fund them, and
thereby make th,m part OF her capital deot,
and as such to be paid at future day, with
such reasonable rate of interest, until paid, as
: may be deemed just and equitable. Unless
this plan is adopted, many years must yet e.
lapse, before the people of Maryland can en-
Joy the consoilng reflection that their exerlons
} and sacrifices have brought with them, their
appropriate reward.
The committee think they will not much
err If they estimate that the arrearages OF in
terest on the first day Of July next, will a.
mount TO twelve hundred thousand dollars
Assuming this to be so, and that the annual
revenue exceeds the accruing interest, one
hundred thousand dollars, it would require
twelve years to absorb the arrears, and during
that long interval the painful reflection, We
live IN State whose engagements are not
faithfully kept, must continue TO be borne.
If however, the recommendation Of the
committee is adopted, and these arrears are
funded, the State may it is believed, at an ear
Iy day, recommence the regular payment OF
interest, and instead of suffering twelve years
of modification and shame, the expiration OF
that period, as will he shown hereafter, will
exhibit a material reduction of the deb. by the
operation of the sinking fund.
Under all the circumstances of the case.
therefore, the committee have brought them
selves to the conclusion, that the interest
which will be in arrear on the first day of Ju
ly next, should be founded in the expectation
that regular payments may thenceforth be
made. They have already submitted es;i
mates which they think may be relied on
showing the ability of the State to do this.
, In recommending this decisive step,th com
I'M hp mi hali hoy n a1
: vance of public opinion. They believe Il ey
will be sustained by it, and they will be deep
ly panied, ii their expectations in this respect
are disappointed. Seeing however, the path
: of duty plainly before them, and believing thai
the honor of the commonwealth is involved in
the issue, they could not be induced to hesi
tate IN their course, by any consideration
personal to themselves If their recommen
2 datlon is adopted by his General Assembly
and the measure brings with it those decd
: ed advantages which the committee antlci-
pate, retrospect Of the part they have ia
ken in it, will hereafter afford them high sat
Isiactlon. If on the contrary, their curse
shall be condemned by the Legislature and
their constituents, the committee will still
: have left to them the rich consolation OF haV-
ing acted in obedience to their own clear con-
victions of duty.
Before closing this report, already extended
perhaps to too gr, at a length, the committee
think it right to show that under any circum-
stances the burdens which must be borne for
some years by the people will not be Of very
long duration.
The sinking fund, on the first day OF De-
, cember 1845, amounted TO 81, All ,9ll 50, hay-
!, been increased in the course Of the preceding
fiscal year $l35 604 60
The entire public debt of the State at this
time, including the bonds held by The Balti-
more and Ohio Rail Roal Company, which
are not now, and the committee are we'll as
sured, never will be charge upon the Treas
ury, is $l5,l66, 7S4 50
: Deduct those bonds, amount