The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1847-07-31


STOCKS. &c. q, lhelr par value. and applying
these with all aIrearages of taxes due to the
payment OF arrears of interest. there would
remain about SlS0.797,OS. If we add to
this the $1,000 900 OF ne1D bonos proposed to
be issued to certain classes of the creditors,
we have the amount of $3.50, ,os. Here
then, is settlement, SO far.-The account
would then stand thus
STATE OF Nd TO BoND-HoLDERs. d..
1914 To money borrowed to date Sl4,s4s, 4sG Al
g BY cash $780, 09
d" BY bouds renewed 400, 900 90 $780, 0s
Balance due Sld,262,6Ss 80
How does Mr.. Thomas bill propose TO
pay this balance! AS we have seen, il re-
Peals all tax laws for revenue, and declares
that not one dollar more of interest will be
paid by the S'a,e upon this debt. Now il
all interest ceased, aud no provision was
made for payment of the principal, we pre-
sumo the creditors would have made good
bargain in exchanging their bonds for so
many sheets of blank wiring rapera But
such course on the part of the Legislature
would have amounted to reputation; and of
this word Mr. Thomas and his friends have
holy horror. He therefore, at the same
time that he stopped the interest upon the
debt, provided means for paying the princi-
pal This was, by transferring to the bond.
holders with some reservatioH) all the in>
terest of the State in the several works for
the construction Of which their money bad
respectively been borrowed!
Without questioning ut this time the ri ght
of the State 10 force its creditors 10 take pay
ment in such currency, let us look for mo-
mcnt at the ralue of the property thus pros
posed 10 be transferred. By reference to
the Treasurer's report made at December
session 1914, it will be found that the re-
venue received by the State from tine vari.
Gus Internal Improvement companies, for
the year ending December LIST, 1914, was as
follows:
From Baltimore and Ohio Rail Road company
for dividend S45,50o 90
From same l-5 receipts on passengers
oil Washington Branch 4l,040 30
Susq. * Tide Water Canals 10000 10
From Bait and Susq Rail Road 10000 90
From Chesapeake and Ohio Canal nothing
From Annapolis and Elkrdge r. R. nothing
Total Sll6,540 90
AS we have seen, Mr.. Thomas bill re-
serves 10 the State certain arrearages of in>
lerpst dne from some Of those companies, so
t.al ,uc hond>hoders would in fact receive
"4iau" + on some Of them for many years.
But 1--WE his bin the construction most favor
able 10 lie creditors, viz: that they should
take the States entire interest in the works
GA the hrst day Of January, 1914, and what
is ho ">*ulf Property yielding $ll6, 54o,.
% per auunln and worth. as an investment
10 Yield six per cent, 81 ,9i2 ,33s. 16 is trans
iewcd in iuil settlement of balance of $l4.-
2G2 ,GtS.33 Of bonds soIemnly executed by
the STATE of Maryland, for value received!
We hluk we have been sufficiently liberal
to Mr.. Thomas in giving the receipts from
the improvement companies for the year
1871, (which we believe were higher that
year than dumus 1919 After this further
payment the aceolm, would stand thus -
STATE OF Mp. TO p-IIoLpERs, Dr.
Jan'ry LIST, 1874.
To money borrowed to date Sl4 ,s43, 436 Al
I" BY cash $3.50 0S
BY bonds renewed 400, 900 90
BY sundry Il. RS
and Canals trans,
market value u
bout l,912,35s l6 2,53s.l25 "a