Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-02
Letterfrom Coz. Thomas 10 Mr.. Peabody.
STATE DEPARTMENT,

ANNAPOLIS, (MD.) ocTosEn 20, ls4s.
Sin have the honor herewith transmit the enclosed
preamble and resolutions passed unanimously by the General
Assembly lis last session. rendering the thanks of the State
for the generous and patriotic interest manifested by YOU in
the restoration Of the public credit at a time when Mary
land, in with many other Of the States Of the Union
yielding to the weight Of her financial endorsements was
compelled temporarily suspend payment upon both her for
egn and domestic debt and more especially for your disin
eresedness in renquishng all claim TO compen sson for
services rendered. and which, upon every principle Of law
and justice, you fairly entitled Instances Of such deyo-
ton the part OF citizen TO the public welfare are OF rare
occurrence, and merit the highest distinction which Com
monweah besow. To whose actions are the result
Of impulses noble and se sacrificing 70 the approval
Of his conscience, homage be acceptable
than the need of peoples grattude-no recompcnse
grateful the assurance Of the complete realization Of those
objects and ends whose attainment has been regarded as Of
higher value than personal convenience or pecunary
consideration The Legislature, in the passage Of these
luons has not msconccved the sentiments Of its constituents
The people Of Maryland are proverbsy msgnanous and
patriotic scnsveiy alive whatever concerns their private
public honor, and profoundly grateful oil by whom either
the the other has been INDICATED sustained Ex
empt they had always BEEN except for single year and
for limited amount from direct contributions 10 the Tes-
suy, and Unexpectedly overwhelmed with an enormous debt
il Is wonderful that delays and difficulties should have
been encountered both m maturing and enforcing the
sary complex details Of any Of taxation at all AIDE.
qua,e the annually accrune interest and ultimately
TO e1tingush the principal Of her public obligations
The work of restoring the credit Of Maryland bcsct
was with enbaassnents and unsided by the light of
ence, nevertheless undertaken with real
with the importance OF maintaining unsued the pigh,ed faith
oil the STATE and with decision and energy calculated 10 en-
sure BY the act Of December session. s46 chapter
1885, the Treasurer directed payment Of the cur
rent interest the public debt the first day Of January
eighteen hundred and forty eight BY the same law the Com,
missioner Of Loans authorized any time after the first
day Of October eighteen hundred and forty seven upon the
delivery TO him Of the coupons and certificates Of interests due
and unpaid upon the pubic debt issue the holder or
holders thereof the bond bonds of the State for the amount
of such coupons certificates redeemabe the pleasure Of
the STATE bearing interest the of per centum Der
from the first day OF October eighteen hundred and
fory-seven, and payable annually at the Loan Office in
Maryland.
The effect Of this latter provision Of law was to convert into
principal the entire amount Of the interest the main debt
Of the State which remained unpaid and thereby add to the
burdens Of the people additional annual charge for interest
at the rate Of SIX per cenum per annum upon not FAR
short Of million of dollars. The first day Of the present
month the period at which, under the operation of the
law, payment ohe interest upon the funded debt was o
On tie day quarters interest on the main
debt payable at the Loan Office and also the in
teres payable in London the first dsv Of January nett
were likewise falling due. That day, Of course formed
crisis in the financial affairs Of Maryland and presented fair
test Of The ability Of the Treasury discharge 10 full all the
engagements Of The stats,