Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1850-01-12
MARYLAND AND HER FINANCES.


were organized on Tuesday. WILLIAM LINGAN
GATHER, of Montgomery county, was elected
President of the Senate, and JOHN r. FRANKLIN,
OF Worcester county, Speaker of the House of
Delegates.
On the same day the Message of Governor
PHILIP F. THOMAS was laid before the Legislature.
From this document we learn Ito use the language
of the Baltimore American) that " the condition of
the State Treasury is highly fourishing. Under
the fiscal policy SO wisely adopted and SO firmly
adhered to throughout the pecunary troubles of the
Commonwealth, the good State of Maryland now
stands upon the elevated ground worthy of her
honor, her credit, and her resources
The Governor estimates, upon reasonable data
OF calculation that with the annual appropriation
OF $4,000, which the income of the Treasury
will admit of, the whole public debt of the State
may be extinguished within thirteen years from the
first of December, 1851. This gratifying an
nouncement contemplates, of course the continued
operation OF the Sinking Fund. We extract so
much OF the Message as relates to this subject:
OF mild genial, and salubrious climate soil fertile,
productive and OF easy cuvaion-a mountainous region
remarkable for exhausess deposes Of on COAL and other
mneralss valleys and owlands ntersected by navigabe
creeks rivers and estuares, upon MARYLAND indeed
be said that the avoTs of Nature have been avished with
bounu hand Auxiliary these natural advantages works
OF art OF unsurpassed magnence have been undertaken and
in progress OF completion, designed not only eecuay
develop her internal resources but by inviting her
borders the trade and travel Of other sections Of the Union
pour into the lap Of her commercial metropolis thence be
dused every portion of the State the enterprise poPua-
ton and nesmabe wealth which must follow in their trsn.
II, in the accomplishment Of such undertakings, a
pendous debt has been fastened upon the public treasury
the finances OF the State have proved, any time made
quate TO discharge her pecunary obligations and the blight
ing OF insolvency has dshonored her name remedy
has been speedily found in the characteristic integrity and
recuperave energy of her citizens. 1t is my privilege to
communicate to you the gratifying fact that within the last
two years. under the operation of system of wisely
dgested and faithfully administered every engagement of the
State has been discharged with the promptude
and scrupuous punctuay and that there remains no
sonabe ground to doubt the ability of the Treasury, only
meet for the future the annually accrung
falls DUE butt in comparatively short time, through the
agency of the sinking fund.- to absorb the entire principal of
the public debt.
The annual report of the Treasurer for the fiscal year end
ed the first of December, 1913, made the Executive
during the of the Legislature required by law, is
herewith Transmitted. From this document it will appear
that the receipts into the Treasury for that year amounted to
0Oo 572 90, which, added the Of S32s 499 49,
the balance remaining at the close of the former year, made
the total reyenueA for the year then ended 81,
The disbursements for the time amounted to ,0l3,
l2643 leaving balance the first of December, s4s of
S3l5, 49, besides the of $685. 6s2 II due and out
standing in the hands II tax collectors, for that and former
years. The sinking fund at the same period, amounted
S7s6 5l2 a. The Treasurers annual report for the fiscal
year ended the hts of December $40, will be found
present most satisfactory exhibit OF the finances OF the
state. During the year then ccsed there was received
439 80, which, with the balance Of the former year,
S3l5, 945 49, made the aggregate Of the year
1851, 3S5. II. The disbursements for the period
for ordinary expenses Sl70 s7S3 for interest on the
public debt 95, and for the redemption of the fund
ed interest $780, 49, amounting in the whole to 81
400 l6, and leaving balance in the Treasury the first of
December ls49 of S4S4, 1926, while there also
due from collectors in the several counties S55l 60
The in the receipts Of the last the preceding
S3l4 ss75l in the disbursements 1865 49, and in
the balance at the end of the year $685. 947 3D. OF the
total received during the fiscal year just ended,
27 accrued for that year, and S2ls, SO
for of other years The sinking fund, the first OF
December, s49 amounted to 537 81, being ad
don to its capital within twelve months Of Sl06,
On the thireh of September last the entire debt of the
State amounted to SIC, l64,Sl3.44, in bonds of which
ST. l4S $780, five per cent interest," made redeemabe
the pleasure of the State, any time after the year s43
900 four and half per cent after 1885, $751; SAT 80
five per cent after 1851 $4,000 six per cent after 1851
$4,000 five per cent. after 1855 S50o,00o five cent
after 1859 S3 OO0 900 per cent after 1871 S35 00C
per after 1885, SO, ls7, 507 s5 five per ste
ing portion of which has been converted into currency,
after 1890 $780, 900 three per cent after $780, S543, 1884,.
80 six per after 1890, and 81 81 six per cent
pleasure In the above stated amount is nclHded the
erng bends of the State held by the Baltimore and Ohio
Railroad Company and also the loan account of the
State tobacco warehouses; both of which should be deducted
from the principal of the public debt, each is otherwise
provided for.
By the of December session, 1916, chapter 23s,
known the resumption law, the Treasurer directed to
payment of the interest the pabc debt the first
of January, 1913 and the Commissioner Of Loans
qued after the first Of October ls47, upon the delivery to
him of the coupons and certificates Of interest due and unpaid
issue the bonds of the State for the of the coupons
and certificates surrendered redeemabe at the pleasure
the State and bearing interest at the rate of per cenum
per The law further provided that, after the pay
of the ordinary expenses Of the State the interest upon
the main debt and upon the funded arrears any surplus then
remaining in the Treasury should be applied first to the
payment of the unfunded coupons and certificates to
the purchase redemption of the funded interest," and lastly
to the increase of the sinking fund and the extngushment
of the main debt Under the provisions of this act esump
ton took place at the time designated and the treasury was
enabled without inconvenience meet the first OF the
succeeding month of October the whole OF the States engage
ments including the interest upon 1929 65 the amount
of coupons and certificates funded to that date the
first of last October the funded interest had increased to
$685. 739 AS leaving is supposed but small amount, if
any, of coupons and certificates yet ununded Besides the
payment during the last fiscal year of the interest upon this
sum- and upon the main debt became DUE there has also
been purchased redeemed and cancelled $780, SO of
the interest bonds thereby reducing the debt that account
on the first OF December ls49, to s,62l07 Thus in
the year 1910 has the State commenced The payment of the
principal Of her debt from the general funds Of the Treasury
and it becomes Of the highest import to the people
that they should be informed the time when, under the
existing revenue SYSTEM that debt will be certainly and final
y extingushed. With this view, in order to furnish
tain and reliable calculation, will be necessary separate
from the aggregate amount Of the States liabilities all such
sums as for purposes of redemption, either not
not become chageabe upon the Of the Treasury
The following statement will exhibit the result
Public debt the 30h September, ls4s SIC, 64sl3 Al
Deduct sterling bonds heldby
the Baltimore and Ohio !,
Railroad Company. So, 200, 900 90
Tobacco loan. ......... l6l, 1874 Is
Interest bonds redeemed. 26Olls SO
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