The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-01-17

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The Treasurer's estimates Of the receipts for tn,
current year form an aggregate Of Sl.255,O22 y
The probable further demands on the treasury fo
the current year are estimated at S9l3,575 80.
The Treasurer goes on 10 say
"The foregoing report shows the financial con
dition OF the state 90 be sound and healthy.
"For though the receipts Of the year do not quite
equal the estimates In the Trcasurer's ast annual
report the deficiency will be seen 10 have proceed
ed from falling of in these from direct taxes
aud will be more than supplied by increased re-
cepts from those taxes in the next and succeeding
years.
From nearly all the other sources Of revenue
which have been provided TO aid in paying the in
terest on the public debt, (and which in their ma
ture are more liable 20 auctuation,) the receipts
have exceeded his estimates, and, what is sat.
isiactory, have annually increased.
The Baltimore and susquehAnnh Railroad and
the SosquehAnna and Tide Water Canal Comps
mics have also this year paid the current interest
their debts 20 the State, and give assurance that
they will continue 20 DO 80.
'ln February last, In accordance with the provi-
sions OF chapter l96, Of lsf7, the Treasurer took
from the Baltimore and Susquehanna Railroad
Company three bOnds, each for 3i5326 %, toge-
thor making the sum Of 6 OBS $50 10, that beng
the amount due the State for interest TO the let
January, 1861
"Thess bonds are not subject TO interest till III
teen years after date, but If not then paid will.
with the other bonds Of the company 10 the State,
become preferred debt
The pid increase in the revenues Of this com
pany lustihes tho inference that in no long time
after these bonds become due they will be PAID;
but II tins expectation be disappointed, there can
be no doubt q the ability Of the company, after
that period, punctualy 10 pay the interest their
whole debt, which, in that event, will amount t.
the Of S3,l6s,l26 o., relieving the State from
the charge Of interest on that amount Of the public
debt
'In January last he was advised by the President
u the Baltimore and Ohio Railroad Company that
they had disposed u IN whole amount Of the five
per cent sterling bonds Of the State then remain
ing in their hands 10 Messrs. Brown, Brothers &
Co, At the limit Of ninety one per cent. In thi'
country; and that had been stipulated in the con
tract that $4,000 Of them should be reserved foi
tho sinking fund the Treasurer should be disposec
q take them NJ that limit.
Regarding this 30 BE very advantageous offci
for the fund, but aware that It, ordinary revenu'
was inadequate 10 meet 80 large demand, IL be
came necessary 10 ASCERTAIN whether a sufhcien
amount might not probably be derived from tbs
surplusses IN The treasury winch after certain con
Nngcncics we're, by chap. OBS, Of 1916, devoted q,
the nee d the sinking fund.
"A careful examination having satisfied hin
that after the let 81 July these surpusscs wOUl,
onurs 10 toe iuud, AID enable him by the let d
October 20 meet the required payment, be reptile,
that be would be pleased 90 accept the offer II th
company would consent 10 receive the payment By
in,ialmeuts the hrst on the let Il July the other
on the Let Of October. To this propOsa the com
pany unhesitaiingy asscnted, and the contfac
was made.
the outstandiBg balance Of funded arrears Of .u
terest on the public debt, and aso the intoret
thereon; thus rodeeining the pliRhtcd faith Of tn
State and removing an incubus which had lonf
weighed heavily on the treasury.
"a retrospect Of the financial struggle Of IN
last ten years at such time 30 be peculiar
ly appropriate. aud the more acceptable because
will afford gratifying evidence Of the great re
s1urccs the State can IN an emergency command
" At one period Of this severe ordeal many Of GU
most respectable citizens, seeing the enormOu
debt rapidly increasing, despite the cOrts Of
raj successive Legislatures, believed the State /
be certainly and rapidly approaching a most die
astrOus bankruptcy. Others, happily moro can
guue, relying on tho stern integrity Of their Eel
low citizens, while they admitted appearances {
he very disooursging, ,tll felt confident the
eventualy would, by the discharge Of oil their LA
Huea, rescue the fair fame Of their mother State
and tie result has Dost tiumphantly justified 10,
confidence
In ls4l she fret failed punctually TO pay N
interest on the public debt from that time 90 u
1T Of December, l544 the arrear bad accumulate
Go TIE iCatful amount Of g 435,l5i 81 in Is
this accumulation was at length arrested, and q
: &c Jet of October, 1917, the day on which IL vi