Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1852-01-21
county; stamps from ditto $4,000; Susque-

may be probable further demands for the
current year amounting to $9l3575 81
according 10 the estimate, Of which $4,000
Is put down for cost Of the Legislature,
$34O,766 So to pay interes. on the public
debt at the Loan Office, and S27O,S45 09
to pay ditto in London.
The foregoing statistics show the fnan-
cial condition of the State 10 be sound and
healthy. For though The receipts of the
year do not quite equal the estimates in the
Treasurer's last Annual Report, the def
cheney will be seen TO have proceeded from
falling off in these from direct taxes, and
will be more than supplied by increased re-
ceip,s from those taxes in the next and sue
his report as follows:
From nearly all the other sources of
revenue which have been provided 10 aid in
paving the interest on the public debt, (snd
which in their nature are more liable to Auc-
tuation,) the receipts have exceeded his es-
Inmates, and, what is more satisfactory, have
annually increased.
The Baltimore and Susquehanna Railroad
and the Susquehanna and Tide Water Canal
companies, have also this year paid the cur
rent interest on their debts to the State, and
give assurance that they will continue to
do SO.
In February last, in accordance with the
provisions Of chapter 1856, of 1912, the
Treasurer took from the Baltimore and Sus-
quehanna Railroad Company three bonds,
each for $345,326 90, together making the
sum Of $l,O35,9S0 76, tina. being the a.
mount due the State for interes. 10 the Is.
January, 1851.
These bonds are no. subject to in,eres,
till fifteen years after date, bu, if no, .hen paid,
will, with the other bonds of the company
to The State, become preferred debt.
The rapid increase in the revenues Of this
company justiies the inference tina. in no long
time after these bonds become due they will
be paid; but if this expectation be dsap-
pointed, there can be no doub, of the abili-
~ of the company, after that period, pune
tually to pay the in,eres. on their whole
debt, which, in that event, will amount to
the sum of $3,l6s.126 OF, relieving the
State from the charge Of inlercs. on that a.
noun. Of The public debt.
In January last he was advised BY the
President Of the Baltimore and Ohio Rail-
road Company that they had disposed of
the whole amount Of the 5per cent sterling
bonds of The State, then remaining in their
hands, to Messrs. Brown, Brothers s. Co.,,
a. The limit of 81 per cent. in this country;
and that it had been stipulated in the con-
tract tina, $4,000 of them should be reserv-
ed for the sinking fund, if the Treasurer
should be disposed to take them a, tina, limit.
Regarding this to be "a very advan,ageo
offer for The fund, bu, aware that its ordinary
revenue was inadequate TO meet so large a
demand, it became necessary to ascertain
whether a sufficient amount might not pro-
baby be derived from the surplusses in the
Treasury, which after certain contingencies
were by chap. 23S of 1916, devoted to the
use Of The Sinking Fund.
A careful examination having satisfied
him tina, after the Is. Of July, these surplus
ses would enure TO the Fund, and enable
him by the Is, Of October to NEE, the re-
CURED payment; he replied tina, he would
be pleased to accep. the offer if The company
would consent 10 receive the payment bv
instruments, The first on the Is, Of July. the
other on the lst of October; to this propo-
sal The company unhesi,a.ingly assented,
and the contract was made.
On The lst Of July last he paid S133.7l2
81, the outstanding balance offunded arrears
Of interest on the public debl. and also the
interest thereon, thus redeeming the plight
ed faith Of the Slate, and removing an ncu-
bus which had long weighed heavily on The
Treasury.
A RETROSPECT. of The financial struggle Oft
last ten years seems al such time TO be
peculiarly appropriate; and the more accept
able because j, will afford gratifying evil
dence Of The great resources ,he State can
in an emergency command.
A. one period of this severe ordeal many
of our mos. respectable citizens seeing the
of several successive Legislatures, believed
The State to be certainly and rapidly ap-
preaching a most disastrous bankrup,cy.-
Others happily more sanguine, relying on
the stern integrity Of their fellow cilizens,
while they admitted appearances to be very
discouraging, still fel, confident, they even
tually would, by The discharge of all their
Liabilities, rescue the fair fame of their NJ O.
lher Stale, and the result has most triumph
an,ly justified that confidence.
10 lS41 she frs, failed punc'ually to pay
the interest on the public debt, from ,ha.
time TO the 1st Of December, 1914, the ar
rear had accumulated TO The fearful amount
Of S l,435,154 81; in 1916 this accumula-
ton was al length arrested, and on the l.,
Of October, lS47, the day on which il wos
directed to be funded, i. had been reduced
to abou, 100000.
On the first Of January, 1913, not with
out apprehension of failure in The minds OF
many, the State resumed The payment Of the
current interest on her main debt, since
which time it has been regularly paid. In
the same interval there has been paid on &C
count of arrears of interest, and Of interes,
on said arrears, $1,O34,Sl7 OF, and 1884,
95l 26 Of the debt of the State has been
purchased for the use Of the Sinking Fund