Port Tobacco times, and Charles County advertiser., 1857-06-11

It also pays to the State for one
fifth of its passenger receipts
on the Washington branch road,
about $4,000, annually, which,
after being subjected to certain
deductions, and the balance capi-
talized, will pay per cent. in
terest on over l.O0O,OOO OO
The Northern Central Railroad
Company pay 6 per cent. in
The Susquehanna and Tidewater
Canal pays 5per cent. interest on 100000 90
The Susquehanna and Tidewater
Canal pays interest on the sum of
unfunded arrears due by the COM
pany 6l,S|O w
State Tobacco Inspections pays on l63,6S9 81
The Frederick and the York turn
pike companies pay dividend on $4,000 90
Total debt for which interest is
provided from other sources than
taxation ss,ls6,l5s 81
Amount of debt for which the State
must provide interest by taxa
ton, s,s7s,5ss "a
From which deduct the amount of
| the sinking fund, which repre-
! sents extinguished debt, (al-
though bearing interest,) 676,O65 S5
Leaving as the amount of the State
debt unprovided for on the 30th
of September, 1856, s3,2s7,4e7 80
To which may properly be added
the cost of exchange, &C., for the
redemption solely by the State of
the principal of the present amt
of per cent. sterling bonds in
London at IL per cent, after de-
ducting the bonds loaned to the
Bait. and Ohio Railroad Co. 100000 90
Actual State debt, S3,777,467 80
not provided for by sources Independent of direct
taxation and the future accumulatons Of the sink
ing fund.-
The constitution provides that the pro-
ceeds of internal improvement companies
and of all State taxes levied to pay the pub
lie debt or its interest, shall be applied to
the payment of said debt and interest, and
to no other purpose, until the sinking fund
shall equal the amount of the outstanding
debt. But as Soon as the amount of the
Isinking fund upon which the State pays in
terest, equals the sum of 81 ,453 ,533 "a,
the direct taxation, for all practical purpo-
ses, may cease. This will take place by its
own operation long before the bonds become
due, as may readily be calculated. In ad
dition to which, the surplus revenue is be-
ing added to the sinking fund, which for
several years past has not amounted to less
than $3.50, 900 annually.
The assessed value of real and personal
property in the State for the year 1856 was
$251 1926, 1861, upon which the direct tax
is 10 cents on the $100.
To complete the statement, it is necessary
to add that the State is possessed Of produc-
tive capital, besides the sources of interest
previously mentioned, consisting of bank
stocks, to the amount of $468, ,406 &C pay
ing large dividends. It has also arrears of
revenue in the hands of collecting officers,
&C., amounting to $535, 1913 81, making
over 81 100000. It has also unproduct =
capital, consisting Of canal stocks and bonds,
arrears of interest, &c., amounting to over
fourteen millions. of dollars, the most of
which, it is apprehended, will continue to
! be valueless.
It is evident, therefore, that the financial
condition of the State is much more favor
able than is frequently represented, notwith-
standing the strictly practical view of the
operation of the funded debt of the State
therein presented.