The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-02-23
BALTIMORE.
TUESDAY, FEBRUARY %. 1858.

Amidst the mtoward and disastrous events nj
'ie last SIX months, we, in Maryland, have at least
one green spot, an oasis in the desert on which we
can look with pleasure and satisfaction and that is
on the financial condition of our State which con-
| unueS Its onward march of improvement without
interruption. When we look back at lis condition
IN the years 1912, lS43, 1874, and l845, when the
! o'ate mad suspended payment on her public debt
! "hen the s per cent. bonds of the State were
selling at so, the SIS at 49, the 3's at 40 with but
faint hopes Of improvement, from the foo oonora1
disposition OF the people at that time to consider
revival among the impossiblities when many had
ihloloed spirit OF total reputation and some of
the counties even had met the State tax gatherer with
decided refusal to comply with the demands made
on them for the public service; and when tbe trea-
Sury doors were closed on applicants for their duos
lor the accrued interest on the debt the spectace
lhen presented was truly humiliatinr one to all
VINO believed and felt that the faith honor. credit
and character Of their State depended on her snaad
recovery from such condition. MANY were tho
eXpediens employed, and great were the difficulties
encountered by those who undertook the irksome
work OF restoration Finally, however, after three
years OF mcessant struggle, they succeeded in
bringing about such measures as have produced
the present condition of our affairs And firmly II
was well for them that success did attend tbnir o
ertlons, as it has been the only reward they hava
received Tor their labors, or are ever likely to re
celve' Men who notoriously opposed every mea-
sure contriyed to accomplish the desired result.
became the recipients of favor emolumept and no.
sltion at the hands of the public and live in tbo
enjoyment of all the advantages accruing from tbe
happy results brought about by Others, while these
last have been generally consigned to neglect and
oblivion. We do not know, however, that this is
anything new in this world of morality pietv and
justice.
From the Comptroller's report before us, of the
Both September, 1857, we find that the amount Of
Stock then Issued unredeemed was on yarious ac
counts, Sl4 9l9, ,967.30. OF this amount there was
held by the sinking fund, So 997. .276. a. leavino
outstanding at that time $40, 922 $50 SO. From |
this balance must also be deducted the amount Of
80, 900, 600, issued to the Baltimore and Ohio Rail
Road Company in sterling bonds, and for which |
the State holds prior lien on its whole nro
perty, amounting TO S25, 900, 600, which leaves
as the unliquidated debt at that date 81 922 6eO sG
As the amount reported by the Treasurer on the 1t
OF December, l849, to be then due was SIS. 900 981
the difference is the amount paid off or provided
tor sinee lst December; l94H period Of seven
years and ten months being the amount of 81. 987-
29O.l4, moiety of the whole debt an achievement
to which few parallels can be found in financial
annals anywhere, and the more surprising when
we consider the small territory we possess compared
!, of, ris
vastly greater means have never made any attempt
10 relieve themselves from the odium under which
hey labor to render the slightest justice to their
lefrauded and plundered creditors
There seems something ominous in the name of
Mississippi, ever since the famous John LAWS
scheme, bearing that denomination, and her nhab-
tantS appear determined that her character in this
respect shall remain unchanged. What particular
interests have been injured among us by the i'm
posts necessarily levied to attain this object? We
answer, none. The money borrowed was in a
very great part disbursed in this community, and
he benefit shared in common, and we are but re-
turning that which we justly owe. What would
nave become Of our public works on which our
prosperity so greatly depends had we continued
our system of reputation, for such in practice it
vas ? They must have been wholly discontinued.
The capital expended on them would have been
ost private credit would have shared in the dis
rust we should have inspired; trade would have
angushed in every branch or been carried to other
'laces-our city meanwhile dwindling into fifth
II sixth rate place of commercial importance.
>ever was there surely a more correct adage exem-
'llfed in the present instance than that Honesty
$ the best policy" Gratifed we must all be, even
he repudiators of that day, we hope of the benefit
We have derived from following its dictates.
In future article we shall advert to the current
means, liabilities and expenses of the State as now
ubsisting.