Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1860-01-12

Governors Message.
Gentlemen ofHe Senate

Governors Message.
Gentlemen ofhe Senate
aad Of the House Of Delegates
I cordially welcome you to the discharge O
the hi gh and important du ties which devolvc up
on the General Assembly, after the long interva
which tho Constitution has placed between il
session.. The fast increasing population of GU
State, the rapid extension aud variety of her in
terests, the development of her resources, an
the protection and encouragement to enterprises
! needed for progress in her commerce and manu
! features, in her mining and agricultural inter
csts, seem to require tho more frequent assistance
Of the Legislature, whose attention is, from tn
peculiarities Of our system and position, con
stantly taxed by the needs of local Legislation
and private laws, to the postponement, and even
exclusion Of great public measures, affecting tn.
interests Of the whole State.
! Since the adjournment Of the lat General As
sembly, the question Of calling n Convention t
amend or alteT the Constitution Of the Stale was
in pursuance Of the law passed to that effect, sub
mitted to the people, who, On the 10th day O.
May, 1853, by majority of 8 ,S2i votes, decided
! against the propriety OF that measure.
| The votes in favor Of calling such Convention
were 1882, against it % ,276, in the aggregate
making 3g,62s ballots. and showing, from the
whole number, that there were many citizens
who did not think it worth while to express MI
opinion upon so important n question.
This resolution ha9, therefore, made more
than ever important the short peiiod prescribed
by our fun damental law, at long intervals, for
the grave duties of tho las making power The
experience of the past renders economy in the
use Of that short term indispensable and all di =
patch that is consistent wi h proper delberation
in passing laws, is made more than ever imper-
ativo by the acknowledged ncccssiticsof the pub
lie scryice
To you, gentlemen, recently elected by the
people, fresh from among them, aware of their
needs, and representing their wishes the partic-
ular wants of your respective constituencies are
doubtless sufficiently well known. But there
other requirements Of the State, and remedies
needed, to which it is my duty to call your at
tention, in pursuance Of the obligation imposed
on mo by the Constitution, to "iniorm you Of the
condition of the State, and recommend to your
consideration such measures us may Judge me-
cessary and expedient."
Foremost in importance, because of its rela-
ton to the public faith, is the condition Of the
State finances and it is satisfactory to be able
to declare that the State is, in this respect in a
position that ubundnntly testiiies to the wisdom
of the legislation which has secured such result,
and the faithfuness of the officers who control
her Treasury.
The report Of the Comptroller, addressed to
me during the recess exhibited the condition of
the State on the goth Of September, 1888; by |
which il appeared that the whole Funded Debt
of the State, as of that day, was nearly fifteen
millions Of dollars, (Sli 1862, 5l0.56,) against
which is to be reckOned the four millions of the
Sinking Fund, sh owing the amount on which the
State new pays interest to be about eleven mil
lions of dollars.
Thisamount, under the operation of the Sink
ing Fund, is constantly diminishing, and every
citizen may refer with pride, a well as satsfac.
ton, to the certainty thus shown, Of the ability
Of the State, not only to regularly meet her ae-
cruing obligations of interest, and her response
bilities to the public creditor, but of rendering
her securities yearly more valuable, by the grad
ual absorption ofthem, and their final extinguish-
ment, if we will only persist in the prudent fl
nancial policy which has led to these results.
The Sinking Fund was still further increased
during tho year ending on the goth Of Septem-
Der, 1859, 20 the aggregate Of more than four
and half millions, 81 ,5S2, 81 5,e2 y and com.
parison Of these with the previous figures, show
ing an increase of s35g,7Ol.45, demonstrates
that few years continuance will entirely dis
charge the indebtedness of the State. That in
debtedness for years, hung like heavy burden
on the people, whose representatives were in
duced to lay so heauy charge upon them, in
the hope Of developing the resources Of those
regions through which the great works Of pub
lie improvements were to pass. as well as in the
intention Of making investments which should
he profitable to the STATE, or at least return to
her Treasury the sums drawn thence for IN terest
to h,r bondholders. In this hope, so far us the
great Railway which unitcs her chief seaport to
the West, lie concerned the confidence o! her leg
isators was and is completely justified and her
investments in Bank stock have been profitable,
while the arrangements which settled the in
4 bit edness of some othei works of Internal I'm
have, thus Ear, prevented their since
q burden upon the Treasury. But
nearly fifteen millions in amount of the capital
and credits belonging to the State, equal to her
whole indebtedness. consists in unproductive and
inactive capital, from which there seems to be
no hope of realizing anything under the present
state of affairs. OF this amount, Of fifteen mil
lions of dead capital, for which tho State gets no
return, more than fourteen millions represent
the indebtedness Of the Chesapeake and Ohio
Canal Company for stock subscriptions 80, OOO,-
000) and for arrears ofintercst (E,4y7, Si4.29,}
paid by the State thereon, to which is to he adj
ded two millions of dollars in bonds. Nor does
there seem, from the report Of the President and
Directors, any prospect Of reimbursement. On
tho contrary, there appears, from the experience
of the past, n certainty that the arrears must go
on to accumulate, and the original subscription
Of the five millions continue to remain worthless
to the State. Under such circumstances, if !
thong ht the Constitution permitted II transfer,
shout not hesitate to recommend sale Of that
work, or Of the States interest therein, since
such a course has been adopted with the most
satisfactory results in other States. Their cxpe-
rience of such things has been, like cur own,
that after those great and important works OF
public improv ement for the development of State
resources have boon secured, by public aid, the
most profitable results and econ omical manage.
ment of them are surest when it is governed by
those considerations only which cOntrolal 9TH
err investments for profit and return.
The provision of our Constitution that so soon
as the public debt shall be paid of, it shall be
the duty of the Legislature to cause to be trans
ferred to the several counties and the city Of
Baltimore, stock in the internal improvement
companies, equal to the amount respectively paid
by each, toward the erection and completion of
said works; and the inhibition upon any furth-
er State Inscriptions 10 any other internal iiu
provement companies, while it, in my opinion,
forbids, meantime, the sale or transfer of any
stock then land now) held by the State, in an y
of the then internal improvement companies,
would not, go far MS l can learn, prevent the
General Assembly from making the Canal more
available to the Treasury, by lease for term
Of years or, by some other arrangement with
some responsible parties, under proper legal safe
guards, by which that great work might be rem.
dsred at least not useless or Improbable.
We have had lessons sufficient to teach us the
folly of embarking in enterprises which hold out
n inducement Of return, even if We are not re-
strained by the Constitutional inhibition that
"the credit of the State shall not be given or
loaned, in any manner, to or in aid of any indi-
vidual, association or corporation, nor shall the
General Assembly have the power, in any mode,
to involve the State in the construction of works
of internal improvement, or in any enterprise
which shall involve the faith or credit of the
State; or make any appropriations therefor"
The States active and productive capital and
credits amount to more than eight millions of
dollars. 0fthis sum nearly four hundred ard
seventy thousand dollars, ($j6s ,4O6.66) consists
of stocks of various banks, upon which the an
nual dividends have amounted to nearly thirty
eight thousand dollars, or eight per centum an
nunl return. Three millions of dollars are in the
shape If preferred stock in the Baltimore and
| Ohio Rail Road Company, upon which six pei
cent. interest is assured, meeting the yearly in
debtedness Of the State therefor five hundred
| and fifty thousand dollars in stock ot the Wash
ington Branch of that Road pays from nine 10
ten per centam while the six hundred and eish.