Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-01-12
THE GOVERNORS iESSiGE,


transpired in the progress of human government
Th'ch has created more hopeful feeling throughou
Lhe clvllzed world, or more well grounded conf
dence IN the success of Republican Institutions am
the right OF the people and hereafter to contro
Iner own destiny, than the overwhelming triumph O
Tree principles, IN the conflict which has so recent
terminated IN the restoration of peace within ou
borders, by the return of the disloyal States to
with Its record of blood and human SUFFERING vii
not be without its lesson t. those who may question
az any time hereafter the power and determination
OF the Government, to defend itself against design
ing men, or combinations from whatever quarter t
throw themselves in the way of its success. III
Union OF these States must be maintained. Civiliza
ton and progress, and the claims of human free
DOM alike demand, that while we take no step back
ward IN the great march upon which we have en-
tered the principles Of Republican Government vii
he steadily persevered in, and all adverse influence
however lnterposed, whether at home or abroad vii
ba promptly resisted, by whatever power this gov
ernment may be able to exert
REASON FOR THE CALL OF AN EXTRA SESSION.
Inc fnances OF the State under the extraordinar,
demands growing out OF the rebellion. and the failur
to MAKE our credit available under the provisions
dhe late Bounty Act upon terms satisfactory to th
treasurer impose upon me the duty of calling yol
togethef IN ADVANCE OF the time appointed for tn
regular meeting of the General Assembly. In provi
ding Tor tins necessity, shall avail myself of the oc
c;tSlon thus offered to bring to your notice otbe
and perhaps not less important measures of domest
policy when | feel justified in submitting for you
action at this time.
bP the Constitution renders it proper that in any
recHmmen atoms may feel it my duty to submit
l should conhne myself to such only as | deem o
pressing ana urgent necessity. order that no time
may be consumed in the discussion and consideration
OF other measures, which, however desirable may
without detrment be postponed to the regular meet
ing OF the Legislature in January next.
THE FINANCES.
In dealing with the finances, cannot impress upon
you too great caution In giving your sanction to ap-
propriations entaing additional burthens upon the
people, This would be the dictate Of prudence in
any condition of the Treasury. At the same time
should feel that had not discharged my duty if /
dd not urge as due to the position and credit of the
State OF Maryland the adoption of policy justified
by your undoubted ability and resources, and com
mensurate with whatever may be required not only
IN maintaining your reputation for public spirit in
thc past, put In pressing forward such reforms and
improvements as may be demanded by the change in
your organic law, and the example of your sister
States: appropriations judiciousy made do not ne
cesSarlly involve onerous taxation, and experience
abundanty shows, that true economy is sometimes to
be found, IN timely and liberal use of the public
money. In tracing the origin and progress Of our
present State, debt We find it re!erable, in great
measure TO the necessities of our geographical pos-
ton. Maryland more perhaps than any other State
required the free use Of capital. The value of the
tacltles which she offered depended upon develop
ment, as much so as the products of her mines de-
pended upon the labor necessary to make them avail
ape. s. mere were statesmen OF enlarged views In
those days. who appreciated the difficulties Of our
position: and oresaw in the liberal use of the public
credit the great results, which have since confirmed
the wisdom of their action.
1t is fact worthy of note in this connection that
the act OF une 4th 1855, appropriating eight millions
OF dollars to works of internal Improvements which
amount of capital from abroad gave the first vigor-
Gus and decisive impetus to the growth and prosper
ity OF tho state of Maryland But for the encourage
melt thus held out in aid of individual enterprise
is fair to presume, that we should have maintained
at best, but sicky existence in the face of embar
rassments and rivalries, which everywhere threat
ened to retard progress. In 1877 before the Bal
timore and Ohio Railroad Company entered upon
their work of extension, from Cumberland to the
ONO river, the city of Baltimore had reached the
last stage Of commercial depression: Nothing short
of bold and determined policy and the most iibe-
raj use of the public credit. could have saved our
he of bob COLLAPSE
populatlon-was not in other leading characters
tics, which have marked her subsequent develop
nent- her position was central-her climate unsur-
pasSed-her harbor opening to the great West and
the valley of the Mississippi the most accessible ont
let to the ocean-her minerals varied and neyhaus-
uole-her water power abundant. and her lands
adapted to every species of profitable cultivation
distinguished writer, speaking of the national debt
OF Great Britain, at the close of the Revolutionary
war, when that government attempted to saddle rs
with share OF her burthen, under belief that its
weight was too heavy to be borne, without the aid
OF her COLONIES takes occasion to remark in cOnnec-
ton with the panic which everywhere seized the pub
Ii" mind, that. while shallow politicians were re-
6 tat t the gaerEes T Of the people were borne
ney was performed by steam on q railway Soon
the Island was intersec ed by railways A sum ex-
ceedlng the whole amount of the national debt at
the end OF the American war, was in a few wears
voluntarily expended by this ruined people, in VIA
ducts, tunnels, embankmens, bridges stations, en-
becoming lighter Yet still the exchequer was full
1t may now be affirmed. without fear of contradic-
tion that we md It as easy to pay the interest oA
eight hundred millions as ancestors found it
century ago, to pay the interest on eighty millions
In this picture from high British authority we have
Just illustration of the origin and effect of the hold
and liberal policy which has marked our past legis-
latlon. The enormous sum of thirty million of dol
lars has been contributed by the State in the loan of
hercredlt and otherwise, to her great works of i'm
prOvement, and this is increased by n still Iarrer
amount OF Individual capital, encouraged and slim
ulated by just estimates of her domestic power and
resources Nor are we the less prosperous because of
the failure of some OF these approximations 10 make
direct returns to the Treasury In the financial crisis
of lS3I-3S there were those among the most nromi-
nent and leading of our statesmen who despaired of
her recovery from tue universal nankruptcv. which
swept over the country. At the close of the fscni
ear o loo9 het SINKING fund had increased 10 such
an eXten as TO justify large reduction of the toyes
ana her treasury contained more than n milIiNn of
surplus over and above her legitimate wants It may
be gratifying 10 the people of the State fo know tb
the whole increase of the permanent debt refaroI
TO the expenditures Of the war; owing to the HEALTHY
e3nditon G on IN which the Treasury was found, and
inc alds furflshed by taxation does not exceed mn
to this time S5G 600 and our claim upon he GencraY
mt should the war debt Of the States be
be reported during its present session will anannt 70
S5,GOO00O and upwards "-' ~
In referring to this subject at the present tino If
Is not my purpose to venture to any great evtent
suggestions and recommendations in advance Of thGe
onclal reports of the Comptroller and Treasurer
h Tn ngHs more appropriately to the business Of
have been connected with the Executive office and
the undeyeoped results of measures inauguratcd by
thorough and detailed examination into tbc several
subject OF the finances, before should feel Justified
IN asking your cooperation in plans which would be
subject to notifications and changes by events vet
to transpi ire How the annual receipts Of the Treas
ury may be affected hereafter by the change in onr
system OF LABOR, and the REORGANIZATION now going
forward Will be fully ascertained and reported before
the next stated meeting of the General Assembly
-, EXEMPTION OF BONDS FROM TAXATION.
Inc act OF February 9Th, 1854 chapter 15 passed at
your last session. appropratng four millions os dol
lara to be used in b0unties to the MARYLAND tronne
enStlng under the last call of President Lincoln has
tailed to answer the object Of the Legislature The
treasurer after advertising for portion of this loan
deemed 1t advisable from the inadequacy of the bids
to suspend further action until the Legislature coud
be convened and the subject brought again to their
1t could hardly have been expected
that, in competition with Government and other Sc
curlues Offering the strongest temptation as sound
ness at much more favorable rates of interest, tho
bonds of the State of Maryland could be thrown upon
the market unless at great disadvantage The boun-
les pad by the Comptroller up to the present time
the Bounty act, be so amended as to exempt these
bonds from both State county and municipol faxo-
ton, oeore another attempt is made to offer them in
ane marker, 1t has always seemed to of doubtful
expediency, in the legislation of a State to permit
any interference, so far as the power of the State
extends with the established rate of interest agreed
upon with the public creditor The State bonds
heretofore authorized, purporting to yield on their
lace an annual interest of cent will be found
greatly hp-
low that standard; and as a consequence any reduc-
ton IN the marketable value of the State securities
from TINS liability to taxation, must operate in any
future negotiation, as direct drawback upon the
treasury: The exemption of these bonds will be at
tended with large saving to the State. Coupled
with the modlhcatlon above suggested, would fur
ther recommend the sale of the stock held by the
State IN herncorporated banking institutions which
so Tar as at present represented by the Public School
or Sinking Fund, could be changed to the Bounty
bonds proposed to be negotiated, reducing to that
extent the amount necessary to be thrown upon the
market.
The desire to meet the Indebtedness growing ont of
the Bounty act by the user of the proposed issue
and the substitution of accrung revenue oueht NOT
to be suffered to limit the ability of the Treasury TO
contribute to objects of current interest by trammel-
ing the only available means at the disposal of the
Legislature. The floating obligations incurred by
the Treasurer should be provided for by sale of the
bonds authorized under the Bounty act to the ex-
tent that may be required, at such convenient time
a1ter their exemption from taxation may be deem
ed most advantageous. L have every reason to be-
heve that the arrangement indicated by me, will
enable the Treasurer to retire the obligations incur
red In the payment of bounties on terms that will
not interfere with the present high credit of the State
without an effort IN this direction to provide at
maturity tor temporary loans to large amount ad-
yanced by the banks of the city of Baltimore and
elsewhere, with the assurance that the State would
be forthcoming with the necessary means without a
further extension Of time, it would be difficult to re-
tre obligations maturing in the next sixty days,
without an unnecessary sacrifice of the State credit
AS TINS is measure Of pressing necessity I would
ask the acton OF the Legislature with little delay
as practicable.
RE-AssEssMEST OF PROPERTY
II would be impossible, under the Assessment Act
OF May 29 1852, providing for the general valuation
property IN this State to form any just estimate of
the a9lty OF the Treasury to meet probable or ex-
traordlnary demands, likely to arise in the progress
OF our affairs. to adopt any fixed standard 0f ey
lor Hill.