The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1871-02-11
The Defence Loan.

Inc Ue1ence Loan.
In the Comptroller's Report of the State
of Maryland, for the year 1870 the ''Defence
Loan occupies conspicuous place. The
law creating this "Loan" was passed
March 1868 by Legislature that had not
one Republican member in it. That law
authorized the issue of 100000 redeem
able in not less than ten or more than fif-
teen years, with an annual tax Of 5 cents
on the 500 to pay interest on the loan.-
This loan was professedly to pay bounties
enacted by the party opposed to every
thing like bourties. The year previous to
the passage Of this Democratic "Defence
Loan after the war was over, and
defence no longer necessary-the Republ-
can Comptroller of the Treasury officially
stated that $3.50, 900 would be sufficient to
discharge the liabilities of the State on
account of bounties, and the "Defcnce
Loan" which had been created for war
times had been repealed. But the Legisla-
ture of that year was full of substitute
agents and bounty brokers, and door was
opened into the public Treasury for these
fellows under the pretence of paying sol
diers' bounties. The slave owners whose
chattlcs had joined the Union armies, much
against the wishes of their masters, sought
their chance, now that their party had
gained power, to get pay out of the public
for the alleged losses, and this new bounty
bill was concocted to serve their purpose.
The law creating the loan authorized the
Treasurer of the State to invest $1,000,000
of the State Sinking Fund in the loan,
which in plain English, was taking that
sum from the Sinking Fund, which was
created for the purpose of paying off the
public debt as it fell due, and giving it to
those slave owners, substitute agents and
bounty broker, while new and special
tax was levied on the people of ) cents to
pay this robbery in the course of ten OF
fifteen years hence.
In the Comptroller's Report for the year
1870 we find that the receipts from the sale
of those Defence Loan bonds amounted to
1924, 1851. At what discount these bonds
were sold we are not informed, but none
will doubt that it was other than enormous
We have heard it stated that they have
been sold as low as So cents on the dollar.
The people, however, will have to redeem
them for their par value and pay punctu-
ally the interest for their face, while the
holders of the bonds are exempt from State
and county tax on them by the law Great
ing the loan.
In addition to the above sum there was
received from the Collectors of State taxes
$195, 977.44 and from tax on Incorporated
Institutions, State and other stocks, etc.,
the further sum of 1874, 366; which sums
were placed to the ere dit of this Loan. 1t
will be remembered that the law creating
this g Defence Loan" also created a special
tax of ) cents on every 500 of taxable pro-
perty of the State, and the item of $195, 977-
A above cited is a portion of that tax
The amount shown to have been disbursed
for objects specifically named in the law
is 1888, 412.53 leaving balance in the
Treasury of this fund, of 1921, 46s 06 which,
as clause of the law enacts, may be applied
to other purposes"
This one item under the disguise of
Defence Loan" will serve to give slight
insight to the systematic plundering that
is being carried on by the party in power
in the State. A tax of cents on the 800
is annually heaped on the debt-burthened
people of Maryland, for no other purpose
than tn fill tho nnpeafc IF nj e1a
owners, substitute agents, who were trebly
paid by the parties for whom they origi-
nally acted-and bounty brokers. The
state Government in Republican hands
again and this "Defence Loan swindle
would be swept from the statute books
without one hours delay. But while the
people are disposed to suffer with the pres
ent party in power, they may expect no
mercy from the nightmare of Democratic
taxation.
The Republican party carried the State
through four years of war betrayed the ordi-
nary expenses of government, raised boun-
ties for actual soldiers, and did not increase
the debt of the State, to our knowledge,
single dollar, and when that party retired
from power left 1868, 900 in the Treasury.
The last year the Republican party ruled the
State their disbursements were $4,000, 600!
In 1868 the second year of Democratic gov
eminent, and when that party had fairly
got under way, the appropriations amounted
to S., G19, 900 in round numbers.
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