The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-01-20

the stock Of the Baltimore and Ohio Railroad
I Company 10 the amount Of 81 Csc, 1894.
/ Upon The assumption that iudiciuus lcgisla-
ton will result in realizing from the mass Of
| Indebtedness TO the State, above mentioned,
| the gain OF al least Que and half millions Of
dollars, the real amount of debt for which the
| State may be said to have no reliable offset
would be s.. 9S3, 46f.7s. The amount necessa-
l ry TO meet the iaterest on this sum, and grad
ually to diminish the principal, can be raised
4 without embarrassing the people OF the State,
/ or any particular branch OF industry, provided
| the taxation can be borne BY all the property,
wealth and cal ital Of the State, In proportion
| 10 its true value and productiyeness. II the
| Legislature shall succeed in accomplishing
| this purpose by Wise enactmeuis, the. bardcns
/ which this amount of debt will entail on the
/ aggregate of wealth in the State will scarcely
/ BE- sensible 10 the people. The fact that SO
large portion OF the productive wealth aud
/ capital OF the State has hitherto escaped its
due share Of the burdens o. taxation is a sub
| jeet 10 which your attention Is especially iuvt-
ted. Nothing in my Judgment can have
more paralyaing effect upon the value ofprop-
srtv, aud especially real estate, than the set
4 tied conviction that all the burdens Of taxation
must be borne BY il. while capital invested in
more profitable enterprises Is allowed TO es-
| cape taxation altogether
STATE LEvr-scHooL rAx-nouSriEs.
The State levy for all purposes for the year
! 1871 was $500, 2sS. "a. The receipts for school
1 purposes were sil0,065. "a. The amount dis
/ bursed for bounties under the several acts Of
| the Legislature was l,l50. White discuss
/ ing the bouniies the Comptroller indulges In a
| paragraph that is not entirely fnaaeidl in lie
tone. He says;
i" The claims paid during the ascsl year And
since its close comprise nearly all that are ca
| pabie Of proof, and | congratulate the Legs-
/ lature that this item ut expenditure, sugges.
tive OF so many unpleasant "reminiscences, is
soon to cease to appear in the accounts OF the
| Department."
PENSIONS.
The amount expended during the year in
| the payment Of pensions was sol lS0--A de.
crease from the payment far lsiO Of 81, $50
| REcgiPrs rgoa sPscrFIc SOURCES.
The receipts from Clerks Of Courts amount
I ed to S4s4, SCI so, an increase over those Of
last year Of S2,7s6.02i the receipts of Regis
ters OF Wills amount to SO, 46s, which is less
| than the sum received from the same source
last year by S26 l06,s0. There is falling oif
/ in the tax on collateral inheritance, and COM
missions Of executors and administrators in
| Baltimore city, the returns OF which show a
| decrease 10 these items OF So, 1887. With
\ very few exceptions these officers have made
/ their returns promptly,
/ The untpaid iutn the treasury Cor Direct
/ Bounty, Public School, southern Relief and
Deaf aud Dumb Asylum taxes during the year
/ was STS7,049,92, exhibiting an increase over
last year, notwithstanding the large diminu-
ton in the basis Of taxation, Of S43, lti.75.
RECEIPTS FRoA CORPORATIONS, BIC.
The amount received from dividends and in
terest account was S3aa, 6S69l. The Chesa-
/ peake and Delaware Canal Company has paid
six per cent on the stock standing in the name
u the State, which By the distribution OF the
surplus income OF the Company has been in
creased To ssh, $50. The NGithern Central
Railway Company has punctually paid The an
nnity due under the agreement and cnmpro-
mise made BY the State with said Company.
The Snfquehanna and Tide Water Canals are
in arrears for the interest due July 1T ISL
The Baltimore and Ohio Railroad Company
has promptly paid the dividends On the Main
Stem and Washington Branch S3d,7 on the
former and So, 900 On the latter aud the in.
tercst on thu sterling aud converted bonds,
amounting to SlO0,69d4l.
STATE TOBACCO wAAEHorsEs
The gross receipts from this source wese
Sll0,43 Is, an Increase over those al the fiscal
year Of 1870 OF SO ,6g2,9J, The disbursements
during the same period including ) IL. 56J ,al,
aries Of the lu pectorS, amounted 10 the sum
OF S97, 2s5.99, leaving the net revenue from
this source To be SIS, l&7.2l. This i. epnsid-
cradle advance over the last fiscal year which
alter the payment OF salaries OF the Inspectors,
exhibited deficit OF So, 699S9.
FoEIlGS ISsusAScs COMPANIES.
The receipts during the fseal year from H.
eenses 20 foreign Insurance Cum 5antes a.
mounted to S33.4i5.6s, which is slightly less
than the receipts from the same source during
the fiscal year 1910.
The Comptroller says; The immense a
mount OF money Carried out Of this state by
the business OF foreign Insurance Companies,
constitutes a heavy drain upon the capital oil
the state, and the interest taken by our cit-
zens in the subject Is getung to be So general
aud so large and important, that legislation
providing for the strictest scrutiny intu the
sOundness of the Companies, and the most
careful supervision OF the conduct Of the bg,i-
ness, is absolutely necessary for the protection
OF the people. All the certificates, document,
and statements necessary To proper appreci
alton Of the condition Of every foreign lnsu
rance Company, together With copy of their
charter, and appointment OF agents should be
| filed and recorded In this Department aud the
filing and recording OF any papers relative to
said Companies elscw here ia thc State is mere
| ly work of supererug alton, and OF no real use
in attaining the object u b. arrived at A
| proper performance Ut these duties will in
/ volye the necessity Of additional clerk t.
/ attend strictly and entirely Ia this branch of
| the business OF the office but IL authority il
| given to the Comptroller to establish pr6pgr
| tees for the performances Of these duties as Is
\ done Ia other States, II will be no additional
\ burden TO the Treasury, but will probably, al.
/ ter payment Of expenses, bpeom. source o
| revenue. Al the same time the services of
| this additional clerk to attend carefully 10 tb,,
/ details and workings Of the system of in,u.
| rance, BY both foreign and domestic comma
/ mics, and To look after and prevent eyasioDs of
the awe would add immensely to the revenue
/ from this source, and, what is more imp ortaut
\ be a reliable safeguard To the insured
1t should be the object at the Legislature as
much as possible to encourage the formation
OF domestic companies, 80 that capital OF this
State may be advantagepusly employed 10 this
very lucrative business, aud the drain on tue
resources Of the people Consequent on tue ab-
straetion OF 50 large sums Of money from her
limits, prevented.
NATIONAL BANKS.
The large amount Ia arrears BY these in III
| tutions to the State for taxes isasubiect " hich
Peremptoriy demands the attention Of the
| Legislature.
The act of ls61, chapter 34l, section 2, en-
acts that all judgments, not and other Sc
eurlties belonging to any bank or other incor-
porated Institutions, the capital stock shares
whereof are subject to assessment and taxa
! !AuHs suaul Ue eNeulPttu, &c. ms aud siinI-
lar provisions scattered through our revenue
laws has limited the taxation upon the Nation
al banks to the shai es. Of their capital stock.
This method OF taxing these Institutions gives
them an immense advantage over individuals,
FROM the TACT that the leans and discounts.
aud other available assets OF these institutions,
asa general rule, amount to about three times
the amount Of the shares Of their capital stock,
at its nominal value. Ia the hands or individ.
uals the whole amount Of these securities tex
eept mortgagesl would be liable to taxation
while the National Banks, although favored
by the Federal Government with privilege.
not attainable BY individuals generally or by
other corporations, are To this extent also "a
yorcd by State legislation. The capital stock
shares Of the several National banks in thi,
State in 1870, as appears By the report Of the
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