The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1872-02-03

luhu, anu 10, III my JuuSmeul, improper
be continued. / therefore recommend til
appeal of that provision of the Act of 1866
and the enactment of law authorizing a
the accretions of the "Sinking Fund ;
hereafter to be applied to the purchase O
the existing debt of the State at par, AM
empowering the Treasurer to designate an
call in an amount of the overdue debt @
the state for that purpose, by giving motto
that the interest on the same will cease OF
prospective day. The effect of tn
circuitous process of the State issuing he
own bonds, and collecting the interes
thereon, and reinvesting the same in add
tional new bonds which are still to be he'll
by the Treasury in the same way, is t.
complicate and mystify the accounts of tn
Department, and render them unintelligi
BILE to the people. In tho same view,
recommend the cancellation of all tn,
bonds of the State now held by the ''Sink
ing Fund.- This will diminish the deb
of the State, to the same extent that i
diminishes her available assets, and b,
that means lessen the possibility of loss tt
the State from accidents or inaccuracies il
accounts.
The Sinking Fund" would then bt
left to consist of the stock of the city o
Baltimore, standing in the name of the
State, amounting to 1854, $4,000, and tn.
surplus revenue provided by law for the
augmentation of the fund. A provision o.
law compelling certain amount of the
surplus revenue remaining in the Treasury
on certain day in each year, to be Sc,
apart and devoted to the augmentation OF
the "Sinking Fund.-" and applied to the
purchase of the bonds of the State, would
be, in my judgement, less complicated and
more beneficial to the interests of the State
than the present arrangement.
The receipts from licenses and oyster
fines, were $53, 1866, which added to the
balance standing to the credit of the "Oys.
ter Fund" as of Both September, 1876
makes the aggregate, to the credit of the
said fund during the fiscal year to be 1927,
1868 SO.
The expenditures during the fiscal year
amounted to S23, 675 30, leaving balance
to the credit of the "Oyster Fund" as OF
S0th September, 1871, of 5000, 5SS.24. OF
the above expenditures, $21, 357.55 was fol
salaries and expenses of the "Oyster Police
Force" and the balance for repairs, con-
struction and incidentals, including the
sum of S2G1. for costs of suit.
The gross receipts from this source, dur
ing the fiscal year, were larger than these
of 1870, but less than those of 1866 and
1869, while the net receipts, during the
last fiscal year, are less than those of 1866,
by the sum of $27,100.30.
The Chesapeake and Ohio Canal Com.
pany is indebted to the State of Maryland,
fo- Stock subscribed, advances made, bonds
of the Company, and interest due, to the
present time, the large amount of $40, $50,
1913.
The funded debt Of the State, amounts
in the aggregate to the sum Of $12, 436, 49,
6S, on which the interest is to be paid
OF this sum, So, 9s5, 444. "A is sterling debt,
on which the interest is payable in London
in gold and silver. The State has availa-
BILE assets in entirely reliable stocks, to the
of Sc, 553, 5000, which offset an
equal amount of the funded debt, leaving
S., SS3, 4G1,7S, on which the interest must
be provided by taxation. A large amount
of indebtedness to the State on the part of
various Companies and Institutions, as
we'll as from Collectors of Taxes, and other
Officers whose accounts are in arrear,
amounting to over IS, 5000, 00O may be
made available by proper legislation to
reduce the debt probably to the extent of
81 800, 10000.
The debt of the State has been reduced
during the fiscal year, by the sale and
exchange of the stock of the Baltimore
and Ohio Railroad Company, to the amount
of 81, O5O, O73.24.
The State Levy for all purposes for the
year 1871, is $780,, 2Ss.24. Of this, the
designated as "Direct Tax" and
which the Legislature is under no Consti-
tutional or other special obligation to con-
tinue, is $125,O14.Ss. This tax was orgi-
nally laid for the purpose of realizing the
amount necessary to pay the interest on
the debt Of the State, contracted for Works
of Internal Improvement, and has been
reduced from time to time, in ratio and
amount, and if the legislation, suggested
in this report, be adopted by the present
General Assembly, they may and ought to
repeal the Direct Tax altogether. Irecom-
mend this course in the strongest manner,
and have no question that the experience
Of another two years will evince the wis
ION of repeating much larger portion of
the general taxation imposed by existing
avs.
The Columbia and Port Deposit Rail-
road Company has received during the tis
cal year, all the balance of the appropria-
ton of sixty thousand dollars, and the
bonds have been received by the Treasurer
to the same amount. The coupons of this
Company have been promptly paid on pre-
sentation. and it is believed that the inter-
est on the amount appropriated will be
met. The amount received
from payment Of the coupons of this Com
pany is the first return from appropriations
for Internal Improvements on the Eastern
Shore.
The Chesapeake and Delaware Canal
Company has paid six per cent. ,i4 the
stock standing in the name Of sne State,