The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1879-10-25
9,324,91S.31
Net increase of debt 1870. w 50 DOS, lO7 i:

| Net increase of debt 1870. .. s., DDS l07 4;
But even this statement, startling as il
is, and showing such gross mismanage.
ment. is not all the ruin which was
wrought in these four years. BY the
| constitution of 1867, article -. section 3,
| the Board of Public Works was author
lied to exchange the bonds of the Balti-
more and Ohio Railroad Company held
and owned by the State of Maryland fol
an equal amount of the bonds or regis
tered debt due by the State. In accord
ance with this provision, there were cx-
changed. in 1868. bonds of The Baltimore
and Ohio Railroad Company for the debt
of the State to the amount of 81 103,
1914.
| Thus the debt was not only in
creased to the extent, as al
really shown, of. ..... So 22S, 1O7 AZ
But the States capital and as
sets had been diminished l ,1O3, 461 81
Making the State actually
worse off in 1870 than she
had been in 1866 to the ex-
mt OF. Observation-Disclosures. s., 33l 800. 81
There is one other thing in connection
with this exchange to which we invite
The amount of Baltimore and Ohio Rail
road bonds exchanged. as reported by the
Comptroller, is 81, 103, 4G1 94.- See re-
port of 1868, pages 8 and TO-
The Comptrollers report of 1867
reported 4 total amount of
these railroad bonds as w S., 230, ::s3S. 50
The report of 1868 reports total
amount of same bonds then as 900 900 90
Showing the actual extent OF
the diminution TO he .... !, $50, 3:SS. 50
But the amount exchanged vas
only. .......... .-.......... l,1O2, 46l 81
Leaving deficit entirely unac-
counted for of ...... S226, $50 %
WHAT WAS DONE WITH THIS NEARBY :,
QUARTER OF \ IIlIAuN DnIi.AR,i?
4 careful examination of the report Of
the Comptroller. made with an anxious
desire to see what account il made OF
this large sum of money. has furnished
no answer to this question. The tonSti-
tuition says the exchange. when made. is
to be for an equnl antoYnt OF the State
stocks. Where did this excess goo Can
it be possible that it was dishonesty
used? If not, where is it? Perhaps the
then managers of the States finances
may give satisfactory account of it,
Certainly they owe it to the people. whose
servants they were to make full clear.
and satisfactory explanation Of this trans
action. and we hope for the honor of tie
State that it will be made speedily and
so clearly that the grave suspicion which
it excites may be cleared away.
But the Comptrollers tell us year after
year that they have reduced the state
debt. They do not have the bo!dness to
say that it has been brought down below
the debt left to them 10y the Republicans
i'll 1865. On the contrary. the reports
show that it is now nearly million ant
a half of dollars moro than in 1856 a..
will be seen by the following table:
Total debt as shown by Comp
troller Keating's report Of
1919 ..........,...,.. .sto,772,9l2.9.
Deduct Sinking Fund then on
hand. ................ 13i.11lf
Making actual debt :i0th sep
TENDER, 1878. $40, 63a, SOLE
We have already shown that !.
the actual debt on 30th Sep
tcmher, 1866 after deducting
sinking fund, was. ......... 1924 ,9lSh
actual increase in dcbt
since 1856 of................ S1,3l5,S S2:o ,
But what they mean is, that they h.'e {
decreased the debt which they had IN :
up ;,t the close of the fiscal year I'D.
Let us examine these retluaiiGns; 5
The report of 1911 shows actual te1t {
sl2 436. 1lS.6S, or a total reduction sNno {
50th September, 1870, of $3.50, ,51W. {
But how did they make this reductia |
By economical outstanding of the ord l
nary revenues Of the State and judiios $