Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1881-06-10
The Governors Speech


detailed statement which fully and salts
tactorily explains the matters referred to
by the Governor. We shall lay this state
ment before our readers at some future
time, our crowded columns not permitting
Us to do SO this week. After an aR,y
for his extraordinary position, and re-
view of the defense loan. he Governor
spoke as 70 lows:
The cherished policy of the Stale has been the
gradual payment and final extinction OF tn,
debt. This is best dsue by a shaking fund
a system coeval with the creation of onr deb,
/ That Is a system for the gradual accumulation.
in the course OF yeAIS while the debt - runnin 9
OF means to pay the principal when due it is 10
invest The yearly resources aud accre'iops in
our own interest bearing debt or other good
Understanding securities, and then rciuyesr
the accruin. interest from them e he 4 n
Ill the deb, becomes due. when, IN whatever
oar iuvestmcn may lie, il our own socks aud
bonds, they are DESTROYED and the other sold
and the debt paid, aud this sy stem Of grandual
cJmulAIIun Ior ultimate .nl definite pay
ment is enforced hy the co.'s, Ia Io". There
lis, | confess some contention 80 10 the policy
OF the sinking fund system, ana il i uo.sibl,
that ativerSe views ua, have had sa.;ue, hing To
do with ou5 haze departure fsuts 81, tar I hold
that We ~ augho e. 10 1t - h" constitution
ana the ruere that vr are iauEts' Is experience
III. maIc i the Nlsiuu II eur fIhtrs 10 lie - T.
plaudcd Tor 'hi- wise an@ ps udCni policy.
/ II may te sud that NC CauUU. Al tiIae. get
our own se,ufuI~s TO- .urr> ra,nl unless il
NAV be at verv hi.h ra'u. G,r there other
good securities. and Vi MAY ts obliged to
par premiums Tor Them We can also gel pre-
miums when ,olS 10 spI.|y 10 he payment OF
the debt Or If Ne should he Obliged 10 pa Il
/ premium for orr own debt, Wise hRsac.a
police would suggest that 81 is better thus 10
I lose IL may - oce Or Two Yeas interest IN the
cos, II spcn investment, ard save or lBns Gu
of he FIVE or SIX yeas igtrrr.! thar W would
orhst Wis. have TO pst TO the holders Of toe
debt un Il it becomes due. the TACT Is hat tr0u,
/ 1870 20 $50 .hr defense loan b-oa.Bi ~ IN,
market rom lolI - Ice and 'os so that .or
/ illus ration five had Paid he hish~s, pr. =
~ 1916 les Ne would u.ye lost say s-trRts q
I the dollar. but would have saved sevea yes'
/ oil iu!e.csi-s2 Ccats TO the dollar 3. 4 ne
better to do this, or even more ,hNa 30 81 pG
the 'cv.curs collected 10 this end on WORTHLESS
or dogorui prolcc.s
HtGH CREDIT OF MARYLAND.
ujs rightly said ths, ,he crrdi, of tbe S,as-
stands high: s'ili IN these prosperous ,itnrs
E rot higher than Others AaA Shr not 80 NJ.
I high? vur Resources n-c srBpir, uur psop'e ary
{ l8si aud Memorable The iutrrr.t e prompt r
/ paid s"- ii not promptly paid iAs-e 1.iA lA =
ella nor IhA, ne 4c tTe II cU-rins gUu or assaris
+-----. ~ snsa ~suid be wiling TO bear IT,
taxes &C l.vi.i 70 Ply hoia I'd. interest AL she
pr'qcigAi ola ls7gc portion ~ ihc 3eh, To-
! creditor knoss Al koew that IN e. -At'ug The
7 LOAF the Constitution requires the az - Is
/ levied TO nav il. aud that WiIh's hi.er7 wears
and that has t.x IS irrePraabls an,'l u Is paid
/ Tie loan made and the tAs LEVIED the WhoI'
.uiS~et passes ON under legislature coa,rul
aud - lodged exclusively n the t'rasuSs do
/ pa neat II the accounting oHhcefs Of 'h-
t-easury shouH, either npou thei- oSu motion
or hv any legislative direction. st'eup 10 pr.
vert This ak % other osi-,Is thew rsu - stop.
| ned hv The c editor. b. ire constitution he bss
an Appropriated right To il Tor III. P.rm-a, OF
his oett, and no one and Po~er can touch
IL fer any other purpose.
l. here or can there he sa'sr a nj Wisrr pro-
visions 10 al o. sanic law No @afe and SO pro-
lec, led that the creditor receiving bis is,eses,
promptly, i.wiliiug To let The debt ran along
without payment well knowing that The ,aA
cannot be repealed until /, Is paid. aud there
.ore no complaint isom hinI. Bat tho 3ebio~s
the people, complain that the tsSss we're levied
and vet the iett not paid If, ne for lea
3
progress We have made in the last decade 10
the payment Of our debt. 4 contrasting refer
ence 10 il may Se Interesting II no; en- igeiy
satisfactory.
DEBT OF TIE STATE.
I he debt at the end OF the fiscal YEAR ended
September 50 1870 was Sl3. 5l7 AIS -, and Al
the end OF the fiscal year 1850 Slt, 81 lln. 60.
showing decrease Of the dedt during the teu
years OF 81 0ll sos. os; hut the mos, su. pris-
ing part OF this reduction lies in the impressive
fact that whilst the debt was thus reduced
| s., OI4, 3s5, 0s during the same time our pro-
ductiye inreres bearing securities were reduced
from S.. 254 $40 20 TO -. 6i9, 4i2 %, show
| ing reduction Of 81 COS Al Il in this time OF
our Understanding securities. consisting OF
Baltimore and Ohio Rail DAD stock and bonds,
sinking fund stock and bonds, DC, &c. aud
/ showing an excess in the reduction of our in
vestmea,s over the reduction OF the debt OF
! S56l, Ill %; and this is not accounting for Il
single dollar of the taxes specifically levied and
collected during this time for the payment OF
| the interest and the PRINCIPAL OF the deb;s CON
tracted under the constitution of 1851 aud
these since The account stands as follows
Productive capital of The State to its c,edit
Sept. 80 1870.
Stock in the Farmers National
Bank ofAunapols. SIC, 40 90
| Stock in Main Sem Of the Bal l.
| more and Ohio Railroad ......... SOC, 600 90
Stock in Washington Branch o.
Baltimore and Ohio Railroad. $50, 600 90
Bonds OF The Baltimore and Ohio
Railroad. per cent................l sG4 600 90
| Mortgage of the Northern Central
Railroad. 500, 900 90
Slnk'n. funG securities. 764, 450 0s
So 254 92a on
Productive ca oilal of the Safe to Its credit
September 30, 1880:
Stock in the Fa mers' National
| Bank of Annapolis. $40, 4T0 90
Stock, or bonds rather, in BALI
more and Ohio r. r., 6 per cent 96s, els 10
Stock in Washington .B-snce of
Baltimore and Ohio R. R......... $50, OOe 90
Bonds in Baltimore ard Ohio r. R.
from late settlement. ................ 3G6, osO 90
Mortgage of Northern Central Il. r 800, 900 90
Stock in Baltimore and Frederick
Turnpike. ................."......... ll,O0v 90
Stock in; Maryland and York
urnpike.................. 1880 90
Sinking and sccurities............... 1875 300 o.
Sinking fund cash.................... 1857 30
3,649 442 SO
Showing the reduction of 1851, l IL of these
securities in excess of The reduction ofihe debt.
1t may be said that other debts were created
in this time. True! But why so By the de-
struction of the sinking in 1864 $3.50 900 an
nually went iato the general expenditures, and
in addition by the destruction of the sinking
found in 1872 from $95, 900 to 500, 900 in addi-
ton went annually into the general eXpendi-
lures, all of which before was carried to the
credit of the sinking matchmaking an aggregate
Of 81, 900, 600 cut loose from the sinking fund
fNr thaa ifvht rt u = .