Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1881-04-15
MARYLAND State Finances.
ecial Correspondence TO the Baltimore Sun

Special Correspondence TO the Baltimore Sun.
ANNAPOLIS, MD., April 8, 1881.
The Hager.town Mail having published some
statements in regard to the management ofihe
States finances, and particularly in regard to
the sinking fund, thorough examination into
the matter has been made the treasurer, Mr..
Barnes Compton, and the comptroller, Mr.
Thomas J Heating, affording every facility de-
sired of their Offices and books for the purpose,
1t was alleged by the Mail that the sinking
fund is . wreck. The treasury officers show
that there has been no sinking fund worth call
ing a fund since 1864 when the necessities of
the State TO provide xes for interest the de-
Tense loan (bounty for voluuteers) forced the
managers ofits finances TO raid the sinking
fund.
On the eth of March, 1864, the Legislature
passed an act for the reduction of the amount
of stocks of the State then held to the credit of
the sinking faad. One the 30th Of September,
1863, the whole of this fund amounted to
S., ga, los, in s, 3, a and per cent. stocks
nder the act of 1864, chapter, 2S5 81, 500, 074
of the sinking fund stocks were Cancelled, leav-
ing a balance of 81, 1860 uncanceled asa
subsistiug debt OF this balance, 81 900, 544
were per cent. State stocks, and 1854, $50
Baltimore city per cent. bonds.
Mr.. Ii. II. GoldSborongh, the then comp
troller in his report for 1864 says the stock can
celed VA. that which became due at the short
est dates and that which was overdue. Some
sterling bonds, converted at "a 81 into currency
stock added, ST. 900, and the total to the
credit of The sinking fund on the 30th OF Sep
TENDER, 1864, including cash, was 81 343, I3l.
/ To this amount the treasury officers subsequent
! " added $500, 456 but ii never recovered its
/ former magnitude.
/ The Legislature, by act of 1872, chapter 276,
7 nv dare he ire In
/ 81, 104, lS7 State stock, all that remained OF
I the sinking fund. At the same time, by act
of 1872. chapter 3S3 the treasury officers were
ordered to sell the Sl54, $50 of Baltimore city
/ Is per cent stock in the sinking fund. These
directions were duly carried out by the execu-
tive officers of the treasury, and the acts order
ing the final extinction OF the fund declared that
il was the interest ofthe State 10 pay OF the
balance or its sterling debt, STA, 600. consist
ing of bond. issued for the benefit OF the
Susquehanns and Tidewater Canal then past
due since 1865 and to pay of the balance oil
the currency debt, S2l6 SIT, consisting OF
bonds issued for the benefit OF the Chesapeake
and Ohio Canal Company, and then past due
since 1870 These debts, were in turn taken
up and destroyed between 1874 and ISIS
But while directing the cancellation OF tht
State stock held in the sinking fund IN 1872, thu
: Legislature al the same time directed The comp
troller every year TO set apsrtto The credit o
tina, fund Sl00, 900 OF any surplus that may b'
i. the treasury over the expenses OF the gov
eminent which in addition to all sums other
wise accruiug to the augmentation OF the sink
ing fund was appropriated to take up the sI
i.tins debt of the State. The comptroller VA
SO directed to invest 10 stocks OF bonds OF IN
State at par or lsss for the sinking find, and II
. all case. TO gi-e preference 10 the overdue deb
the State. Cader Discretionary power 'ssie'
in them the treasury officers from time 10 tim
carried to The sinking fund such amoasis a
could be spared from the general funds OF tn
treasury, and also bought such stocks a. The
could In 1873 Sl53 Ill Stale stock lnrssie'
; in the sinking fur were Cancelled and destroyed
In 1876 the House ofCofreciion losn, 500, 600
and the Normal School lo.n, $la0. 600, whie|
had been purcha ssd nd held ~ the stalking fun
were canceleda al destroyed. To the close o
the last fiscal wear there had been added 10 III
sinking fund, since its destruction IN 1877, IN
: sum Of Sls5. 800 State siscss. This amsas
is all that stood 10 the credit OF tao fund al ia
t close of the last fiscal year.
The tax imposed TO meet the interest and Il
, provide for the ultimate redemption Of tn
. House of Correction and Normsl School loans
as required by the constitutions, was ieTie'
: QRl, f2I Lbs le4L. lSi saa y ss St.I
each 500 for the .ssessable bass. In Isl
when the tar on these two loans was dropped
the rate fell TO 1T cents, and was not increase,
until the creation OF the treasury relief loan
$500, 0O0l in 1878 when il was advanced
cents, making the rate ls osnts asa; present
Asa set-of TO this treasury re.Iefloau II - Il
10 remembered the State has acquired IN Tia
settlement with the Baltimore snd Ohio Rail
road Company 1886, 600 bonds Of that cornpaa
paving per cent. Interest.
The defense loan, the secessity for which IL
1864 inspired the Legislature to economic tax
alton by sx,inguishing 20 large part Of ih'
sinking fund State stocks, bears per ceni. IN
terest and ma, ures in $50 It's total 10 50 3?s,
$50, and the Legislature Of $50 has authorized
three millions OF it 10 be refunded al = rate .
interest not above a per cent. redeem.hle i,
II years. Il is believed this loan nsy be re
fuaded at per cent which will be saving o
5000. 900 year. The only pst-due debt o.
the State OF Maryland 10 S24, 600 ) per cent
currency bonds, which fell due ia 1850 aud i,
now advertised TO be paid of the first of ,h
month, after which time interest ceased. NJ
other debt will mature until 1885 The eatir
debt of the State for which interest has 10 h
. provided is Sll, 81, Ito, which less s., 6+9,
i42 productive investments, leaves an actua
debt or burthsn on the treasury ofSs ,62I ,G6T
While in no way responsible for the hnancla
policy dictated to them by the lsgislaturra nd III
force of circumstances, the present officers O
iue treasury 'hluh 'uaa 'ue auioun' VI ae"S ie
deemed, cancelled and paid since 1872 Is = fsi
offset TO What would have been in The sinking
fund under another policy and n heavy burthe
OF taxes. a six years, from 1873 to 1873, in
elusive, the treasury has found cash 10 redeem
81, 1853 $40 OF the debt of the State and stop III
tax on it fer interest. This debt included III
STA, 600 Susquehanna and Underwater sterlini
bonds.
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News Of the Week
The democrats achieved q sweeping victor,