Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1881-10-14
S5,556,114 z

No one can complain of the purposes for
which any part of this debt was created.
The inquiry remains why no adequate pro-
vision was made to pay off all the indebted
ness created between 1897 and 1880, as it
matured.
On September 30,18e0-
The total debt of the State
Observation-Disclosures. $14,S76,95S 10
The total amount to the credit
of the sinking fund was..... 4,828,387 03
On September 30, 1863
The total debt of the State
was. ACKNOWLEDGEMENTS. 14S07,646 30
The total amount to the credit
of the sinking fund was :. 5649,656 SO
OF this amount So, 495, 106 83 was invested
in the bonds and certificates of the State.
BY the act of 1854, chapter 285, the bonds
certificates Of the State, representing this
81, 495, JOG SO, were directed to be Cancelled.
The measure was passed by a House of
Delegates, almost exclusively Republican,
on February Oath, 1864, by vote of So to
z, and was passed by Senate, almost ex-
clusively Republican, ON March 7th, 1854,
by vote Of II to 2. The effec. of this act
was to leave in the sinking fund on Septem-
Der Both, 1864, only 81 ,343,731 43. The act,
cutting down the sinking fund, was passed
upon the express recommendation of Gov
ernor Bradford. 1t completely modified the
provisions of all prior laws creating sinking
funds for the payment of the debts of the
State.
On September 80, 1871
The total debt of the State
=, .."."..............::...: $12,43s,71s 6s
The total amount to credit of
the sinking fund as modi-
fed "......-................. 1,S5S,737 80
OF the amount to the credit of the sink
ing fund 1854 $50 was invested in Baltimore
city stock and the remaining $1,703, 1877 80
in State stock.
BY the act of 1879, chapter 276, which
was passed aoiM only one dissenting cote IN
the Senate md By the unanimous cote of the
House Of Delegates and approved by Gov.
Whyte, the $1,703,7S7 %, belonging to the
sinking fund, was Cancelled.
By the act of 1879, chapter 1888, which
was passed by the unanimous vote of the
House of Delegates, and received every vote
but one in the Senate, the Baltimore city
stock, to the amount of 1854, $50, standing
to the credit of the sinking fund, and other
stock belonging to the State, were directed
to be sold
The action of the General Assembly in
1864 and 1872 was taken by parties holding
opposite opinions. 1t was taken on both &C.
casions with completely unanimity 1t GER
tainly was approved by the people of the
State, for no expression of contrary opinion
has been heard until now 1t is somewhat
late to find fault with either proceed
ing. 1t is right to say, however, that the
General Assembly of 1854 did not violate
any provision of the constitution of 1861,
which was in force when it dealt in this
manner with the sinking fund, and that the
General Assembly of 1879 did not vialate
any provision of the constitution of 1867,
when it dealt in like manner with the same
fund.
The sinking funding provided for by the
act of 1868, chapter 235, though that act
was passed when the constitution of 1867
control in 1872 as the sinking fund created
under the eight-million-loan bill in 1886
was to legislative control in 1864
The defense loans of 1864 and those of
1858 were created to pay debts contracted
for the public defense. Debts contracted for
this purpose were not within the limitations
of article 3, section %, of the constitution of
1851, nor of article 3, section 33, of the con-
atituton of 1864, nor of article 3, section "a,
of the constitution of 1867; and were not
required to be provided for in the manner
pointed out by article 3, section "a, of the
constitution of 1867
The acts OF 1854, chapter 246, 1864, chap
ter 1913, 1865, chapter 40, and 1867, chapter
1863, passed for the purpose of obtaining re-
cruits for the armed service of the United
States during the civil war, entitled those
who had thus enlisted as part of the quotas
of the State to specified sums of money
Such claims were payable out of the gen
eral moneys of the State in the treasury.
To meet the demands thus arising the
General Assembly passed the laws of 1864,
chapter Is, and 1868, chapter 1856.
Under this legislation the money account
of the State stood as follows:
The State paid from 1864 to
September &c. 1880, on ac-
count of the claims of such
enlisted soldiers. $6,05S, 1888 16
For interest on its loans I'M
der acts of 1864, chapter 10,
and 1868, chapter 235........ 2443,724 26 |
For commissions, &c, in nego-
tiating loans..".............. 2O,445 63