Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1881-10-13


The teaal dsbt q ths snis
waM 24aa1. k4e -
Ths sosal nnaonns iaihsersalt 4
Sinking Ind wRA 94a Go 05
OF this nmount 95.40e 106 .s3 was
invested i che bonds and certificates
of the State. By the aef s. 1861. chap
ter 285. the bonds and certificates Of
the State, representing this - 49,
l06-S3. were directed Il Be cancelled.
The measure was passed By House
OF Delegates, almost exclusively Re-
publican. On February Oath, 1864 by
. vote Of s. to q. and vas passed bT
3 Senate, almost excInsiveIy HepubIi-
can. On March 9TH, 1864, By 8 vote Of
IL TO 2. The effect Of this act was to
leave Ia tie sinking fund "a spfem-
Der 00kk. 1854, only 81 .s43. 7s1.43.-
The set cutting down the sinking
fund, vas passed upon tie express re-
commentator Of Governor Bradford.
II completely modified The provisions
Of al prior laws creating sinking funds
for the Payment Of the debts Of the
State.
On September 80, ISL
The total debt o. the ssass
wmA &l7,436, re CO
sinking fund a. modsfed, ,e5s. 7sT Is
OF the amount to the credit Of the
sinking fund $l54,55O vas invested
IN Baltimore city stock ard the re-
manning 81 .7O8, 767 % in State stock.
By the act Of 1872, chapter 276,
which was passed aoifk only one dis
se7sking rate IN ne Senate and BIZ ne
unanimous rate Of ne House Of Dele
gates and approved by Gov. Whyte,
the 81, 703. 1878. belonging TO the
sinking fund, was cancelled.
BY the act of 1872, chapter 3S3,
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 $l54,5 $50, standing to
the credit II She sinking fund. and
other stock belonging to the State,
were directed to Be sold.
The action Of the General Assem-
bly, in 1864 and 1872 was taken by
parties holding opposite opinions. It
was taken on both occasions with com
plete unanimity. It certainly was
approved by the people Of the State,
for no expression of contrary opinion
has been heard until new. It is some
what late to find fault with either
proceeding. II is right to say, how
ever, that the General Assembly OF
1884 did not violate any provision Of
the constitution of 1851, which was in
force when ii dealt in this manner
with the sinking fund, aud that the
General Assembly Of 1872 did not
violate any provision Of the constitu-
ton Of 1867, when it dealt in like
manner with the same fund.
The sinking fund provided for By
the act of 1868, chapter 235, though
that act was passed when the consti-
tuition Of 1867 was in force, was al
subject to legislative control in 1877
as the sinking fund created under the
eight-million-lo loan bill in 1886 was t.
legislative control in 1854.
The defense loans Of 1864 and 1858
were created to pay debts contracted
for the public defense. Debts con.
tracted for thispurpose were not within
the limitations of article 3, section %
Of the constitution Of 1851, nor Of ar.
ticle 3, section SO, Of the constitution
of 1854. nor Of article 3, section "a, o
the constitution Of 1867; and were
not required to be provided for in ths
manner pointed out by article 8, sec.
ton 81, Of the constitution Of 1867.
The acts Of 1864, chapter Is, 1864
chapter 246, 1854, chapter ST3, 1866
chapter 40, and 1867, chapter 169
passed for the purpose Of obtaining re
cruita for the armed service of the
United States during the civil war, en-.
titled those who had thus enlisted Al
part of the quotas of the State to spe,
cited sums of money. Such claims
were payable oHt Of the general mon
eys of the State in the treasury.
To meet the demands thus arising
the General Assembly passed the laws
of 1864. chapter Is, and 1858, chap
ter 2S5.
Under this legislation the money
account Of the State stood as fol
lows:
TheSsate paid from I SEA 20 Sep
tembeT 30, 1850, on account
ofthe claims Of such enlisted
soldiers. ss.Oss, sss II
For interest on its loans under
acts of 1854, chapter rs, asd
ises. chapter ass, 2,44a.F24 d
For commissions, kc., in nego-
tiating loans, so,445 8:
4
%, So, sss Of