Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1881-10-14
OUR STATE FINACES.
A Statement Of Facts About our Sink
ing Funds.
An Answer TO Gov. IIamiitnn's Re-
cent Charges OF Dere'iciion a
Clear and Concise !rpsehta-
ton Of the Case as IL Sc
tualiy j. Some Fig
urrs fOr the BTuc-
I'll Of our TaN-
payers


The communication tclow. from Stat,
Comptroller Beating and Tft. sar,r rumpiut,
n reference 70 oar State finances, will hc r,qtH
Wih .w.r interest III His iiuc IA view -,
/ hc criticism ol Gov Hamilton made at tlr
/ rcccul meeting at the NaryIa Institute.
BALnNoRg, Jun, BID, 1881
II Nc PcPe n HE S'ate.
Alta political meeting held ia Baltimore
tn M,, 26, Gov Hamilton rXpre--cd his
opinions in rclai 10 the pi,t management
ot tn. hn,nccs Of the Slue TIE burden o
his &c npuiut was that the Generd Assembly
had violated iis obligation 10 maintain sink
ing funds suiicieni tar The p.,Anent # ne
State debts maturing W various it'lvh' -
tween lgs3 and 1893 and that the ON ers 81
! The treasury since 1868 h"d Neth ucichtt ~
,Iutv in that connection.
0nc OF the undersigned has been cpmp'rul-
f,r since 1873, and one has heeu IT. Insurer
siure 1874 Snrc 1868 every circumstance
onnscicd with The 1dmiratiOn o. the sinking
tund. bus Lecn communicated to tue public.
IN enicih reports No criticism has been
made upon such administration Of the sinking
funds by Gov. Hamilton at any previous
/ tine. II is not for us to conjecture his mo.
i've in bringing the subject now iHtO discus
4inn. II J., sufficient to say that he is mrs
taken in bis ) a cments and Combustion.
The iotu debt OF the State on September
30. 1880, WAS Sll, 217, 10 90. OF this sum
s 40, 99j % represents or. inal debts, con
trLcied for internal improvements before 1870.
As an Offset 10 this indebtncss thus incurred
the State now holds the following valuable
securities, which were the fruits offs internal
improvement investments. aud are to-day
worth much more than the par value, at
which they are here set down;
Preferred stock in Baltimore aud
Ohio Railroad Company......... 1868, Gl5 10
Washington Branch r. Stock. $50, 900 90
The mortgage, under the act Of
1884, chapter 800 securing the
annuity payable by the North
crn Central Railway Company / 800, 600 90
Bonds OF the Baltimore and Ohio
Railroad Company ............... 3G6, 900 90
50, 394, Gl5 10
The State has in addition to tic properties
indicated;
IN productive stocks.............. 50, no o.
S2G3 s27 80
These properties part OF which have large
" in reised in value, aud The interest of the
| State ia the Chesapeake and Ohio and Tide
water canals Will frm, if lhcy arc retained
rs they should be- fund which viii suffice TO
.
| Innate responsibility on account OF the So
100 995 % Of its dchl contracted before 1870
The remaining -, 55G IA 10 Of The exist
debt OF the State was contracted between 1870
ana $50 FIR The following purposes:
1868 For the payment Of war
bouuilc Observation-Disclosures. 81 326 $50 Sc
1870. Dcrnud Dumb ASYLUM 100, 900 90
lS72 Maryland Hospital for
The Imslne........................ $3.50, 900 90
1872 For the payment Of over
due internal improvement
l,039, 3G4 10
1874. Dcdand Dmnb Asylum 1925. 1000 90
1875. Maryland Hospital for
tho ln'dho............... ........ i3j, 900 ~
1913. Treasury relief loan,
made necessary by The non
lNmcnt to the State Of its
portion OF the receipts Of the
Washington Bran h railroad
and by the failure OF the
Tidc-W Water Canal Company
TO pay the interest due by it 500, 600 90
So ! II 20
one can complain Of the purposes for
/ which amy part Of this debt was created. The
7 inquiry remains VIZ ne adequate provision
! was M dc To pay or rIl the indcbfncs3 ere tted
between 1927 and 1889, as il m tturcd.
On September 30. 1860
The total debt of The State
Sl4 876 9J8 86 /
The Total amount u Tie credit
OF the sinking fund was..... 4S!8, 1881 % .
On september 30, 1859
The total debt Of the STATE was 8J7,GiG 20
The total amount to tie credit
Of the sinking tdud Vase. 5,6l9,GjG SO
OF this amount s. AS 100 So was invested
in the bpuda ma ,tnrti6rt4py ~ the Gt,tn a.,
the act Of 1864, chapter 2Sj the bonds and
certificates Of the State, representing this
81, AS, lCG SO, were directed To be cancelled
The measure was passed by a House of Dee
gates almost exclusively Republican, on Feb
ruary cath, 1854, 10y vote Of s. to 6, and |
WAS passed hy a Senate. almost exclusively !
Republican, on March 7h, 1861, by "a vote o
II to .. The effect OF this act was t lie I'VE in I
the sinking fund on September Suth, 1864, /
on, 81 3t3, ISL AZ. The act cutting down |
the sinking fmd, WAS passed upon the cS-
press recommendation Of Gov. Bradford. 1t |
completely modified the provisions Of AL prior 1
laws creating sinking funds Tor the payment /
OF the dents Of the State
On September 80 ISL
Total debt OF tie State was Sl2, 436, us GS |
Total pmount to credit Of
the sinking fund H. mod
Observation-Disclosures. 1858, 737 IS
OF the amount to the credit Of The siuk- |
Ing fund s I54, s5G vas invested in Baltimore /
city stock aud the remaining 81, 703, 1871 % /
in State stock
B the act Of 1872, chapter 276, which was
pissed ~W oalg one dissenting r"fe in ne Sen /
ate and Ly The unanimous pots Of the House Of /
beiegetes and approved by Gov. Whtc. the /
81, 7o3. 7S7 %, belonging to the sinking fund,
WAS Cancelled
b. the ACT Of 1872, chapter 5S3, which was
passed 10y the unanimous vote of the House Of
Delcg ties, and received every vote but one in
Senate, the Baltimore city stock, to the
amount Of Sl54 $50, standing to the credit of
The sinking fund, AMI other stock belonging to
the State, were directed to he sold.
The action Of the General Assembly in 1864
and 1872 was taken by parties holding oppo-
site opinions. 1t was taken on 18Th occa-
siOns with complete unsnimitv. Uncertainty
was approved by the people "a the State, for
no expression OF contrary opinion has been
heard until now. 1t is somewhat late to find
fault with either proceeding 1t is right to
say, however, that the General Assembly of
1864 did not violate any provision Of the con
stltution Of 1851, which was in for e when il
dealt in this manner with the sinking fund.
and that the General Assembly of 1872 did
not violate any provision of the constitution
OF 1867, when it dealt in like manner with
the same fund.
/ s.,.. IL ri