Democratic messenger., 1881-10-22
Mr.. Keating Speaks.

Opera House, Baltimore, on Friday
night of last week, Hon. Thomas J..
Keating, our candidate for Comptroller
of the Treasury, spoke, in substance, as
: follows:
Mr.. Keating said he was the candi-
date of the Democratic party by great
unanimity in the State convention He
was there to defend by figures what
has been assailed, and to show that the
policy of the party which has conduct
ed the affairs of the State since 1867
has been such that the credit of the
State stands as high today as that of
any other State. Had there been mis-
management the barometer of your
stocks and bonds would Immediately
have fallen. Instead of that, when re-
Gently the officers of the State called
for redemption 500, 900 OF the bonds
of the State they have had but $40, 900
offered, and they have taken them,
though offered at high premium The
treasury officers are not legislators,
but they have been charged with not
abolishing useless offices, and they have
even been blamed for paying the sala-
ries of useless officers. They are told
they must do what the constitution
says they must not do. They are told
that the man who holds the purse
strings can generally bring the other
side to do what he wishes. You have
heard of something which has been re-
garded as a dead dog in the pit, the
sinking fund of the State. A sinking
fnnd is established for the holding of
funds which State has no pres Mt use
for, no claims to which it is applicable
being due. The proper treasury Off
Ger goes into the market and buys such
bonds as the defense loan, the treasury
relief or other bonds of the State which
he can buy on the most favorable terms.
These bonds can be purchased now
only at heavy premiums of 7 and 8
per cent. respectively because they are
not due. They are put into the sink
ing fund and the interest is added as it
accrues. The policy of the Democratic
party has been to do away with sinking
funds, and rely on the securities the
State holds to pay her liabilities
The sinking fund was S., 900, 900 in
1864 when Gov. Bradford and the Re-
publicans were in Office, AMI $4,000,
900 of this was paid off, Cancelled and
the paper burned. They had had
enough Of taking money ou: of one
pocket TO put in the other. The sink
ing fund was treated by each party on
very different principles of policy. He
described how the defense loan was
created by the bounties given in conse
quence of the drafts in this State dur
ing the war, SO, 900, 900 being paid for
bountieS alone, and bounties have been
a continual draft on the treasury of the
State for years. The policy OF the
Democratic party under the constitu-
tion of 1867 has been to strengthen
the credit of the State and that econo.
misses. For of every bond, every obi
CATION which the State owes as the in
debtedneSs for internal improvements,
their proceeds with the taxes levied for
them are pledged to the holders. The
State at once began under this policy
to sell such bonds held by her as could
be sold most prolitably and reduce her
debt. In 1871 the State sold S67o,.
6oI of stocks of the Baltimore and Ohio
railroad which she held. She sold
them for SoI6 238,65 and with it paid
obligations which fell due in 1870 -
The sinking fund was entirely Cancelled
in 1879. Her policy has ever been to
purchase her obligations at the most
favorable terms, invest at lower rate Of
interest, and lessen the burdens Of the
State, SO that your State taxes have been
reduced and per cent. in annual in.
terest saved. In 1873, when | took
charge of the treasury Of the State, l
asked how much there was in the treas
ury, and the answer was S42, 900, all
told. The balance in the treasury when
inquired September 49,, 1851, was in
the neighborhood of SSoo,ooo
The most remarkable of the charges
is, that while the ring has been enrich
ed, and have let others help them
selves have taken nothing for myself.
certainly would have been smart
enough to take care of myself. But
no man has dared to make these charges
to my face, and they well know that if
they made them they could not prove
them.
II bac been said that the treasurar