Montgomery County sentinel., 1882-01-13
CoMPTRoLLERs REPORT.

Comptroller Keating's report of the con
land puts the receipts for the fiscal year end
cd September 30, 1881, at $1,996,64l, dis.
bursements at $i,757, AGO, leaving balance
HSi $239,i72, which addcdr6tbe balance in
the treasury for the preceding year of $513,-
026, makes surplus OF $752,l9s. To this
sum, however, are To be added the amounts
10 the credit ot the general sinking fund,
$1S,35S; to the free-school fund, $l3,5S4; to
the Treasury relief sinking fund, $2,479
making the total of cash in the treasury at
the expiration Of the fiscal year, $7S6,62l.
In State and Baltimore city stocks the State
also owns, Tor the heiietit OF various sinking
and school funds. Investments aggregating
$515,389. Besids this the State holds inter
est-paying securities amounting to $3461,-
085, and has due 10 her from collecting Off
GERS $l,400,O00. Thus the productive credits
Of the State amount to $4,S63,0S5, not to
mention the unproductive investments of
face value of S26,l12, 29s. There was paid
during the past year as interest on funded
debts $643, 3,340, including 81 $50 paid by the
State 10 itself. On the five per cent cur
rency debt which matured in 1880, $24,000
was paid. There is no pastdno debt out
standing, The funded debt of the State ag-
sregates $l1 ,257 $50, the first part Of which
90 mature is the "deiense loan" of $3, 1926, 100,
due on January |, 1884. An act of the Gen
eral Assembly OF 1890 provided for the pay
inent Of this loan by the creation of new
lean of S3,000,000 TO run fourteen years and
bear interest ut a rate not exceeding II per
-t,cntD'fhe Comptroller suggests that this
money caR now be had at ~ per cent, or
perhaps less" thus saving in the period of
fourteen years more than one.tbird Of the
amount Of the loan,
"In view OF the fact says the Comptrol-
Ter. That since the adjournment OF the Leg
islature of 1880. ior the first time, the finan-
cia management OF the States revenue from
the year 1864, and continuously up to the
present, has been brought into question:"
he deems 1t his duty To submit review of
the legislation on which the management of
the States finances has been based. lie
states that the General Assembly in 1894
directed 81 ,495, ,l06 in bonds of the sinking
fund of $5,495, JOG, on which the State was
paying interest, 10 be cancelled. The act Of
1864 completely modified oil previous laws
and plans relating TO the sinking fund and
10 that mode OF paying the debts Of the
State before maturity" Hence in 1879 the
Legislature "annihilated the remnant Of the
sinking fund left uncanceled by the previous
act and the small increment thereto since
1854" AT the time OF the creation of the
defense loan in 1868 tax was laid 10 pro-
vide for the payment of interest, and this
policy Of providing at the creation of each
loan tax dedicated 10 itspayment has since
been fixed by custom The tax laid, how
ever, " in each instance but little IN eYcess
of the annual interest ON the loan, 50 that
the State relies in part for the payment of
its various loans when due upon the sur
plusaecumulating in the treasury from year
10 year There is. however, besides, a fixed
guarantee in the fact that the State income
from internal improvements and from the
specify taxes is by law forbidden TO be APP
piled TO other than debt.paying purposes.
The disbursements from The contingent fund
OF the treasury amounted in the past fiscal
year 10 $3.50 54. those from the contin-
gent fund Of the Comptroller to si,097 2s.
Dir. Keating recommends that the power
vested ia the Comptroller Of fixing the sonl,
pensation Of deputy clerks of courts be trans
ferred to the judges. who can ben deter
nine The extent and therefore, uthc -.
fhe asryices performed BY th