The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1882-01-14
Report of the Comptroller of the
Treasury of Maryland.

The report of Comptroller Heating, trans
mitted to the Maryland Legislature on Tues
day, is in part as follows
To the Honorable the General assembly Of
Maryland:
respectfully submit my report of the oper-
atoms Of the treasury department during the
last fiscal year, ended the 30th day of Septem-
Der, 1881.
At the beginning of the year there were in
the treasury proper S513, 026 Sc; the receipts
during the year were 81, GAL 0S; the dis
bursements were 81, 757, 400 Is, and the bal
ance on hand at the end of the year was S752,
1873 %; to this balance should be added the
cash to the credit of the free-school fund, Sl3,-
584 81, and to the credit of the general sink
ing fund, SlS,35S y, and TO the credit of the
treasury relief sinking fund. 81, 40 So; max
ing the total amount in the treasury, in cash.
September 80, 1881, S7S6, 62l p.
Besides this cash the State mad at the end
of the year. invested in her own bonds not
vet due. in the general sinking fund, Sl54,-
935 81 ; and in the treasury relief sinking
fund, S5S, 304 16; and in Baltimore city and
other stocks, held to the credit of the free
school fund, 1902. l49 7S, making the total of
these investments S5l5,3 S9 rs.
Added to these the State holds prompt in
terest-paying securities amounting to S3,46l,-
0Sj 30, and her collecting officers are due her,
in round numbers, 81 400. 000
The funded debts of the state amount to
Sl1. PSI, $50 90. and her unproductive invest
ments to more than double that amount.
The interest paid on her funded debts dur
ing last year, including cost of $50. 663 81
for exchange and commission on her sterling
debt, amounted to S643, $40 ~. Of which sum
she paid to herself, as interest on her own
l. h., H.
their maturity, and which constitute her sink
ing funds Sll. $50 s..
There is no paSt-due debt outstanding; S254,-
600 of the per cent. currency debt, which
matured IN 1880, were called IN and interest
stopped thereon ON the first of last April, and
were presented and paid in the latter part Vt
the wear The debt which falls due next is
the defense loan. The amount OF II Is 81,
$40, 80 10, and it natures on the first day Of
January. 1854. The attention Of the last
General Assembly was called TO this loan. and
authority was asked TO fund it into new loan
at a lower rate of interest than per cent,
which It is bearing. That General Assembly
accordingly passed the act OF 1850, chapter
232, the main feature Of which Is the creation
Of a new loan. not 10 exceed =. 000, 600. bear
inr interest not To exceed A. per cent, re
deemable in fourteen years from the date Of
issue, the proceeds thereof TO lee applied 70
the redemption and payment OF the defense
loan Authority Is also gwen t0 exchange
the new for the old loan 81 par No offer has
vet been received ~ exchange at par. aud no
issue has vet been made Of the new bonds. Il
is submitted that the three millions Of this
debt thus provided for can b. funded at such
a reduced rate of interest," per cent. or per
hAps less-Ihat ia the fourteen wears the saw
ing in interest alone thus effected viii BE- an
amount greater than one-third Of the whole
debt.
In view Ut the fact that since thu adjourn
ment &c the Legislature 81 1871. iur the hrst
time. the financial management Of the state
revenue from the wear 1854. and continuously
up tn the present. has heen hroaght into ones
tion hefor. the people from aud by whom the
members q voaF honorable body were - ~,
gently elected. deem Il ms dpiy 10 submit g.
the present. General Assembly brief review
Of the legislation upon which thar manage
meus has been based.
Pvpviou, aud Hp 70 yhs year 1874 there had
accumulated in the vaults II the treasury de-
pas1menl bands and certificates ofindcbiednes-
which the sra;c had paid, To tbs amount 81
SEP. SIS ~. These bonds aud certificate,
with the exception Of siS4 80 in Baltimore
CITY stocks and a. the amount Of -. t9s. los. -,
consisted exclusively If her owu obligations
and debts. which .he had paij and redeemed
and deposited IN shat l. called "ankiag
fund aud upon uhich she annually transfer
red % said s,iud from her general treasury.
the accruinE Interest IN h. Invested IN Ike
mauucr.
Th, General Assembly oi ls4si, Vita thv az.
prevail ~ the then jipyvrsor- Acts = lS.t,
CHAPTER sSs-,lireetrd - as, los - ~ th,se
boni- 60 l.e cancelled and DESTROYED. and Ia
that extent relicys-i the tresssssy 81, in the
language 81 * Gov Cira.sn, ekairtaaa Of lhe
6nanec committee ~ the S,patr ia ISL, "aH
imaginary creditor. aud the treasurer @; he
employment Of coanliaE bis liquidasr'i bolitis
and calculafinE hos much iusrresi h. Euuld
i,e entitled - rccslye from hiias,-li
Tn L. that gzsriusi. thoagb tho diresf tax
had lcsn heavy. 40 special TAX tor the Iay.
neni u q particular dels had erer tsssn lev
led upon her people and sincr thai g-erlua
M tas hss bcsn imposed for ;hc laNuarni 81
prineiTgl Or iutcres' # hsr previously rTvaied
della.
Tk. existing 'd,fcua, l0au. g. which
hasr referred. vas created IA lsssS. ior thr
fayrlent II tcIntses, and houaty tax q 55
cents o. the one hunlFed dollars uss impnsesi-
and dcdlca.ca 81 The psyInenl Il ihls luan.
The cumpsrslleF, IN his rvfert iag the wear
t-af7 states thar ''the Hmaaus dtshsrssd fo5
lnunsirs from lsig - 1885,, inclusive. y
shown a. l,s - iss 81 -. and ;hr rrecipt-
are -. 8s4. i07 "a, heinE disbursement II
81, So, 20 81 in excess u receipts.
The cntire amount Of noangy iaN eulireied
frs.m January, i>ss4, "a Septcmh,F ~. lss>l,
embracing the l=.risd during which isfnuiiss
we're heing paia. J. - as titB 81 The en-
tirc amount dishars,d dnrias sise saiHc rcyiosl
fog inier,.s, on tas defense loans Is -, itS,.
~ ~, showing balance 81 this isN AFTER the
t.asmrnt II suirres1 70 Ire - ,6l8.al8 20 or
Ssa $50 81 less than the ~ So. Tlsi II dis
hur-a-l ia excess at reeripty on aecssnnt -
hounfies and hoantv detrnys. beams ~ early
a. the YEAR 1851.
The &C. Of lss4, chapter - rricgred 80
above, completely modified ail previous laws
and plaas relating - the sinking fpnd, and 90
that mode Of paving the debts - the state BE-
furr maturity.
Gov Lose, IN his message to the l-eglsia'
tans, Of iSl52. paintrdly Describes the policy
thus modified aRd now sought % he Feinsia-
ted Ia these words. "Will Won send Mary-
speculate in her Dsu secnritlesg She has
agreed To pay unr hundred cents IN the dollar
phsH dus. Shsll she appear on change,
loadsl with the gold II taNrddsn people,
10 PAY a premium on her Own pspers II, a.
the expiration Of fifteeh years the money l.
Ia h. in hand, will not her bonds appreciate
10 the highest pointF Every dollar
which she would pay As a premium on her
bonds would be ia fact bonus for the pr:si-
lege Of anticipating her obligations. VIA,
private capitalist would cancel his liabilities
upon such prineeiy scale
The wisdom and economy ct the enactment
Of 1854, chapter %, by the republican gov
erBment Of that year, subsequently became
practically 50 manifest that the democratic
Legislature and Governor in 1872, by the act,
chapter 10. cancelled and annihilaied the
remnant Of the sinking fund lett uncanceied
by the previous act, and the small increment
thereto since 1854
Other loans have been created since the de-
Tense loan af 1855, and in every instance the
act creating the loan has provided . tax dedl-
Gated to its payment; in each instance, how.
ever, the annual tax imposed Is not very much
in excess OF the annual interest upon the loan.
These loan or debt taxes are nov in all u
cents ON every 500, and, with the tax Of 10
cents for schools. constitute the annual direct
tax upon the assessable property in the State.
No direct tax is levied for the support OF the
government of the State. Her other sources
at revenue are chiefly licenses, collateral IN
heritahee taxes and tax on commissions, &c.
The State debt created previous IN the year
1868, now outstanding. and for which no tax
provision is made, is 8, 6s4, sos. e3-the State
debt issued since, and including the year 1868,
nov outstanding, for which debt-taxes are