Port Tobacco times, and Charles County advertiser., 1883-05-18
Sinking Fund and Bounty Loan

| We are glad to know that our esteemed
| contemporary, the Port Tobacco Times,
IS not opposed to our cons 'i'utional sink
| ing fund pallcy. Il concurs with us in
| thinking that the system is gnod Thu(
concurring with our friend in respect I J
| The sinking fund policy AS established by
| he Constitution AMI as /" the wholesome
provisions prescribed by it IN relation to
| It, we can with cand #. submit IL its con-
'lderatloa the impressive fict hat these
prov sinns AMI all loan avs passed in
pursuance of them have been n, more re-
Iarded by the Treasury Department, for
long years past. tlaH IT they were hut
avs of the Nedes and Persi ms aud not
rur own State laws and instead # paving
| III in IN oney. the debt in fifteen wears and
getting rid of il rs 81 Ii orally required by
hem to 10, 1t has been the b II pr ictiCe 1T
DtyinG oil by creating a1nther LnIn Debt
tni thus pervcrtiag he whole system ot
ieb: paying 81 wisciy es s'ablis1cd and
making ia fac, the deb. perpetual Upon
the contrary. the system was. FIR long
years past, not only de iber.te disre-
,irded but open boast OF it IN tle Ia the
Legislature. and all kind Of argument
used 10 con'emn il and weaken faith in
il is only recently that the Treasury D.
oartment is beginning tn carrs into execu.
.ion the provisions ot the system; and We
rust that AZ ,in returning t. his after s,
| many years. we NAV rigilly continue 10
sdhere in the future 10 what is 81 solemn :
snioined by our tund ,mcut Il laws and So
wisely ins,itu ed bv good men before IA.
At one time in the general discussion
- IL. n A l. A
we were impressed thai our cou;e nporary
vas opposed to the system. anl We are
rrAtified in now fading II nthcrwisa. TIE
| ,nly question in difference betweea uS
now is in the Defense Loan. or rather
Bounty Loan. as il should as cal -
whether within the cpnstItu IonIl require
nents in respect IN the obligations - sss.-
tax for the payment NJ the iaiers-t aai
principal Of the debt. or whether the lew
depends entirely upon the statute ere sting
the loan and therefore Ii shle u repeal.
Whist there is in fact. . sghsttlSal dit
ference between the fwo. aal IN r~blaus
time, might Ia INST Important n1s, as
involving obligations aad provisions
which, u1sler the Cnnstita;in1. etglt mt
he aff-cte ly iegisl ,tivc action. walls, in
the other thnrpu th goo fsith T., pr2n SIS
made should protect ~ tinst chan
v------~~-.----~-~..sI .sI-.s---------~s=A-J
nav MT b., 4 ,niei l. II rxevcr. ifw l1ts5-
stand il. nnr cp1trup ,riyy les It Mi ct
n the f.it'tfuI evccltin1 ~ -" Law ab.ts9
which the ln41 wts mt1' wherever re-
luirc ~ m tin,sil t1E sahs'trcc ol what
vas prpnisel
TIL, ronpttia' ~ "rr cp1'en p'rt-y ia
iirsc'ei O. the prbvisint ni th- iav ere q.
ing the l1rr which cnn'iari rho Trt,SIry
nepartncn, - nGkin. ia Investment. N
he sinking fun IN orr >t.t- s-ClrJties
tni which II timsS en- nllr u 4 "a at
large prices We lncu. IN this view
Ef,r,s were N tit ~ ths s-ssi N "f 1850
- have 'his changed - "a - give - ,h~
Treasury y - trtms1'. IN its lis 'r.ti ~. the
onwer {, inycs' sinking fi1l tsss'> IN
other snlni securities. hut they i,ii~d
In t'in at nf isS! crea,in.A oI1 f,r ,he
rs,lenptipn Of the lnl1 of 1853, pravisi ~
is made 70 inv-st in United st, c. B.ti-
more ci.y and in our aSn State securities
To thl, extent. therefore. the obi 'ctina is
removed. and We trus, thu N the comm:
session tins nty lie cSf"nied - a our
sinking fun | securities.
We think teuperI ate disrussi ~ Of
questions nf state policies sni m 'ssurss.
showing wherever there are wrongs and
eycesses, whether 81 in fact. or when, upon
examination, they nay turn ont {" he i'm
sginary, does good. And these expires
sions and examinations and exposures, To
10 good at all. should he hal betlre the
red hot turnpi Of political contests come
on, and esprcit''y before the meeting of
the Legislature, in order that public opin
ion. rs il becomes tixel upnH At any one
If them may he fnrmui.,e! TOR lesisla i've
action
In this spirit we have pursued all these
matters. and in M ether, AMI Will / in
some of our eSpositinns we my to re.
glrael as extreaneit times unjust to in
iividut's having charge or control Of ma
ters-still We @eI tn say il is not t. mr.
rlign any one for the sake Of arraiyument
only or to make any kind at pt rsantl issue,
but to point out reasons for all that We
propose.
Anil we thiak tn at he temperate con
'roversy we h ave with our cnnt.mp ,rtry
upon this subject vi d NJ harm. but If
anything good. in directing public atten.
tion 20 our sinking iuad policy and he
general character of our loan and deht
Dayin no i,y - yTtysP,gotra Nil