The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1883-01-13
Report of the Comptroller of the
Treasury of the State of Maryland.
CONTROLLERS OFFICE,
Treasury DEPARTMENT.

To His Excellency, VIM. L. Hamilton,
Governor of Maryland is my Fifth An
nual Report, embracing the operations OF the
Treasury Department for the fiscal year ended
the 3Oth day of September, 1882, respectfully
submitted In the Statements and Tables to
be found in the Appendix, is set forth every
thing required to be stated. A synopsis and
comparison with other years may, however,
not be out of place.
The receipts into the Treasury, during last
year, were 81, 1924 ,481.47, and less than the
receipts of the year previous, by the sum OF
S72. 1881" The balance in the Treasury
proper, at the end of the year, was $685.
5O6 So add to this the cash to the credit OF
the Free School Fund, S18, 52O.47, and to
credit of the General Sinking Fund, S495. 46.
and the total amount in the Treasury, IN cash,
shows S657 ,522.56, being less than the pre-
vious year by $129, 09S.6S, and a diminution
of the balance in the Treasury proper to the
extent of S113, 691.66. The investments
made during the year, in bonds of the state,
amount to S1S8, 2S9.1 IS, of which $25, 800 90
were placed in the General Sinking Fund,
and Sl62, 800. 10 in the Treasury Relief Sink
ing Fund These investments cost the state,
in cash, $208, IA. 40, and the premiums paid
to the holders of these bonds, for the privi-
lege of redeeming them before maturity,
amount to SIS, 825.22. ,
The state debt, for which interest has
to be provided, is $1l, 269, 031.78, of which
S4O1, 500 10 have been, in fact, paid in ad-
advance and deposited in the Sinking Funds,
leaving the outstanding debt $40, o67, 5O2. 60.
The states interest in valuable works of in
ternal improvement are held for, and when
sold, applied to, the payment of this debt.
They have been, and are, at any time, ade-
auate for this purpose. The debt holders
are satisfied with this security, because it is
substantial, real and not imaginary. To hold
this security, and at the same time to buy up
her debt in advance, at a heavy premium,
have never been made to any extent practical
BILE or possible by her Legislature. 10 do
so, would require the imposition of such a
heavy tax upon her people, as would wake
them up to the folly and extravaganza OF
such system, and cause them to mark with
their speedy condemnation the perpetrators
of it. Whenever, therefore, the Legislature,
which is the immediate, frequent and often
repeated representative of the people, shall,
in its wisdom and in obedience to their will,
direct the payment and extinguishment OF
the existing state debt, ample means are pro-
vided and ready at hand for that purpose.
The latest expression of public sentiment IN
this regard was to let we'll done alone, and
to cease chickering's and contentious upon the
subject. The Legislatures of 1880 and 1882,
both plainly declared the present policy OF
the state to be, to reserve her securities, and
to fund her debt, as it shall become due, at a
lower rate of interest. Under the defence
Redemption Loan" Act of 1882, CHI. 289, the
"Defence Loan of 1868, which amounts, IN
round numbers, to three millions of dollars,
bearing per cent. interest, which falls due
in January, 1884, will, | think, be converted
this year, at par, and perhaps less, into the
| mi into
The Revenues of the state last year, de-
rived from her investments, were S147 ,994.67;
from licenses, S517 1854. SO from Direct Taxes,
1896, SG7. 18; from taxes on civil commissions,
commissions of executors and administrators,
collateral inheritances, protests and gross re-
ceipts of railroads, S207, 319. 80; from other
and miscellaneous sources, Sl52, 945.O4; max
ing the aggregate sum of 81 1924, 4S1.47, and
embracing the total receipts of the year. The
receipts from these, which constitute the Or
binary sources of revenue, vary in amount from
year to year. During the year 1875, the first year
of my term of Office they were 81 ,623, 643. %,
making difference between the two years and
| in favor of last year of $500, 1924. If these
sources of revenue had proved as available
in 1878, as they now are, no Treasury Relief
Loan would have been needed; and 1T Is
chiefly because of this increase that the Urea
ury Officers were enabled to eXpend last year
the sum mentioned above in Sinking Funds,
and to preserve healthy balance for imme-
| date demands.
Since the assessment made in 1877, there
has been a decrease in the assessed value of
property upon which the direct tax is levied.
The aggregate decrease since 1877, Is Sl3,
CAB, 149. The increase in the actual value OF
property of every kind, during this period, has
been marked and the decrease in the assess
ment is the result of the notorious fact, that
everybody whose taxable wealth decreases,
goes before the Tax Court for abatement, and
everybody whose wealth increases avoids a
reassessment. This gives me occasion to re-
peat the suggestion made in my report to the
LEGISLATURE of 1880, that mot until every
person holding property shall be required to
90 once a year to the assessor to be taxed ac-
cording to his actual worth, will taxation be
euualized and its burdens be imposed so as
to fall lightly on the many, rather than heav-
ily on the few Should your Excellency
concur in this suggestion, important aid
would be rendered towards its accomplish
ment. One day in the year devoted to such
a purpose would certainly be a modest de-
mand on the part of Government, whose
per centum of taxation has been kept, under
existing circumstances, within the moderate
dimensions of the present state tax.
SAG. 50, of which was paid into the Treasury
the sum of $3.50, 923 10, and the balance of
$3.50. 622. 80 remains uncollected. The amount
due by collectors of previous years, exclusive
of interest, is $545, 1854. 83. making the total
amount unsolicited 1926, 587.63. These
outstanding taxes, in the hands of collectors,
have been reduced in amount since the year
| 1873. S223, 818. 80. The sum is, however,
still large, and it would be a great help to
the revenues of the state, if some improved
plan for the prompt payment OF these taxes
to the state, were adopted.
The receipts of taxes from Incorporated
institutions, were 500, 336.41. The amount
due and unpaid by these institutions, is $lO8,-
1858 Steps have been taken to enforce
these collections.
The receipts from licenses and taxes i'm
posed upon foreign insurance companies, were
S49, 442.24. In the year 1881, they were
$50, 868.30.
The gross receipts of the Tobacco Ware
houses were $72, 070. So, and the net earnings
81, 667. 10. The Tobacco Inspectors receive
a salary of 300 per annum, and should
make their Warehouses at lease self-sustain-
ing. In the year 1881, their receipts were
S75, 23O.02, and their net earnings $40, 5o5. II,
a little more than required to pay their sala-
RES Last year the net earnings did not pay
the salaries, and they were tax upon the
Treasury to the amount of S., 332.90.
The receipts on account of the Oyster
Fund, were 7,751.O5. The expenses,
chargeable to this fund, including salaries
and the purchase Of new sloop, were $50, :
O7O.59, showing an increase of this fund,
S1s, 6s0.46. The increase in 1881, was &c.
522.O9.
The Contingent or Expense Fund of the
Comptroller for the year, was $4,000. OF
this, there was expended the sum of 81 ,O56. so,
and the balance of 81, 943.50 remained I'M
expended.
The Contingent or Expense Fund of the
Treasury Department, was $1,000 90; the
amount paid for purposes set forth in Table
No. 81, was 81, 43O. 10, leaving an unexpended
balance, of S57O.27.
These balances revert to the Treasury, and
are not carried forward, as some people sup
pose, for future use.
The stocks and bonds held by the state, to
the credit of the Free School Fund, amount
to 1902, 1878. These are all prompt, inter-
est paying investments.
Very respectfully, your obedient servant,