The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1884-01-12
comptroller's Report-state Finances

Comptroller's Report-State Finances
We have received from Comptroller Thos.
j. Heating, now about to retire from an office
he has acceptably and ably filled for six years,
his sixth aud last annual report, for the fiscal
year ended September 3Oth, 1888. Like its
predecessors it is comprehensive record of
the doings of the treasury department of the
State, and contains valuable information and
recommendations which the General Assem-
bly, should carefully consider, among which is
a recommendation that the Governor, Comp
trollcr and Treasurer he authorized and en-
powered to refund at lower rate of interest
the now unprovded for debts of the State
when they fall due These debts are secured,
of course By the State interests in works of
internal improvement. They amount to &c.
153, 0722. 90, and bear six per cent. interest,
and all will mature in the next ten years.
Maryland's credit is first-rate, as evidenced
by the refunding of the Defense Loan recently
at 800 per cent, and the Comptroller be-
lieves the other debts could be refunded at a
rate much below six per cent. By the pay
ment of S326, 1906 of the Defense Loan and
the refunding of S3,O00,OOO, the balance of
the same, the State will hereafter save annu-
ally in interest the handsome sum of $50, los.
If the other debts could be refunded at 1866
per cent, there would be further annual
saving in interest of about $157.G97.
The total Indebtedness of the State (funded)
amounts to Sl1, 1863, 800 80, and the State
holds bonds and stocks, upon which interest
or dividends are promptly paid, amounting to
1896, 1884, leaving an actual debt of ST.
273, G69.35. Against this sum again are unpro-
ductive stocks amounting to more than twen-
ty-six millions of dollars, and nearly million
and half of dollars due from accounting
officers and incorporated institutions. Not
more than ten per cent. of these amounts will
ever be realized perhaps, but they are carried
over from year to year and go into the annual
reports, and will so continue until the Legis-
lature takes action.
The total receipts last year, from all sources
of taxation, were $2,O97 1868, showing an
improvement of S473, 1873. Go from the same
sources in 1873. While the revenues have
increased by reason of the ordinary growth
of the State, expenses have decreased. By
the repeal of the pension laws $50, 900 have
been saved, and further sums have been saved
by reducing salaries of tobacco inspectors and
their employees, by reducing the number and
salaries of other officers, by the repeal of the
bounty laws, &c. The tSinking Funds of
the State now hold $4ll ,209.1S.
The Comptroller calls attention to the large
amount of outstanding taxes. Although there
has been great improvement in this since
he assumed the office, yet there is room for
greater improvement, and he suggests that
there are too many agents or collectors, and
renews the recommendations made to the
Legislature in 1880, calculated to insure
prompt receipts with less machinery.
The State realized s., 294.S0 from tobacco
inspections last year, and yet some persons
would like to abolish the State system. Now
the inspections pay over eight thousand dol
lars into the treasury, and tobacco growers
have the privilege of free storage. The Bal
timore Il Ohio Railroad is back of the effort
to abolish the State system, and the Legisla-
turc should consider well before it disturbs
it. The State received nearly two thousand
dollars from the oyster fund, after paying all
expenses. including 81, 500 for new steamer.
The cattle scales paid s3,7l5.22 into the
treasury, and the hay scales 81 ,335.35.