Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1884-01-04

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ths s,srsrsI hala,oo ~ ~ $1,000, xyvvUo s - 1000
100 so AZ Gn.,as.r =. ;. aS SUI. " 49,
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isaipna =, ,h.' .asae az sus LINZ ma VI i mv
NC, - ~ .oen.,n,aS -, piopoi anu enouu
h,, AZ ah.oi',.,,,, ha W. s.ne.sI :.,;ns ri
sen , r r,nd eccon,s = ~ nout srnn, ,ha
J;rao, ~ .a nT Ga oo',.a ~ 70 p. ,.oI. sno
ahoso rosorrod ~ ~ ,' III smo iou ai,aosad
fron, mo tay ~ X oonts co. ,ta ho',,', or
deroneo Loan Iron, 1893 ,o ,ho ond ~ ,ba
lac, f;ssal vear was "a az Aa7 sS. ;nae,aSt
maid in th3t time 40 f,51 5I7 so iesv;ns dno
Tic nrincinal nr t5e dom III oo0 aec no ~
sVTbere newer was n dolIar IF Ills ann, y
avs tba Gnvnrnor uinvestaJ a., s,nI;nc S,rd
securities M the credit of this Loan and !,
covers Inv over x100 mo Inc whole balance
in tho treaonrrH Tba naoot;otion ard an
nl;cation of HE new "a fS11 nm Loan 10 he
reden,ntion Of The old ioor ond tho nav.
ment III tho balance ont of tho traosrry ~.
iaves tho traasnrv ~ any fnr,har occornt
ability IN Il -
In reoa rd n, tho traaaurv ral;af ,oor tha
Governor savs II ia gratifv;ng 10 Observe
that nm To the end az tbe last focal vear
there was invested in sinking fund securi.
ties tn the credit of This loan coon 703 al
and also x13. ia % in casb M the cred;t M
the loan ready for Investment Th;a loan 10
the frat that has had a practical annl;ca,ion
of the debt-pavinr reo,iirements of Inc con.
stjtution and of tie laws creat;ng debta nm /.
der it, and the Governor trusts that in re-
snect 10 the other three loans n similar an.
piication will hereafter he made II annears
that there was due from the treasury proner
to the four general loans referred To Al Aka
307. There is but x191 100 AZ in the sink
ing fund TO the general account and the sur.
plus in the treasury 10 meet IL and il both
could be applied Ia these loans there wonjd
still be a balance of S370. O33 % dine them
from the treasury proper. 1AlI this large
sum of money" saws the Governor. "was
wrongfully taken for other purposes and
illegally expended upon other objects: in
fact. supplied the means for the extraya
gances and abuses of the past." The sterl
ing debt of x4.O47.777 rs. at & per cent.
falls due in 1889. There is but $101. 100 AS
now in the sinking fund applicable to this
and the other Indebtedness not protected by
direct taxes, and a sufficient amount. saws
accumulated TO nav il. Bv the act of 1872.
chapter 500. the MARYLAND State loan. not
10 exceed x6 O.OOO. at G per cent. was
created to exchange or redeem this sterling
and other debts, and under its provisions a
loan 81. 2O8. 344 10 has been thus far created
But the Governor sees no reason for the con .
tinuance of this act--"it is not the time for
the State To be exchanging 6 per cent. for 5
per cent. securities The Governor pro
ceeds AT great length in further illustration
of his views, helding that the States ordi.
nary receipts ave capable of meeting ordl.
nary expenditures without recourse 10 dedi
Gated revenues, and that "a renewal Of the
obligation to pay debt is not the payment
of debt" The Governor in reviewing the
sinking fund legislation refers to the act OF
1872, chapter 27Gs providing for the distr.
button of the fund then in the treasury
81 ,S5S, 1877 50--and the fact that il also pro.
videG that 100000 annually should be set
apart 10 the credit of the sinking fund, TO
be invested in our own State securities. It
is TO be reasonably assumed, he holds, that
this was intended as Il substitute for the
$95,0O interest cut loose from the fund. II
this had been done there would now be in
the sinking fund $t.2OO,OO0. with the an.
nua increment ON the same. instead of $t9l .
100 As. He recommends the repeal of this
act and any other general laws in reference
to the matter, ana enacting another cover
ing the whole subject. prescribing the duties
of the treasury officers in respect TO il and
the character of the Investments. not limit.
ing them TO securities which might depriye
them of a competing market. where other
and safe securities could be obtained under
more favorable terms. He recommends.
also, that separate accounts be kent of
MONEYS received for loan taxes. and thai
the revenues from them in excess of the in.
terest upon The several debts for which thew
are laid lie invested and carried 10 The credit
of the sinking fund for The snecial debt far
the payment of which the investment il so
made that a reasonable amount of the sur.
plus of ordinary receipts shall he carried m
the credit of sinking fund for general ac.
count for the PAYMENT of the DEBT not nro.
tected nv the direct tar, that ali sucb in.
vestments be made in our own State, in Bal
timore city, or in United States securities,
and, with the concurrence of the treasury Of.
ficers and the Governor, other State securi.
ties; that separate accounts be kept of the
revenues Of our internal Improvement CON-
Mos ho On mn IN, ha oNy1liad O., fba ;ntox