The Democratic advocate., 1886-01-09

actual demands of some OF them: opportuni-
ties offering to purchase TO advantage for the
same, and the condition of the treasury being,
in the opinion of the officials, such as to Jus
tify the outlay. In addition TO the several
sinking funds made whole, the Increment
therefrom, for the past fiscal year. has been
satisfactorily invested further 10 increase said
funds, only S179 40 remaining uninvested at
the end of the year.
Amount of stocks and bonds in
sinking fund September 80, a.
ID. 1850. 81, ,423,o3l 10
Amount Of stocks and bonds in
sinking fund January 1, A. ID.
1SS4...-....' ......... 4I,zoS 10
Increase since January 1, A. D.
1884. ,Ol2,32o W
Deduct d. & o. R. r. bonds car
ricd to sinking funds, per
chap. 491, acts OF 1SS4........ 366, 900 90
Stocks and bonds actually bought
since January 1, A. ID. 1SS4.... S646.325 %
Amount paid for purchase OF
said stocks and bonds. .........-. S6I2,14o %
Premium paid on stocks and
bonds purchased since Janu- n, ,oo-,
I6ie Tie stocks and bonds purchased for the
sinking funds since January /. A. D.. 1884,
were bought for the various funds as follows:
General Sinking Fund. d............. 20,35O 90
Treasury Relief Loan .............. 1O3,93o %
Defense Redemption Loan......... 37O,SOO %
Deaf and Dumb and Maryland
Hospital. ...-............'.'........ Iol'-fuoo
s6l6.825 90
Provision by direct taxation for the ultimate
payment of our State debt and current inter
de;t upon the same only reaches and is applicsi-
BILE to the four following loans: -
Defense Redemption Loan..........S s., ,000.oOo
Deaf and Dumb Asylum Loan..~.. 222.ooo
Maryland Hospital Loan. n.........'' 462.Ooo
Treasury Relief Loan. ooo'ooo
N.1so.0Oo
BY rigid and unwarering adherence to
the present policy of the treasury office,
and sacredly applying the ~ reDenue55 i,,tdn:5
and sinking funds of the respective loans Tor
which the Legislature has seen NJ 10 MAKE
provision, we can see our way 10 R3 nnv s. 81 ms
be borne in mind that the tax cannot DC lesiitl-
matey applied to any other purpose or the
extinction of any other debts than those tor
which it is specially levied; aud upon snfi-
cient accumulation of funds TO pay on s,ila
loans the tax must cease. We nave not SUM
cie1t productive securities to Offset the re-
manning portion of our debt. Our revenues
from, other sources than direct taxation are
consumed by the ordinary expenses n;, oi .ne ,n
State government and interest upon SAID re-
maiuing portion of debt The question OF tne
time OF Its ultimate extinction is cloudeu with
additional taxation would not only be unpop-
ular and bear heavily upon inc peoPlc'
but l deem the same .I unneeessdTy: l,ss h:
paid her annual interest, and the premium at
Ieudant upon the sale and negotiation OF ner
bonds attests the high standard her credlt mas
attained in the markets Of the world and Ihe
faith of capitalists in her financial lntcSrlty.
A large portion Of our dept IS PAYING a,i
annual interest OF and per cent
part of this debt has matured and IN Iew
years other loans will mature ING sue
cessful floating OF S3,ooo;ooeo az IN er ere cent
to meet maturing bonds OF the Maryian9
defense loan suggests the feaslplllIy a,lu
wisdom of refunding as rapidly as practleapIe,
llnder existing circumstances, the remuhlns
debts of the State into new loans at a lower
rate of interest. The bonds may pe lss1et ~, ~
Yrin for a long time, reserving to the state the
ontion or right to call themi or redeem them
| after n certain number of years By refund
ing the loans suggested tne 3uaie m1 III ~ aY W
cess OF present interest over the interest," Vi new
refunded loan; that is 2. 30 per cent. over me
! 4 oer cent loan. The turning of this eX-
| cess or saving into the general sinking lund,
as well as all additional revenues tnac ,I iuSS 81
/ our many and varied interests, VIII eSehtually
! produce a fund equal TO our indebte1ness.
Such policy. if pursued WIN naeliay WILL ,, Nc
! fore many years, entlrely IeheN0 10 iA0iii -
| present debt
LEGISLATION EXPENSES.
cannot impress too earnestly upon your
! necessity of economy in your Legislative ex-
! penses. The appropriations by the last Legs
lature were not made IN ga4ss out so,t sn f,Piv
4 aware of the constitutional power oI eac1 ls
/ House to fix the number and compensation OF
| its employeeS and do not desire 10 trench, Dy
I my suggestions. upon legislative prerogatlNeS;
[ vet must express the hope that such powers
| will not be exercised so as 10 exceed se' ar ane
! amount demonstrably needed tor inc per
! fornlance' of public duties.
| raxABLE BASIS AND ASSESSMENT.
/ A comparison of the assessed value OF
/ property for State levy in 1850 Win tnll on
1877 shows deeEease q While tfS that t for
4 1877 was SITS 6iS,02S. No hi@ner prerpga-
! tive of government can be exercised than tnat
/ of taxation touching as it does or IS supposed
! 70 do ali property in the State. In the imposl-
Z lions OF burdens in the shape OF taxes upon ppm
the people, the spirit OF arsiG ,.so,,t 10 Tt con-
/ sfitIItion remains, should never be lost signt
| of. and every person within the state or holo-
ing property therein ougnI ;n5 10 to iis liz
/ actual worth in real or personal property. len
/ years have passed since our last general us ilsi
| Basement and Notwithstanding new ana
/ large enterprises involving the outlay
OF large sums of money, Wmch nave
since sprung into existence tne ~ mp ,r W
| mcut and development of many OF our re
/ sources and the appreciation OF Vaiuee iIici
| dent to the increase of population ana general
growth of wealth. we find our taHablc Oasis 10
! dny less than 1t was a decade ago. II you
! should make provision for taking the llnmedi-
ate sense of the people upon a new cons B LII LII
| fion. then think that such vote ought 10 pre-
| cede another assessment or property
| but, if you do not. then recon- ,lt
/ mend a new and immediate assessment;
under a law broad enough in its letter and
spirit to enable the assessors TO reacn an man man
| ner of property, that the burdens OF l laHa.Ioii
tiai e1u!fIity and uniformity of taxation may
| ,nra,eaiI Throughout the state. There are at
| least 5000 O0O, 900 of capital secured Dy mort
| rages in this State upon which no taxes are
| levied and further investments IN nlortgases
| are being made which curtail State revenues.
This discrimination not only imposes aualI Il. !,
| tioual burdens upon the landed lntcrest anu u
! the working classes of the State, Dut presents
| nossibilitieS Of further reductions OF our
4 present meagre basis of taxation.
CONSTITUTIONAL CONVENTION.
Tho eYistine constitution of the State made
| a. &c dnfy of the General Assembly TO provide
| hv law for taking at the general election 70 oe
| held in this State in 1887, and every twenty
years thereafter the sense OF the peopiie ~ IT,
eonstitution. 1t further provided that II q
majority of voters at any such election sn9ula
vote for a convention the General AS,elhpty-
at its next session, should provide py III" ior
i the assembling of such convention,
These provisions simply insured the hoidins
of an election in 1887 TO determine wnetner
the people of this State were content WIN tne =
! Constitution of 1867. II upou the taxing OF
such vote it appeared that they were, t1ea a
| like opportunity was to be ahorded N 13o /,
and If like contentment was shown az suen
.iinction with the existing instrument, then
| another opportunity was 10 be agnn given III
The provisions thus made by the eonstitutlon
| of1S6I for the revision of that ms trument were
NOT intended to exclude the exercise OF tnose
! other means of etfecting the sauiS ot,Jsst, y;
| State They would not have preventcd the
General Assembly from providing py iiNi NJ NJ
anv session held since 1867, for the supnllssioll
10 the voters of the State OF the quesucIl
whether they desired the assembling OF 2 com
veution for the altering OF that ,,r
demonstrated by the precedents set by the
General Assembly in calling the constitutiohai