The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1888-01-21

These bonds, although in the sinking funds,
are now practically redeemed, and it only
requires legislative direction to cancel them,
and thereby take off the tax of one and
one-llalf cents in the one hundred dollars
imposed by the laws creating these several
loans. The remaining Deaf and Dumb
loan authorized by the act of 1870, chap.
422, of 100000, has been refunded.
After the cancellation of the Maryland
Hospital and Deaf and Dumb bonds now in
the sinking fund there will remain avail
able bonds of the State in the sinking fund
for the redemption of the treasury relief
loan, to the amount of 1881 ,317.45. A
transfer of the Baltimore and Ohio bonds
amounting to s366,000 Chat are in the
sinking funds for the redemption of the
Maryland Hospital and Deaf and Dumb
loans, the greater part of which, as L have
shown, are already redeemed and the bal
ance refunded) to the credit of the sinking
fund for the redemption of the treasury
relief loan would make sinking fund of
S691 900. The treasury relief loan be-
comes redeemable on the first day of July,
1888. The Baltimore and Ohio bonds also
| fall due on that day. 1t has been the in
tention of the treasury officers to take the
proceeds of the Baltimore and Ohio bonds
and apply them to the payment of the
treasury relief loan. There are already
$50 900 of the bonds of this loan in the
sinking funds. 1t would only require
SIS, 900 in addition to the Baltimore and
Ohio bonds, without touching the State
bonds in the sinking fund to the credit of
this loan, to enable the treasury officers any
time after the first day of July, 1888, when
the proceeds of the Baltimore and Ohio
bonds should be in hand, to pay off the
balance of the treasury relief loan now out
standing, amounting to the sum of SAL
900. When this shall be done there can
be reduction of one and one-half cents
more in the tax rate. Should you deter
mine to cancel the Maryland Hospital and
Deaf and Dumb bonds now in the sinking
funds, and transfer the Baltimore and Ohio
bonds to the credit of the sinking funds for
the treasury relief loan, you will be enabled
to make total reduction of three cents in
the rate of State taxes for the year 1888,
leaving the tax of one-quarter of one cent
for the exchange loan of 1886, the tax of
five and one-half cents for the defense re-
demption loan and the tax of ten cents for
schools, and making a total tax of fifteen
and three-quarters of cent on the one
hundred dollars, the lowest rate of taxation
for Maryland in period of twenty-five
years. 1t is proper, however, to add that
the question of making some provision for
the protection of the States interest in the
Chesapeake and Ohio canal, now engaging
public attention, may result in your honor
able bodies directing the treasury officials
to purchase the bonds issued under the act
of 1878, amounting to 100000, for the
sinking funds. In that event the Baltimore
and Ohio bonds would be probably needed
to enable these officers to carry out your
directions in relation to this work. The
time, therefore for the reduction in the tax
rate, SO far as the treasury relief loan is
concerned, must in great measure depend
upon the demands on the treasury which,
in this connection, may be made at your
hands.
TAXABLE BASIS.
The assessed value of property in the
State on the Both September, 1887, was
| S4S5, S39,772, an increase of s9,O10,16l
since the Both day of September, 1886.
But with all this increase in the taxable
basis, the assessment in Baltimore city is
over two millions short of its assessment
in 1877, and the assessment in the whole
State shows only an increase in the past
ten years of fraction over seven millions
of dollars. This cannot be all the increase
of wealth in Maryland during this period.
believe that Baltimore county alone, upon
reassessment of property, would show an
increase of twice that sum; and it is but
fair to the present taxpaying property that
there should be new assessment of the
entire property of the State, and 1t Is your
province, by suitable legislation, to give
directions thereto. This will, doubtless,
be one of the most important duties which
you will be called to perform during the
present session.
OTHER MATTERS,
In 1885 the receipts from traders licen-
ses in Baltimore city amounted to sl27,
965 so, while in 1887 the receipts were
only s122,SS1.76, falling off of over
$4,000 The comptroller thinks the last
amendment to the hawkers' and pedlers'
license law had something to do with this
falling off, and says: "The old way, re-
quiring all traders licenses to be renew ed
on or before the first day of May, was a
good one for the State, and it is believed
that the change in the law has not impro-
we'd, but, on the contrary occasions loss to
the treasury therefore recommend that
chapter 507 of the acts of 1886 be SO far
amended as to require all traders licenses
to expire on the first day of May follow
ing the day upon which they are issued"
The receipts from tax on gross re-
ceipts of railroads were s52,433, an in
crease of $4,000 oyer the year before.
The TOBACCO inspection system was tax
on the State of s94s.36 above receipts for
salaries, in addition to about 81 900 more
for ground rent and insurance. Some of