The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-01-21

| Lovers of the antique must be more
than pleased with the present winter.
Nothing like it has occurred in this century.
Report of the Comptroller of the
Treasury.
To HIS ExCELLEScY, FRANK BROWN,
GOVERNOR OF MARYLAND.
I respectfully submit to your Excellency
the following exhibits of the operations of
the Treasury Department during the fiscal
year ended the 30th day of September, 1892,
as required by the laws of this State.
RECEIPTS.
There has been received into the Treasury,
from all sources, during the fiscal year ended
the Both day of September, 1892, the sum of
So, 006, 551. 10, and the balance in the Treas
ury at the close Of the previous fiscal year
was S541, $3.50. 80 making the total amount in
the Treasury during the fiscal year SO, 547,
sS1.4S.
The amount of receipts in the Treasury for
1892 is greater than for the fiscal year 1891
by S178,982. SO. In these receipts are in
cluded the amount received from the General
Government, and $100,000.00 from the sale
of an equal amount of the Exchange Loan
1884,
DISBURSEMENTS.
The amount of disbursements during the
fiscal year amounted in the aggregate to 3d.
O65, 1888. 02, being greater than the disburse-
nents of the previous year by Sll2, 749.O9,
and there remained in the Treasury at the
close of the fiscal year the sum of $4s2, O4S.4
ESTIMATES.
The probable receipts into the Treasury
during the current fiscal year are 81, 45l ,49l.
80, which if realized and added to the balance
in the Treasury on the 30th day of September
last, would make the total amount in the
| Treasury for the fiscal year 1893 applicable
to ordinary purposes, the sum of $685.
5403 &c.
The estimated disbursements during the
same period are 81, 295, 1920.
FREE SCHOOL AND SINKING FUNDS.
The condition of the Free School and Sink
ing Funds, at the close of the fiscal year is
shown in detail in Statement "E.n The
amount remaining to the credit of the Free
| School Fund at the close of the fiscal year
1891, was So, 1882. The receipts during
the last fiscal year on account of the same
fund were 500, 260.s6, making an aggregate
| of $74 ,419.3S The disbursements from this
Fund for the same period, amounted to $685.
! 1884, leaving a balance to the credit of the
| said Fund, as of the Both of September 1892,
of So, 675.54.
SINKING FUNDS.
| There was invested during the fiscal year,
| on account of the General Sinking Fund, and
| the Sinking Funds for the Defense Redemp-
ton Loan, and the Exchange Loan of 1889.
the sum of $500, 1861. TO- leaving balance OF
! ST 1876 to the credit of the General and
Exchange Loan of 1889 Sinking Funds.
The Treasury Relief Loan Bonds having
1 ,.l- IL, oT
the several Sinking Funds were all destroyed
by virtue of a Joint Resolution of the General
| Assembly of 1892, and the balance of Stocks,
Bonds aud Cash standing to the credit of
that Fund were transferred to the credit of
the Sinking Fund for the Defense Redemp-
ton Loan in accordance with the provisions
of Joint Resolution No. 8, of the aforesaid
session of the General Assembly.
DIVIDENDS.
The various amounts received from divi-
dends on Bank, Railroad and Canal Stocks,
and the Annuity secured by mortgage on the
Northern Central Railway, during the fiscal
year, amounting in the aggregate to the sum
of Sill ,514.65, being an increase over the
amount received during the previous fiscal
year.
OYSTER FUND.
The receipts on account of the Oyster
Fund during the fiscal year were SAG, 652. SO,
less than the previous fiscal year by SIS, 6O7. so.
This difference is found mainly in the receipts
from dredging licences.
The disbursements were $40, 665.11. This
sum is in excess of the disbursements Of the
previous fiscal year by S6,019.30, which is
more than accounted for in the considerable
repairs that were needed and made on the
Steamer McLane and several of the sailing
vessels; as we'll as the sum of S250000 paid
on account of building three new Schooners
for tie force, as directed to be built by an
Act of Assembly at the last session. The
balance to the credit of the Oyster Fund as
of September 30th, 1892, was SAG, 708. 48.
For number of years there has been grad
ual decrease in the balance to the credit OF
this Fund.- and recent legislation has not
tended to increase it, but it is gratifying to
than at the present time.
PRODUCTIVE AND uNPRoDUCTIvE ASSETS.
The productive assets of the State are
81, 373, 1872 A, and the nnproductiye $7,ll0,-
| 626. 80.
STATE DEBT.
The total Indebtedness of the State was at
the close of the fiscal year 1892, So, 1884,
9S6. "a, decrease of 81, 036, 656.2S from that
of the previous year. There was issued dur
ing the fiscal year 800, 100000 of the Ex
change Loan of 1891, as authorized by Chap
| ter 305, of the Acts of 1890, increasing that
| issue to S70G, 18TH. This Act authorized
the issuance Of 1870, 5.35 for the redemp-
| ton of an equal amount of over due debt,
but the Treasury Officers found by using the
$50, 100000 realized from the foreclosure of
the mortgage of the Columbia and Port De
post Railroad Company as authorized by
! Section of Article y of the Constitution,
and 1902, Gas. II of the amount of the Direct
Tax returned to the State of Maryland by the
| United States, for the redemption of the out
standing overdue debt for which the Ex-
change Loan of 1891 was being issued, that
they would not be compelled to issue any
more of said loan. The General Assembly
of 1892, therefore, upon the recommendation
| of the Treasury Officers passed an Act Chap
| ter 96,) authorizing such use of the sum Of
| $202, 645.71 of the amount received from the
| General Government as the refunded Direct
| Tax and forbidding the issuance of any more
of the Exchange Loan of 1891. This Act
| also directed that the balance of the said Di
| rect Tax should be invested for the use of the
| General Sinking Fund, which has been done.
The reduction of the State debt was &C.
eomplished by the destruction, by Commit
tee of the Legislature, of 81 PAP 10000 of the
| Exchange Loan Bonds of 1889, and $780,
10000 of the Treasury Relief Loan Bond
held by the several Sinking Funds, and by
! tue treasury Oncers calling III loI reuenp
| ton the balance of the overdue debt amount
ing to 1894, 356.28, all of which has been
redeemed except S13, 4S4.41, which has not
yet been presented, but the interest on same
has ceased, and payment will be made upon
presentation.
Deduct from the gross debt the value of
| the productive stocks held by the State, and
the Cash and Stocks held on account of the
Sinking funds. and the net debt will be found
| to be So, OS2, 2S6.35. But it is worthy of note
that the productive Stocks, with a single ex-
ception, held by the State, have market
value greatly in excess of their par value,
and if statement was prepared placing the
! State securities at their market value, this
net debt would be decreased by more than
one.half.
Chapter $40 of the Acts of 1892 authorized
the Board of Public Works to sell all the
States Stocks, except the Stock of the Wash.
ington Branch of the Baltimore and Ohio