Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1903-10-17
Herring OF FINANCES.

uiy III d IeCenJ speech, gave a
comprehensive review of the
financial management of the
State. He said in part:
"The net debt of the State in
1867, as shown by the Comptrol
ler's report, was s7,614, 413. 43.
and the State tax rate at that
time was 20 cents on the 500.
Since then the debt has been
reduced more than $1,000. 900,
leaving the net debt of the State
at the present time about So, OOO,-
600, with the State tax rate also
reduced from 20 cents to II cts,
on the 500.
cat the same time that this
reduction was steadily going on
large expenditures were being
made for the erection and equip
ment of the States reformato-
ry and other institutions, and a
liberal and fostering hand was
given to the charitable and edu-
cational interests of the State;
the result showing that for the
30 out of the SO years in which
the State was under Democratic
control prudence and efficiency
marked the management of the
States financial affairs.
"When the present admins
tration came into power in jan
uary, 1900, a debt of $50, 900
existed upon the Oyster Navy.
This has been paid off, and on
July l, 1908, a surplus of more
than $57, 900 was to the credit
of that account. This surplus
is due to the operation of the
present Oyster law, passed by
the Legislature of that year.
And whatever may be said in
regard to the possible amend
ments to the law, it has, without
working hardship to anyone,
made the Oyster Navy float it.
self, instead Of calling upon the
general treasury for help.
"The State tax rate in 1900
was liz cents on the 500. This
has been reduced to II cents on
the 500, which means that
about $40, 900 formerly collect
ed in State taxes has been left
in the pockets of the taxpayers
of the State. The bonds Of the
State which were issued under
the acts of 1900 and 1902,
amounting to 81, 100000, were
all taken into the sinking funds
of the State, together with about
$267 900 of other securities pur-
chased for the same accounts,
making an aggregate of about
81, 1867 900 carried to the sinking
funds during the present ad-
ministration.
"And Notwithstanding the
expenditure for public build
ings, which has added that
much to the substantial and
valuable property of the State,
and the reduction of the tax
rate, the net debt of the State
has been reduced since J January
L, 1900, to the extent OF about
1874, 900, leaving convertible as
sets in the Treasury at the
present time sufficient to liqui-
date the entire debt of the State.
Il desire, in connection with
this latter statement, to call
your, attention to the fact that
the State holds among it's as
sets. at par. a claim of 81, $780,
900 against the Northern Cen
trail Railway Company, covered
by mortgage and carrying an
annuity of 100000. During the
present administration the rail-
road company stopped its quar-
terly payments of interest on
this debt and claimed the right
to extinguish it by the payment
of the principal. The State sue
cessfully resisted this conten-
ton and secured the distinct
decision of the court that the
payment of 100000 year upon
this claim is a perpetual annui-
ty, and it is now carrying the
interest upon 100000 OF our
State bonds.
SIT also holds, at par, $500
shares $3.50, O00) Of the stock of
the Washington branch of the
Baltimore and Ohio Railroad
Company, being one-third of
the entire issue of the stock on
that valuable piece of railroad
property, there being no bond
ed debt upon the road.
GIN concluding this brief re-
sumo of the States financial
condition-and the large part
of the Democratic party has
had to do with i'll do not hest
tate to say that, in my opinion,
the two items which l have just
named as belonging to the