The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1909-01-08
THEIFINAN LCONDIT
OF MARYLAND.

The report of tie Comptroller OF
the Treasury for the fiscal year end.
ing September 80, 1908. which has
been transmitted to the Governor, in
dicates healthy condition Of tn
finances of Maryland. Although 10
taxes are levied for the public drht.
ample provision was made frem tie
general treasury for the sinking
funds, besides paying the interest
on the outstanding dabt. The a.
mount carried to the funds during
the fiscal yearwas 1923 .257 so, ali
of which has been invested in tie
States own obligations, which, o0-
ing to the low rate of interest they
bear, were purchased below par.
The gross debt Of tie State at The
close OF the fiscal year was $G,C79,-
929.13, as follows:
The 8 per cent, consolidated loan
OF 1899, issu d under & tp er ID OF
Acts OF 1885, So ESQ ,929l3 There
is to the credit OF this loan sinl>ing
funds of 50 6697l2 %, leaving $751;,
213 81 to be provided for. OF The
consolidated bc1ds OF 1889 there we're
at the end of the fiscal year 81 $780,
1892 in the sinking funds and ST.
662,746 Il outstanding. Some OF
these haze felIaps been purchased
since the close Of the fiscal year.
This loan natures January /, 1914,
but is peyetlc at Tie pleasure Of the
State on and after January |, 1909.
The 3 PER cent, building and i'm
provement lean Of 1900, $500 coo
The sinking ful 10 tic credit q this
loan was $4,000, and S41l 200 Of
bonds are owned by tx State and
in the funds, leaving $S8 SEQ out
standing. This loan nalures in
1915, but long before that time the
sinking fund will be sufficient to cx-
tinguisb 1t.
The 8 per cont, loan ofl9O2 $780,
600 maturing in 1917. All of the
bonds of this loan are owned by the
State and are in the funds. The
funds to the credit Of the loan is
$4,000
Tie 80 per ceur, building loan
of 1904 Sl,625,OOO, due in 1919
OF these tonds S9O8,OOO are owned
by the S ate and in the fluids, leaving
outstanding s7l7,OOO. The siukin2
fund to the credit of the loan is 1885,
coo.
The first issue of road bonds Of the
$5,000,CO0 authorized, 100000.
The aggregate amount of iEe STATE
bonds ard other securities in tin
sinking funds is $4,l24, 8l2 p, W res.
deducted from the gross bL Of tli'
S ate, sc G78, 92613, leaves 81 .c5+.
ll3 81. Against this balafee th'
Safe holds the Northern G utraA
Railway annuitg Of $90,CC0, which
is worth more than enough 10 pay
the whole of it. This security. il
effect, belongs to the sinking luad,
as it is dedicated by the Constitution
to the paym Of the public dr1y.
Besides this the State owns oGhet
productive securities .mc4ntlrg to
some $87 900.
The State has for the last % yeaia
steadily pursued debt paying pol
icy. The revenue from indIcc.
taxes and lakes upon coFpo; ations
have steadily increased until row
Maryland is practically debt Tree, no
tax for the public debt being levied.
But from this time on the debt may
be expected to grow. An increase
of 100000 has already been alhOr
lied, and that lean will likely b.
followed by another for rcadmakng.
Heretofore there La, been large
excess of public revenues, and al
though some 50 OCO.oCO and more
have been expanding in the last few
J ears in public building, tic debt has
been rapidly disappearing.
Laws have detn enacted which
bring largely increased revenues to
the State, bnt the Legislature has
more than kept pace win this in
crease by making lavish sppEoptia-
tions, and the increase cf legislative |
expenses has been scandalous. These |
increased Expenditures may call fer |
taxation. Tie Baltimore
city high license law OF 1908 increas-
cd the State's4 cv.uucs las, year by
over $l00, Coo Tie Legislature at
tllesess:on oH19C8 doubled the tax
On collateraf inLeritances, raising it !