Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1912-01-19
State In Good Shape.

| to the Legislature. Ii covers the fiscal veal
ended September 80, 1911, and is substan.
TALLY as follows:
Total gross receipts of the Treasury
proper during the fiscal year were $S,706,-
493.45, to which must be added the cash
balance on hand September &c. 1910
amounting to $875, lille, making an az
eregate of $9,5S1, 6046l, or by far the
largest amount ever received into the
Treasury for like period.
Some calculation, however, is neces-
sary in order to properly understand these
largely increased receipts. Otherwise you
might be misled into supposing these fig
ures were the actual working cash in the
Treasury applicable to all demands there
on. Such is not the case, however, for
there are certain revenues distinctly set
apart for specific purposes and must be
used for those only, viz, moneys arising
from the sale of bonds, taxes collected for
public schools, sinking funds, etc, which
form very large part of our receipts"
Taking out various dedicated funds
amounting to So ,058, 290.24 leaves bal
ance of 81, 648, 203.21, being an increase
over the year previous in round figures of
only $63,000. Hence. it becomes appar-
ent that revenues subject to the ordinary
expenses of the government show only a
slight increase and represent the limit be-
yond which appropriations cannot be made
without embarrassment to the Treasury
In statement the Comptroller shows in
detail all the payments by the State, ex-
elusive of the funds account, and the acts
by Assembly authorizing the same, to-
gether with the amounts so paid, aggre-
grating $8.l10, 0S3.97, or the largest sum
of money ever handled in the Treasury, and
yet leaving a cash balance on hand at the
close of the fiscal year of $l,471, 520.64.
These unprecendentedp payments. he says,
were made by reason of and on account
of large bond issues for State roads. hos
pitfalls and the return of three-fourths of
the revenues from high liquor licenses to
Baltimore city. Against this large cash
balance, however, of $l,4H,520.84. there
must be charged certain definite and spe
cifc accounts. and | desire to submit
herewith a statement showing the actual
working cash in the Treasury on October
l, 1911, or balance applicable for ordinary
expenses of $557 ,543.70. Dono not be mis-
led by this large balance. On October 10
there was paid $465, 1875 to public schools,
approved high schools and for textbooks,
while the first quarterly appointments
of all the ordinary appropriations became
available on October and were largely
paid Therefore, the greatest care should
be exercised by the General Assembly in
enacting future appropriations in order
that the same shall always be kept within
the revenues of the State.
The Comptroller submitted condensed
statement of bonds purchased for the sink
ing funds amounting to $405.900. Every
dollar to the credit of these funds has
been invested in the States own bonds, so
that the fiscal year closed without any
moneys being carried over into the next
fiscal year uninvested,
The bonds held by the several sinking
funds Aggregate $5.1l7 ,379.72, a sum
nearly equal to one-half of the gross debt
of the State of $40 ,428,92613.
The gross funded debt of the State is
SIC, 428, 928.13. as against 81, 529, 926.13
for the year previous. or an increase of
1899 900. due to State roads. State In
sane Hospital and Sanatorium loans.
Against this gross debt of SIC, 28,926l3,
there must necessarily be credited the
bonds in the sinking funds and the other
securities therein mentioned, aggregating,
as the par value, $6.893. 849.72, leaving
the net debt of the State at the close of
the fScal year 10, I30,UIO,4l
The consolidated loan of 1899. aggre-
eating $3.253, 926.13, natures on January
1, 1914. There is now to the credit Of this
loan in its sinking fund bonds amounting
to $2,958, 22972, so that the sinking fund
securities will virtually carry this loan to
maturity.
The Comptroller shows increase in the
assessable bases Of the State as follows :
Aooaooad uoIua of prOnartU for Cfota law
in 1877, $478, 468,O28; in 1897, $607,-
965,272; in 1910. 1896. 685,067 in
1911, $951926,271 In Al years Balti-
more city has increased 1913 per cent.
while the largest increase in any county
is shown by Caroline, 1853 per cent.
Disbursements on account of public
schools were S1.303.855, or a sum less by
SLOT 1856 than the year previous. IN
my Judgment" said the Comptroller, the
General Assembly should not decrease the
school tax but let it remain as it is. be-
cuase it will afford a definite basis upon
which the school authorities of this State
may rely and under the new increase basis
Of assessment will yield most generous
support.
THE receipts of the oyster fund were
$58, 1896 with an expenditure of $685.
265.61, leaving cash balance on hand Of
Il
$l2lO5. This does not represent. however.
the true condition OF the fund as to It's
expenses, for the reason that the revenues
accruing to the same during the fiscal year
were not sufficient for its maintenance and
has been a source OF much embarrassment
to the Treasury officials Consequently. the
salaries and necessary expenses OF the state
Fishery force Tor the months OF July:
August and September could not be paid
until after the revenues were received into
the treasury from the next nscai year
Il recommend careful reconsideration by
your honorable bodies OF the oyster ques-
ton generally, with view 10 insure the
prompt payment OF the tax, which seems
to be necessary 10 enforce the system OF
inspection and the protection OF the oyster
beds.
The Comptroller then discusses the Tor
eign corporation tax and says
in my Judgment the statute should DE
so amended that at the time OF the ming
OF their certihcates with the secretary OF