The midland journal. (Rising Sun, Md.) 1885-1947, 1920-01-23
FINANCERs OF THE STATE.
New Comptroller Takes Oath-Re
firing Official Makes Report.

New Comptroller Takes Oath-Re-
firing Official Makes Report.
Major e. Brooke Lee qualified on
Monday afternoon before Cover nor
Richie as comptroller for two years,
succeeding Hugh A. McMullen.
State Treasurer-elect John M.
Dennis will qualify prior to February
Is. The date for taking over the
Office will be agreed upon by him and
Mr. Jackson, the retiring treasurer.
The new Comptroller finds a treas
ury containing very creditable
basis.
The condition of the treasury is
set forth in report which was sub
mitted by Mr.. McMullen to the Gen.
eral Assembly for the fiscal year end
ing September 80 last. On that date,
says the report, there was in the
Treasury $3,O18,617.22. The amount
of money due to dedicated funds"
was $1,727,549.12, and the surplus
or free money in the treasury, be-
longing to general funds" was ST.
291,06S.10. Balances carried down
to credit of sundry accounts were
$515,375.77, leaving a balance in
general funds, unobligated, s775,-
692.33.
There were purchased during the
fiscal year for the several sinking
funds bonds to the sum of $828,000.
All Of these investments have been
made in State of Maryland, Liberty
and Victory bonds.
The cash balance of $57O.575.2S
belonging to these funds at the close
of the fiscal year, was brought down
and has since been invested in like
securities, the high character OF
which appeals to every careful in
weston.
The gross debt of the state Is $685.
173,SSO.S5.
As an Offset to this debt, the state
holds the following bonds and stocks
on which interest and dividends have
been promptly paid, to wit:
Mortgage of the Northern Central
Railway Company. $500, 900;
stocks, bonds and cash to credit of
the sinking funds, $7,613,575.2S;
net debt after productive stocks held
by state and the sinking funds are
deducted, $4,000, 3O5.27.
The fiscal year 1919 is unique in
the fiscal affairs of this state, says
Mr.. McMullin, inasmuch as it marks
the establishment Of the budget sys.
tenn.
take this occasion, says Comp
troller McMullen, to briefly call your
attention to what believe is the
most necessary thing in public life
today, viz: Economy. The cost OF
government to the citizens of the
United States is so enormous that
from my viewpoint, the present high
cost of living is to a great extent
caused by this condition.
1t is estimated that. more than
five billions of dollars will be needed
for the Federal government in 1920.
This means $50 per capita for the
people of the United States. The cost
of government in the state is ap-
proximately 81 per capita. The aver
age cost of government in the coun-
ties will approximate &c.. and in the
municipalities ofNMaryland, exclusive
of Baltimore city, the cost will reach,
in the larger municipalities, from sal
to $12 per capita, SO that the average
cost of government to the people OF
Maryland is approximately $40 toI
$72 per capita.
The average family in Maryland is
AS, which would show a tax, pei
family, of more than $500 for gov.
ernmental expenses.
1t is apparent, therefore, that the
first duty of those in charge of the
government is not only to keep ex-
penses where they are. but. if pos
sible, to reduce them.