Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1921-09-08

aeuulte dSScIlfOHeA III IeBdIa " thc
whole scheme are all absolutely
wrong and fail in their premises.
/. He says-"Thaf large and
totally unnecessary expense was
placed upon the Taxpayers" by ior-
rowing money from distant Banks for
the purpose OF paying off or liquidat-
ing certain certificates OF Indebtedness
that the County Commissioners have
been compelled TO issue in order TO
pay the various demands made upon
em-especially the monfhly demand
OF over s16.000.00 for School Teachers
and Schools. These certificates
(which are perfectly good bear in
terest at 5 percent. and they have
been very largely def osited. pawned
or cashed at the local Banks, as an.
accommodation to the public. There
fore. it must first be admitted that the
local Banks are not in any. way OBJ
ligated to accept these certificates.
2. The necessity for issuing these
Certificates of Indebtedness is caused
by the Taxpayers neglecting TO pay
heir Taxes promptly. and thereby
causing the County Treasurer TO be
without funds. Therefore, when the
local Banks do accept these Certiii-
Gates of Indebtedness they are clearly
losing one per cent of interests
compared with the legal rate of in
crest that the Banks can obtain upon
perfectly good commercial paper.
Thus We have very good and very
legal reason why these certificates
should be retired: for if the money
is not refunded to the local banks
lit becomes impossible for the local
Banks to perform their proper func-
tions--of granting accommodations to
heir clients and depositors.
3. Without using tautology or repe-
,ition of explanation, | claim that the
sorrowing of this money from New
York and Baltimore Bankers does
aot confer an immense Ienefit. at the
expense of the Taxpayers. upon the
Banks which held these certificates.
There are very few individuals in
he County who are more vitality in
crested in every form of public econ
3my that | am, and for the very plain
md simple reason-that nay Taxes are
enormous and appalling, as this year
hey total about Three Thousand Dol
lars t$3,00000) for the city, county
md State.
I we'll remember discussing the
present system or scheme" with Mr..
lanes A, Walton six or seven years
ago. AT that time l found numerous
working men and merchants were
holding these certificates of indebted
less against the County; and also
'ound that it was aecommon practice
| or the holders of these Certificates to
shave them or sell them for ten to
twenty-five percent less than their
face value. Thus. if man sold the
| County one hundred dollars worth OF
Cement-he received certificate in
payment, and if the man needed money
md the local Banks would not cash
his certificate, he then was compelled
| 20 sell his certificate TO any one who
would buy it-for possibly rs cents
on the dollar. Such system was
IN outrage in any decent community
and many men-both living and dead
used TO profit by this pernicious
iorm of illgotten gain. could give
other and equally strong reasons why
his County of Anne Arundel should
lot tolerate such unbusinesslike
methods in the conducting of its af-
airs. But TO criticize its government.
without having anything better to Of
'er, is, in my Judgment. Common Boil
'hevism. Therefore | submit that
credit is due to Mr.. Walton for inn
proving the financial system of the
County, and thereby saving the County
several thousands of dollars by bor-
rowing money at from 3A to per-
,ent., and which is eventually refund
ID to the County Treasury by delin-
luent Taxpayers.
Respectfully.
WALTER II. HART.