Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1921-09-08
LETTERS TO EDITOR
President Walton. OF County COM
missioners, Gives "rrue Facts" As
To Borrowing Money To Redeem
County Certificates.

TO the Editor o. the EUensRg Capital:
In order that the taxpayers and
voters OF the City OF Annapolis and
Anne Arundel county will understand
the true facts regarding the borrow
ing OF sums of money for the purpose
of redeeming outstanding certificates
and always giving to the county a
working balance, ! think the follow
ing facts. will explain our method re-
garding said lean.
The last loan negotiated Was in two
parts; one for $4,000. through the
National City Bank OF New York City.
for the credit OF the American Gre
sote Works, and the other for $4,000.
for ninety days, through the Union
Trust Company. of Baltimore, Nd
The county received a credit Of $49.-
l25 from the loan at the National City
Bank. which was in two parts; one
note Of $4,000, TO run for six months,
upon which the rate of interest was
So (S625) and its share of the dis
count at SO amounts TO $2lS, making
this loan negotiable at 674ao; the
other note at $4,000, to run for g
period OF twelve months, upon which
the rate of interest is SO (s1,250) and
its share OF the discount at IS
amounts to $657, making this loan
negotiable al the rate OF 1920. which
makes the rate OF interest the county
has 10 pay for the entire loan a trifie
over 7e6 or 10 be exact 1916.
In 1915 / consulted the Honorable
James H. Brashears, who was ther
Judge OF this Circuit, regarding the
ACCESSIBILITY of using this method OF
borrowing money to relieve the coun
~ and this community at times which
would be advantageous TO all con
cernod After several days had clap
sed. Judge Brashears informed me
that he thought my plan was an ex-
cellent one and thai | had all legal
authority necessary TO borrow money
for the redemption of the outstanding
certificates, backed by the opinion OF
oer Counselor. Mr. Ridgely p. Melvin
and recently By one from Mr.. James
NJ Munroe also.
Immediately then got in touch
With several banks and brokers of tho
City of New York and succeeded il
negotiating a loan in July, 1915, TO
SIPS. 600, $4,000 for six months a
8 $40 and $4,000 for twelve months
at AZ. In 1916, negotiated loan OF
$4,000 for twelve months at 5 3-49d
In 1917 100000 for twelve months al
l1sea. In 1918, $3.50 600 in two parts
$4,000 for six months at AZ and S75.-
600 for twelve months at 4S5eo. N
1919. $125.0oO. $4,000 for six months
1t AZ and $4,000 for twelve months
at 412qo. In 1920, 100000 for six
months at GO
From the above figures any one car
readily see how much money the
county has saved by said method; ap
proximately between $4,000 and So,
600 in interest alone, saying nothing
of the great benefits derived by thi
community in bringing outside CAPT
tai into IT,
If the laws regarding the collection
and payment of taxes were different
it would not be necessary for the
county TO borrow money at any time
bur under the existing law our taxes
that are due are 20 slow in coming il
that it does not give the county suf-
fcient working balance. We are com,
PEELED az the present time TO pay out
each month over $4,000 to the schools
and if my method of meeting all exist.
ing demands had not been adopted the
school teachers would be without
their salaries for months.
On July 1, 1921. there were out.
standing taxes due the county as fol.
lowsz Levy of f9l7. $4.04I.l1; 1918
S6,799S2: 1919, S24,1OS.07; 1920, $133,.
02lS2. making total of $167970.S2
Added TO this the taxes due for 1921
which is 1851 .965.S2. making a grant
total of 1929. 1855
If this amount of money will be
paid into the County Treasury within
the coming year it will not be neces-
sary for us TO borrow any more, as
we will then be upon practically g
cash basis.
Judging from the past and especi-
ally the hard times we are now in.
am afraid this viii not be done
Therefore. as shown above. instead
OF burden being placed upon the
taxpayers of Anne Arundel County,
they are receiving a benefit. Anne
Arundel county. through the Annexa-
ion Act OF 1916. lost S10.034, 900,
rmsferred TO Baltimore City on jan
uary l. 1918. Notwithstanding this
fact. We have been able TO keep the
tax rate much lower than we antici-
pa;ed When I first entered the
Board Of County Commissioners. 1911.
We had q tax rate OF fac. today our
tax rate IS 69cs There is no county,
as far Is | can learn. can make a bet
ter showing than this under the ex-
listing adverse. circumstances.