1SDAY MORNING, FEBRUARY rs, 1916.
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win no apology 10 WltbnoIa one cent o! the


debt due from her.


Putting aside then, as the committee think


should be done, the objection 20 funding
founded upon the erroneous impression, that


the STATE can with proprieiy in deciding this


question, institute an enquiry into the price Of


the public securities, paid for them by the pre-


sent holders; it remains to be considered, Whe.


ther there are any other valid reasons against


the adoption of this course. That governments


as we'll as individuals, should, when they are


able, comply with their engagements, is pro.
| position too clear 10 admit Of controversy
TO deny this, is to dispute the wisdom and
policy Of that body of laws, which founded


upon, and matured by, the experience of CEN


turtles, we claim as Our birth right, and cling


TO as indispensable, 10 our freedom and pros
perlty. The COMMON law Of Eng land, to
| which we asserted our title in the DeclaI alton


Of RightS,-the various tribunals scattered


over the land, and the numerous enactments


Of the Legislature, ,crowdlng our statute books,


are chiefly concerned in enforcing the obliga-


tions Of contracts. Upon the inviolabiity Of


these, the welfare of society is supposed


manly TO depend, and a costly and compli.


Gated machinery is constructed to guard


them from invasion. II one individual holds


the bond of another, and there is failure


to pay, either the principal or Interest, ac


cordnS to the contract, the courts are ready


to coerce the delinquent. That the State in


virtue of her sovereign character, cannot be


made to answer IN her own tribunals, so far
| from imparing the moral obligation to com
ply with her engagement, gives to it an addi-
! tlonal and irTislsta0le force. The fountain Of


justice springs from her bosom, and it surely


should flow with as much purity, when her


own duties and obligation, are involved, as


when the question to be decided, affects only


the duty of citizen to citizen.


How then does the case stand The State


owes large debt, the interest upon which ,ac-


coraing to her contract she has not been able


to pay for several years. She now finds her


self in condition to pay the interest regular


ly as it becomes du", but owing to the arrear-


ages which accumulated during the interval


OF non-payment, she cannot do tns unless some


arrangement can be made with regard to these


arrearages, which shall be satisfactory TO the


creditor. So long as the present state of things


continues, it Is obvious, the State cannot do
what the contract requires her to do, pay the
interest upon her debt as it becomes demand


able, because there is a ge amount in arrear,
:, which as it was first due, must be first p1id.-
But plan is proposed by which this obstacle
-
ing these arfearages IN cash, TO fund them, and


thereby make th,m part OF her capital deot,


and as such to be paid at future day, with
such reasonable rate of interest, until paid, as
: may be deemed just and equitable. Unless
this plan is adopted, many years must yet e.
lapse, before the people of Maryland can en-
Joy the consoilng reflection that their exerlons
} and sacrifices have brought with them, their
appropriate reward.


The committee think they will not much
err If they estimate that the arrearages OF in
terest on the first day Of July next, will a.
mount TO twelve hundred thousand dollars
Assuming this to be so, and that the annual


revenue exceeds the accruing interest, one
hundred thousand dollars, it would require
twelve years to absorb the arrears, and during


that long interval the painful reflection, We


live IN State whose engagements are not


faithfully kept, must continue TO be borne.


If however, the recommendation Of the


committee is adopted, and these arrears are


funded, the State may it is believed, at an ear


Iy day, recommence the regular payment OF


interest, and instead of suffering twelve years


of modification and shame, the expiration OF
that period, as will he shown hereafter, will
exhibit a material reduction of the deb. by the
operation of the sinking fund.


Under all the circumstances of the case.
therefore, the committee have brought them
selves to the conclusion, that the interest


which will be in arrear on the first day of Ju


ly next, should be founded in the expectation
that regular payments may thenceforth be
made. They have already submitted es;i
mates which they think may be relied on
showing the ability of the State to do this.
, In recommending this decisive step,th com
I'M hp mi hali hoy n a1
: vance of public opinion. They believe Il ey
will be sustained by it, and they will be deep
ly panied, ii their expectations in this respect
are disappointed. Seeing however, the path
: of duty plainly before them, and believing thai
the honor of the commonwealth is involved in
the issue, they could not be induced to hesi
tate IN their course, by any consideration
personal to themselves If their recommen
2 datlon is adopted by his General Assembly
and the measure brings with it those decd
: ed advantages which the committee antlci-
pate, retrospect Of the part they have ia


ken in it, will hereafter afford them high sat
Isiactlon. If on the contrary, their curse
shall be condemned by the Legislature and
their constituents, the committee will still
: have left to them the rich consolation OF haV-
ing acted in obedience to their own clear con-
victions of duty.


Before closing this report, already extended
perhaps to too gr, at a length, the committee
think it right to show that under any circum-
stances the burdens which must be borne for
some years by the people will not be Of very
long duration.


The sinking fund, on the first day OF De-
, cember 1845, amounted TO 81, All ,9ll 50, hay-
!, been increased in the course Of the preceding
fiscal year $l35 604 60


The entire public debt of the State at this
time, including the bonds held by The Balti-
more and Ohio Rail Roal Company, which


are not now, and the committee are we'll as
sured, never will be charge upon the Treas
ury, is $l5,l66, 7S4 50
: Deduct those bonds, amount